SpiceJet, the country’s favourite airline and the leading logistics platform, reported a net loss of INR 837.8 Crore (INR 577.7 Crore excluding forex adjustment) for the quarter ending September 30, 2022 as compared to a net loss of INR 561.7 Crore (INR 568.7 Crore excluding forex adjustment) in the quarter ending 30 September 2021, as business was hit by record high fuel prices, depreciating Rupee in the traditionally weak quarter.

Total revenue for the reported quarter was INR 2,104.7 Crore as against INR 1,538.7 Crore in the same quarter of the previous year. For the same comparative period, operating expenses were INR 2,942.6 Crore as against INR 2,100.4 Crore. On an EBITDA basis, loss was INR 413.59 Crore for the reported quarter as against a loss of INR 106.4 Crore for the quarter ended September FY2022.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, “The sector has been witness to prolonged challenges, however, the recent enhancement in the ECLGS limit to Rs. 1,500 crore by the Government, recognizing these challenges will go a long way in providing the much needed stability to the sector. I am confident that SpiceJet will only grow stronger than ever with brand new planes, providing an unparalleled experience for its passengers.”

“A near to normal business environment and an upturn in business and leisure travel coupled with government aid are giving hope to positivity. The high ATF prices and depreciating rupee continue to be a downer for the industry but the overall outlook for the sector remains positive. Having completed a series of settlements with most of our major partners and the upcoming hive-off of our cargo and logistics arm, we expect significant improvements in our operating environment and are well placed to script a new phase of accelerated growth and meet the resurgent demand from passenger and cargo customers.”

Copyright 2022 Future Aviation Media Pvt Ltd, distributed by Contify.com, source Contify News