Expect to place order for new planes this financial year: SpiceJet

Airline has been profitable for seven straight quarters after battling financial turbulence

Bullish on growth prospects, budget carrier SpiceJet on Friday said it expects to complete negotiations and place orders for new aircraft this fiscal ending March.

The airline, which has been profitable for seven straight quarters after battling financial turbulence, is believed to be looking for around 100 aircraft.

"Negotiations are going on for quite some time. We expect to complete these negotiations and place the order this financial year," a SpiceJet spokesperson said in a statement.

However, he did not divulge details about the number or type of aircraft that are likely to be ordered.

Currently, the airline has 47 aircraft in its fleet comprising 29 Boeing 737s and 18 Bombardier Q400s.

In October 2016, SpiceJet Managing Director Ajay Singh had said the airline would not be rushed into a decision on placing order for new aircraft and emphasised that it has to be done at right price.

"We are going to finalise in a month. It will be either Boeing or Airbus. We will not be rushed into a decision. It will not be mix of both. It has to be done at right price. So, we have to be very careful. We have closed many issues related to aircraft purchase. It could be more than 100 aircraft," he had said.

Back in March 2014, SpiceJet had announced an order for 42 Boeing 737 MAX 8 planes under the then ownership of Marans — who later sold their entire 58.46 per cent stake in the airline to Singh in January 2015.

For the 2016 July-September quarter, the airline had posted highest-ever quarterly profit of Rs 59 crore. In the year-ago period, the same stood at Rs 29 crore.