Domestic airline SpiceJet Ltd. has posted a rise in its bottom line for the quarter ended December, turning profitable.
Standalone profit of the operator of the airline rose to Rs 24.96 crore in the third quarter as compared to a loss of Rs 301 crore last year, according to an exchange filing on Wednesday. The company also posted net revenue from operations of Rs 1,231 crore, a 35% decline from Rs 1,904 crore in the corresponding quarter of the last fiscal.
The company's performance was driven by strong passenger demand, improved yields, and enhanced operational efficiency, as per a press release.
SpiceJet's passenger load factor stood at 87%, and the company spent a total of Rs 170 crore for ungrounding aircraft. Revenue per available seat kilometres stood at Rs 4.57.
SpiceJet Q3 Results Highlights (Standalone, YoY)
Revenue down 35.3% at Rs 1,231.06 crore versus Rs 1,903.60 crore.
Ebitdar at Rs 84.8 crore versus Rs 12.6 crore.
Margin at 6.9% versus 0.7%.
Net profit of Rs 24.9 crore versus net loss of Rs 301.45 crore.
SpiceJet also reported an 'other income' of Rs 204 in the third quarter and Rs 508 crore in the nine months ending December from aircraft lessors as part of restructuring of lease obligations and their settlement.
"For the first time in a decade, the company has turned net worth positive – an important milestone that underscores the success of our turnaround strategy," said Chairman and Managing Director Ajay Singh. "We have significantly strengthened our balance sheet, resolved key disputes, and are continuously expanding our fleet," he added, stating that the company is actively exploring both organic and inorganic growth opportunities.
"Strong demand and effective network optimisation are expected to drive a double-digit growth in revenue per available seat kilometres during the fourth quarter of the fiscal compared to the previous year," said Debojo Maharshi, the chief business officer.
"This anticipated increase will not only enhance our revenue streams but also significantly improve our cash flows, contributing to the overall financial health of the company and enabling us to invest in key initiatives," he further mentioned.
The company also reported their financial performance for the second quarter of the fiscal, noting a net loss of Rs 442 crore. Other metrics for the second quarter include:
Revenue down 36% at Rs 911 crore versus Rs 1,425 crore.
Net loss of Rs 442 crore versus loss of Rs 432 crore.
Ebitdar loss of Rs 210 crore versus loss of Rs 318 crore.
Shares of the airline operator ended 1.70% higher in trade on the BSE at Rs 47.97 apiece on Tuesday, as compared to a 0.20% advance in the benchmark Sensex.
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