Aviation

SpiceJet Q3 net profit jumps 21.1% YoY to Rs 78 crore; revenue up 46.9%

Updated : February 14, 2020 02:41 PM IST

In the corresponding quarter last year, the company posted a net profit of Rs 64.4 crore.

Revenue from operations, however, surged 46.9 percent to Rs 3,656.4 crore in Q3 from Rs 2,488.6 crore a year ago.

Low-cost carrier SpiceJet on Friday reported a 21.1 percent year-on-year (YoY) jump in consolidated net profit at Rs 78 crore for the third quarter ended December 31.

In the corresponding quarter last year, the company posted a net profit of Rs 64.4 crore. Revenue from operations, however, surged 46.9 percent to Rs 3,656.4 crore in Q3 from Rs 2,488.6 crore a year ago.

The Gurgaon-headquartered airline recorded a 47 percent rise in the third quarter operational revenue to Rs 3,647.1 crore as against Rs 2,486.8 crore for the same quarter last year as the airline added more destinations and expanded its fleet of passenger and freighter aircraft.

For the same comparative period, expenses were Rs 3,844.1 crore as against Rs 2,475.8 crore. On an EBITDA basis, SpiceJet reported a profit of Rs 659.2 crore. On an EBITDAR basis, the company reported a profit of Rs 761.6 crore.

Despite the challenges that the airline is facing in terms of additional costs incurred, compounded by the continued grounding of its 737 MAX aircraft, the airline’s capacity has grown by 59 percent in 2019, the airline said.

Ajay Singh, chairman and managing director, SpiceJet said, “SpiceJet has done remarkably well this quarter, despite a substantial profit hit from the grounding of the MAX aircraft, which has impacted our operations and led to additional costs. Despite facing an unprecedented crisis following the grounding of the MAX in March last year, SpiceJet grew by close to 60 percent in 2019 demonstrating its ability to stand up to a crisis."

The company said in the exchange filing that the average domestic load factor for the quarter was 91.9 percent and SpiceJet has recorded over 90 percent load factor for 56 successive months.

At the end of December quarter, SpiceJet's fleet size stood at 119 with 600 average daily flights.

At 2.22 PM IST, the shares of SpiceJet were trading at Rs 91.65, up by 10.04 percent on BSE Sensex.

SpiceJet Q3 net profit jumps 21.1% YoY to Rs 78 crore; revenue up 46.9%

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