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SpiceJet reports a net loss of INR 420 Crore in Q1FY2023 excluding a one-time Forex Loss of INR 369 Crore

Revenue increased by 126% YoY to INR 2457 Crore

SpiceXpress reports a Net Profit of INR 18 Crore; Net profit continues to increase QoQ despite significant increase in ATF prices and depreciating Rupee

For the quarter ending June 2022

  • Operating revenues rose to INR 2,457 Crore, registering a growth of 126% compared to same quarter last year and sequential QoQ growth of 32%
  • Net loss (excluding forex restatement impact) of INR 420 Crore
  • Increase in average ATF price by 105% as compared to same quarter last year; 40% increase QoQ
  • Passenger RASK increased by 80% compared to same quarter last year; 25% increase QoQ
  • Industry’s highest Load Factor of 86.4% for domestic scheduled flights
  • 137% increase in operating flights compared with same quarter last year & by 23% QoQ
  • 336 charter flights operated carrying 46,500 passengers
  • Operated 50 special charter flights carrying more than 5800 pilgrims to Medina (Saudi Arabia) for Hajj
  • Launched 24 new sectors during the quarter, including industry-first UDAN flight connecting Pune with Bhavnagar
  • Launched co-branded credit card with Axis Bank

Key highlights for quarter ending June 2022 – SpiceXpress

  • SpiceXpress revenues at INR 239 Crore
  • Posts Net Profit of INR 18 Crore in Q1FY2023 despite high ATF prices
  • Profit margin increased to 8% from 4% QoQ despite increase in ATF cost
  • EBITDAR profit of INR 57 Crore in Q1FY2023
  • Transported 33,097.4 tonnes of cargo in Q1FY2023
  • Secures key certifications for international cargo operations into the EU and the UK

Key settlements –

  • Successfully settled with aircraft lessor Goshawk Aviation Limited and its affiliated leasing entities
  • Entered into a full and final settlement with Airports Authority of India and cleared all outstanding principal dues of the airport operator
  • Signs final settlement agreement with Credit Suisse and SR Technics
  • This follows successful settlements with De Havilland Aircraft of Canada Limited (DHC), Boeing, CDB Aviation, BOC Aviation, Avolon

For the year ended March 31, 2022 (Passenger) –

  • Industry’s highest load factor of 80.4% for domestic scheduled flights
  • Increase in load factor by 4% compared to the last year
  • Passenger RASK improved by 11% compared to last year
  • Growth in ASKM by 11% and yield improvement of 5% resulted in increase of passenger revenue by 23% compared to the last year
  • 24% growth in ancillary revenue (ex. belly) resulted 13% increase in ancillary RASK
  • Commenced the operations of new RCS stations Kushinagar, Khajuraho and Bhavnagar connected to metros, tier two and three cities
  • More than 100 charter flights operated on wide body Boeing 767 carrying 30,000 passengers to Toronto (Canada), Maldives, Rome & Bergamo

Key highlights for the year – SpiceXpress

  • Cargo revenues up by 74% from INR 1,118 Crore in FY2021 to INR 1,944 Crore in FY2022
  • Reported net profit of INR 46 Crore in FY2022 despite significant increase in fuel prices

GURUGRAM, August 31, 2022: SpiceJet, the country’s favourite airline and the leading logistics platform, reported a net loss of INR 789 Crore (INR 420 Crore excluding forex adjustment) for the quarter ending June 30, 2022 as compared to a net loss of INR 729 Crore in the quarter ending 30 June, 2021 as business was severely impacted by record high fuel prices and a depreciating Rupee.

Total revenue for the reported quarter was INR 2,478 Crore as against INR 1,266 crore in the same quarter of the previous year. For the same comparative period, operating expenses were INR 3,267 Crore as against INR 1,995 crore. On an EBITDA basis, loss was INR 379 Crore for the reported quarter as against a loss of INR 244 crore for the quarter ended June FY2022. The airline continued to add new destinations to its network.

The airline reported a net loss of INR 458 Crore for the quarter ending March 31, 2022 against INR 235.3 Crore for the quarter ending March 31, 2021. Business was severely impacted by the third wave of Covid-19 and high fuel prices during Q4FY2022.  SpiceJet reported a net loss of INR 1,725 Crore for FY2022 as compared to a net loss of INR 998.3 Crore in FY2021. The financial result for Q4FY2022 and FY2022 were delayed due to ransomware attack on our systems on May 25, 2022.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, “The industry has been witness to one of the most severe operating environment in the recent past which impacted the progress and recovery made in Q3FY2022. Record high ATF prices and depreciating Rupee were the major contributors. Despite the complex operating environment and highest ever input costs, SpiceJet has been able to sustain its operations with the confidence shown by our partners and passengers. Last year was a period of restructuring and settlements and we successfully completed and implemented settlements with most of our major partners including manufacturers and lessors setting the stage for our seamless growth and expansion. As we move ahead we are encouraged with the strong travel demand and our focus for the next year would be to induct more fuel efficient Boeing 737-8 MAX aircraft and concentrate on our regional and international routes.”

“We are optimistic about our future and our continued recovery and in order to achieve our future plans the Board has mandated fresh capital issuance and the Company will be shortly engaging with investment bankers for a potential raise of up to US $200 million.”

“Our excellent cargo operations have provided the much required impetus and we will soon conclude the hive-off of cargo business into a separate independent company, SpiceXpress in the current quarter which will be followed by capacity enhancement with additional freighter aircraft within FY2023.”

In terms of operational parameters, SpiceJet had the highest passenger load factor amongst all airlines in the country. Our average domestic load factor for the quarter ending 31st March, 2022 was 83.3% while for FY2022 it was 80.4%. SpiceJet had the highest PLF of 86.43% in Q1FY2023.

In FY2022, SpiceJet launched 140 new routes. During the quarter ending 31st March, 2022, the airline operated 411 charter flights carrying more than 65,000 passengers. Under ‘Operation Ganga’, SpiceJet flew back a large number of Indian students stranded in Ukraine. During the Q1FY2023, SpiceJet launched 24 new routes.


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:

SpiceJet is India’s favourite airline that has made flying affordable for more Indians than ever before. SpiceJet is an IATA-IOSA certified airline that operates a fleet of Boeing 737s, Q-400s & freighters and is the country’s largest regional player operating multiple 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.