SpiceJet Q2 net loss narrows to Rs 112.6 cr

"Despite COVID-19 continuing to pose serious operating challenges we have managed to significantly cut down our net loss in Q2 much like the previous quarter," SpiceJet Chairman and Managing Director Ajay Singh said. In Q1 of 2020-21, SpiceJet had posted a net loss of Rs 600.5 crore owing to the suspension of flight operations due to the coronavirus-induced lockdown.

Budget carrier SpiceJet on Wednesday reported a net loss of Rs 112.6 crore for the quarter ended September. It had posted a net loss of Rs 462.6 crore for the corresponding period of the previous financial year. The airline's total income stood at Rs 1,305 crore in the second quarter of 2020-21, significantly lower than Rs 3,074 crore in the year-ago period. Total expenses also reduced to Rs 1,418 crore as compared to Rs 3,536 crore earlier, the airline said in a statement. "Despite COVID-19 continuing to pose serious operating challenges we have managed to significantly cut down our net loss in Q2 much like the previous quarter," SpiceJet Chairman and Managing Director Ajay Singh said. In Q1 of 2020-21, SpiceJet had posted a net loss of Rs 600.5 crore owing to the suspension of flight operations due to the coronavirus-induced lockdown. India's largest airline IndiGo has incurred net loss of Rs 2,884 crore and Rs 1,194 crore in Q1 and Q2, respectively, this fiscal. Scheduled domestic flight services were suspended in India from March 25 to May 24 due to the lockdown. Domestic flights resumed from May 25 but in a curtailed manner. SpiceJet said it had a load factor or occupancy rate of 73.1 per cent in Q2 of this financial year. It also said Sanjeev Taneja has joined the airline as its chief financial officer. He has worked in companies like Essar Ports and Mumbai International Airport Limited (MIAL). The airline said it is operating 52 per cent of its pre-COVID domestic flights currently. Scheduled international flights have been suspended in India since March 23 due to the coronavirus pandemic. However, special international passenger flights have been operating under the Vande Bharat Mission since May and under bilateral air bubble arrangements between India and other countries since July.