SpiceJet, India’s second-biggest low-cost airline, reported a 61.4% y-o-y fall in net profit to Rs 41.63 crore for the quarter ending March 31 owing to substantial rise in fuel cost and other operating expenses. In the corresponding period, the airline reported a net profit of Rs 107.87 crore.
Net sales during the quarter increased by 11.4% y-o-y to RS 1,613.83 crore as compared to Rs 1,448.66 crore in the year-ago period. Fuel cost, which is almost 40% of the total operating cost of an airline, increased by a whopping 67.9% y-o-y to Rs 551.83 crore. As a result the operating profit or the EBITDAR also declined by 21.9% y-o-y to Rs 315.94 crore as compared to Rs 403.52 crore in the year-ago period.
The finance cost during the quarter decreased to Rs 16.68 crore from Rs 46.34 crore, which indicates reduction in overall debt of the airline.