Business News

Trouble-hit SpiceJet turned profitable in the third quarter that ended December 2024 on the back of strong passenger demand and improved operational efficiency. The profit for Q3 stood at Rs 26 crore as against a loss of Rs 300 crore a year ago.The airline’s total revenue surged by 35% to Rs 1,651 crore."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," said Ajay Singh, Chairman and MD, SpiceJet.SpiceJet affirmed that the past is behind, and it is now firmly focused on building a stronger, more resilient future.The company is also in discussions with OEMs for advanced deliveries of aircraft and are actively exploring both organic and inorganic growth opportunities.Strong demand and effective network optimization are expected to drive a double-digit growth in RASKs during the fourth quarter of FY25.This anticipated increase, the company hopes will not only enhance its revenue streams but also significantly improve cash flows, contributing to the overall financial health of the company.The company said its Rs 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.SpiceJet achieved an impressive Passenger Load Factor of 87% with total passenger RASK stands at Rs 4.57. The total amount spent for ungrounding aircraft stood at Rs 170 crore.On Tuesday, SpiceJet's shares closed 1.7% higher at Rs 47.9 on NSE.