SpiceJet share price declined over 11 percent on Monday after the domestic aviation company’s net loss increased in the quarter ended June 2021. The airlines posted a consolidated net loss of Rs 731.12 crore in Q1FY22 as compared to a net loss of Rs 600.52 crore in the year-ago quarter.
The company’s total revenue, however, jumped to Rs 1,125 crore from Rs 521 crore, YoY.
During Q1FY22, SpiceJet reported EBIDTA loss of Rs 104 crore. The average domestic load factor for the quarter was 69.5 percent.
The company’s logistics platform SpiceXpress reported a net profit of Rs 30 crore, while its revenue for surged 285 percent to Rs 473 crore from Rs 166 crore, YoY.
SpiceJet is in the process of hiving off its logistics platform which will allow it to raise capital to fuel its rapid growth.
"The Company continues to incur various costs owing to the grounding and the inability of Boeing 737 Max aircraft to undertake revenue operations over the last two years now. SpiceJet continues to engage with Boeing to recover damages on account of expenses incurred by SpiceJet due to the grounding of the 737 MAX and also engage with aircraft lessors of the grounded MAX aircraft to restructure the present leases," the SpiceJet said in a regulatory filing.
The stock price of SpiceJet recovered and was trading 4.17 percent lower at Rs 68.90 apiece on the BSE.
