SpiceJet Q3 profit surges five-fold to ₹110 cr as air travel grows; stock up nearly 14%

The airline’s revenue from operations rose by 2 per cent to ₹2,317 crore for the period under review, from ₹2,267 crore in the year-ago period.

Despite a big jump in passenger traffic, business continued to be impacted by high fuel prices and depreciating Rupee, SpiceJet said in a regulatory filing.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, “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,” Singh said.

“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,” the SpiceJet chairman added.

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.

On Friday, shares of SpiceJet surged nearly 14 per cent to ₹40.30 apiece in late afternoon trade on the NSE.