SpiceJet Net Loss At Rs. 57 Cr In Q3 FY2021; Gains Rs. 1,907 Cr Income

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Source: rpbaviation

SpiceJet, has reported a net loss of Rs. 57 crore for the quarter ending December 31, 2020 as against a loss of Rs. 112.6 crore in Q2 FY21.

Total income was Rs. 1,907 crore for the reported quarter as against Rs. 1,305 crore in Q2 FY21. For the same comparative period, expenses were Rs. 1,964 crore as against Rs. 1,418 crore.

SpiceJet Achieved Rs. 451.4 Cr Profit

On an EBITDA basis, SpiceJet achieved a profit of Rs. 451.4 crore for the reported quarter as against Rs. 442 crore. 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.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, “As we report our Q3 numbers today, 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.”

Mr. Singh added that the airline had 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 said.

For the Quarter ending December 2020

  • EBIDTAR profit of Rs. 518.4 crore
  • Registers industry’s highest domestic load factor of 76.8%
  • Registered industry’s highest overall load factor of 77.9% (including domestic & international operations)
  • Passenger revenue grows by 73% Quarter on Quarter
  • Sustained market leadership in passenger RASK amongst listed Indian peers
  • Significant revenue generated through charter business
  • Revenue from cargo increased by 36% Quarter on Quarter
  • Inducts Airbus A321 in its fleet
  • Aircraft fleet at 100 as on December 31, 2020

The Chairman and Managing Director of SpiceJet said that with its cargo business proving its true potential, the passenger business getting back on track significantly and a tight control on costs, the airline had 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. Our results are reflective of the massive exercise being undertaken by the Company to align our cost base and we continue to explore and implement best practices to further bring operational efficiency and accomplish best cost base in the industry,” he said.

Mr. Singh mentioned that the airline proudly carried India’s first consignment of COVID-19 vaccine on January 12 and have transported 13.2 million doses till date and will continue to actively participate in the transport of vaccines both within and outside the country in the weeks and months to come.

Key highlights for the quarter

  • Remains largest air cargo operator in India. Carried 41,257 tonnes of cargo in Q3
  • Emerges as the most preferred airline for transportation of COVID-19 vaccine; transported 13.2 million COVID-19 vaccine doses till date
  • First and only airline to launch dedicated cargo flights to Leh ensuring timely and seamless supply of essentials during winters
  • Operated multiple repatriation flights to and from Italy on the newly inducted Airbus A321
  • Introduced 92 new domestic and 16 international flights (under air bubble agreement)
  • Added Ras-Al-Khaimah as its latest  international destination
  • Added Darbhanga & Nashik under UDAN
  • Maintained consistent market leadership in load factor among Indian carriers
  • Despite intense competition and drop in yield, passenger revenue improved by 73% quarter on quarter through charters, aggressive network and sales strategies
  • Despite muted demand, loads sequentially increased from 75% to 78% as compared to Q2 FY21 thereby once again establishing SpiceJet’s undisputed supremacy in the passenger business

SpiceJet said it continued to engage with Boeing to recover damages incurred by the Company due to the grounding of the MAX and the re-induction of these aircraft in the fleet.

In terms of operational parameters, the airline had the best domestic passenger load factor of 76.8 % amongst all airlines in the country during the quarter.

SpiceJet introduced 92 new domestic and 16 international flights during the quarter and added Ras-Al-Khaimah as its 12th international destination.  In line with its commitment to enhance regional connectivity, the airline added Darbhanga and Nashik as its latest UDAN destinations.

Current Highlights

  • Operating 72% of pre-COVID schedule; 329 flights per day
  • Operating a fleet of 19 cargo planes including five wide-body aircraft
  • Operated more than 14,000 cargo flights and carried 1,15,500 tonnes of cargo since the lockdown began
  • Tied-up with Brussels Airport, Adani Ahmedabad International Airport, GMR Hyderabad Air Cargo for transporting COVID-19 vaccines

Providing a major boost to tourism, SpiceJet launched its seaplane service between Ahmedabad (Sabarmati riverfront) and the Statue of Unity in Kevadia, Gujarat.

To ensure seamless delivery of the COVID-19 vaccine both within and outside the country, SpiceJet has tied up with multiple partners including Brussels Airport, GMR Hyderabad Air Cargo (GHAC), Adani Ahmedabad International Airport among others.

The airline has also tied-up with global leaders in cold chain solutions offering active and passive packaging and has the capability to transport extremely sensitive drugs and vaccines in controlled temperatures ranging from -40°c to +25°c.

SpiceJet operates a fleet of 19 cargo planes which includes five wide-body aircraft. Till date, since March 25, 2020 (when the lockdown began), the airline has operated more than 14,000 cargo flights transporting 1,15,500 tonnes of cargo.

The airline is the first and only Indian carrier to introduce dedicated cargo flights to Leh ensuring timely and seamless supply of essentials during winters.

On January 28, 2021 IndiGo announced its results and reported a Rs. 650 Crore loss for Q3 FY21. IndiGo posted a net loss of Rs. 620.1 crore for the October-December quarter as against a net profit of Rs. 496 crore in the same period last year. The capacity for the quarter was down by 40.8 per cent compared to the same period last year.

 

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