You are here: Home » Companies » Results
Business Standard

SpiceJet's Q2 net loss widens to Rs 562 cr; total income rises 19%

The settlement with key lessors, the return of the 737 MAX in the current quarter (Q3) are all positive tailwinds, says CMD Ajay Singh

Topics
SpiceJet | Q2 results

Press Trust of India  |  New Delhi 

SpiceJet

Budget carrier on Friday reported widening of net loss to Rs 561.7 crore for the quarter ended September 2021.

It incurred a net loss of Rs 112.6 crore in the corresponding period of the previous financial year.

Total income was Rs 1,538.6 crore in the second quarter of 2021-22. It was Rs 1,292.9 crore in the year-ago period, the company said in release.

Total expenses increased to Rs 2,100.4 crore in the period under review from Rs 1,405.6 crore in the second quarter of 2020-21.

The airline had incurred a net loss of Rs 729 crore in the first quarter of the current financial year.

"With the nationwide vaccination drive growing at an unprecedented pace across geographies, there is a significant jump in travel demand and we are very excited about the demand recovery," Ajay Singh, Chairman and Managing Director, SpiceJet, said.

"The settlement with key lessors, the return of the 737 MAX in the current quarter (Q3), transfer of the logistics business and some very significant announcements lined up soon are all positive tailwinds that should have a significant impact on our long term plans," he said.

Scheduled domestic flight services were suspended in India from March 25, 2020 to May 24, 2020 due to the COVID-triggered lockdown.

Scheduled international flights continue to remain suspended in India since March 23 last year. However, limited number of international passenger flights have been operating since July last year under air bubble arrangements formed with approximately 28 countries.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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: Fri, November 12 2021. 21:01 IST
RECOMMENDED FOR YOU
.