SpiceJet's Net Loss Halves To Rs 57 Crore In December Quarter
SpiceJet halved its net loss to Rs 57 crore in the third quarter ended December 31, 2020 from a loss of Rs 112.6 crore in the preceding second quarter due to an increase in operations. The airline's total income stood at Rs 1,907 crore in the quarter under consideration as against Rs 1,305 crore in the September quarter, the airline said in a regulatory filing to the stock exchanges.
On an EBITDA basis, SpiceJet achieved a profit of Rs 451.4 crore for the third quarter as against Rs 442 crore in the second quarter.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, "With our cargo business proving its true potential, the passenger business getting back on track significantly and a tight control on costs, we have managed to reduce our losses significantly in this quarter. There has been a remarkable recovery from where we were a few months back and with the world's biggest vaccination drive underway, I see a strong revival across sectors."
Passenger revenue improved by 73 per cent on a quarter-on-quarter basis through charters, aggressive network and sales strategies.
The airline operated at 72 per cent of the pre-Covid schedule. It operated 329 flights per day and managed a fleet of 19 cargo planes including five wide-body aircraft
SpiceJet also entered into a partnership with Brussels Airport, Adani Ahmedabad International Airport, GMR Hyderabad Air Cargo for transporting Covid-19 vaccines.
The shares of SpiceJet ended 1.1 per cent higher at Rs 87.85 on the BSE as against a flat closing on the benchmark indices.
-
Navigating Friction And Energy Realities: An Analysis Of Marco Rubio's October Visit To India
Occurring at a critical juncture marked by stalled trade negotiations and escalating geopolitical pressures over global energy supplies, the visit offers a profound window into modern US-India relations.
-
India Exports Capital. Why Not Export Trusteeship?
The big question, then, is whether India can build an institution that global borrowers, investors, banks, and lawyers can trust, even without an Indian connection.
-
France's Economy & Politics Are In Crisis | The Reason Why
Let's look at how the French economy and politics evolved under Nicolas Sarkozy, Franois Hollande and Emmanuel Macron.
-
You May Inherit The Business. You Must Earn Its Credibility.
Succession tests the founder's ability to share authority as much as it tests the next generation's readiness to assume it.
-
Signing Deals Is One Thing; Making Them Work Is Another | The Week In Whys
Sometimes, things don't turn out as planned. Indian companies have lost some bids to rivals, some projects won't produce until 2030.
-
FOMC Wall, PERM Suspension, Hospital Stocks | Talking Points This Week
A PERM suspension would directly affect green-card sponsorship rather than H-1B visas, so the near-term earnings impact could remain relatively limited. The key question is whether this marks a new phase in US scrutiny of Indian IT.
-
Everything, Everywhere, All At Once: Dalal Street's Week To Forget | Joining The Dots
Visa curbs, a Starlink spat and cancer drug caps: what connects this week's shocks for Indian markets
-
India Is Going Abroad For Critical Minerals. But It May Take Years To Pay Off | The Reason Why
Although India's steps are in the right direction, they remain modest compared with India's growing dependence.
-
When Everyone Has AI, What Gives You An Edge?
India's young workforce is entering an uncertain world of work where powerful AI tools are becoming widely accessible. The advantage will belong to those who combine deep expertise with digital fluency, and the distinctly human capabilities that technology cannot manufacture.
-
Wrong Labels, High Pesticide Residues Holding Back Agri Exports | The Reason Why
India needs stronger domestic food-safety and labelling standards, with best practices becoming part of everyday business for farmers, traders and food companies.
