SpiceJet reported a net loss of Rs 577.7 crore for the quarter ended September in Mumbai . The low-budget carrier also reported revenue increase of 45 percent year on year to Rs 1,953 crore .
SpiceJet reported a net loss of Rs 577.7 crore for the quarter ended September in Mumbai (Maharashtra).This loss excludes a non-cash forex loss of Rs 260 crore, according to the company.Due to record high fuel costs and a depreciating rupee, the carrier had suffered a significant loss.During the September quarter, it lost Rs 561.7 crore.
In a statement, the corporation stated that its cargo business hive-off would be completed in the third quarter (Q3).Starting in the third quarter (Q3), the airline said it expects significant operational and restructuring improvements.SpiceXpress, the carrier's cargo division, reported a profit of Rs 21 crore in the second quarter of fiscal 2022-23 (Q2FY2023).It also announced that its emergency credit line guarantee fund (ECLGS) has been increased to Rs 1,500 crore. It also reported the industry's highest load factor of 85 percent for domestic scheduled flights, up by 8 percent over the previous year's quarter.