SPICEJet (SJ) reported net loss of Rs 7.9 bn (Indigo: -Rs 10.6 bn). Earnings before interest, taxes, depreciation, amortisation, and restructuring or rent costs (Ebitdar) stayed negative at Rs 1.5 bn owing to high ATF prices (up 2x y-o-y) and weak INR; yield improved 31% y-o-y (Indigo: +44%) to Rs 5.3. Highlights: i) SJ’s lack of transparency in sharing its key operational data (RPKM, CASK) since Q3FY21 remains a major concern. ii) Cargo business remained profitable with Ebitdar/PAT of Rs 570 mn/Rs 18 mn, despite high fuel cost. iii) Balance sheet remains weak, impacting operations; however, SJ is looking to …
