Media Centre

SpiceJet Net Profit jumps fivefold to INR 107 Crore in Q3 FY2023

SpiceXpress reports Net Profit of INR 12 Crore in Q3 FY2023

Continues strong performance in passenger business – highest domestic load factor of 91% and operating revenue increased by 19% QoQ to INR 2,315 Crore

For the quarter ending December 2022

Operating Performance Highlights

  • Net profit (excluding non-cash forex impact) of INR 221 Crore as compared to INR 20 Crore in Q3 FY2022
  • EBITDA of INR 455 Crore against loss of INR 414 Crore in Q2 FY2023
  • EBITDAR of INR 591 Crore against loss of INR 387 Crore in Q2 FY2023
  • PAT of INR 107 Crore in comparison to loss of INR 838 Crore in Q2 FY2023
  • Industry’s highest domestic load factor of 91%
  • Launched 15 new sectors during the quarter

Revenue Highlights (in comparison to same quarter last year)

  • ASKM increased by 5%
  • Pax RASK increased by 27%
  • Yield improvement of 21% resulted in increase of passenger revenue by 33%
  • Ancillary revenue increased by 1%
  • 254 charter flights operated utilizing over 40,000 seats
  • Operating revenues rose to INR 2,315 Crore, registering a growth of 2.5%

Operating Cost Highlights (in comparison to same quarter last year)

  • Increase in average ATF price by 48%
  • Currency depreciation of 11% (INR against USD)

SpiceXpress - Key highlights for quarter ending December 2022

  • SpiceXpress revenues at INR 120 Crore in the reported quarter
  • Posts Net Profit of INR 12 Crore
  • Profit margin remained constant at 10% QoQ
  • EBIDTA INR 12.5 Crore and EBITDAR profit of INR 25 Crore
  • Transported 17,333 tonnes of cargo

GURUGRAM, February 24, 2023: SpiceJet, the country’s favourite airline and the leading logistics platform, reported a net profit of INR 107 Crore (INR 221 Crore excluding forex adjustment) for the quarter ending December 31, 2022 as compared to a net profit of INR 23.28 Crore (INR 20 Crore excluding forex adjustment) in the quarter ending December 31, 2021. Despite a big jump in passenger traffic, business continued to be impacted by high fuel prices and depreciating Rupee.

The total revenue for the reported quarter was INR 2,794 Crore as against INR 2,679 Crore in the same quarter of the previous year. For the same comparative period, operating expenses were INR 2,687 Crore as against INR 2,579 Crore.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, “I am happy that SpiceJet has reported a profit in Q3 FY2023. We exceeded our operational targets and continued with our unmatched performance clocking the highest load factor for every single month in 2022. The profits have been driven by a strong performance in both our passenger and cargo businesses. There are renewed signs of recovery and some very positive developments and restructuring initiatives in the immediate offing that would significantly strengthen and deleverage our balance sheet.”

“Air travel has come roaring back touching newer heights and giving a glimpse of the huge potential of the Indian aviation market and we look forward to a robust and exciting 2023.”

In terms of operational parameters, SpiceJet had the highest passenger load factor amongst all airlines in the country. The average domestic load factor was 91% for the quarter. The airline launched 15 new routes and operated 254 charter flights in the quarter.


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 forward looking 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.

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 & freighters and is the country’s largest regional player 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.

The airline also operates a dedicated air cargo service under the brand name SpiceXpress offering safe, on-time, efficient and seamless cargo connectivity across India and on international routes.