SpiceJet: Maintain ‘hold’ with target price of Rs 85
SpiceJet: Maintain ‘hold’ with target price of Rs 85
Dedicated cargo initiative is commendable, but the cargo momentum can slow down with return of belly space. Driven by cargo business, SJet’s ancillary revenues grew from Rs 13 billion in FY20 to Rs 19.5 billion (estimated) in FY21 despite 58% drop in ASK.