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SpiceJet Net Profit jumps fivefold to INR 107 Crore in Q3 FY2023

SpiceJet reported a net profit of INR 107 Crore (INR 221 Crore excluding forex adjustment) for the quarter ending December 31, 2022 as compared to a net profit of INR 23.28 Crore (INR 20 Crore excluding forex adjustment) in the quarter ending December 31, 2021. Despite a big jump in passenger traffic, business continued to be impacted by high fuel prices and depreciating Rupee.

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

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% for the quarter. The airline launched 15 new routes and operated 254 charter flights in the quarter.

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