SpiceJet Ltd’s consolidated net profit more than doubled to Rs 110 crore, rising 161% in the quarter ended December 2022. It was Rs 42 crore in the third quarter of last year.

Revenue from operations rose by a marginal 2% to Rs 2,317 crore for the period under review, compared with Rs 2,267 crore in the last-year period.

“We exceeded our operational targets and continued with our unmatched performance clocking the highest load factor for every single month in 2022. The profits have been driven by a strong performance in both our passenger and cargo businesses,” said Ajay Singh, Chairman and Managing Director, SpiceJet.

The low-cost carrier, which reportedly benefited from surging air travel demand, however, flagged concerns over high fuel prices and depreciating rupee. During the quarter, the company’s operating costs on ATF prices jumped 48%.

On the operational front, SpiceJet had the highest passenger load factor among all airlines in the country. The average domestic load factor was 91% for the quarter.

“Air travel has come roaring back touching newer heights and giving a glimpse of the huge potential of the Indian aviation market, and we look forward to a robust and exciting 2023,” said Singh.

The airline has launched 15 routes and operated 254 charter flights in the quarter.

SpiceJet saw capacity in terms of available seat kilometer (ASKM) increase by 5%, while Pax RASK rose 27% during the three months ended December 2022.

The airline’s yield improved 21% during the third quarter, which resulted in an increase of passenger revenue by 33%. Meanwhile, ancillary revenue was flattish, growing just 1%.

“There are renewed signs of recovery and some very positive developments and restructuring initiatives in the immediate offing that would significantly strengthen and deleverage our balance sheet,” added Singh.

The company’s cargo arm SpiceXpress reported a net profit of Rs 12 crore in the December quarter, while revenues stood at Rs 120 crore. SpiceXpress transported about 17,333 tonne of cargo in the reporting period.

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