SpiceJet soars 15% as net profit jumps five-fold to Rs 107 crore in Q3
Published On: Friday, February 24, 2023 | By: Team KnowMyStock
Shares of Airline operator SpiceJet moved higher by 15 percent to Rs 40.75 on the BSE in Friday's intra-day trade after the company’s standalone net profit jumped five-fold to Rs 107 crore in the December quarter (Q3FY23). It posted a profit of Rs 23.28 crore in the year-ago quarter (Q3FY22). The profits have been driven by a strong performance in both, passenger and cargo businesses. 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 reported a loss of Rs 833 crore on revenue of Rs 1,954 crore. Earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (Ebitdar) stood at Rs 591 crore against a loss of Rs 387 crore in the previous quarter (Q2FY23).
Ajay Singh, Chairman, and Managing Director, of SpiceJet, said, “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." There are renewed signs of recovery and some very positive developments and restructuring initiatives in the immediate offing that would significantly strengthen and deleverage our balance sheet.” “Air travel has come roaring back touching newer heights… we look forward to a robust and exciting 2023,” SpiceJet Chairman and Managing Director Ajay Singh said.
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