SpiceJet Q4 & Q1 Results: Reports Loss On High Fuel Prices, Forex Impact
Spicejet losses widen on higher fuel prices and forex losses
SpiceJet Ltd. reported losses for the first quarter of the current financial year and the last quarter of the year ended March, on high aviation turbine fuel prices and a depreciating rupee.
Costs for maintenance and repair are borne outside of the country and are paid in foreign currencies.
The loss in the first quarter widened to Rs 789 crore from Rs 458-crore loss in the fourth quarter of the last financial year. Excluding the foreign exchange loss of Rs 369 crore in the first quarter, the loss amounts to Rs 420 crore, the carrier said in a statement.
The fourth quarter losses widened from the Rs 235-crore loss reported a year ago.
The company delayed announcement of its financial results for both quarters due to disruptions caused by a ransomware attack in May.
SpiceJet Q1 FY23 Highlights (QoQ)
Revenue rose 32% to Rs 2,457 crore.
EBITDA stood at Rs 401 crore vs Rs 295 crore.
EBITDA margin stood at -16.3% compared with -15.8% in the previous quarter.
SpiceJet Q4 FY22 Highlights (YoY)
Revenue fell 1% to Rs 1,866crore.
EBITDA stood at Rs 295 crore vs Rs 79 crore.
EBITDA margin stood at -15.8% compared with -4.2% in the previous year.
The losses in two consecutive quarters have come after the low-cost carrier reported profits for the first time in two years in October-December 2021.
“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," Ajay Singh, chairman and managing director of SpiceJet, said in a press release.
The company will also shortly engage with investment bankers to raise up to $200 mln, Singh said.
The aviation sector was one of the worst-hit by the Covid-19 pandemic, as a nationwide lockdown followed by local curbs to contain the spread of the virus impacted travel.
IndiGo (InterGlobe Aviation Ltd.), the biggest airline in the country and the only other public aviation company, has also reported losses in the January-March and April-June quarters.
Shares of SpiceJet closed 1.5% higher at Rs 46.35 on Tuesday. The market is closed today on account of Ganesh Chaturthi.