Major jump in SpiceJet profits

SpiceJet reported a net profit of Rs 107 crore for the quarter ending in the quarter ending December 31, 2021. As a result, SpiceJet shares saw new market highs for the week.

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However, in the past one year, the stock has underperformed the market, by falling 30 percent, as compared to nine percent rally in the Sensex. Also, despite the jump in passenger traffic, business continued to be impacted by high fuel prices and depreciating rupee.

"Despite a big jump in passenger traffic, business has continued to be impacted by high fuel prices and depreciating rupee. There are renewed signs of recovery and some very positive developments and restructuring initiatives in the immediate offing that would significantly strengthen and deleverage the company's balance sheet", the management said.

The airline launched 15 new routes and operated 254 charter flights in the quarter. Ajay Singh, Chairman and Managing Director, SpiceJet, said: "Air travel has come roaring back touching newer heights and giving a glimpse of the huge potential of the Indian aviation market and we look forward to a robust and exciting 2023."