SpiceXpress reports ₹30 cr net profit, ₹473 cr revenue in Q1 FY2022

August 16, 2021: The cargo arm of SpiceJet, SpiceXpress, reported ₹30 crore net profit for the first quarter of 2022 (Q1 FY2022) compared to 40 crore in Q4 FY2021 and ₹48 crore in Q1 FY2021.

Meanwhile, SpiceXpress’ revenue increased by a whopping 285 percent to ₹473 crore as compared to ₹166 crore in the same quarter last year and reported that it is in the process of hiving off our logistics platform from the parent company SpiceJet.

With a network that spans over 68 domestic & 111 international destinations, including the US, Europe and Africa, SpiceXpress carried more than 43,000 tonnes of cargo in Q1 FY2022 and transported more than 33 million doses of Covid-19 vaccine in Q1 FY2022 and airlifted around 89,000 oxygen concentrators & Covid-19 relief material.

Ajay Singh, chairman and managing director, SpiceJet, said, “Our logistics arm continued with its strong growth story, reporting another profitable quarter. We are making efforts to further strengthen the logistics business and are hopeful of driving strong and profitable growth in the times to come.”

“We are in the process of hiving off our logistics platform, SpiceXpress, which will unlock significant value for SpiceJet and its shareholders. This will also allow SpiceXpress to raise capital to fuel its rapid growth.”

SpiceJet reported a net loss of ₹729 crore in the first quarter of FY2022 against a net loss of ₹593 crore in the same quarter of the previous year as flight operations were severely impacted to Covid-19 second wave.

Total revenue was ₹1,266 crore for the reported quarter as against ₹705 crore in the same quarter of the previous year.

For the same comparative period, operating expenses were ₹1,995 crore as against ₹1,298 crore. On an EBITDA basis, loss was ₹244 crore for the reported quarter as against loss of ₹5 crore for the quarter ended June FY2021.