SpiceJet on Tuesday reported a narrowing of consolidated loss of ₹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 ₹446.09 crore in the latest September quarter.
In the year-ago period, it stood at ₹829.98 crore, according to a regulatory filing.
Total income was at ₹1,725.81 crore, lower than ₹2,101.79 crore posted in the same period a year ago.
During the latest September quarter, total expenses dropped to ₹2,175.24 crore from ₹2,935.02 crore in the year-ago period.
In a separate release, the carrier said its net loss narrowed to ₹428 crore in the three months ended September this year whereas the net loss was at ₹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 ₹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 ₹48 per share leading to reduction of debt of over ₹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 Chairman and Managing Director Ajay Singh said.
