Spicejet Q2 profit jumps 79% on higher bookings

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

Net profit rose to ₹105.3 crore 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.

Spicejet was also able to get on average 3% more fares from passengers at ₹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 Maran and his associate company Kal Airways as it was on the verge of shutting down after defaulting on dues. Spicejet now controls about 14% of the market with a 55-plane fleet.