SpiceJet’s Q3 profit more than doubles to Rs 107 Cr as air travel grows

The airline reported a profit of 1.07 billion rupees (Rs 107 crore) for the quarter ending 31 December 2022, up from a net profit of Rs 23.28 crore (Rs 20 crore excluding forex adjustment) in the previous quarter

SpiceJet reported a nearly five-fold increase in third-quarter profit on Friday, as the embattled low-cost carrier benefited from rising air travel demand.

The airline reported a profit of 1.07 billion rupees (Rs 107 crore) for the quarter ending 31 December 2022, up from a net profit of Rs 23.28 crore (Rs 20 crore excluding forex adjustment) in the previous quarter.

Despite a significant increase in passenger traffic, the company said in a statement that business was still impacted by high fuel prices and a depreciating rupee.

“I am pleased that SpiceJet has reported a profit in Q3 FY2023,” said Ajay Singh, Chairman, and Managing Director of SpiceJet, in an exchange filing.

“We exceeded our operational goals and continued our unrivaled performance, achieving the highest load factor in every month of 2022. Profits have increased as a result of strong performance in both our passenger and cargo businesses. There are new signs of recovery, as well as some very positive developments and restructuring initiatives that will significantly strengthen and deleverage our balance sheet,” Singh said.

“Air travel has roared back, reaching new heights and revealing the enormous potential of the Indian aviation market, and we look forward to a robust and exciting 2023,” he added.