SpiceJet Q3FY23: Net profit soars 161% y-o-y to Rs 110 cr

This is more than double the net profit of Rs 42 crore that the company recorded in the third quarter of the previous year.

During the same period, the revenue from operations for SpiceJet Ltd increased slightly by 2% to Rs 2,317 crore, compared to Rs 2,267 crore in the corresponding period of the previous year.

“We exceeded our operational targets and continued with our unmatched performance clocking the highest load factor for every single month in 2022. The profits have been driven by a strong performance in both our passenger and cargo businesses," said Ajay Singh, Chairman and Managing Director, SpiceJet.

The company reportedly drew advantage from the growing demand for air travel.

However, SpiceJet Ltd expressed concerns regarding the high cost of fuel and the depreciating value of the rupee. The company reported a 48% increase in operating costs due to the high prices of aviation turbine fuel (ATF) during the quarter.

SpiceJet Ltd achieved the highest passenger load factor among all airlines in India, with an average domestic load factor of 91% for the quarter.

It started operations on 15 routes and flew 254 charter flights in the period under review.

SpiceJet Ltd experienced a 5% increase in capacity, as measured by available seat kilometre (ASKM), during the three-month period that ended in December 2022.

Meanwhile, passenger revenue per available seat kilometre (Pax RASK) surged by 27% during the same period.

The company said its yield, or the average fare paid per passenger per kilometre flown, increased by 21% in the third quarter, resulting in a 33% rise in passenger revenue during Q3FY23.

SpiceJet Ltd's cargo division, SpiceXpress, recorded a net profit of Rs 12 crore during the December quarter, with revenues amounting to Rs 120 crore. It carried approximately 17,333 tonnes of cargo during the reporting period.