SpiceJet fell 3.27% to Rs 19.25 at 10:45 IST on BSE after the company reported net loss of Rs 559.49 crore in Q2 September 2013, higher than net loss of Rs 163.52 crore in Q2 September 2012.
The result was announced after market hours on Thursday, 7 November 2013.
Meanwhile, the BSE Sensex was down 108.84 points, or 0.52%, to 20,713.93
On BSE, 22.36 lakh shares were traded in the counter compared with average volume of 36.13 lakh shares in the past one quarter.
The stock hit a high of Rs 19.40 and a low of Rs 18.65 so far during the day. The stock hit a 52-week high of Rs 50.90 on 7 December 2012. The stock hit a 52-week low of Rs 18.05 on 30 August 2013.
The stock underperformed the market over the past one month till 7 November 2013, rising 2.58% compared with the Sensex's 4.66% gain. The scrip also underperformed the market in past one quarter, falling 25.47% as against Sensex's 11.56% advance.
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The small-cap company has an equity capital of Rs 520.28 crore. Face value per share is Rs 10.
SpiceJet's total income from operations rose 6.07% to Rs 1257.22 crore in Q2 September 2013 over Q2 September 2012.
SpiceJet said the company continued to grow passenger traffic by 9% and revenues by 6% during Q2 September 2013. However, the civil aviation sector in India continues to struggle under the burden of several adversities mainly the Indian rupee that saw unprecedented weakness during the quarter. The approximate impact of currency depreciation alone, despite a hedging programme was around Rs 42 crore, the company said.
Aircraft maintenance costs were significantly impacted due to increase in periodic engine maintenance. These costs aggregated to Rs 78 crore additionally due to bunching up of engines sent for shop visits. Aviation turbine fuel (ATF) prices continued to rule firm and were 2% more expensive per litre Q2 September 2013 over Q2 September 2012. Fuel constituted 56% of total revenue in Q2 September 2013 as compared to 54% in Q2 September 2012.
SpiceJet said that the pricing environment continued to be weak, resulting in decline in the average passenger yields by 7% in Q2 September 2013 to Rs 3711 crore as against Rs 4001 crore in Q2 September 2012. Despite addition of capacity, SpiceJet operated with better efficiencies, load factor increased to 71.8% in Q2 September 2013 from 66.3% in Q2 September 2012.
Spicejet said that in order to improve its competitive position, the management is putting in place a strategic plan to refine the network, enhance revenues, rationalize costs and further improve reliability to deliver better value to customers. SpiceJet continues to focus on overall end-to-end service delivery, designing enhancements to the product and eliminating unnecessary pain points to make customer experience more pleasant, consistent and hassle-free.
SpiceJet currently operates more than 330 daily flights to 42 Indian cities and 7 international destinations.
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