SpiceJet Narrows Loss to Rs 561.7 Crore in Q2 FY22
SpiceJet has been able to narrow its losses for the Q2 FY22 which is a good thing. Further, the 737 MAX’s arrival couldn’t have been at a better time.
- SpiceJet has reported a narrowed net loss of Rs 561.7 crore in Q2 FY22 against the previous quarter’s loss of Rs 729 crore.
- In the same quarter previous year, SpiceJet had reported a loss of Rs 112.59 crore.
- The return of the 737 MAX right is the best thing since the passenger traffic is only going to go up from here.
SpiceJet has reported a narrowed net loss of Rs 561.7 crore in Q2 FY22 against the previous quarter’s loss of Rs 729 crore. The airline has certainly benefited from the ease in flying restrictions, and the airline sector seeing some recovery in the second quarter. At the same time, it is hard to ignore that the telco’s YoY loss for the quarter has widened significantly. In the same quarter previous year, SpiceJet had reported a loss of Rs 112.59 crore against the loss in the same quarter of this year, which is Rs 561.7 crore. “We have made excellent progress in our recovery, and I expect this trend to continue forward in the coming quarters. With the nationwide vaccination drive growing at an unprecedented pace across geographies, there is a significant jump in travel demand, and we are very excited about the demand recovery,” said Ajay Singh, Chairman and Managing Director, SpiceJet. “The settlement with key lessors, the return of the 737 MAX in the current quarter (Q3), transfer of the logistics business, and some very significant announcements lined up soon are all positive tailwinds that should have a significant impact on our long term plans.” The return of the 737 MAX right is the best thing since the passenger traffic is only going to go up from here. “We look forward to inducting additional capacity in the form of our 737 MAX aircraft that will upswing our operational efficiencies and provide significant cost-saving capabilities,” Singh added.
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