SpiceJet posts Rs 446 crore consolidated loss in September quarter

New Delhi: SpiceJet on Tuesday reported a narrowing of consolidated loss of Rs 446.09 crore in the three months ended September, mainly as the crisis-hit carrier reduced overall expenses.

The consolidated results include the financials of nine subsidiaries.

On a consolidated basis, the airline recorded a total comprehensive loss of Rs 446.09 crore in the latest September quarter.

In the year-ago period, it stood at Rs 829.98 crore, according to a regulatory filing.

Total income was at Rs 1,725.81 crore, lower than Rs 2,101.79 crore posted in the same period a year ago.

During the latest September quarter, total expenses dropped to Rs 2,175.24 crore from Rs 2,935.02 crore in the year-ago period.

In a separate release, the carrier said its net loss narrowed to Rs 428 crore in the three months ended September this year whereas the net loss was at Rs 835 crore in the same period a year ago.

However, the airline did not mention whether the loss is on a standalone or a consolidated basis.

In the 2023 September quarter, the airline said it has settled dues with aircraft lessor Castle Lake and repaid Rs 100 crore loan taken from City Union Bank.

Also, there was debt to equity conversion with Carlyle Aviation Partners by allotment of over 4.81 crore equity shares at a price of Rs 48 per share leading to reduction of debt of over Rs 230 crore, it said in a separate release.

"The July-September quarter has historically been a challenging period for the aviation industry. This year, the challenges were further compounded by elevated fuel prices, impacting operational costs. SpiceJet, however, has been proactive in implementing cost-saving measures and remains focused on adapting to the dynamic market conditions," SpiceJet Chairperson and Managing Director Ajay Singh said.