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SpiceJet reports a net loss of INR 577.7 Crore in Q2FY2023 excluding a non-cash forex loss of INR 260 Crore

SpiceXpress reports a profit of INR 21 Crore in Q2FY2023

Operating Revenue increased by 45% YoY to INR 1953 Crore

Cargo hive off to be completed in Q3

Expect significant operational improvements & restructuring benefits starting Q3

ECLGS funding increased to INR 1500 Crore

For the quarter ending September 2022

Operating Performance Highlights

  • Net Loss (including non-cash forex impact) of INR 837.8 Crore
  • EBIDTA loss of INR 413.6 crore; EBIDTAR loss of INR 387.9 Crore
  • Industry's highest Load Factor of 85% for domestic scheduled flights, improvement of 8% compared to same quarter last year
  • 30% increase in number of flights
  • Launched 12 new sectors during the quarter
  • Re-introduces 'SpiceLock', a unique service that allows passengers to lock their desired fare for 48 hours without name, thus allowing passengers to plan their journey hassle-free
  • Launched first of its kind taxi service with zero cancellation fee and zero wait time with 100% confirmed, sanitized cabs at 28 major airports including Dubai
  • Unveiled a special livery on its aircraft to mark the opening ceremony of the 44th Chess Olympiad held in Chennai

Revenue Highlights (in comparison to same quarter last year)

  • ASKM increased by 71%
  • Pax RASK increased by 22%
  • Yield improvement of 11% resulted in increase of passenger revenue by 109%
  • Ancillary revenue increased by 69%
  • 215 charter flights operated utilizing over 31,000 seats
  • Operating revenues rose to INR 1,952.6 Crore, registering a growth of 45%

Operating Cost Highlights (in comparison to same quarter last year)

  • Increase in average ATF price by 87%
  • Highest currency depreciation of 10% (INR against USD)

Key highlights for quarter ending September 2022 – SpiceXpress

  • SpiceXpress revenues at INR 206.1 Crore in the reported quarter
  • Posts Net Profit of INR 21.2 Crore in Q2FY2023 despite high ATF prices
  • Profit margin increased to 10% from 8% QoQ
  • EBITDAR profit of INR 40 Crore in Q2FY2023
  • Transported 27,674.98 tonne of cargo in Q2FY2023

GURUGRAM, November 14, 2022: SpiceJet, the country's favourite airline and the leading logistics platform, reported a net loss of INR 837.8 Crore (INR 577.7 Crore excluding forex adjustment) for the quarter ending September 30, 2022 as compared to a net loss of INR 561.7 Crore (INR 568.7 Crore excluding forex adjustment) in the quarter ending 30 September 2021, as business was hit by record high fuel prices, depreciating Rupee in the traditionally weak quarter.

Total revenue for the reported quarter was INR 2,104.7 Crore as against INR 1,538.7 Crore in the same quarter of the previous year. For the same comparative period, operating expenses were INR 2,942.6 Crore as against INR 2,100.4 Crore. On an EBITDA basis, loss was INR 413.59 Crore for the reported quarter as against a loss of INR 106.4 Crore for the quarter ended September FY2022.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, "The sector has been witness to prolonged challenges, however, the recent enhancement in the ECLGS limit to Rs. 1,500 crore by the Government, recognizing these challenges will go a long way in providing the much needed stability to the sector. I am confident that SpiceJet will only grow stronger than ever with brand new planes, providing an unparalleled experience for its passengers."

"A near to normal business environment and an upturn in business and leisure travel coupled with government aid are giving hope to positivity. The high ATF prices and depreciating rupee continue to be a downer for the industry but the overall outlook for the sector remains positive. Having completed a series of settlements with most of our major partners and the upcoming hive-off of our cargo and logistics arm, we expect significant improvements in our operating environment and are well placed to script a new phase of accelerated growth and meet the resurgent demand from passenger and cargo customers."

In terms of operational parameters, SpiceJet had the highest passenger load factor amongst all airlines in the country. The average domestic load factor was 85% for the quarter.

The airline launched 12 new routes and operated 215 charter flights in the quarter.


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.