SpiceJet reports combined loss of Rs 1,247 crore in Q4FY22 and Q1FY23

SpiceJet on Wednesday announced that it incurred a loss of Rs 458 crore in the January-March quarter (Q4) of FY22 and Rs 789 crore in the April-June quarter (Q1) of FY23 due to high fuel prices, a depreciating rupee, and the third wave of Covid-19. 

The overall loss incurred by SpiceJet in FY22 was Rs 1,725 crore, 73 per cent more than the previous year. The financially-bel­ea­guered airline had delayed its results for Q4­FY22 and FY22.

Meanwhile, the carrier said its chief financial officer (CFO), Sanjeev Taneja, has resigned with immediate effect. “The Board has also identified the candidate for appointment as CFO. The vacancy shall be filled in September,” it said.   

The airline has been making losses for the last four years. Moreover, it is currently operating less than 50 per cent flights, following the July 27 order of the aviation regulator in the wake of a spate of incidents. 

The Directorate General of Civil Aviation (DGCA) on Wednesday deregistered two more B737 aircraft of SpiceJet on a request by Irish lessor Horizon Aviation, officials said. The airline will shortly be engaging with investment bankers to raise up to $200 million, its chairman and managing director, Ajay Singh, said in a statement.

SpiceJet’s total income and expenses for Q4 FY22 stood at Rs 2,124 crore and Rs 2,582 crore, respectively. In comparison, the total income and expenses for the corresponding period of FY21 was Rs 2,126 crore and Rs 2,361 crore.

In the first quarter of the current financial year, the airline earned Rs 2,478 crore and its expenses stood at Rs 3,267 crore. In the corresponding period of the previous financial year, its income and expenses were Rs 1,265 crore and Rs 1,949 crore.

Singh said: “The industry has been witness to one of the most severe operating environments in the recent past, which impacted the progress and recovery made in Q3FY22. Record high ATF (aviation turbine fuel) prices and the depreciating rupee were the major contributors.”

He said last year was a period of restructuring and settlements with major partners, including aircraft manufacturers and lessors.

SpiceJet incurred net losses of Rs 316 crore, Rs 934 crore, and Rs 998 crore in FY19, FY20, and FY21, respectively. On August 23, Singh had said that the airline was exploring multiple options, including a stake sale to other airlines, to raise up to Rs 2,000 crore.

Time Period	Net loss (in crore)
FY19	316
FY20	934
FY21	998
FY22	1725
Q1 of FY23	789

Source: BSE