Spicejet soars after stellar Q3 performance

15 Feb 2022 , 02:28 PM

Total revenue from operations increased by 34% YoY to Rs 2,259.29 crore during the quarter. Air Transport Service revenue was Rs 1681.40 crore (up 22% YoY) while that from Freighter & Logistics service was Rs 583.76 crore (up 89% YoY) in Q3 FY22.

Capacity (in terms of Seat Kilometres) increased by 78% as compared to the previous quarter.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, ?I am happy that SpiceJet reported a profit in Q3 FY2022 driven by excellent logistics operations, rebound in passenger traffic and various accommodations from aircraft manufacturer and lessors.?

Our performance would have been much better but was impacted by the unexpected delay in the return to service of the 737 MAX, rising fuel costs and certain exceptional adjustments. I am happy to say that there are renewed signs of recovery in the passenger segment and the logistics segment continues to remain strong.?

The settlement with Boeing was a significant event during the quarter. As expected, the Company received cash and non‐cash accommodations in excess of the amounts due to lessors during the period of grounding of MAX aircraft. The settlement not only brought back into operations the grounded 737 MAX aircraft but also paves way for the induction of more efficient and younger MAX aircraft into SpiceJets fleet.

On operational parameters, SpiceJet had the best passenger load factor amongst all airlines in the country during the quarter. The average domestic load factor for the quarter was 85.2%. SpiceJet launched 40 new routes to strengthen its domestic network besides adding Kushinagar as its latest UDAN destination. It also became the first and only airline in India to operate non‐stop flights on Delhi‐Tirupati sector.

The airline is now aiming for a stronger comeback in 2022 by utilising and expanding its 737 MAX fleet for better yield and flying experience, launching new customer centric services, optimising daily operations based on IT and expanding network both domestically and internationally.

SpiceJet is a low-budget air carrier. The airline operates a fleet of Boeing 737s, Q-400s & freighters and is the countrys largest regional player operating 63 daily flights under UDAN or the Regional Connectivity Scheme. The airline also operates a dedicated air cargo service under the brand name SpiceXpress offering cargo connectivity across India and on international routes.

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