Key Financial Highlights (Q3FY25 vs. Q3FY24)

• PAT: INR 26 Crore against loss of INR 300 Crore
• EBITDA: INR 210 Crore (INR 316 Crore ex-Forex) vs. INR 3 Crore (INR 30 Crore ex-Forex)
• Company achieves positive net worth of INR 70 Crore
• Total Revenue at INR 1651 Crore
• Achieved an impressive Passenger Load Factor of 87%
• Total passenger RASK stands at INR 4.57
• Total amount spent for ungrounding aircraft: INR 170 Crore

(YTD Dec 24 vs. YTD Dec 23)

• Loss of INR 267 Crore against loss of INR 528 Crore
• EBITDA: INR 401 Crore (INR 524 Crore ex-Forex) vs. INR 385 Crore (INR 466 Crore ex-Forex)
• Total Revenue at INR 3838 Crore
• Achieved an impressive Passenger Load Factor of 88%
• Total passenger RASK stands at INR 4.60

Debt Resolution

• During this year, the company has successfully settled multiple outstanding disputes with aircraft & engine lessors, amounting to INR 1700 Crore at INR 1233 Crore, resulting in a financial benefit of INR 467 Crore
• Settlements with aircraft lessors:

1. Aircastle
2. EDC
3. Carlyle Aviation
4. Genesis
5. Cross Occean
6. Echelon
7. BBAM
8. Wilmington Trust

Settlements with Engine Lessors:

1. ELFC
2. Shannon Engineering
3. Willis
4. MTU

• In discussions with many other lessors for amicable resolution of old disputes
• Credit Rating Upgrades:

1. Acuité upgraded rating by four notches to B+ (Stable Outlook)
2. CARE Ratings assigned BB- (Stable Outlook), reflecting improved liquidity and turnaround prospects

Operational & Strategic Milestones

• Successfully raised INR 3,000 Crore via QIP, attracting marquee investors
• Cleared all GST, TDS, and EPF statutory dues amounting to INR 601 Crore
• Secured rights to operate Haj flights in Q1 FY26 from four key cities
• Fleet Expansion: Inducted 10 aircraft, including 3 previously grounded aircraft, during the quarter. Actively working to unground 7 B737 Max, 4 737 NG and 6 Q400 aircraft
• 737-8 MAX Return to Service: Partnered with StandardAero Inc. (engine MRO) to expedite fleet enhancement
• Network Growth: Launched 32 new flights for the winter schedule; a total of 60 new flights added since QIP
• Regional Connectivity: Connected Shivamogga with Chennai & Hyderabad under UDAN; resumed operations to previously served destinations like Gorakhpur
• Maha Kumbh 2025 Special Flights: Launched special flights to Prayagraj from Delhi, Mumbai, Ahmedabad, Jaipur, Bengaluru, Guwahati, Chennai, Kolkata, and Hyderabad

GURUGRAM, February 25, 2025: SpiceJet has reported a profit of INR 26 Crore in Q3FY25, marking a remarkable turnaround from the previous quarter. The airline’s total revenue surged by 35% to INR 1,651 Crore, driven by strong passenger demand, improved yields, and enhanced operational efficiency. Passenger Load Factor (PLF) stood at an impressive 87%.

The airline’s successful INR 3,000 Crore Qualified Institutional Placement (QIP), which saw participation from leading global investors has significantly strengthened its financial position. This has enabled the resolution of major legacy liabilities, fleet expansion, and accelerated operational growth.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, “This quarter’s performance is a testament to SpiceJet’s resilience and our relentless focus on financial and operational recovery. For the first time in a decade, the company has turned net worth positive – an important milestone that underscores the success of our turnaround strategy. The past is behind us, and we are now firmly focused on building a stronger, more resilient future for SpiceJet.”

“The overwhelming response to our QIP and the trust of global investors, combined with operational resilience and financial discipline, has set the stage for sustained growth. We have significantly strengthened our balance sheet, resolved key disputes, and are continuously expanding our fleet. We are in discussions with OEMs for advanced deliveries of aircraft and are actively exploring both organic and inorganic growth opportunities.”

Debojo Maharshi, Chief Business Officer, SpiceJet, said, “Strong demand and effective network optimization are expected to drive a double-digit growth in RASKs during the fourth quarter of FY25 compared to the previous year. This anticipated increase will not only enhance our revenue streams but also significantly improve our cash flows, contributing to the overall financial health of the company and enabling us to invest in key initiatives.”