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SpiceJet Q3 results: Loss narrows by 38% to Rs 67 crore, revenue down 54%

SpiceJet Q3 results: Consolidated revenue from operations fell by 53.73 per cent to Rs 16,916.48 crore as against Rs 36,563.63 crore in the same period last year

Chitranjan Kumar | February 10, 2021 | Updated 16:59 IST
SpiceJet Q3 results: Loss narrows by 38% to Rs 67 crore, revenue down 54%
SpiceJet's passenger revenue grew by 73 per cent QoQ in Q3 FY21

Low-cost airline SpiceJet reported consolidated net loss of Rs 66.77 crore during the third quarter ended December 31, 2020, as compared to net profit of Rs 78.16 crore in the year-ago period. On a sequential basis, the loss declined by 38.47 per cent from Rs 108.53 crore in September quarter of the current fiscal on the back of recovery in passenger business and strong revenue growth in cargo business. Passenger revenue grew by 73 per cent quarter-on-quarter, while revenue from cargo increased by 36 per cent QoQ.

Consolidated revenue from operations fell by 53.73 per cent to Rs 16,916.48 crore as against Rs 36,563.63 crore in the same period last year, SpiceJet said in a regulatory filing.  

Total expenses of the company declined 48.85 per cent to Rs 1,683.93 crore as against Rs 38,486. 13 crore in the corresponding period last year, the Gurgaon-headquartered airline said in a regulatory filing.  

On a standalone basis, the loss stood at Rs 56.95 crore, while revenue from operations was at Rs 1,686.61 crore.  

On operational front, EBITDA (Earnings before Interest, Taxes, Depreciation, and Amortisation) profit stood at Rs 451.4 crore for December quarter of the current fiscal as compared to Rs 442 crore in September quarter of 2020. On an EBITDAR basis, the profit was Rs 518.4 crore for the reported quarter as against a profit of Rs 475 crore in Q2 FY21.

Commenting on earnings, Ajay Singh, Chairman and Managing Director, SpiceJet, said, "As we report Q3 numbers, I am glad that 2020 is finally behind us. The pandemic has, 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 amongst listed Indian peers," he added.

In terms of operational parameters, SpiceJet claimed to have the best domestic passenger load factor of 76.8 per cent amongst all airlines in the country during the quarter.  

As on December 31, 2020, SpiceJet had aircraft fleet of 100. The airline is currently operating 329 flights per day. It is also operating a fleet of 19 cargo planes, including five wide-body aircraft. Till date, since March 25, 2020 (when the lockdown began), SpiceJet has operated more than 14,000 cargo flights transporting 1,15,500 tonnes of cargo.  

During December quarter of 2020, SpiceJet introduced 92 new domestic and 16 international flights and added Ras Al Khaimah as its 12th international destination. The company also enhanced its regional connectivity by adding Darbhanga and Nashik as its latest UDAN destinations.

Meanwhile, shares of SpiceJet ended Wednesday trade at Rs 87.85, up 1.15 per cent, against previous closing price of Rs 86.85 on the Bombay Stock Exchange. 

Also read: Hindalco Q3 profit rises 77% to Rs 1,877 crore on strong operational efficiencies, improved macros

Also read: Eicher Motors Q3 results: Profit rises 7% to Rs 532.5 crore, revenue up 19%

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