SpiceJet, the country's favourite airline and the leading logistics platform, on Wednesday, reported a widening net loss of Rs 789 Crore (Rs 420 crore excluding forex adjustment) for the quarter ending June 30, 2022, as the business was severely impacted by record ATF prices and depreciating Rupee. Total revenue for the reported quarter was Rs 2,478 crore as against Rs 1,266 crore in the same quarter of the previous year.
Area of Focus:
The airline continues to add new destinations to its network, and the company plans to induct more fuel-efficient Boeing 737-8 MAX aircraft focusing on its regional and international routes.
Cargo Business:
The Cargo Business of SpiceJet will soon be hived off into a separate independent company, followed by capacity enhancement with additional freighter aircraft within the financial year 2023.
Passenger Load Factor:
SpiceJet had the highest passenger load factor amongst all airlines in the country. For the quarter ending June 2022, the airline operated 336 charter flights operated carrying 46,500 passengers. The airline also launched 24 new sectors during the quarter, including industry-first UDAN flight connecting Pune with Bhavnagar, and a co-branded credit card with Axis Bank.
CFO Resigns:
The low-cost carrier also said that its chief financial offer Sanjeev Taneja has resigned with effect 31 August 2022. He was appointed the CFO of SpiceJet in November 2020 during the COVID-19 pandemic. The Board has identified the candidate for appointment as Chief Financial Officer, and the position shall be filled in September 2022.
Capital Infusion:
The company plans to infuse additional capital of up to USD 200 million and will shortly engage with investment bankers.
"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 USD 200 million." the company stated in an exchange filing.
