SpiceJet Q2 profit jumps 79% on higher bookings

NEW DELHI: Spice Jet Ltd’s fiscalsecond quarter profit rose 79% as it filled more seats and improved passenger yield.

Net profit rose to ₹105.3 cr ore in the quarter ended 30 September from ₹58.9 crore in the year earlier, the company said in a statement on Monday. This is SpiceJet’s highest profit reported in the second quarter since it started operations in 2005.

Revenue rose 30% to ₹ 1,838.69 crore from ₹1,415.83 crore. Expenses increased about 28% to ₹1,734.1 crore.

Spice Jet was also able toge ton average 3% more fares from passenger sat ₹3,460. Flight occupancy rose to 93% in the September quarter from 91% a year ago.

“Even with 11 successive profitable quarters, path-breaking initiatives, record aircraft orders and exploring new growth avenues through UDAN, I can say that we have just begun,” SpiceJet CMD Ajay Singh said.

Singh acquired control of the airline in 2014 from Kalanithi Mar an and his associate company K al Airways as it was on the verge of shutting down after defaulting on dues. Spice Jet now controls about 14% of the market with a 55-plane fleet.