Covid impact: SpiceJet Q1 FY21 net loss at over Rs 593 cr (Lead)

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New Delhi, Sep 15 | Airline major SpiceJet on Tuesday reported a net loss of Rs 593.4 crore during Q1 FY21, as flight operations remained suspended for most part of the quarter following the nationwide lockdown.

The company had reported a profit of Rs 261.7 crore in the same quarter of the previous year.

The company’s results belie the fears of investors. Interestingly, another listed airline in India had reported a loss of over Rs 2,800 crore for the same quarter.

SpiceJet reported a EBIDTAR profit of Rs 13.5 crore, while revenue from its cargo operations increased by a massive 144 per cent.

“Operating revenue was Rs 514.7 crore for the reported quarter as against Rs 3,002.1 crore in the same quarter last year,” the airline said in a statement.

“For the same comparative period, operating expenses were Rs 1,303.2 crore as against Rs 2,887.2 crore.”

The company added that the present operating environment on account of Covid -19 though does not reflect the true comparison of the current results with those of the corresponding quarter last year.

“Our performance during the last six months clearly signifies our positive attitude and our ability to find opportunity in adversity,” Ajay Singh, Chairman and Managing Director, SpiceJet was quoted as saying in a statement.

“This has seen us quickly bounce back with industry best load factors and emerge as India’s number one cargo company.”

Interestingly, SpiceJet established itself as country’s largest cargo operator during this period.

It operated more than 7,000 flights and transported around 50,000 tonnes of cargo since March 25, 2020.

“Out of these 7,000 flights, 40 per cent were to international destinations,” the statement said.

“The airline also contributed in a big way to support the government’s ‘Krishi Udan’ and ‘Marine Krishi Udaan’ initiatives, thereby lending a helping hand to Indian farmers, by carrying a record 9,662 MTs of shrimp and farm produce during the lockdown period.”

The airline also converted 6 – Q400 – passenger aircraft into freighters, which are suited for operations to Tier II and III cities and to remote and hilly areas in the North East, Jammu and Kashmir, Himachal Pradesh.

In addition, the airline operated over 800 charter and Vande Bharat flights to help repatriate more than 120,000 stranded Indian citizens from countries such as Philippines, Kyrgyzstan, Russia, Netherlands, UAE, Saudi Arabia, Oman, Qatar, Lebanon, Bangladesh, Maldives and Sri Lanka,” the statement said.

“SpiceJet also operated long haul wide body charter operations with a fleet of A330/A340 aircraft.”

Source: IANS

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Policybazaar Unveils its new brand campaign "AapKiSideHai"

Policybazaar Unveils its new brand campaign

Akshay Kumar delivers the brand’s promise of always being on the customer’s side

Gurugram, 19th Sept, 2020: Policybazaar.com (Twitter handle: PolicyBazaar), India’s largest online insurance marketplace with over 10 million customers, showcases its commitment to customers in its new television campaign “AapKiSideHai”. The new ad campaign featuring Policybazaar brand ambassador, Akshay Kumar, highlights the brand’s promise of embracing a holistic customer centric approach while helping to bridge the insurance protection gap in India.

Policybazaar’sAapKiSideHai campaign seeks to reassure its customers on being a dependable Insurance partner for them, every step of the way. The brand has always focused on distributing products like term insurance, health insurance, zero commission ULIP’s and motor insurance that are optimal from a customer perspective. Policybazaar is now extending the brand promise beyond the purchase experience to ensure that consumers get the highest levels of service throughout the policy lifecycle.

The new brand campaign reinforces Policybazaar core value of putting the customer first by delivering on its promise of providing a trusted platform for all types of insurance products. The brand is committed to guiding the customer throughout the insurance journey, starting from recommending the right products at affordable pricing, ensuring thatthe policy issuance process is smooth and fast, and, to providing services and claims assistance when needed.

“While we continue to highlight the importance of Health & Term life Insurance through our marketing campaigns, with the brand promise of Policybazaar AapKiSideHai, we also intend to position Policybazaar as a customer centric brand, that is committed to stand by its customers, both pre and post purchase”, said Samir Sethi, Head of Brand Marketing, Policybazaar.com. The new ad series highlights Policybazaar’s unparalleled support to customers, while providing them with the ease of comparing and buying term and health plans online with guidance at each & every step.

Speaking about the TVC launch, Sharat Dhall, Chief Operating Officer, Policybazaar.com said, “Our ultimate aim is to provide 360-degree assistance to customers that starts from when the policy is bought, to provide assistance when the claim is paid out, should such a situation arise. Winning and maintaining customer trust is a strong ethos within the company and this campaign reflects that. At a time when the world is grappling with a crisis like no other, the brand intends to instill confidence in the customers’ buying decisions by assuring them protection of their futures with the right insurance products & thorough assistance throughout the journey.”

The new brand campaign in its series displays moments of indecision that people may have while investing in protection products. It addresses these queries &emphasizes the importance of nurturing a bond with the consumers thereby creating customer delight.

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