SpiceJet reported a Net Profit of INR 23.28 Crore (despite one-time exceptional adjustment of INR 77.46 Crore on account of settlement) for the quarter ending December 31, 2021.
The airline recorded a 74% rise in the third quarter revenue to INR 2,679 Cr as against INR 1,539 Cr in the previous quarter as it added more destinations and newer aircraft to its fleet. For previous quarter, operating expenses were INR 2,100 Cr as against INR 2,579 Cr for the current quarter. On an EBITDA basis, SpiceJet reported a profit of INR 511 Cr as against a loss of INR 106 Cr for the last quarter. On an EBITDAR basis, the Company reported a profit of INR 644 Cr as against a profit of INR 66 Cr for the last quarter.
SpiceXpress, the Company’s logistics platform, continued on its growth trajectory reporting increased revenue of INR 584 Cr for the reported quarter as compared to INR 498 Cr in the last quarter, a jump of 17%. The Company plans to significantly increase freighter capacity in the coming quarters.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, “I am happy that SpiceJet reported a profit in Q3 FY2022 driven by excellent logistics operations, rebound in passenger traffic and various accommodations from aircraft manufacturer and lessors.”
“The passenger industry witnessed the much needed turnaround in third quarter as Covid cases ebbed in the first half of the quarter, travel picked up significantly and there was finally hope that the worst was behind us. However, that changed by the second half of December as Omicron halted that recovery. Our performance would have been much better but was impacted by the unexpected delay in the return to service of the 737 MAX, rising fuel costs and certain exceptional adjustments. I am happy to say that there are renewed signs of recovery in the passenger segment and the logistics segment continues to remain strong. ”