Domestic carrier SpiceJet has posted a net loss of Rs 235 crore in the fourth quarter of financial year 2020-21. The airline, similar to other carriers, has been hit due to the stringent travel restrictions imposed in view of the COVID-19 crisis.
The loss incurred by SpiceJet in Q4 of last fiscal has increased, compared to the quarter ended on December 31, 2020. The airline had posted a net loss of Rs 57 crore in Q3.
Notably, the loss in Q4 of FY21, at Rs 235 crore, is lower than what the airline had incurred in the same quarter of FY20. It had then posted a net loss of Rs 807 crore.
For the entire fiscal year 2020-21, SpiceJet recorded a net loss of Rs 998 crore, higher than Rs 934.76 loss posted in FY20.
While the net loss widened due to plunge in passenger traffic, the revenue from cargo operations surged by over 514 percent on segment basis. The revenue, according to the airline's regulatory filing, increased to Rs 416.5 crore for Q4 FY21, which includes a profit of Rs 67.8 crore.
SpiceJet also announced that it would be raising fresh capital of Rs 2,500 crore. The airline's board has approved a proposal to raise the amount through the issue of eligible securities to qualified institutional buyers.
SpiceJet is also currently in discussion with banks and financial institutions to raise additional funds. The management of the carrier believes it will be able to achieve profitable operations in the future.
SpiceJet has entered into negotiations with lenders regarding deferment of dues and other waivers. According to the carrier, the uncertainty in revenue operation in the short-term is expected to normalise in the long-run.The company has deferred payments to various parties, including vendors, along with its dues to statutory authorities.