Spicejet’s web loss narrows in September 2023 quarter.
Spicejet board additionally accredited a fundraising plan of over Rs 2,250 crore by means of the issuance of fairness shares to monetary establishments, FIIs, HNIs and personal traders
Budget provider Spicejet on Tuesday reported a narrowing of web loss to Rs 428 crore for the second quarter ended September 2023, in contrast with Rs 835 crore within the 12 months-in the past interval.
The airline’s board additionally accredited a fundraising plan of over Rs 2,250 crore (about $270 million) by means of the issuance of fairness shares to monetary establishments, FIIs, HNIs and personal traders geared toward fortifying the airline’s monetary energy and accelerating its progress trajectory.
Spicejet CMD Ajay Singh stated, “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 within the face of those challenges, SpiceJet emphasises its dedication to operational effectivity, customer support, and strategic choice-making to navigate the complexities of the aviation panorama.
“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 stated.
