SpiceJet Q3 Results: Airline’s Net Profit Doubles YoY to Rs. 110 Crore
SpiceJet, one of India’s leading airlines, has released its financial results for the third quarter of the fiscal year 2022. The carrier’s net profit has more than doubled year-over-year to Rs. 110 crore, marking a remarkable achievement in a challenging market environment.
The company’s revenue for the quarter was Rs. 3,450 crore, up 75% from the same period last year, primarily due to an increase in capacity and higher passenger yields. The airline carried 6.3 million passengers during the quarter, a 51% increase over the same period in 2021.
Additionally, SpiceJet’s operational performance has remained robust, with the airline achieving a passenger load factor of 77.4% during the quarter, an improvement of 11.4 percentage points over the same period last year.
Ajay Singh, Chairman and Managing Director of SpiceJet, stated that the airline’s performance was a testament to its strong fundamentals and the hard work of its employees. He also expressed gratitude to the airline’s customers, suppliers, and partners for their support during these challenging times.
The aviation industry has been severely impacted by the COVID-19 pandemic, and SpiceJet’s ability to double its net profit in such a difficult environment demonstrates the company’s resilience and adaptability. The airline has implemented various cost-saving measures, such as renegotiating lease rentals and reducing staff costs, to navigate through the crisis.
Overall, SpiceJet’s Q3 results are a positive sign for the aviation industry, indicating a slow but steady recovery in air travel demand in India.
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