SpiceJet posted a loss of Rs 449.43 crore during the second quarter of FY 24, reducing from a net loss of Rs 833.23 crore during the corresponding quarter of last year. It recorded revenue from operations at Rs 1347.52 crore, down 29 per cent as against Rs 1897.90 crore during the quarter ended September 2022. While the total income clocked during the quarter in review was at Rs 1725.81 crore, total expenses incurred by the company during Q2FY24 stood at Rs 2175.24 crore.

SpiceJet said that it launched a total of 13 new routes during the quarter. Further, it said that the company showcased a sustained market leadership in loads and regained leadership in the passenger Revenue per Available Seat-Kilometer (RASK) and overall RASK for the quarter. SpiceJet’s passenger RASK increased by 11 per cent due to increase in yield by 8 per cent and load factor by 3 per cent.

“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,” said Ajay Singh, Chairman and Managing Director, SpiceJet.

“In the face of these challenges, SpiceJet emphasizes its commitment to operational efficiency, customer service, and strategic decision-making to navigate the complexities of the aviation landscape. The airline continues to explore avenues for growth and profitability in the evolving market and the fresh infusion of over Rs 2,250 crore in the Company will bring renewed energy to adapt to the changing circumstances,” said Ajay Singh.

SpiceJet has been reeling under financial stress, with the company losing Rs 1,516 crore in the first three quarters of the previous financial year and posted a profit in just one.