.png)
SpiceJet cuts down net loss to INR 561.7 Cr in Q2 FY2022 from INR 729 Cr in Q1 FY2022
Reports EBIDTAR profit of INR 50.6 Cr, 149% growth Quarter on Quarter
Strong showing in passenger business – highest domestic load factor of 78%, increase in passenger revenue by 53%, yield up by 30%, flight departures increase by 39% as compared to Q1 FY2022
Positive tailwinds: Return of the 737 MAX in Q3 FY2022, settlement with majority of MAX lessors, transfer of logistics business, shareholder approval for fund raise of up to INR 2500 Cr
Gurugram, November 12, 2021: SpiceJet, the country’s favourite airline and the leading logistics platform, cut down its net loss in the traditionally weak Q2 despite Covid-19 continuing to affect demand. On a standalone basis, the net loss was reduced to INR 561.7 crore as against INR 729 crore in the first quarter of FY2022.
Total revenue was INR 1,539 crore for the reported quarter as against INR 1,266 crore in the last quarter. For the same comparative period, operating expenses were INR 2,100 crore as against INR 1,995 crore. On an EBITDA basis, loss was INR 106.5 crore for the reported quarter as against loss of INR 244 crore for the last quarter.
The Company’s business operations continued to be significantly impacted due to the second wave of Covid-19 which continued to impact travel demand negatively during the quarter ended September 2021.
SpiceXpress continued with its upward performance reporting increased revenue of INR 497 crore for the reported quarter as compared to INR 473 crore in the last quarter, a jump of 5%. The reported quarter though witnessed a negative cash flow as the continuing rise in fuel costs could not be passed on to our customers due to committed long term contracts. These have now been re-negotiated and corrected to suit the present operating cost environment.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, “We have made excellent progress in our recovery and I expect this trend to continue forward in the coming quarters. With the nationwide vaccination drive growing at an unprecedented pace across geographies, there is a significant jump in travel demand and we are very excited about the demand recovery. The settlement with key lessors, the return of the 737 MAX in the current quarter (Q3), transfer of the logistics business and some very significant announcements lined up soon are all positive tailwinds that should have a significant impact on our long term plans.”
“The return of the 737 MAX comes at the perfect time for us with passenger traffic picking-up and the government allowing airlines to operate at full capacity. We look forward to inducting additional capacity in the form of our 737 MAX aircraft that will upswing our operational efficiencies and provide significant cost saving capabilities.”
In terms of operational parameters, SpiceJet had the best passenger load factor amongst all airlines in the country during the quarter. The average domestic load factor for the quarter was 78%.
In the reported quarter, SpiceJet received shareholders’ approval to transfer its cargo and logistics services business to its subsidiary, SpiceXpress and Logistics Private Limited, as a going concern, on slump sale basis valued at INR 2,555.77 crore. The transfer of the logistics business once consummated will result in a one-time gain for SpiceJet wiping out a substantial portion of the company’s negative net worth.
SpiceJet has also finalised terms of settlements with Avolon and CDB Aviation, two of its major lessors of 737 MAX aircraft. These settlements and operations of 737 MAX aircraft will result in significant savings for the airline. The airline expects to start flying its MAX aircraft soon once all regulatory approvals have been received.
For the Quarter ending September 2021
· Sustained market leadership in passenger RASK amongst listed Indian peers
· Capacity (in terms of Seat Kilometres) increased by 7% as compared to the last quarter
· Passenger revenue increased by 53% Quarter on Quarter
· Yield up by 30% Quarter on Quarter
· Flight departures increase by 39% Quarter on Quarter
· Shareholders approve fund raise of up to INR 2,500 Crore through QIP
· Significant contribution of 20% in passenger revenue from charter services
· EBIDTAR profit of INR 50.6 Crore
Key highlights for the quarter – SpiceXpress
· Shareholders approve transfer of cargo and logistics services business to SpiceXpress and Logistics Private Limited
· SpiceXpress’s network spans over 69 domestic & 107 international destinations including to US, Europe and Africa
· Carried more than 45,000 tonnes of cargo in Q2 FY2022
· Operating a fleet of 17 cargo aircraft including 7 wide-body planes
Key highlights for the quarter – Passenger
· Launched 27 new routes during the quarter, including 12 industry-first flights
· Added Bhavnagar to its domestic network
· Operated 325 charters to various countries including Armenia, Serbia, Albania, Maldives, Seychelles, Tashkent, Italy, Saudi Arabia transporting over 43,000 passengers
· Operated long-haul flights from Maldives to Toronto on Boeing-767 wide-body aircraft
· Launched Forex services in partnership with BookMyForex
· Entered into an exclusive partnership with EaseMyTrip for holiday bookings
· Trialled the IATA travel pass on Maldives & Dubai sectors
· Finalised settlements terms with Avolon and CDB Aviation – two of its major lessors of MAX aircraft. Positive discussion underway with other lessors as well
· Made it to the prestigious Skytrax “World Top 20 LCC” rankings for the first time
Current highlights for the quarter – Passenger
· Launched a new platform to book Tours, Activities and experiences in partnership with Thrillophilia
· First Indian airline to be awarded ‘Diamond’ rating for upholding flight health and safety amid Covid pandemic from APEX Health Safety
· Launched its new website aimed at providing an enhanced customer experience
· Celebrated India’s 100 crore vaccination milestone with special aircraft livery
· First & only airline to launch non-stop flights connecting Delhi with Tirupati
Komentáře