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SpiceJet Net Profit jumps 126% to INR 205 Crore in Q1 FY2024 as against a loss of INR 789 Crore in Q1 FY2023

Maintains strong performance in passenger business – highest industry domestic load factor of 90%, with an operating revenue at INR 2,002 Crore

Net Profit jumps 104% to INR 17 Crore in Q4 FY2023 as against a loss of INR 458 Crore in Q4 FY2022

Cargo logistics arm successfully hived-off effective April 1, 2023

For the Quarter ending June 2023

  • EBITDA of INR 525 Crore in Q1 FY2024 against loss of INR 393 Crore in Q1 FY2023 (increase of 234% QoQ)
  • EBITDAR of INR 645 Crore in Q1 FY2024 against loss of INR 349 in Q1 FY2023 (increase of 285% QoQ)
  • PAT of INR 205 Crore in comparison to loss of INR 789 Crore in Q1 FY2023 (increase of 126% QoQ)
  • Industry's highest domestic load factor of 90%

Revenue Highlights – (in comparison to same quarter last year)

  • Passenger RASK increased by 26% due to increase in yield by 22% & load factor by 4%
  • Sustained market leadership in loads and regained leadership in Passenger RASK and overall RASK for the quarter
  • Other operating revenue increased by 85%
  • 376 charter flights operated carrying 58,379 passengers

Key highlights for the Quarter ending June 2023

  • To strengthen the financial position of the Company, promoter/promoter group to infuse INR 500 Crore by way of subscription to equity shares and/or convertible securities/equity share warrants on preferential basis.
  • Company received the disbursement of funds under the Emergency Credit Line Guarantee Scheme, which has been utilized towards ungrounding of aircraft. Company plans to bring around 25 of its grounded planes back into service. Further, the aforesaid infusion by the promoter will provide access to additional INR 200 Crore disbursement under the ECLGS
  • Process initiated to convert over US$28 million lease liabilities of Carlyle Aviation Partners by issue of equity shares of SpiceJet at an issue price of INR 48 per share
  • Appoints Sky Works Capital LLC to help re-structure its past liabilities
  • Announced partnership with FTAI Aviation to restore fleet under CFM56 revitalization program. Company to receive up to twenty engines under lease, inclusive of maintenance services
  • Operated more than 200 Hajj flights carrying over 21,000 pilgrims.

For the Quarter ending March 2023

  • EBITDA of INR 344 Crore in Q4 FY2023 against loss of INR 53 Crore in Q4 FY2022 (increase of 749% QoQ)
  • EBITDAR of INR 515 Crore in Q4 FY2023 against INR 77 in Q4 FY2022 (increase of 569% QoQ)
  • PAT of INR 17 Crore in comparison to loss of INR 458 Crore in Q4 FY2022 (increase of 104% on QoQ)
  • Industry's highest domestic load factor of 92%

For the Year ending March 31, 2023 (Passenger) -

  • Net Loss of INR 1,503 Crore
  • EBITDA of INR 33 (loss) Crore
  • EBITDAR of INR 342 Crore
  • Reported industry's highest load factor of 88% for domestic scheduled flights
  • Increase in load factor by 7.24% compared to last year
  • Passenger RASK improved by 30% compared to last year
  • Growth in ASKM by 39% and yield improvement of 34% resulted in increase of passenger revenue by 81% compared to the last year
  • Operated 1,568 charter flights carrying over 2,48,568 passengers

GURUGRAM, August 14, 2023: SpiceJet reported a Net Profit of INR 205 Crore for the quarter ending June 2023, an increase of 126% as compared to the Net Loss of INR 789 Crore in Q1 FY2023 owing to a strong demand for air travel in India.  

For the same comparative period, operating expenses were INR 1,291 Crore as against INR 2,072 Crore. On an EBITDA basis, profit was INR 525 Crore for the reported quarter against a loss of INR 393 Crore for the quarter ending June 30, 2022. Total operating revenue for the reported quarter was INR 2,002 Crore as against INR 2,457 Crore in the same quarter of the previous year.

SpiceJet lowered its Net Loss to INR 1,503 Crore in FY2023 compared to INR 1,725 Crore in FY2022. For the same comparative period, SpiceJet reported operating revenue of INR 8,869 Crore in FY2023 as against INR 6,557 Crore in FY2022.

SpiceJet completed the hive-off of its logistics platform into a separate entity, SpiceXpress and Logistics Private Limited effective April 1, 2023.

Consequent to the hive-off there is an improvement of net worth in SpiceJet to the tune of INR 2,557 Crore (from negative INR 4,288 Crore to negative INR 3,232 Crore i.e. positive variance by 25%)

Ajay Singh, Chairman and Managing Director, SpiceJet, said, "I am happy that despite facing multiple challenges, we have posted a profit in Q1 FY2024. Our team's relentless efforts and dedication and the continuous support from our valued customers have been pivotal in this success. I firmly believe in the potential of our airline, and I am pleased to have contributed to its growth by infusing INR 500 Crore into the Company. This infusion will help bolster our efforts in reviving our grounded planes, for which we have been working tirelessly, strengthening our fleet and expanding our cargo operations."

"Our logistics arm continues to soar. It's exceptional performance, with sustained profits, has been a driving force, contributing to our overall success. We remain focused on adapting to the changing landscape of the aviation industry, identifying and seizing new opportunities, and steering our airline towards greater heights."

In terms of operational parameters, SpiceJet had the highest passenger load factor amongst all airlines in the country. The average domestic load factor was 92% for the March 2023 quarter and 88% for FY2023. SpiceJet had the highest load factor of 90% in Q1FY2024.

About SpiceJet:

SpiceJet is India's favourite airline that has made flying affordable for more Indians than ever before. SpiceJet is an IATA-IOSA certified airline that operates a fleet of Boeing 737s & Q-400s and is one of the country's largest regional players operating multiple daily flights under UDAN or the Regional Connectivity Scheme. The majority of the airline's fleet offers SpiceMax, the most spacious economy class seating in India.