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Earlier this week, the media reported that SpiceJet has received a waiver of lease rentals of about Rs 300 crore for four Boeing MAX aircraft for the period beginning March 2019, as it prepares to bring them back into service by the end of this month.
Following the media reports, SpiceJet clarified to the bourses that "the terms of these commercial settlements with aircraft lessors are confidential and as a policy we do not comment on such speculative media reporting."
On 26 August 2021, SpiceJet announced that it has entered into a settlement with Avolon, a major lessor of MAX aircraft, paving the way for the airline's 737 MAX aircraft to start to return to service.
Later on 13 September 2021, the airliner announced that it has commercially agreed a settlement with CDB Aviation, another major lessor of MAX aircraft. This adds to already announced settlement with Avolon and grow its fleet of 737 MAX aircraft.
SpiceJet said it expects to start operations of MAX aircraft around the end of September 2021, subject to regulatory approvals.
The 737 MAX was grounded worldwide in March 2019 after two fatal crashes in five months killed several people. In August 2021, India's Directorate General of Civil Aviation cleared 737 MAX aircraft to fly with immediate effect, after nearly two-and-a-half years of regulatory grounding.
SpiceJet's consolidated net losses widened to Rs 731.12 crore in Q1 June 2021 (Q1 FY22), higher than net loss of Rs 600.52 crore in Q1 June 2020 (Q1 FY21). Consolidated net sales surged 121.20% to Rs 1,083.24 crore in Q1 FY22 as against Rs 489.60 crore in Q1 FY21.
SpiceJet is India's low-cost airline that operates a fleet of Boeing 737s, Bombardier Q‐400s & freighters and is the country's largest regional player operating 63 daily flights under UDAN or the Regional Connectivity Scheme.
Shares of SpiceJet were down 0.88% at Rs 79. The stock hit a high of Rs 80.55 and a low of Rs 78.55 during the day.
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