SpiceJet Q4 loss at Rs 235 crore, airline to raise Rs 2,500 crore

NEW DELHI:  SpiceJet on Wednesday reported a net loss of Rs 235.3 crore in the fourth quarter of FY21 against a loss of Rs 807.1 crore in the same quarter of the previous year.

The airline said that  its businesses continue to be impacted by the second wave of the Covid-19 pandemic. 

To note, the loss incurred by SpiceJet in Q4 is much more than the loss it had reported in the previous quarter when it had posted a net loss of Rs 57 crore. For the full financial year FY21, the airline reported a net loss of Rs 998.3 crore . 

While its passenger business witnessed a massive loss during the quarter and all through the last financial year, its dedicated cargo operations provided the much required lifeline.

On a segment basis, the revenue from cargo operations increased by 518 per cent aggregating to Rs 1,117.5 crore for FY21, with a profit of Rs 130.9 crore for the full year against a loss of Rs 134.2 crore during the previous year. 

The cash-strapped airline also announced that it would raise funds up to Rs 2,500 crore to ensure its long term growth, “through the issue of eligible securities to qualified institutional buyers”.