SpiceJet halves net loss QoQ, revenue from cargo increases 447% YoY
February 10, 2021: SpiceJet reported a net loss of ₹57 crore for the quarter ending December 31, 2020 as against a loss of ₹112.6 crore in Q2 FY21 while revenue from cargo operations increased 447% YoY.
February 10, 2021: SpiceJet reported a net loss of ₹57 crore for the quarter ending December 31, 2020 as against a loss of ₹112.6 crore in Q2 FY21 while revenue from cargo operations increased 447% YoY.
Total income was ₹1,907 crore for the reported quarter as against ₹1,305 crore in Q2 FY21. For the same comparative period, expenses were ₹1,964 crore as against ₹1,418 crore.
On an EBITDA basis, SpiceJet achieved a profit of ₹451.4 crore for the reported quarter as against ₹442 crore. On an EBITDAR basis, the profit was ₹518.4 crore for the reported quarter as against a profit of ₹475 crore in Q2 FY21.
Cargo operations
SpiceJet carried 41,257 tonnes of cargo in Q3 and revenue from cargo increased by 447 percent YoY from ₹563.28 million to ₹3081.60 million.
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. SpiceJet is the first and only Indian carrier to introduce dedicated cargo flights to Leh ensuring timely and seamless supply of essentials during winters.
SpiceJet introduced 92 new domestic & 16 international flights during the quarter and added Ras-Al-Khaimah as its 12th international destination.
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.
Ajay Singh, chairman and managing director, SpiceJet, said, “With our cargo business proving its true potential, the passenger business getting back on track significantly and 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.”
SpiceJet continues 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.