SpiceJet on Thurday reported net profit of Rs 58.91 crore for the second quarter September 30, 2016, a rise of 103.07% compared to Rs 29.01 crore in the corresponding period of the previous year.

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After the announcement of result, shares of SpiceJet tumbled below Rs 65 level. However it settled at Rs 65.75 per share up by 2.10%.

The company said that it added 38% capacity in the quarter gone by. Total income from operations stood at Rs 1400.39 crore, witnessing growth of 34.64% year-on-year.

However on quarter-on-quarter (qoq) basis, SpiceJet’s net profit and total income declined by 60.47% and 8.03% respectively.

Ajay Singh, Chairman & Managing Director, Spicejet said, “This was the weakest quarter of the year and despite the intense competition in the market, SpiceJet has performed exceptionally well. We continue to focus on responsible and profitable growth.”

He added, “We have resolved practically all our legacy issues and the stage is set for building up our cash reserves and finalizing our long term fleet expansion plans.”

The airline witnessed a passenger load factor of 92.3%, the highest in the industry. It said, "SpiceJet has recorded the highest passenger load factor in the industry for 19 months in a row and the load factor has been in excess of 90% in every month since April 2015."

The company's total cost (CASK) declined 10% a year ago same period and average unit fares improved by 5% despite competitive pressures.

SpiceJet said, "This is the seventh consecutive profitable quarter for the airline after the challenges faced by the Company in December, 2014 and the change in management and control."