Indian Airline to witness record yields, passenger traffic in summer 2023: SpiceJet CEO

Ajay Singh, Chairman and Managing Director of SpiceJet

Ajay Singh, CEO of SpiceJet, said that he expects record yields and passenger traffic in the summer of 2023 while speaking at a CAPA India event to convene a meeting of aviation leaders on March 20 in New Delhi.
"Over the next two quarters, SpiceJet's balance sheet will improve significantly. The fact that Indian airlines survived the pandemic without a bailout by the government is a testimony of the resilience of the aviation industry in the country," Ajay claimed.

He also talked about the airlines facing issues due to the aircraft grounding. "The impact of Max grounding on us was bigger than Covid. Until then, we had 18 straight profitable quarters and paid back all our debt. As a consequence of that, we are still on the path to recovery," said Ajay.

Speaking on challenges faced by SpiceJet, Ajay said, "It is in our DNA to refuse to die and in the midst of this we decided to get Jet Airways aircraft. This helped get prized airport slots and establish market share."

During his interview with the CEO, he mentioned that the company has looked at all possible ways to reduce costs. Costs will decrease as planes return. "Very positive about future, we will emerge stronger. Spicejet is cleaning up its balance sheet," Ajay said.

Also Read | Air India to reduce six flights per week to US, says CEO Campbell Wilson

Additionally, "SpiceJet is working on getting its back off the ground and be operational. The strongest airlines in the world would not have survived without government support," claimed Ajay.

The CEO shared that the company is planning to come out with an order to add planes to their cargo segment. He expects a consolidation of the domestic Indian aviation market will help price stability for the next few years.