New Delhi, November 14: No-frill carrier SpiceJet on Monday recorded a 79% rise in net profit for the three months ended in September due to improved passenger yield. The airline posted a net profit at Rs 105.28 crore primarily on the back of higher passenger revenues as the airline stayed profitable for the eleventh straight quarter. SpiceJet recorded a higher total income of Rs 1,838.49 crore in the second quarter of the current fiscal. As per filings to the stock exchange, SpiceJet’s net profit climbed to Rs 105.28 crore in the latest September quarter from Rs 58.91 crore in the year-ago period. This is SpiceJet’s highest ever second-quarter profit. It had a total income of Rs 1,415.83 crore in the same period a year ago.
The filing said, “The company witnessed a 7 per cent increase in its passenger yields (Revenue per Available Seat Kilometre) while its average load factor across the network was 93.1 per cent”. It further added that the airline has registered more than 90 per cent load factor for 30 successive months.
SpiceJet CMD Ajay Singh said, “This has been yet another great quarter for us… Every quarter SpiceJet has a story which further underscores our extraordinary turnaround”. He 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.
As per reports, SpiceJet has confirmed the latest order for up to 50 Bombardier Q400 planes. In the 2017 September quarter, the carrier launched its fourth daily flight under UDAN on the Jaisalmer-Jaipur route. “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.
On Monday, SpiceJet shares rose over 4 per cent to close at Rs 149.10 apiece on the BSE. SpiceJet said it has paid Rs 17.85 crore representing Integrated Goods and Services Tax (IGST) “under protest” on overseas repairs and replacement of various aircraft equipment, which in the opinion of management and legal advice obtained, is not subject to such levy.