SpiceJet's net profit plummets 24% in Q3

Budget carrier, SpiceJet on Tuesday annouced its third quarter ending December 31 results that reported a fall in net profit of 24.5% to Rs 181.143 crore.

The company’s operating revenue was Rs 1,642.4 crore in the quarter and its earnings before income tax deduction and amortisation (EBITDA) reported a profit of Rs 241.3 crore.

“Profit for the quarter  were impacted by demonetisation and higher fuel prices. Despite this, margins on EBITDAR, EBITDA and EAT basis were 28%, 14% and 11% respectively,” the company said.

Total expenses of the company increased 25.7% to Rs 1520.02 crore from Rs 1209.172 crore in the corresponding period of the previous year.

The company’s expenses amounted to Rs 1337.25 crore in the quarter ending September 30, 2016.

Shares of the company closed up 0.55% to Rs 64.35 per share on BSE Sensex today.

"We have reported our eighth successive profitable quarter despite headwinds. SpiceJet's dramatic turnaround story has made the world sit up and take notice, Our historic aircraft order signifies the end of the turnaround phase for SpiceJet and marks the beginning of a growth story. This order will help build an even stronger and more profitable airline. We will be relentless in reducing our costs and identifying new avenues for revenue generation," said Ajay Singh Chairman and Managing Director, SpiceJet.