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Airline major SpiceJet's Q2FY22 standalone net loss narrowed to Rs 561.7 crore on a sequential basis.

The airline had reported a net loss of Rs 729 crore in the first quarter of FY22.

However, on a year-on-year basis the net loss widened. The airline had reported a net loss of Rs 112.59 crore during the second quarter of FY21.

"We have made excellent progress in our recovery and I expect this trend to continue forward in the coming quarters. With the nationwide vaccination drive growing at an unprecedented pace across geographies, there is a significant jump in travel demand and we are very excited about the demand recovery," said Ajay Singh, Chairman and Managing Director, SpiceJet.

"The settlement with key lessors, the return of the 737 MAX in the current quarter (Q3), transfer of the logistics business and some very significant announcements lined up soon are all positive tailwinds that should have a significant impact on our long term plans."

According to Singh, the return of the 737 MAX comes at a time when passenger traffic is picking-up and the government has allowed airlines to operate at full capacity.

"We look forward to inducting additional capacity in the form of our 737 MAX aircraft that will upswing our operational efficiencies and provide significant cost saving capabilities."