SpiceJet net profit jumps to ₹107 crore in Q3 FY2023

SpiceJet reported a net profit of Rs 107 crore (Rs 221 crore excluding forex adjustment) for the quarter ending December 31, 2022, as compared to a net profit of Rs 23.28 crore (Rs 20 crore excluding forex adjustment) in the quarter ending December 31, 2021.

The airline on Friday said that despite a big jump in passenger traffic, business continued to be impacted by high fuel prices and the depreciating Rupee.

The total revenue for the reported quarter was Rs 2,794 crore as against Rs 2,679 crore in the same quarter of the previous year. For the same comparative period, operating expenses were Rs 2,687 crore as against Rs 2,579 crore.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, "I am happy that SpiceJet has reported a profit in Q3 FY2023. 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. There are 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," he said.

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.

SpiceJet 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 majority of the airline's fleet offers SpiceMax, the most spacious economy-class seating in India.

The airline also operates a dedicated air cargo service under the brand name SpiceXpress offering seamless cargo connectivity across India and on international routes. SpiceXpress has reported Net Profit of Rs 12 crore in Q3 FY2023. SpiceXpress revenues are at Rs 120 crore in the reported quarter.

SEE ALSO:
Draw inspiration from vibrancy of Indian economy: PM Modi at G20 meeting
Auto component maker Divgi TorqTransfer Systems to open its IPO on March 1