SpiceJet posts Q3 loss of Rs 57 crore as against 77 crore profit last year

On an EBITDA basis, SpiceJet said, it achieved a profit of Rs 451.4 crore for the reported quarter as against Rs 442 crore Q2FY21 and on EBITDAR basis, the profit was Rs 518.4 crore for the reported quarter as against a profit of Rs 475 crore in Q2 FY21.

New Delhi: No-frill carrier SpiceJet on Wednesday reported a net loss of Rs 57 crore for the quarter ending December 31, 2020 as against a profit of Rs 77.9 crores during the same period last year.

"Total income was Rs 1,907 crore for the reported quarter as against Rs 1,305 crore in Q2 FY21. For the same comparative period, expenses were Rs 1,964 crore as against Rs 1,418 crore," said SpiceJet on Wednesday.

On an EBITDA basis, SpiceJet said, it achieved a profit of Rs 451.4 crore for the reported quarter as against Rs 442 crore Q2FY21 and on EBITDAR basis, the profit was Rs 518.4 crore for the reported quarter as against a profit of Rs 475 crore in Q2 FY21.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, "As we report our Q3 numbers today, I am glad that 2020 is finally behind us. The pandemic undoubtedly, been the biggest crisis to hit the aviation industry and we are confident that things will only get better for us from now on."

"We have successfully managed to trim down our losses considerably with each passing quarter despite limited operations and muted demand. SpiceJet yet again recorded the industry's highest domestic load factor and has also demonstrated market leadership in passenger RASK among listed Indian peers," he added.

"With our cargo business proving its true potential, the passenger business getting back on track significantly and a tight control on costs, we have managed to reduce power losses significantly in this quarter. There has been a remarkable recovery from where we were a few months back and with the world's biggest vaccination drive underway I see a strong revival across sectors," said Ajay Singh.

He further said that SpiceJet's results are reflective of the massive exercise being undertaken by the company to align our cost base and we continue to explore and implement best practices to further bring operational efficiency and accomplish best cost base in the industry.

In terms of operational parameters, SpiceJet had the domestic passenger load factor of 76.8% amongst all airlines in the country during the quarter.

According to SpiceJet, the airline introduced 92 new domestic and 16 international flights during the quarter and added Ras-Al-Khaimah as its 12th international destination. The airline operates a fleet of 19 cargo planes which include five-wide body aircraft.

Last month, IndiGo had said that its losses narrowed to Rs 620.14 crore during the December quarter, as compared to Rs 1,194.83 crore losses in the quarter to September.