SpiceJet share price rises 8% after company turns profitable in Q3FY22

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SpiceJet Q3 results | The airline posted a consolidated net profit at Rs 42.5 crore in the December quarter after seven straight quarters of loss

SpiceJet

SpiceJet

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SpiceJet share price bounced back sharply from its 52-week low of Rs 56.25, touched early in the day, as the low-fare airline reported a profitable December quarter 2021 after seven straight quarterly losses.

SpiceJet posted a consolidated net profit of Rs 42.5 crore in the December quarter against a loss of Rs 66.7 crore in the year-ago period. The company’s consolidated revenue was up 33.8 percent at Rs 2,263 crore from Rs 1,692 crore in the year-ago quarter. The profit included one-time loss at Rs 77.4 crore.

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Earnings before interest, tax, depreciation and amortization (EBITDA) were down 52.4 percent at Rs 116.4 crore against Rs 244.3 crore and the margin was down 5.1 percent from 14.4 percent, YoY.

At 2.20 pm, SpiceJet was quoting at Rs 63.30, up Rs 4.05, or 6.84 percent on the BSE.

A few days ago, rival IndiGo, too, surprised with a good set of numbers for the December quarter. InterGlobe Aviation Ltd, the operator of IndiGo, reported a profit of Rs 129.79 crore after posting losses for seven consecutive quarters.