SpiceJet shares drop nearly 3 pc after June quarter earnings

New Delhi: Shares of SpiceJet declined nearly 3 per cent on Monday after the company reported a net loss of Rs 238 crore for the June quarter, saying expenses related to grounded aircraft and subdued leisure travel demand impacted the financials.

The stock dropped 2.90 per cent to Rs 33.45 apiece on the BSE. During the day, it tanked 5.37 per cent to Rs 32.60.

The budget carrier, which had been facing multiple headwinds, raked in a total income of Rs 1,190.56 crore in the first quarter of the current financial year. The same stood at Rs 2,067.21 crore in the same period a year ago, according to a regulatory filing on Friday.

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In a statement, SpiceJet said the results were significantly impacted by the geopolitical situation with a neighbouring country and airspace restrictions in key markets, which led to subdued leisure travel demand.

“The delay in returning grounded aircraft to service, owing to global supply chain disruptions and engine overhaul challenges, further compounded the situation,” it added.

The airline recorded a net loss of Rs 238 crore in the June quarter, whereas it had a profit of Rs 150 crore in the year-ago period.

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