SpiceJet Posts 149 Crore Net Profit For June Quarter
This is the sixth consecutive profitable quarter for SpiceJet after the challenges faced by it in December 2014 and the change in management
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India's fourth largest airline SpiceJet said its net profit has doubled to Rs 149 crore in the first quarter (April-June) of 2016-17 financial year as against Rs 73 crore for the same quarter last year. The airline saw an improvement of 104 per cent in its profit.
"This quarter’s results further demonstrate the impact of efforts that are being put into strengthening SpiceJet," said Ajay Singh, chairman and managing director of Spicejet Limited.
"We remain focussed on growing responsibly in a growing but a challenging market" he added.
Capacity deployed registered a growth of 37 per cent over the same quarter last year and operating revenue was Rs 1,522 crore, a growth of 37 per cent.
On an EBITDA basis, SpiceJet reported a profit of Rs 215 crore at 14 per cent EBITDA margin. On EBITDAR basis, the company reported a profit of Rs 474 crore, a margin of 31 per cent.
The low-cost carrier said that profits for the quarter were adversely impacted by rupee depreciation, inflation and the presence of more expensive wet lease aircraft. However, profits outperformed capacity and revenue growth rates.
This is the sixth consecutive profitable quarter for SpiceJet after the challenges faced by it in December 2014 and the change in management and control.
The airline recorded a passenger load factor of 92.5 per cent in Q1, the highest in the industry and it has been in excess of 90 per cent in every month since April 2015.