SpiceJet records net loss of ₹449 crore, revenue dips to ₹1,428.8 crore in Sept quarter

SpiceJet has recorded a net loss of ₹449 crore in the July to September 2023 quarter as against a profit of Rs 197 crore in the preceding quarter, the Indian carrier informed exchanges on December 12. The airline’s loss, however, has reduced when compared with the net loss of ₹833 crore in the corresponding quarter of the previous fiscal.

SpiceJet’s revenue has declined 27% on a year-on-year basis to ₹1,428.8 crore from ₹1,954.4 crore at the end of September 2022 quarter. The firm’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) loss or operating loss quarter the second quarter was reported at ₹443.5 crore compared to ₹555.4 crore in the year-ago period.

Following the second quarter results, SpiceJet CMD Ajay Singh said, “The July-September quarter has historically been a challenging period for the aviation industry. This year, the challenges were further compounded by elevated fuel prices, impacting operational costs. SpiceJet, however, has been proactive in implementing cost-saving measures and remains focused on adapting to the dynamic market conditions.”