SpiceJet Q1 results: Consolidated net loss at Rs 731 crore, revenue from operations more than doubles

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SpiceJet on August 13 posted a consolidated net loss of Rs 731.12 crore for Q1FY22 against a loss of Rs 600.52 crore in the same quarter last year.

Total revenue from operations more than doubled to Rs 1,125 crore for the quarter under review against Rs 521 crore in Q1FY21.

The company reported EBIDTAR loss of Rs 104 crore.

The company’s business operations were significantly hit during the quarter due to the continued impact of COVID‐19 which has had seriously impacted travel demand during the said period.

The company's logistics platform SpiceXpress earned a net profit of Rs 30 crore. Revenue for the segment surged 285 percent to Rs 473 crore from Rs 166 crore in the same quarter last year.

The company said it registered industry’s highest domestic load factor of 69.5 percent during the quarter.

Capacity (in terms of seat kilometres) jumped 229 percent YoY.

"Q1 was severely impacted by the second wave as passenger traffic almost disappeared. While no one can predict the future, with vaccination numbers picking up and demand for air travel increasing steadily, we hope the trend reverses soon," said Ajay Singh, Chairman and Managing Director, SpiceJet.

"SpiceJet will recover lost ground quickly as we are continuously ramping up our operations adding new stations and flights and are much better placed than this time last year. Our logistics arm continued with its strong growth story reporting yet another profitable quarter," Singh added.

Singh further said that the company was making efforts to further strengthen the logistics business.

The numbers came after the market hours. The stock ended 0.63 percent up at Rs 71.90 on BSE on August 13.