SpiceJet posts 32% increase in Q3 net profit

SpiceJet reported a 32% increase in its net profit to Rs 239.99 crore for the three months ended December from Rs 181.14 crore in the same quarter last year.

The airline’s capacity grew by 14% during the same period.

SpiceJet reported an operating revenue of Rs 2,081.95 crore in the quarter, up 27% on year.

On an EBITDA (operating) basis, SpiceJet reported a profit of Rs 330.73 crore. On an EBITDAR basis, the Company reported a profit of INR 597.04 crore.

This is the 12th successive profitable quarter for the airline, which at one time used to make successive losses.

“The strong quarterly results were aided by a higher passenger load factor and a healthy increase in passenger yields despite a substantial rise of 17% in crude oil prices, a one-time expense of Rs. 25 crores and an inflationary increase of 3% in other costs,” the company said.

The company witnessed a 14% increase in its passenger yields (Revenue per Available Seat Kilometer) while its average domestic load factor was 95%.

Worryingly, aircraft fuel expenses rose 33% to Rs 631 cr, while aircraft maintenance costs jumped 40% to Rs 295 cr.

It said its feat of recording a load factor of more than 90% for 33 successive months is unparalleled anywhere in the world.

During the October-December quarter, SpiceJet became the only airline to commence daily direct operations on the international sector of Ahmedabad-Bangkok.

It said it was also the only player to introduce daily non-stop flights on Delhi-Jodhpur, Jaipur-Jodhpur, Ahmedabad-Varanasi, Kolkata–Jabalpur, Bengaluru–Puducherry and Bengaluru-Bagdogra sectors among others.

On UDAN, the Company secured additional 20 routes that will further increase its foot print in regional operations.

Some of the exclusive routes awarded to SpiceJet include Delhi-Darbhanga, Mumbai-Darbhanga, Delhi-Pakyong, Chennai-Tanjore, Delhi-Kishangarh among others.

The company is close to starting its Delhi-Adampur and Delhi-Kanpur UDAN flights, it added.

The quarter also witnessed SpiceJet conduct successful seaplane trials in Mumbai and Vijayawada and launch its fourth flight under UDAN connecting Jaipur-Jaisalmer.