SpiceJet Q1 net loss widens to Rs 729 crore
Budget carrier SpiceJet’s net loss rose to Rs 729 crore in the first quarter of the current fiscal despite a substantial rise in revenue during the quarter as the airline said its business continued to face headwinds because of the Covid-19 restrictions.
The no-frills carrier had reported a net loss of Rs 593.4 crore in the corresponding quarter last year.
Ajay Singh, chairman and managing director, SpiceJet, said: “The quarter was severely impacted by the second wave as passenger traffic almost disappeared. While no one can predict the future, with vaccination numbers picking up and demand for air travel increasing steadily, we hope the trend reverses soon. Our logistics arm continued with its strong growth story reporting yet another profitable quarter.”
Total income for the quarter under review increased 80 per cent to Rs 1,265.85 crore against Rs 704.56 crore in the same quarter of the previous year. Total revenue from operations grew 112 per cent to Rs 1,089.73 crore from Rs 514.69 crore in the year-ago period.
Operating expenses grew to Rs 1,995 crore during the quarter against Rs 1,298 crore in the year-ago period. The passenger segment saw a revenue of Rs 621 crore in the first quarter of 2021-22 against Rs 349 crore in the same quarter last year.
SpiceXpress, the cargo service arm of SpiceJet, reported a rise of 285 per cent in revenue at Rs 472.79 crore during the reported quarter against Rs 165.86 crore in the same quarter last year.
Grasim profit up four-fold
Aditya Birla Group firm Grasim Industries Ltd on Monday reported an around four-fold jump in its consolidated net profit at Rs 2,447.97 crore for the first quarter ended June 2021. The company had posted a net profit of Rs 616.99 crore during the April-June quarter of the previous fiscal.
Its revenue from operations was up 52.72 per cent at Rs 19,919.40 crore during the quarter under review against Rs 13,043.51 crore a year ago.
Akzo Nobel recovers
Paints major Akzo Nobel India on Friday reported a consolidated net profit of Rs 75.91 crore for the first quarter ended June 2021 amid disruptions due to the second wave of the pandemic. The company had posted a net loss of Rs 20.26 crore in the corresponding quarter year ago.