New Delhi: Low-cost carrier SpiceJet on Wednesday said it logged a profit of Rs 26 crore in October-December quarter (Q3) of current financial year 2024-25 as against a loss of Rs 300 crore in the same quarter a year ago.
The airline’s revenue from operations during Q3 of the current fiscal year stood at Rs 1,140 crore as against Rs 817 crore in the previous quarter. The company’s revenue from operations during Q3 of the previous fiscal year 2023-24 was Rs 1,757 crore.
“The airline’s total revenue surged by 35% to Rs 1,651 crore, driven by strong passenger demand, improved yields, and enhanced operational efficiency. Passenger Load Factor (PLF) stood at an impressive 87%,” SpiceJet said in a statement on Wednesday.
The Gurugram-based airline said its Rs 3,000 crore Qualified Institutional Placement (QIP) saw participation from leading global investors and has significantly strengthened its financial position.
“This has enabled the resolution of major legacy liabilities, fleet expansion, and accelerated operational growth,” the airline said.
Commenting on financial performance, SpiceJet Chairman and Managing Director Ajay Singh said that the company has turned net worth positive for the first time in a decade.
“The past is behind us, and we are now firmly focused on building a stronger, more resilient future for SpiceJet,” he said.
Added Debojo Maharshi, Chief Business Officer, SpiceJet, “Strong demand and effective network optimisation are expected to drive a double-digit growth in RASKs (revenue available per seat kilometres) during the fourth quarter of FY25 compared to the previous year. This anticipated increase will not only enhance our revenue streams but also significantly improve our cash flows, contributing to the overall financial health of the company and enabling us to invest in key initiatives.”
In 2024, SpiceJet settled multiple outstanding disputes with aircraft and engine lessors, amounting to Rs 1,700 crore at Rs 1,233 crore, resulting in a financial benefit of Rs 467 crore, as per the company statement.
