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Gurgaon, May 19, 2016: SpiceJet today reported a net profit of Rs.73
Crore for Q4 FY16, after taking a one-time expense of Rs.173 Croretowards stabilising
and improving the reliability of it’sfleet. Despite this one-time expense, the net
profit is an improvement of 225%over the same quarter last year. SpiceJet reported a
net profit of Rs. 407 Crore for FY2016 as against a loss of Rs. 687 Crore for FY 2015,
a positive change of Rs. 1094 Crores.
SpiceJetgenerated an operational revenue of Rs.1,475Crore in the current quarter, a
growth of 86%over same quarter last year.For FY 2016,SpiceJet posted an operational
revenue of Rs.5,088Crore a reduction of3% over FY 2015, while its capacity deployed
reduced by11%over the same period.
On an EBITDA basis, SpiceJet reported a profit of Rs.146Crore against a profit of Rs.80
Crore in the same quarter last year; and a profit of Rs.640 Crore for FY2016 against a
loss of Rs.397 Crore during FY2015.
On an EBITDAR basis, the Company reported a profit of Rs.393Crore against a profit of
Rs.196Crore in the same quarter last yearand a profit of Rs.1,446 Crore for FY2016
against a profit of Rs.467 Crore during FY2015.
For the quarter :
- Operating revenue per Available Seat Kilometre (ASKM)registered a growth of 21%
over the same quarter last year.
- Expenses (excluding the one-time expense) per ASKM declined 6%. Fuel cost declined
by 25%, which is an impact of 8% on total cost. Currency depreciation impacted cost
negatively by 3%.
For the fiscal :
- Operating revenue per ASKM registered a growth of9% over last year.
- Total expenses (excluding the one-time expense) per ASKM declined 13%.
The increase in unit revenue were a combined result of higher load factors, tighter
revenue management and a substantial increase in Ancillary revenue.Unit cost reduction
was achieved through contract renegotiation, higher resource productivity, and
restructuring of operations, but were adversely impacted by currency depreciation and
legacy issues.
This is the fifth consecutive profitable quarter for SpiceJet since the challenges faced
in December 2014. The airline has been recording load factors of over 90% consistently
over the last 11 months which is the highest in the industry. The operations have
stabilised with On Time Performance around 90% and cancellations rates being the lowest
in the industry.
“We had inherited a deeply distressed company last year. We are delighted that we have
made significant progress both financially and operationally, have significantly
strengthened our balance sheet. By taking the one time expense, we have now accounted
for all legacy issues and are ready to start on a clean slate with even greater
confidence.” said Ajay Singh, Chairman & Managing Director, SpiceJet Limited.“This
turnaround, unparalleled in the history of Indian aviation, would not have been
possible without the support of my colleagues at SpiceJet and all our partners. I thank
them all,” he added.
Disclaimer:
Certain statements in this release concerning our future
growth prospects are forward-looking statements, which involve a number of risks and
uncertainties that could cause actual results to differ materially from those in such
forward-looking statements. The risks and uncertainties relating to these statements
include, but are not limited to, risks and uncertainties regarding fluctuations in
earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense
competition in aviation sector including those factors which may affect our cost
advantage, wage fluctuations, our ability to attract and retain highly skilled
professionals, time and cost overruns on various parameters, our ability to manage
international operations, reduced demand for air travel, liability for damages,
withdrawal or expiration of governmental fiscal incentives, political instability,
legal restrictions on raising capital or general economic conditions affecting our
industry.
The words "anticipate", "believe", "estimate", "expect",
"intend" and similar expressions, as they relate to us, are intended to identify
certain of such forwardlooking statements. The Company may, from time to time, make
additional written and oral forward-looking statements, including statements contained
in our reports to shareholders. The Company does not undertake to update any
forward-looking statements that may be made from time to time by or on behalf of the
Company unless it is required by law.
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