Business Standard

'Air travel has come roaring back': SpiceJet net profit rises 160%

Cash-strapped airline in the black after 3 qtrs; plans to raise Rs 764-cr ECLGS loan

SpiceJet
Premium

The airline said its board is considering raising fresh capital through the issuance of eligible securities to qualified institutional buyers, in accordance with applicable law

Deepak Patel New Delhi
After posting significant losses for three quarters, SpiceJet on Friday announced it had made a consolidated net profit of Rs 110.1 crore, up nearly 160 per cent year-on-year (YoY), in the third quarter of 2022-23 as “air travel has come roaring back”.

The financially troubled airline also stated that it is in talks with banks to raise an additional Rs 763.9-crore loan under the central government's Emergency Credit Line Guarantee Scheme (ECLGS). In Q3 and Q2 of 2022-23, the airline took bank loans of Rs 150.9 crore and Rs 60 crore, respectively, under the ECLGS. In the current quarter, it

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Feb 24 2023 | 5:45 PM IST

Explore News

To read the full story, subscribe to BS Premium now, at just Rs 249/ month.

Key stories on business-standard.com are available only to BS Premium subscribers.

Register to read more on Business-Standard.com