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SpiceJet posts highest-ever profit at Rs 262 crore in Q1FY20, revenue surges 34%

Low-cost carrier SpiceJet has reported its highest-ever net profit at Rs 261.7 crore for the June quarter as against a loss of Rs 37.9 crore in the same quarter last year.

twitter-logo BusinessToday.In        Last Updated: August 10, 2019  | 16:17 IST
SpiceJet posts highest-ever profit at Rs 262 crore in Q1FY20, revenue surges 34%
Between April and June 2019, SpiceJet added 32 aircraft - 27 Boeing 737 NG aircraft, four Bombardier Q400s and one B737 freighter.

Low-cost carrier SpiceJet has reported its highest-ever net profit at Rs 261.7 crore for the June quarter as against a loss of Rs 37.9 crore in the same quarter last year.

"The Gurgaon-headquartered airline had reported a PAT of Rs 56.3 crore in the March quarter of FY19 (Q4FY19)," SpiceJet said in a filing to the Bombay Stock Exchange. The carrier said that it is its best ever performance despite a switch to new accounting standards that impacted financial numbers.

Revenue from operations surged 33.76 per cent to Rs 29,217.9 crore as against Rs 21,842.8 crore in the corresponding quarter.

The total income was Rs 3,145.3 crore for the quarter under review as against Rs 2,253.3 crore in the corresponding quarter of the previous fiscal, while it was Rs 2,571.8 crore in Q4FY19.

Operating revenues were at Rs 3,002.1 crore against Rs 2,220.4 crore for the corresponding quarter last year. EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) zoomed 664 per cent to Rs 620.8 crore as against Rs 81.3 crore clocked in Q1FY19.

Operating expenses increased to Rs 2,883.6 crore as against Rs 2,227.9 crore for the corresponding period last year.

 "SpiceJet has been on a spectacular growth journey and this quarter, in particular, has been very special for us. We added 32 aircraft to our fleet expanding at a pace unprecedented for a sector plagued by crisis showcasing our robust business model and proven operational capabilities.," Ajay Singh, chairman, SpiceJet said.

During the quarter under review, the airline's capacity (in terms of Seat Kilometers) rose by 31 per cent, while ticket jumped 46.4 per cent year-on-year to Rs 8,445.10 crore, it said in its statement.

Between April and June 2019, SpiceJet added 32 aircraft - 27 Boeing 737 NG aircraft, four Bombardier Q400s and one B737 freighter.

At the end of June quarter, SpiceJet's fleet size stood at 107 which included 73 Boeing 737 NG aircraft, 31 Q400s and three B737 freighters.

Edited by Chitranjan Kumar

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