SpiceJet Q1 Net Profit Up 16% At Rs. 173 Crore

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New Delhi: SpiceJet today reported nearly 16 per cent jump in consolidated net profit at Rs.172.67 crore for three months ended June, staying in the black for the 10th straight quarter.

The no-frills airline had a net profit of Rs. 149.03 crore in the same period a year ago.

SpiceJet’s total income in the first quarter of the current financial year rose to Rs. 1,889.70 crore from Rs. 1,543.96 crore in the year-ago period, according to a stock exchange filing. The airline’s total expenses went up to Rs. 1,717.03 crore.

“Ten successive profitable quarters, a record aircraft order and exploring new growth avenues through the UDAN programme —  SpiceJet remains firmly on track for its long term growth strategy,” the airline’s CMD Ajay Singh said in a release.

He also described the three months ended June as an “eventful quarter”.

The airline plans to add around six Boeing 737 Next Generation aircraft during the third and fourth quarters besides adding two more Bombardier Q400 planes.

In the current quarter, SpiceJet said it would start services to Kanpur, Adampur and Jaisalmer under the UDAN scheme.

Under first phase of UDAN — the government’s initiative to connect unserved and under-served airports at affordable ticket prices — the airline was awarded 11 routes.

Earlier this year, the carrier placed an order for up to 205 Boeing aircraft valued at around USD 22 billion. Besides, an order for 20 737 MAX 10 planes worth USD 4.7 billion and 20 conversions from the previous order have also been placed.

In addition, it has ordered up to 50 Q400 turboprop planes with Bombardier. Shares of SpiceJet declined over 5 per cent to close at Rs. 119.05 on BSE.

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