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SpiceJet Q3 net rises 33% to Rs 73.2 crore

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NEW DELHI: SpiceJet has reported a profit of Rs 73.2 crore in the quarter ending December 31, 2019, up 33% from a profit of Rs 55.1 crore in same quarter last fiscal. The airline also recorded a 47% rise in Q3 operational revenue to Rs 3,647.1 crore, against Rs 2,486.8 crore in same quarter last fiscal. The airline’s scrip closed at Rs 89.6, up 5.8% on BSE Friday when the broader market was down 0.5%.
“Stand-alone profit from airline was Rs 115 crore. Further, this profit is after a non-cash forex charge on account of IND-AS116 of Rs 75.9 crore without which the profit would have been Rs 190.9 crore,” the airline claimed.
SpiceJet chairman and managing director Ajay Singh said the airline “has done remarkably well this quarter, despite a substantial profit hit from the grounding of the MAX aircraft, which has impacted our operations and led to additional costs. Despite facing an unprecedented crisis following the grounding of the MAX in March last year, SpiceJet grew by close to 60% in 2019 demonstrating its ability to stand up to a crisis.”
“We were expecting the MAX to return to service by January 2020 but that hasn’t happened. The continued grounding and the delay in its return to service has undoubtedly hit our growth plans adversely and resulted in inefficient operations and increased costs. That said, SpiceJet, expects to grow profitably while maintaining a tight control over costs and we look forward to an exciting 2020,” Singh added.
Following the global grounding on B737 Max last March, SpiceJet has 13 of these planes grounded. The airline “has initiated the process of claims on the aircraft manufacturer towards costs and losses, which are currently under discussion…”

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