Budget carrier Spicejet on Tuesday reported a narrowing of net loss to Rs 428 crore for the second quarter ended September 2023, compared with Rs 835 crore in the year-ago period.
The airline’s board also approved a fundraising plan of over Rs 2,250 crore (about $270 million) through the issuance of equity shares to financial institutions, FIIs, HNIs and private investors aimed at fortifying the airline’s financial strength and accelerating its growth trajectory.
Spicejet CMD Ajay Singh said, “The July-September quarter has historically been a challenging period for the aviation industry. This year, the challenges were further compounded by elevated fuel prices, impacting operational costs. SpiceJet, however, has been proactive in implementing cost-saving measures and remains focused on adapting to the dynamic market conditions.”
He added that in the face of these challenges, SpiceJet emphasises its commitment to operational efficiency, customer service, and strategic decision-making to navigate the complexities of the aviation landscape.
“The airline continues to explore avenues for growth and profitability in the evolving market and the fresh infusion of over Rs 2,250 crore in the company will bring renewed energy to adapt to the changing circumstances,” Singh said.
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