Spicejet Ltd reported -53.73% fall in total revenues for the Dec-20 quarter yoy on consolidated basis at Rs1,691.65cr. However, it also must be noted that airlines are coming out of a unique lockdown situation and the revenues are 58% higher on a sequential basis which would be more relevant in this case.
In terms of verticals for the company, Spicejet saw its air transport service vertical come in lower by nearly 60% on a yoy basis although the pick-up on a sequential basis has been around 70%. The freight and logistics business has seen a near 6-fold growth yoy and it has become central to COVID vaccine distribution.
The consolidated net loss for the Dec-20 quarter was at Rs-66.78cr compared to a profit of Rs.77.97cr in the Dec-19 quarter. However, if you consider the pandemic impact, then the loss has actually narrowed favourably from Rs-105.61cr in the sequential quarter.
The aviation industry is largely dependent on the passenger load factor or the PLF, which is the equivalent of capacity utilization. The PLF has been below 60% through the year and that has taken its toll on the profits. The recovery sequentially is a good signal.
Financial highlights for Dec-20 compared yoy and sequentially
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Spicejet Ltd |
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Rs in Crore |
Dec-20 |
Dec-19 |
YOY |
Sep-20 |
QOQ |
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Total Income (Rs cr) |
₹ 1,691.65 |
₹ 3,656.36 |
-53.73% |
₹ 1,070.56 |
58.02% |
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Net Profit (Rs cr) |
₹ -66.78 |
₹ 77.97 |
-185.65% |
₹ -105.61 |
-36.77% |
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Diluted EPS (Rs) |
₹ -1.11 |
₹ 1.30 |
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₹ -1.76 |
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Net Margins |
-3.95% |
2.13% |
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-9.86% |
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