SpiceJet Net Profit Trebles In January-March Despite Lower Revenue

SpiceJet Ltd. on Saturday reported a consolidated net profit of ₹3.42 billion for the March quarter, nearly three times higher than the year-ago figure. However, total consolidated revenue from operations fell 16% on year to ₹14.66 billion from ₹17.38 billion.

A sharp cut in costs helped lift the airline’s bottom line. Total expenses dropped 28% on year to ₹16.16 billion. Aviation turbine fuel expenses fell nearly 34% to ₹4.95 billion, while airport lease rentals were down 29% to ₹1.64 billion. The company spent ₹1.34 billion on airport charges, a little over 30% lower on year. Aircraft maintenance costs dipped 4% to ₹1.64 billion.

Spending on employee benefits declined 18% to ₹1.59 billion, while finance costs halved to ₹574.13 million. Depreciation and amortisation expenses fell nearly 4% to ₹1.66 billion. Other expenses contracted 31% to ₹2.31 billion.

Earnings before interest, tax, depreciation, and amortisation surged to ₹5.27 billion from ₹2.09 billion in the previous quarter.

Passenger revenue per available seat kilometre stood at ₹5.33 as of March 31, though the company did not clarify whether the figure was consolidated or standalone.

During the March quarter, SpiceJet’s promoter group completed an equity infusion of ₹5 billion, including a final tranche of ₹2.94 billion. The airline also launched 24 new domestic flights for its Summer 2025 schedule and added three new destinations: Tuticorin, Porbandar and Dehradun.

“Our partnerships with OEMs and MRO players like StandardAero and Carlyle Aviation are bearing fruit, and engine overhauls are underway,” said Ajay Singh, chairman and managing director. “With overhauled engines now returning, we expect a steady ramp-up in operational capacity in the weeks ahead.”

For 2024-25, the airline posted a consolidated net profit of ₹627.68 million, reversing a loss of ₹4.23 billion in the previous year. Revenue for the year fell 25% to ₹53.26 billion from ₹70.85 billion. Except for aircraft lease rentals and forex loss, all other expenses declined on year. EBITDA rose to ₹9.24 billion from ₹7.77 billion.