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Centrum Broking Report
SpiceJet Ltd.'s Q4 FY20 performance remained impacted by partial disruption of operations and steep foreign exchange mark to market (Fx MTM) loss on capitalised lease liabilities.
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However, net loss of Rs 8.1 billion was lower than our estimate of Rs 10.5 billion led by lower employee costs, lower maintenance costs and lower than expected Fx MTM loss.
Available seat kilometer (ASK) grew 23% YoY to 7.6 billion, revenue passenger kilometer (RPK) grew 18.1% YoY to Rs 6.7 billion and load factor declined 340 basis point YoY to 87.7%.
Revenue grew 13.1% YoY to Rs 28.6 billion and Ebitda and restructuring or rent costs loss came in at Rs 1.3 billion. Ticket yield declined 10% YoY to Rs 3.6 and revenue per available seat kilometer (RASK) declined 3.5% YoY to Rs 3.9 due to adverse route mix.
SpiceJet had negative networth of Rs 15.8 billion as on March 2020 and auditors have drawn an emphasis of matter on the assumption of going concern.
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