SpiceJet reports ₹593 crore loss for Q1 FY21; cargo revenue rises 144%

September 17, 2020: SpiceJet reported a net loss of ₹593.4 crore in the first quarter of FY2021 against a profit of ₹261.7 crore in the same quarter of the previous year while the revenue from cargo operations increased 144 percent.

Operating revenue was ₹514.7 crore as against ₹3,002.1 crore in the same quarter last year. Operating expenses were ₹1303.2 crore as against ₹2,887.2 crore. On an EBITDA basis, the loss was ₹11 crore as against a profit of ₹747.5 crore for the corresponding quarter last year. On an EBITDAR basis, the profit was ₹13.5 crore as against a profit of ₹812.1 crore.

Ajay Singh, chairman and managing director, SpiceJet, said, “I expect our cargo business to continue to expand in the coming quarters. I am also encouraged by the progress made in the re-entry of Boeing’s Max aircraft into service. Flight operations were suspended for the most part of the quarter and the partial resumption of flights initially and the weak demand thereafter was a reminder of the significant problems that this pandemic has resulted in.”

“Our performance during the last six months clearly signifies our positive attitude and our ability to find opportunity in adversity. This has seen us quickly bounce back with industry best load factors and emerge as India’s number one cargo company. I am confident that as more and more states ease travel restrictions and business activity gets back to normal there will be a significant improvement in the operating environment for airlines and we are witnessing some early encouraging signs towards recovery.”

Cargo highlights
1. Operating a fleet of 13 cargo aircraft including two wide-body planes.
2. Launched long-haul wide-body cargo operations to Amsterdam and Frankfurt.
3. Cargo network spans over 63 domestic and 44 international destinations. 
4. Launched 14 new dedicated cargo services to North Eastern Indian states using its Bombardier Q400 freighters.