SpiceJet reports Q1 loss at Rs 600 crore as lockdown hits airline business

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Low-cost carrier SpiceJet has posted consolidated net loss at Rs 600.5 crore for the quarter ended June 2020 as flight operations remained suspended for most part of the quarter following the nationwide lockdown.

The company had reported consolidated profit at Rs 262.8 crore in same period last year.

Consolidated revenue from operations fell significantly by 82.6 percent year-on-year to Rs 521 crore in Q1FY21.

"The COVID-19 pandemic (declared as such by the World Health Organisation on March 11, 2020), has contributed to a significant decline and volatility, and a significant decrease in economic activity, in global and Indian markets," said SpiceJet in its BSE filing.

"The impact of COVID-19 is not specific to the Group but is applicable across the entire aviation industry within and outside India. It is also to be noted that while generally the passenger business was suspended during the lockdown, the company enhanced its cargo operations which were fulfilled by dedicated fleet of freighter aircraft and passenger converted aircraft," it added.

At operating level, SpiceJet reported consolidated EBITDA loss at Rs 193.2 crore for June quarter 2020, against EBTIDA profit at Rs 620.8 crore in corresponding period previous fiscal.

Company said it was operating 47 percent of its pre-covid schedule post restart of operations. "The average domestic load factor for the quarter was 66.4 percent and the airline maintained its market share of above 16 percent despite the impact of COVID-19 thus demonstrating robust operating parameters."

"This is the worst-ever crisis to hit the aviation sector but I am pleased that SpiceJet continues to innovate and outperform the industry," Ajay Singh, Chairman and Managing Director said.