You are here: Home » Companies » Results
Business Standard

SpiceJet Q3 results: Net loss narrows to Rs 67 crore; revenue falls 53% YoY

The total revenue from operations fell 53.7 per cent to Rs 1,691 crore from Rs 3,656 crore in the same period, a year earlier

SpiceJet | Q3 results

BS Web Team  |  New Delhi 


Budget carrier SpiceJet's consolidated net loss narrowed to Rs 66.75 crore for the quarter ended December 31 (Q3FY21). The company had reported a net loss of Rs 105 crore in the September quarter (Q2FY21) and a profit of Rs 78 crore in the corresponding quarter a year earlier (Q3FY20). On a standalone basis, the net loss stood at Rs 56.95 crore.

“We have successfully managed to trim down our losses considerably with each passing quarter despite limited operations and muted demand,” chairman Ajay Singh said.

The consolidated revenue from operations fell 53.7 per cent year-on-year to Rs 1,691 crore from Rs 3,656 crore in the same period, a year earlier. However, sequentially the revenues grew by 58 per cent. It was Rs 1,070 crore in the preceding quarter (Q2FY21).

"Improvements in certain macro factors relevant to the group's business and operations and the expectations of the timing of reintroduction of Boeing 737 MAX aircraft into its operations, are expected to increase operational efficiency and support cash-profitable operation," the company said.

The revenue from air transport came in at Rs 1,378 crore in the latest December quarter, while income from freight and logistics stood at Rs 308 crore.

"With increased Cargo operations as compared to previous year, the Group has earned revenue of Rs 420 crore during the current quarter, compared to Rs. 328 crore in the quarter ended 30 September 2020 and Rs 162 crore in the quarter ended December 31, 2019," said in a stock exchange filing.

On Wednesday, SpiceJet's stock was trading 1.21 per cent higher on BSE at Rs 87.85 a piece.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, February 10 2021. 15:56 IST