SpiceJet net profit jumps fivefold to Rs 107 crore in third quarter

Gurugram (Haryana) [India], February 24 : Budget airline SpiceJet posted an over fivefold jump in its net profit to Rs 107 crore for the quarter ended December 2022, against Rs 23.28 crore in the year-ago period.
The budget airline said despite a big jump in passenger traffic, business continued to be impacted by high fuel prices and the depreciating rupee.
Revenue for the reported quarter was Rs 2,794 crore, against Rs 2,679 crore in the same quarter the previous year. For the same comparative period, operating expenses were Rs 2,687 crore, against Rs 2,579 crore.
Its earnings before interest, taxes, depreciation, and amortization (Ebidta) was Rs 12.5 crore for the reviewed quarter and earnings before interest, taxes, depreciation, amortisation, and restructuring or rent costs (Ebitdar) profit stood at Rs 25 crore.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, "I am happy that SpiceJet has reported a profit in Q3 FY2023 (third quarter in 2022-23). We exceeded our operational targets and continued with our unmatched performance clocking the highest load factor for every single month in 2022. The profits have been driven by a strong performance in both our passenger and cargo businesses." The CMD said there were renewed signs of recovery and some very positive developments and restructuring initiatives in the immediate offing that would significantly strengthen and deleverage our balance sheet.
"Air travel has come roaring back touching newer heights and giving a glimpse of the huge potential of the Indian aviation market and we look forward to a robust and exciting 2023."
254 charter flights were operated during the reviewed quarter, utilising over 40,000 seats.
In terms of operational parameters, SpiceJet had the highest passenger load factor amongst all airlines in the country. The average domestic load factor was 91 per cent for the quarter. The airline launched 15 new routes and operated 254 charter flights in the quarter.