The budget carrier SpiceJet on Tuesday (February 25) announced their results for the quarter ending December 31, 2024 (Q3FY25), the company announced through an exchange filing.
SpiceJet has reported a profit after tax (PAT) of Rs 26 crore in Q3FY25, marking a turnaround from a loss of Rs 300 crore in the same period last year. The airline’s total revenue surged by 35% year-on-year YoY to Rs 1,651 crore, driven by higher passenger demand, improved pricing, and operational efficiencies.
In addition to this , the airline has achieved a Passenger Load Factor (PLF) of 87%.
Debt resolution and settlements
SpiceJet has made notable progress in settling the liabilities as well as resolving disputes with multiple aircraft and engine lessors. The airline cleared outstanding dues of Rs 1,700 crore at a reduced settlement amount of Rs 1,233 crore, resulting in a financial benefit of Rs 467 crore.
The company reached settlements with aircraft lessors, including Aircastle, EDC, Carlyle Aviation, Genesis, Cross Ocean, Echelon, BBAM, and Wilmington Trust. Additionally, engine lessors such as ELFC, Shannon Engineering Support, Willis, and MTU also settled their claims with SpiceJet.
“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. The past is behind us, and we are now firmly focused on building a stronger, more resilient future for SpiceJet,” said Ajay Singh, Chairman and Managing Director, SpiceJet.
Financial performance highlights
The airline’s EBITDA stood at Rs 210 crore, compared to Rs 3 crore in Q3FY24. Excluding forex impact, EBITDA was Rs 316 crore against Rs 30 crore last year.
On a YTD basis (April to December 2024), the air carrier has reduced its losses to Rs 267 crore. This marks a substantial improvement from the Rs 528 crore recorded in the previous year.
The revenue for the period stood at Rs 3,838 crore. The airline’s Revenue per Available Seat Kilometer (RASK) stood at Rs 4.57 for Q3FY25 and Rs 4.60 for the YTD period.
Investment boost, fleet expansion and ESOP allocation
The airline rise Rs 3,000 crore through a Qualified Institutional Placement (QIP). In addition to this, the company spent Rs 170 crore on underground aircraft.
In a positive development for employees, SpiceJet’s Board of Directors approved the allotment of 3,02,950 equity shares under the SpiceJet Employee Stock Option Scheme (ESOP) – 2017, added the company in a regulatory filing.
SpiceJet share price
The share price of SpiceJet on Tuesday ended the day at Rs 47.97 per share, up by 1.70%.