SpiceJet Q1 loss at Rs 600 crore as airline business suffers due to COVID19 lockdown

SpiceJet, the low-cost carrier, reported a consolidated net loss of ₹ 600.5 crore for the quarter ending June 2020. This was chiefly expected considering that flight operations have remained suspended for most part of the quarter following the nationwide lockdown due to COVID19.

Consolidated revenue from operations fell by a whooping 82.6 percent YoY to ₹ 521 crore in Q1FY21. The company had reported consolidated profit at ₹ 262.8 crore in same period last year.

“The COVID-19 pandemic (declared as such by the World Health Organisation on March 11, 2020), has contributed to a significant decline and volatility, and a significant decrease in economic activity, in global and Indian markets,” said SpiceJet in its BSE filing.

“This is the worst-ever crisis to hit the aviation sector but I am pleased that SpiceJet continues to innovate and outperform the industry,” Ajay Singh, Chairman and Managing Director said.

Company said it was operating 47 percent of its pre-covid schedule post restart of operations. “The average domestic load factor for the quarter was 66.4 percent and the airline maintained its market share of above 16 percent despite the impact of COVID-19 thus demonstrating robust operating parameters.”

Spice Jets shares were dull on the result day

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