SpiceJet Q2 loss widens to Rs 838 crore on steep jet fuel & weak rupee – Times of India

NEW DELHI: Steep jet fuel prices and a weak rupee have led budget carrier SpiceJet reporting a loss of Rs 837.8 crore in July-September, 2022, quarter, 49% more than the loss of Rs 561.7 crore in same quarter last fiscal.
The airline’s total income rose to Rs 2,104.7 crore this Q2, up 37% from Rs 1,538.7 crore last Q2. SpiceJet scrip closed 0.5% lower at Rs 38.85 BSE Monday when the broader market closed 0.3% lower.
SpiceJet CMD Ajay Singh said: “The sector has been witness to prolonged challenges, however, the recent enhancement in the ECLGS limit to Rs 1,500 crore by the government, recognising these challenges will go a long way in providing much-needed stability to the sector…. The high aviation turbine fuel prices (ATF) and depreciating rupee continue to be a downer for the industry but the overall outlook for the sector remains positive.”
The airline said this Q2 saw ATF prices 87% higher and “higher currency depreciation of 10%” against the US dollar over the same period last year.

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