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SpiceJet quarterly net profit jumps to Rs 105 crore

Press Trust of India  |  New Delhi 

today reported a 79 per cent increase in net profit at Rs 105.28 crore for the three months ended September as higher passenger revenues and fall in expenses bolstered the bottom line.

Staying in the black for the 11th straight quarter, the no-frills airline recorded a higher total of Rs 1,838.49 crore in the second quarter of the current fiscal.

The airline's net profit climbed to Rs 105.28 crore in the latest September quarter from Rs 58.91 crore in the year- ago period, according to a filing to the stock exchange.

This is also the carrier's highest ever second quarter profit.

It had a total of Rs 1,415.83 crore in the same period a year ago.

"The company witnessed a 7 per cent increase in its passenger yields (per Available Seat Kilometre) while its average load factor across the network was 93.1 per cent," the filing said.

The airline has registered more than 90 per cent load factor for 30 successive months, it added.

"This has been yet another great quarter for us... Every quarter has a story which further underscores our extraordinary turnaround," CMD Ajay Singh said.

"Even with eleven successive profitable quarters, path- breaking initiatives, record aircraft orders and exploring new growth avenues through UDAN, I can say that we have just begun," he noted.

The government's ambitious regional connectivity scheme UDAN (Ude Desh ka Aam Naagrik) seeks to connect unserved and under-served airports as well as make flying more affordable.

In the 2017 September quarter, the carrier launched its fourth daily flight under UDAN on the Jaisalmer-Jaipur route.

As part of its expansion plans, SpiceJet has also confirmed the latest order for up to 50 Bombardier Q400 planes.

"Upon delivery, the airline may become the first in the world to operate a 90-seat turboprop, after certification by regulatory authorities," the airline said.

Shares of the company went up more than 4 per cent to close at Rs 149.10 apiece on the BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, November 13 2017. 16:07 IST