Airline operator Spicejet on February 24 reported 160 percent jump in its consolidated net profit at Rs 110 crore for the quarter ended December 2022. Its net profit stood at Rs 42 crore in the year-ago period.
After the results announcement, the stock spiked 10 percent. At 2:45 pm, the stock was quoting at Rs 38.80, higher by 9.6 percent.
The company's revenue from operations jumped 2.4 percent to Rs 2,316.8 crore as against Rs 2,262.6 crore in the year-ago period. In Q2 FY23, the company had reported loss of Rs 833 crore on revenue of Rs 1,954 crore.
“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," Ajay Singh, Chairman and Managing Director, SpiceJet, said.
However, the company did flag concerns over high fuel prices and depreciating rupee.
"There are renewed signs of recovery and some positive developments and restructuring initiatives in the immediate offing that would significantly strengthen and deleverage SpiceJet balance sheet," Singh added.
The airline's passenger Revenue per Available Seat-Kilometer (RASK) rose by 27 percent in October-December when compared to the same quarter last year. It launched 15 new routes and operated 254 charter flights in the quarter.
Its air cargo service SpiceXpress has reported net profit of Rs 12 crore and revenue of Rs 120 crore for the quarter.
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