SpiceJet net loss widens to Rs 463 crore on higher costs in Sep quarter

SpiceJet on Wednesday reported widening of net loss to Rs 462.58 crore in the September quarter as higher costs related to grounding of Boeing 737 MAX planes and changes in accounting norms bogged down the no-frills carrier.

With 13 MAX aircraft on the ground, the airline has initiated the process of seeking reimbursements and claims from Boeing and expressed hope about a ‘favourable outcome’.

In a release, SpiceJet said the net loss of Rs 462.58 crore in the latest September quarter was mainly on account of inflated costs with respect to MAX grounding and a seasonally weak quarter. The figure includes a “loss of Rs 180.3 crore on account of accounting standard Ind AS 116”.