SpiceJet reported a Net Profit of Rs 205 crore for the quarter ending June 2023, an increase of 126% as compared to the Net Loss of Rs 789 Crore in Q1 FY2023 owing to strong demand for air travel in India.
For the same comparative period, operating expenses were Rs 1,291 crore as against Rs 2,072 crore. On an EBITDA basis, profit was Rs 525 crore for the reported quarter against a loss of Rs 393 crore for the quarter ending June 30, 2022. Total operating revenue for the reported quarter was Rs 2,002 crore as against Rs 2,457 crore in the same quarter of the previous year.
SpiceJet lowered its Net Loss to Rs 1,503 crore in FY2023 compared to Rs 1,725 crore in FY2022. For the same comparative period, it reported operating revenue of Rs 8,869 crore in FY2023 as against Rs 6,557 crore in FY2022.
SpiceJet completed the hive-off of its logistics platform into a separate entity, SpiceXpress and Logistics Private Limited effective April 1, 2023.
Consequent to the hive-off, there is an improvement of net worth in SpiceJet to the tune of Rs 2,557 crore (from negative Rs 4,288 crore to negative Rs 3,232 crore i.e. positive variance by 25%), informed a release.
Mr Ajay Singh, Chairman and Managing Director, SpiceJet, said, “I am happy that despite facing multiple challenges, we have posted a profit in Q1 FY2024. Our team’s relentless efforts and dedication and the continuous support from our valued customers have been pivotal in this success. I firmly believe in the potential of our airline, and I am pleased to have contributed to its growth by infusing Rs 500 crore into the company. This infusion will help bolster our efforts in reviving our grounded planes, for which we have been working tirelessly, strengthening our fleet and expanding our cargo operations.”
“Our logistics arm continues to soar. Its exceptional performance, with sustained profits, has been a driving force, contributing to our overall success. We remain focused on adapting to the changing landscape of the aviation industry, identifying and seizing new opportunities, and steering our airline towards greater heights.”
In terms of operational parameters, SpiceJet had the highest passenger load factor amongst all airlines in the country. The average domestic load factor was 92% for the March 2023 quarter and 88% for FY2023. SpiceJet had the highest load factor of 90% in Q1FY2024, the release added.