SpiceJet Reports ₹25 Crore Profit in Q3, Recovers from ₹301 Crore Loss Last Year

26 February, 2025
SpiceJet Reports ₹25 Crore Profit in Q3, Recovers from ₹301 Crore Loss Last Year

Winning Bizness Desk

Mumbai. Low-cost airline SpiceJet has reported a net profit of ₹25 crore in the third quarter (Q3) of the financial year 2024-25. The airline had incurred a loss of ₹301 crore in the same quarter last year.

Despite the profit, the company’s consolidated revenue from operations fell 35.35% year-on-year (YoY) to ₹1,231 crore, compared to ₹1,904 crore in the corresponding period of the previous year. However, on a quarterly basis, revenue increased by 35.12%, up from ₹911 crore in the July-September (Q2) quarter.

SpiceJet's Stock Performance

Ahead of its Q3 results, SpiceJet's stock closed 1.70% higher at ₹47.97. Over the last:

  • 5 days, the stock gained 10.28%
  • 1 month, it rose by 9.35%
  • 6 months, it declined 28.03%
  • 1 year, it dropped 29.65%

The airline currently has a market capitalization of ₹6,150 crore.

SpiceJet: India’s Leading Low-Cost Airline

SpiceJet is one of India's largest low-cost carriers (LCCs), connecting remote parts of the country. It operates around 250 flights daily across 48 domestic and multiple international destinations.

The airline’s fleet includes Boeing 737 MAX, Boeing 700, and Q400 aircraft. Established in 2004, SpiceJet traces its roots back to 1993, when an air taxi company owned by S.K. Modi partnered with Lufthansa. However, operations were discontinued in 1996.

In 2004, entrepreneur Ajay Singh revived the airline with a low-cost model. The first SpiceJet flight took off on May 24, 2005, from New Delhi (DEL) to Mumbai (BOM) using a leased Boeing 737-800. SpiceJet has recently been in the headlines due to a series of financial and operational developments.

Financial Performance and Funding Initiatives

After six consecutive years of losses, SpiceJet reported a consolidated net profit of ₹150 crore for the quarter ending June 2024 (Q1FY25), a 26% increase over the previous quarter. To strengthen its financial position, the airline initiated a ₹3,000 crore fund-raising effort through a Qualified Institutional Placement (QIP), completed by September 2024. This infusion allowed SpiceJet to clear outstanding dues, including employee salaries, Goods and Services Tax (GST) obligations, and provident fund contributions.