SpiceJet Q1 profit jumps 104 per cent to Rs 149 crore

The carrier witnessed an increase in net sales to Rs1,506.36 crore compared to Rs1,103.23 crore in the corresponding period of the last fiscal.

By: ENS Economic Bureau | New Delhi | Published:September 8, 2016 3:10 am

SpiceJet’s net profit rose by 104 per cent year-on-year to Rs149 crore in the three months to June on the back of an increase in passenger load, higher capacity and efficient utilisation of aircraft, making it the sixth consecutive profitable quarter for the airline. The low cost airline made a net profit of Rs 73 crore during the corresponding period last year.

The aviation sector has reported double digit growth for two years now but deep discounts and intense competition prevails. Nevertheless, SpiceJet reported a fairly good growth of 36.54 per cent y-o-y in its top-line during the quarter. The carrier witnessed an increase in net sales to Rs1,506.36 crore compared to Rs1,103.23 crore in the corresponding period of the last fiscal.

The company in its BSE filing stated that, “The profits for the quarter were adversely impacted by rupee depreciation, inflation and presence of more expensive wet lease aircraft. However capacity outperformed capacity and revenue growth rates.”

“We currently do not have any wet-lease aircraft we have shifted completely to dry-lease aircraft, additionally we will be announcing our fleet expansion order in October by when we will also receive three additional Q-400s,” a SpiceJet spokesperson said. FE