SpiceJet Q3FY22
SpiceJet's Q3FY22 profit at Rs 42.45 crore after reporting loss for seven consecutive qtrs
Mumbai/IBNS: Budget carrier SpiceJet Ltd on Tuesday reported a profit for the Q3FY22 after suffering losses for seven continuous quarters, riding on increase in fliers and higher yields. The airline recorded a consolidated net profit of Rs 42.45 crore in the December quarter compared to a loss of Rs 66.78 crore in the same quarter previous year.
Revenue from operations jumped 34.78 percent to Rs 2,204.68 crore for the Q3FY22 compared to Rs 1,635.79 crore in the last year, as SpiceJet spread its operations to more destinations and added newer aircraft to its fleet.
The company said its logistics arm SpiceX has continued it growth with its revenue increasing 17 percent year on year to Rs 584 crore in the quarter against Rs 498 crore in Q3FY21 year ago.
"I am happy that SpiceJet reported a profit in Q3 FY2022 driven by excellent logistics operations, rebound in passenger traffic and various accommodations from aircraft manufacturers and lessors. The passenger industry witnessed the much needed turnaround in the third quarter as Covid cases ebbed in the first half of the quarter, travel picked up significantly and there was finally hope that the worst was behind us,” said Ajay Singh, Chairman and Managing Director of SpiceJet.
SpiceJet said it carried over 64,000 passengers on 390 charters to various countries and started 40 new routes.
It also recorded the highest passenger load factor among all airlines at 85.2 percent.
SpiceJe's settlement with Boeing to to provide certain accommodations and settle the outstanding claims related to the grounding of 737 MAX aircraft and its return to service.
This enabled grounded 737 MAX aircraft back into operations but also opened the way for the induction of more efficient and younger MAX aircraft into SpiceJet’s fleet, the firm said.
The settlement also ensures the resumption of new aircraft deliveries from the order of 155 MAX aircraft.
The firm said it is aiming to for a stronger comeback in 2022 by utilising and expanding its 737 MAX fleet for better yield and flying experience, launching new customer centric services, optimising daily operations based on IT and expanding network both domestically and internationally.
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