SpiceJet Results: Rs 789 crore net loss in June quarter; plans to raise $200 mn

SpiceJet on Wednesday reported a widening of net loss to Rs 789 crore for the three months ended June, mainly hit by high fuel prices and a fall in the rupee.

The low-cost carrier, which has been facing turbulent times, had a net loss of Rs 729 crore in the quarter ended June 2021.

"Total revenue for the reported quarter was Rs 2,478 crore as against Rs 1,266 crore in the same quarter of the previous year," the airline said in a release.

For the quarter ended March 2022, the airline posted a net loss of Rs 458 crore. In the year-ago period, it had a net loss of Rs 235.3 crore.

SpiceJet Chairman and Managing Director Ajay Singh said the industry has been witnessing one of the most severe operating environment in the recent past which impacted the progress and recovery made in Q3FY2022.

"We are optimistic about our future and our continued recovery and in order to achieve our future plans the board has mandated fresh capital issuance and the Company will be shortly engaging with investment bankers for a potential raise of up to USD 200 million," he said.