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SpiceJet halves net loss to INR 57 crore in Q3 FY2021 from INR 112.6 crore in Q2 FY2021
Reports EBIDTA profit of INR 451.4 Cr
Revenue from cargo increased by 447% Year on Year
Transports 13.2 million doses of Covid vaccine
For the Quarter ending December 2020
  • EBIDTAR profit of INR 518.4 crore
  • Registers industry’s highest domestic load factor of 76.8%
  • Registered industry’s highest overall load factor of 77.9% (including domestic & international operations)
  • Passenger revenue grows by 73% Quarter on Quarter
  • Sustained market leadership in passenger RASK amongst listed Indian peers
  • Significant revenue generated through charter business
  • Revenue from cargo increased by 36% Quarter on Quarter
  • Inducts Airbus A321 in its fleet
  • Aircraft fleet at 100 as on December 31, 2020

Key highlights for the quarter

  • Remains largest air cargo operator in India. Carried 41,257 tonnes of cargo in Q3
  • Emerges as the most preferred airline for transportation of Covid-19 vaccine; transported 13.2 million Covid-19 vaccine doses till date
  • First and only airline to launch dedicated cargo flights to Leh ensuring timely and seamless supply of essentials during winters
  • Operated multiple repatriation flights to and from Italy on the newly inducted Airbus A321
  • Introduced 92 new domestic and 16 international flights (under air bubble agreement)
  • Added Ras-Al-Khaimah as its latest  international destination
  • Added Darbhanga & Nashik under UDAN
  • Maintained consistent market leadership in load factor among Indian carriers
  • Despite intense competition and drop in yield, passenger revenue improved by 73% quarter on quarter through charters, aggressive network and sales strategies
  • Despite muted demand, loads sequentially increased from 75% to 78% as compared to Q2 FY21 thereby once again establishing SpiceJet’s undisputed supremacy in the passenger business

Current Highlights

  • Operating 72% of pre-Covid schedule; 329 flights per day
  • Operating a fleet of 19 cargo planes including five wide-body aircraft
  • Operated more than 14,000 cargo flights and carried 1,15,500 tonnes of cargo since the lockdown began
  • Tied-up with Brussels Airport, Adani Ahmedabad International Airport, GMR Hyderabad Air Cargo for transporting Covid-19 vaccines

Gurugram, February 10, 2021: SpiceJet, the country’s favourite airline, reported a net loss of INR 57 crore for the quarter ending December 31st, 2020 as against a loss of INR 112.6 crore in Q2 FY21.

Total income was INR 1,907 crore for the reported quarter as against INR 1,305 crore in Q2 FY21. For the same comparative period, expenses were INR 1,964 crore as against INR 1,418 crore. On an EBITDA basis, SpiceJet achieved a profit of INR 451.4 crore for the reported quarter as against INR 442 crore. On an EBITDAR basis, the profit was INR 518.4 crore for the reported quarter as against a profit of INR 475 crore in Q2 FY21.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, “As we report our Q3 numbers today, I am glad that 2020 is finally behind us. The pandemic has, undoubtedly, been the biggest crisis to hit the aviation industry and we are confident that things will only get better for us from now on.”

“We have successfully managed to trim down our losses considerably with each passing quarter despite limited operations and muted demand. SpiceJet yet again recorded the industry’s highest domestic load factor and has also demonstrated market leadership in passenger RASK amongst listed Indian peers.”

“With our cargo business proving its true potential, the passenger business getting back on track significantly and a tight control on costs, we have managed to reduce our losses significantly in this quarter. There has been a remarkable recovery from where we were a few months back and with the world’s biggest vaccination drive underway I see a strong revival across sectors. Our results are reflective of the massive exercise being undertaken by the Company to align our cost base and we continue to explore and implement best practices to further bring operational efficiency and accomplish best cost base in the industry.”

“We proudly carried India’s first consignment of Covid-19 vaccine on January 12 and have transported 13.2 million doses till date and will continue to actively participate in the transport of vaccines both within and outside the country in the weeks and months to come.”

SpiceJet continues to engage with Boeing to recover damages incurred by the Company due to the grounding of the MAX and the re-induction of these aircraft in the fleet.

In terms of operational parameters, SpiceJet had the best domestic passenger load factor of 76.8 % amongst all airlines in the country during the quarter.

SpiceJet introduced 92 new domestic & 16 international flights during the quarter and added Ras-Al-Khaimah as its 12th international destination.  In line with its commitment to enhance regional connectivity, the airline added Darbhanga and Nashik as its latest UDAN destinations. Providing a major boost to tourism, SpiceJet launched its seaplane service between Ahmedabad (Sabarmati riverfront) and the Statue of Unity in Kevadia, Gujarat.

To ensure seamless delivery of the Covid-19 vaccine both within and outside the country, SpiceJet has tied up with multiple partners including Brussels Airport, GMR Hyderabad Air Cargo (GHAC), Adani Ahmedabad International Airport among others. The airline has also tied-up with global leaders in cold chain solutions offering active and passive packaging and has the capability to transport extremely sensitive drugs and vaccines in controlled temperatures ranging from -40°c to +25°c.

SpiceJet operates a fleet of 19 cargo planes which includes five wide-body aircraft. Till date, since March 25, 2020 (when the lockdown began), the airline has operated more than 14,000 cargo flights transporting 1,15,500 tonnes of cargo. SpiceJet is the first and only Indian carrier to introduce dedicated cargo flights to Leh ensuring timely and seamless supply of essentials during winters.

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in aviation sector including those factors which may affect our cost advantage, wage fluctuations, our ability to attract and retain highly skilled professionals, time and cost overruns on various parameters, our ability to manage international operations, reduced demand for air travel, liability for damages, withdrawal or expiration of governmental fiscal incentives, political instability, legal restrictions on raising capital or general economic conditions affecting our industry.
The words “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us, are intended to identify certain of such forward looking statements. The Company may, from time to time, make additional written and oral forward-looking statements, including statements contained in our reports to shareholders. The Company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the Company unless it is required by law.

About SpiceJet Ltd
SpiceJet is India’s favourite airline that has made flying affordable for more Indians than ever before. The airline operates a fleet of Boeing 737s, Bombardier Q-400s & freighters and is the country’s largest regional player operating 63 daily flights under UDAN or the Regional Connectivity Scheme. The majority of the airline’s fleet offers SpiceMax, the most spacious economy class seating in India.

The airline also operates a dedicated air cargo service under the brand name SpiceXpress offering safe, on-time, efficient and seamless cargo connectivity across India and on international routes.