SpiceJet lost 3.68% to Rs 14.40 at 9:22 IST on BSE after the company reported net loss of Rs 321.51 crore in Q4 March 2014, higher than net loss of Rs 185.71 crore in Q4 March 2013.
The result was announced after market hours on Friday, 16 May 2014.
Meanwhile, the S&P BSE Sensex was up 227.29 points or 0.94% at 24,349.03.
On BSE, so far 7.45 lakh shares were traded in the counter as against average daily volume of 27.91 lakh shares in the past two weeks.
The stock hit a high of Rs 14.60 and a low of Rs 14 so far during the day.
SpiceJet's total income from operations rose 8.37% to Rs 1589.61 crore in Q4 March 2014 over Q4 March 2013.
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SpiceJet reported net loss of Rs 1003.24 crore in the year ended 31 March 2014, higher than net loss of Rs 191.07 crore in the year ended 31 March 2013. Total income from operations rose 11.51% to Rs 6356.10 crore in the year ended 31 March 2014 over the year ended 31 March 2013.
SpiceJet said that the year ended 31 March 2014 was perhaps the most challenging period in Indian aviation history. The sharp depreciation of the Indian Rupee during the quarter ended 30 September 2013 was unprecedented. Given the fact that over 75% of any Indian airline's cost is influenced by the US Dollar, the effects of the exchange rates on a broad spectrum of cost heads were crippling. The net loss was due to slowing economy and softening demand in a market where capacity continued to be added by the industry, SpiceJet said.
On a positive note, SpiceJet's market stimulation and revenue management approach in the latest quarter helped it to increase year-over-year RASK despite adverse market conditions. Unit revenue (RASK or revenue per available seat kilometer) in the three month ended March 2014 was 5% higher, and unit cost (CASK) 12% higher, than comparable period last year. Normalized for exchange rate, the CASK would have been only 2% higher, SpiceJet said.
Market stimulation also resulted in SpiceJet gaining market share in March 2014 relative to previous month, despite 2% capacity reduction. SpiceJet expects the macroeconomic environment to significantly improve and demand to grow in year ending 31 March 2015. SpiceJet is well into the process of executing on a re-structuring and transformation plan to position it well as market conditions improve, and to take on the challenge of new entrants that are expected to enter the market.
SpiceJet is India's low fare airline.
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