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SpiceJet Q1 loss: SpiceJet Q1 Results: Airline swings to profit of Rs 198 crore from loss YoY on lower expenses

SpiceJet Q1 loss: SpiceJet Q1 Results: Airline swings to profit of Rs 198 crore from loss YoY on lower expenses

Budget carrier SpiceJet swung to a first-quarter profit on Monday as lower expenses more than offset a fall in revenue.

SpiceJet reported a consolidated net profit of Rs 197.64 crore for the quarter ended June 30, 2023, versus a net loss of Rs 783.72 crore in the year-ago period. The company simultaneously announced its March quarter earnings where it reported a net loss of Rs 6.22 crore.

The revenue from operations for the June ended quarter stood at Rs 1,917.43 crore, down 19% from Rs 2,371.53 crore reported in the year-ago period. In the March quarter of the last financial year, the revenue from operations stood at Rs 2,043.91 crore.

The company’s profit was on the back of a 36% decline in total expenses for the said quarter to Rs 2,069.24 crore. In the March quarter, the company incurred expenses worth Rs 2,504.79 crore.

The Board of SpiceJet had deferred the release of Q4FY23 and Q1FY23 results for today after the company could only partially complete the agenda items listed during its Friday board meeting.

On a standalone basis, PAT stood at Rs 204.56 crore versus a net profit of Rs 16.85 crore in the March 2023 ended quarter. The standalone revenue from operations stood at Rs 1,843.63 crore for the June quarter which was lower than Rs 2043.70 crore in Q4FY23. Revenue was at Rs 2,371.12 crore in Q1FY23. For the financial year ended March 31, 2023, the revenue came in at Rs 8571.99 crore.

For the Quarter ending June 2023, the company reported an EBITDA of Rs 525 crore against loss of Rs 393 crore in Q1FY2023. The company claimed to have posted industry’s highest domestic load factor of 90% during the said quarter. Passenger RASK (revenue per available seat kilometer) increased by 26% due to increase in yield by 22% and load factor by 4%. The other operating revenue increased by 85% during the quarter with 376 charter flights witnessing operations carrying 58,379 passengers.

SpiceJet has also successfully hived-off its cargo logistics arm effective April 1, 2023, the filing said.