Jun 05, 2017: SpiceJet reported a quarterly profit of Rs 41.6 crore for the three months ended March 31st, 2017, making it the ninth successive profitable quarter for the airline. Net profit for FY 2017 stood at Rs 430.7 crore, making this the second successive year of profitable growth.
Operating revenues were at Rs 1625.7 crore for the reported quarter and Rs 6191.3 crore for the fiscal 2017. On an EBITDA basis, profit is Rs 111.2 crore for the reported quarter and Rs 694.4 crore for the fiscal 2017. On an EBITDAR basis, the profit is Rs 363 crore for the reported quarter and Rs 1654.9 crore for the fiscal 2017.
“Two successive profitable years, a record aircraft order and emerging as India’s largest regional operator are testament of the fact that SpiceJet remains firmly on track on its long term growth strategy,” said Ajay Singh, CMD, SpiceJet.
“SpiceJet continues to invest aggressively in creating capacity in line with forecast. We overcame a complete operational shutdown and placed the biggest order for 205 aircraft in our history.”
The airline in a press release stated that during this fiscal, SpiceJet completed its turnaround successfully by discharging all its obligations to its business partners, implemented cost savings measures by restructuring contracts and its business processes. SpiceJet’s load factor remained over 90 percent for 24 months.
The airline has also placed an order of 205 aircraft for Rs 1,50,000 crore, which is being touted by it as the biggest ever aircraft order placed by any Indian airline with Boeing.
SpiceJet rode high on regional connectivity during the quarter. Besides adding capacity on existing routes, the airline was awarded 6 proposals and 11 routes under the UDAN scheme. With three-year exclusivity on the routes under the UDAN scheme, SpiceJet will be the only airline to operate on those sectors. This summer the airline increased its regional capacity by 25 percent.