SpiceJet, a budget airline, reported a profit after tax of Rs 26 crore for the three months ended December 2024, boosted by improved overall performance.
The carrier lost Rs 300 crore in the previous fiscal year.
Strong passenger demand, increased yields, and enhanced operational efficiency all contributed to a 35% increase in total revenue to Rs 1,651 crore. In a press release, the airline said, "The Passenger Load Factor (PLF) was an impressive 87%."
The September quarter of 2024 brought in a total of Rs 1,077 crore.
Nevertheless, the total revenue for the most recent December quarter is less than the Rs 2,149 crore recorded for the three months that ended in December 2023.
Tuesday was scheduled to see the release of the current fiscal year's third quarter results.
However, according to a filing made to the BSE at 12.51 am on Wednesday, the company's board of directors met via video conference on Tuesday from 1.30 pm to 11.50 pm.
The airline, which had been dealing with a lot of difficulties, raised Rs 3,000 crore from eligible institutional investors in the December quarter of 2024.
"For the first time in a decade, the company's net worth was positive - an important milestone that demonstrates the effectiveness of our turnaround strategy. The past is behind us, and we are now firmly committed to creating a stronger, more resilient future for SpiceJet," Ajay Singh, Chairman and Managing Director, said in the release.
The net worth was Rs 70 crore in the latest December quarter.
SpiceJet also stated that Rs 170 crore was spent on ungrounding the aircraft.
The revenue available per seat kilometer (RASK) was Rs 4.57 in the third quarter of this fiscal year.
"Strong demand and effective network optimization are expected to drive double-digit growth in RASKs during the fourth quarter of FY25 compared to the previous year," SpiceJet Chief Business Officer Debojo Maharshi stated.
