Budget airline SpiceJet on Wednesday reported a profit after tax of Rs 26 crore for the three months ended December 2024, helped by overall improved performance.
Photograph: Amit Davec/Reuters
The carrier had posted a loss of Rs 300 crore in the year-ago period.
“Total revenue surged by 35 per cent to Rs 1,651 crore, driven by strong passenger demand, improved yields and enhanced operational efficiency. Passenger Load Factor (PLF) stood at an impressive 87 per cent,” the airline said in a release.
Its total revenue stood at Rs 1,077 crore in the 2024 September quarter.
However, compared to Rs 2,149 crore reported for the three months ended December 2023, the total revenue is lower in the latest December quarter.
The results for the third quarter of the current financial year were scheduled to be announced on Tuesday.
However, the meeting of the company’s board of directors, through video conferencing, started at 1.30 pm and ended only at 11.50 pm on Tuesday, according to a filing made to BSE at 12.51 am on Wednesday.
In the 2024 December quarter, the airline, which had been facing multiple headwinds, raised Rs 3,000 crore from qualified institutional investors.
“For the first time in a decade, the company turned net worth positive – an important milestone that underscores the success of our turnaround strategy.
“The past is behind us and we are now firmly focused on building a stronger, more resilient future for SpiceJet,” its chairman and managing director Ajay Singh said in the release.
The net worth stood at Rs 70 crore in the latest December quarter.
SpiceJet also said that Rs 170 crore was spent for the ungrounding of aircraft.
The Revenue Available Per Seat Kilometre (RASK) stood at Rs 4.57 in the third quarter of this financial year.
“Strong demand and effective network optimisation are expected to drive a double-digit growth in RASKs during the fourth quarter of FY25 compared to the previous year,” SpiceJet chief business officer Debojo Maharshi said.
According to a regulatory filing, the airlines earned a net profit (after comprehensive income) of Rs 26.26 crore and incurred a net loss of Rs 270.83 crore during the quarter ended and nine months ended December 31, 2024, respectively.
As of December 31, 2024, the airline had “negative retained earnings of Rs 80,834.09 million, positive net worth of Rs 697.32 million and the current liabilities have exceeded current assets by Rs 38,180.56 million,” the filing said.
