SpiceJet Returns to Profit: A Milestone Turnaround

SpiceJet reported a profit of Rs 26 crore for Q3 FY24, overcoming a previous Rs 300 crore loss. Revenue rose by 35% due to strong demand and operational efficiency. The airline raised Rs 3,000 crore, becoming net worth positive. Future growth is expected in RASKs for Q4 FY25.

In a significant turnaround, budget airline SpiceJet has reported a profit of Rs 26 crore for the quarter ending December 2024, coming back from a hefty Rs 300 crore loss in the same period last year. The fiscal upswing was driven by strong passenger demand, improved yields, and enhanced operational efficiency.

Total revenue for the airline surged by 35 percent to reach Rs 1,651 crore. Despite the impressive rise, the revenue falls short of the Rs 2,149 crore reported in Q3 2023. The results, initially set for Tuesday, were delayed due to an extended board meeting that concluded late at night.

SpiceJet's investment strategy paid off this quarter, with the company securing Rs 3,000 crore from qualified institutional investors, turning net worth positive for the first time in a decade. The airline expects continued growth driven by strong demand and network optimization strategies.