SpiceJet, the budget airline, reported a profit of Rs 26 crore for the December 2024 quarter registering a turnaround from a Rs 300 crore loss in the same period last year. The company attributed its improved performance to strong passenger demand, better yields, and enhanced operational efficiency.
The airline revealed that total revenue surged by 35% to Rs 1,651 crore, with a Passenger Load Factor (PLF) reaching an impressive 87%. When compared to the Rs 2,149 crore revenue from the same quarter in December 2023, the total revenue for the December 2024 quarter was lower, the company reported in a statement to PTI.
For the September 2024 quarter, SpiceJet had reported a revenue of Rs 1,077 crore. Despite the year-on-year revenue decline, the airline’s performance showed marked improvement during the December quarter.
The company’s board meeting to announce these results was initially scheduled for Tuesday but was delayed. It began at 1:30 PM and concluded at 11:50 PM, according to a filing made to the Bombay Stock Exchange (BSE) at 12:51 AM on Wednesday.
During the December 2024 quarter, SpiceJet also raised Rs 3,000 crore from qualified institutional investors.
Chairman and Managing Director Ajay Singh noted, "For the first time in a decade, the company turned net worth positive, an important milestone that underscores the success of our turnaround strategy. The past is behind us, and we are now firmly focused on building a stronger, more resilient future for SpiceJet."
The airline’s net worth stood at Rs 70 crore in the December quarter. SpiceJet also spent Rs 170 crore on the ungrounding of aircraft, as part of its strategy to improve operations. The Revenue Available Per Seat Kilometer (RASK) for the third quarter stood at Rs 4.57.
"Strong demand and effective network optimization are expected to drive double-digit growth in RASKs during the fourth quarter of FY25 compared to the previous year." SpiceJet Chief Business Officer Debojo Maharshi stated.
On February 25, SpiceJet shares were trading with an uptick of 1.70%, closing at ₹47.97. The stock opened at ₹47.87 and fluctuated between intra-day high of ₹48.28 and intra-day low of ₹47.15 on Wednesday. The stock touched a 52 week high of Rs 79.90 in September 2024.
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