SpiceJet reports Q4 net loss of Rs 816.2 crore; revenue grows 13% YoY

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Aviation player SpiceJet on July 29 reported a consolidated net loss of Rs 816.2 crore for Q4FY20 against a profit of Rs 72.5 crore in the corresponding quarter of the previous financial year.

The company said the Q4 loss includes a non‐cash loss of Rs 473.4 crore due to forex loss on the restatement of lease liability due to Ind‐AS 116.

The company also reported an operating loss of Rs 333.7 crore.

The airline reported a net loss of Rs 934.8 crore in FY20 that includes a non‐cash loss of Rs 697 crore due to forex loss on the restatement of lease liability due to Ind‐AS 116.

Consolidated revenue from operations, however, grew 13.1 percent year-on-year (YoY) to Rs 2,867 crore in Q4FY20 against Rs 2,534.7 crore in Q4FY19, in spite of weak demand due to COVID‐19.

Other income came at Rs 185.7 crore against Rs 40.6 crore YoY. Forex loss figures stood at Rs 484.2 crore against Rs 7.5 crore YoY.

During the quarter, the company added 38 aircraft to its fleet. It operated 570 average daily passenger flights before COVID‐19, the company claimed.

Ajay Singh, Chairman and Managing Director, SpiceJet, said: “Two key factors that adversely impacted our performance and the bottom line was the COVID‐19 pandemic that started affecting demand adversely from mid‐February and grounding of the 737 MAX, which has been out of service for over a year now."

"Despite the year-long grounding of the MAX aircraft, SpiceJet ran a profitable operation till COVID hit to demand from mid‐February. Indian and the global aviation industry are going through the toughest‐ever
phase in aviation history. We at SpiceJet have constantly adapted to the changing economic environment and I am happy that our cargo operations have performed very well. I am confident that things will only improve in the times to come. We remain cautious but optimistic about the future.”