After posting losses for 3 qtrs, SpiceJet reports Rs 107 cr profit in Q3FY23
The airline said despite a big jump in passenger traffic, business continued to be impacted by high fuel prices and depreciating rupee.
Published: 25th February 2023 08:01 AM | Last Updated: 25th February 2023 08:01 AM | A+A A-
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NEW DELHI: After reporting losses for three straight quarters, private airline SpiceJet on Friday reported a net profit of Rs 107 crore (Rs 221 crore excluding forex adjustment) for the quarter ending December 31, 2022, as compared to a net profit of Rs 23.28 Crore (Rs 20 crore excluding forex adjustment) in the same quarter last fiscal.
The airline said despite a big jump in passenger traffic, business continued to be impacted by high fuel prices and depreciating rupee. Total revenue for the reported quarter was Rs 2,794 crore as against Rs 2,679 crore in the same quarter of the previous year. For the same comparative period, operating expenses were Rs 2,687 Crore as against Rs 2,579 crore.
The stock jumped over 12% to settle at Rs 39.70 apiece on the BSE on Friday. Ajay Singh, Chairman and Managing Director, SpiceJet, said, “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.”
Mitul Shah, head of research at Reliance Securities, said SpiceJet recorded a net PAT of Rs 110 crore vs. their estimated loss of Rs 300 crore. “A higher non-operating income boosted the airline’s bottom line despite pressure on EBITDA margins.”
