SpiceJet posts standalone loss of Rs 57 crore in Q3

Total income declined by 51.36 per cent to Rs 1,907 crore during the quarter under review as compared to Rs 3,921 crore clocked in Q3 FY20, according to a regulatory filing.

Mumbai: Budget carrier SpiceJet on Wednesday reported a standalone loss of Rs 56.95 crore for the three months to December against a profit of Rs 73.22 crore in the year-ago period.

Total income declined by 51.36 per cent to Rs 1,907 crore during the quarter under review as compared to Rs 3,921 crore clocked in Q3 FY20, according to a regulatory filing.

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The company, in a statement, said it has narrowed losses on a quarter-on-quarter basis. The Gurugram-based airline had reported losses to the tune of Rs 112.6 crore in Q2 FY 21. “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’s Chairman and Managing Director Ajay Singh said in the statement.

SpiceJet yet again recorded the industry’s highest domestic load factor and has also demonstrated market leadership in passenger RASK (revenue per available seat kilometre) amongst listed Indian peers, he said. “With our cargo business proving its true potential, the passenger business getting back on track significantly and a tight control on costs, we have managed to reduce our losses significantly in this quarter.

“There has been a remarkable recovery from where we were a few months back and with the world’s biggest vaccination drive underway I see a strong revival across sectors,” he said. The results are reflective of the massive exercise being undertaken by the company to align its cost base and it continues to explore and implement best practices to further bring operational efficiency and accomplish best cost base in the industry, Singh added.