SpiceJet Q3 results: Net loss narrows to Rs 67 crore; revenue falls 53% YoY

The total revenue from operations fell 53.7 per cent to Rs 1,691 crore from Rs 3,656 crore in the same period, a year earlier

Budget carrier SpiceJet's consolidated net loss narrowed to Rs 66.75 crore for the quarter ended December 31 (Q3FY21). The company had reported a net loss of Rs 105 crore in the September quarter (Q2FY21) and a profit of Rs 78 crore in the corresponding quarter a year earlier (Q3FY20).  On a standalone basis, the net loss stood at Rs 56.95 crore.

“We have successfully managed to trim down our losses considerably with each passing quarter despite limited operations and muted demand,” chairman Ajay Singh said.

The consolidated revenue from operations fell 53.7 per cent year-on-year to Rs 1,691 crore from Rs 3,656 crore in the same period, a year earlier. However, sequentially the revenues grew by 58 per cent. It was Rs 1,070 crore in the preceding quarter (Q2FY21).

"Improvements in certain macro factors relevant to the group's business and operations and the expectations of the timing of reintroduction of Boeing 737 MAX aircraft into its operations, are expected to increase operational efficiency and support cash-profitable operation," the company said.

The revenue from air transport came in at Rs 1,378 crore in the latest December quarter, while income from freight and logistics stood at Rs 308 crore.

"With increased Cargo operations as compared to previous year, the Group has earned revenue of Rs 420 crore during the current quarter, compared to Rs. 328 crore in the quarter ended 30 September 2020 and Rs 162 crore in the quarter ended December 31, 2019," SpiceJet said in a stock exchange filing.

On Wednesday, SpiceJet's stock was trading 1.21 per cent higher on BSE at Rs 87.85 a piece.