Meanwhile, SpiceJet reported a net loss of Rs 789 crore (Rs 420 crore excluding forex adjustment) for the quarter ending 30 June 2022 as against a net loss of Rs 729 crore in the quarter ending 30 June 2021, as business was severely impacted by record high fuel prices and a depreciating Rupee.

Total revenue for the reported quarter was Rs 2,478 crore as against Rs 1,266 crore in the same quarter of the previous year. For the same comparative period, operating expenses were Rs 3,267 crore as against Rs 1,995 crore. On an EBITDA basis, loss was Rs 379 crore for the reported quarter as against a loss of Rs 244 crore for the quarter ended June FY2022.

The airline had the highest passenger load factor amongst all airlines in the country. Its average domestic load factor for the quarter ending 31 March 2022 was 83.3% while for FY2022 it was 80.4%. SpiceJet had the highest PLF of 86.43% in Q1FY2023. In FY2022, SpiceJet launched 140 new routes.

Further, the airline's board resolved to infuse additional capital of upto $200 million into the company and in this regard identify and appoint merchant banker(s) for fund raising in accordance with the relevant provisions of applicable law and subject to receipt of applicable regulatory approvals, as may be required.

Ajay Singh, chairman and managing director, SpiceJet, said, “The industry has been witness to one of the most severe operating environment in the recent past which impacted the progress and recovery made in Q3FY2022. Record high ATF prices and depreciating Rupee were the major contributors. Despite the complex operating environment and highest ever input costs, SpiceJet has been able to sustain its operations with the confidence shown by our partners and passengers. Last year was a period of restructuring and settlements and we successfully completed and implemented settlements with most of our major partners including manufacturers and lessors setting the stage for our seamless growth and expansion. As we move ahead we are encouraged with the strong travel demand and our focus for the next year would be to induct more fuel efficient Boeing 737-8 MAX aircraft and concentrate on our regional and international routes."

"We are optimistic about our future and our continued recovery and in order to achieve our future plans the Board has mandated fresh capital issuance and the Company will be shortly engaging with investment bankers for a potential raise of up to US $200 million."

"Our excellent cargo operations have provided the much required impetus and we will soon conclude the hive-off of cargo business into a separate independent company, SpiceXpress in the current quarter which will be followed by capacity enhancement with additional freighter aircraft within FY2023."

SpiceJet is India's low-cost airline. It operates a fleet of Boeing 737s, Q-400s & freighters and is the country's largest regional player operating multiple daily flights under UDAN or the Regional Connectivity Scheme. The airline also operates a dedicated air cargo service under the brand name SpiceXpress offering safe, on-time, efficient and seamless cargo connectivity across India and on international routes.