Shares of SpiceJet rose 15% to Rs 40.75 on the BSE in intraday trade on Friday after the company’s standalone net profit jumped five-fold to Rs 107 crore in the December quarter (Q3FY23). It posted a profit of Rs 23.28 crore in the same period last year (Q3FY22). Solid performances in passenger and cargo operations drove profit growth.

Total revenue in the reported quarter was Rs 2,794 crore compared to Rs 2,679 crore in the same period last year. Ebitdar stood at Rs 591 crore compared to a loss of Rs 387 crore in the previous quarter (Q2FY23).

The company continued its strong performance in the passenger segment with the highest domestic load factor of 91% and operating income up 19% quarter-on-quarter to Rs 2,315 crore. The airline launched 15 new routes and operated 254 charter flights during the quarter.

“Despite a significant increase in passenger traffic, the business continues to be impacted by high oil prices and the rupee depreciation. According to management, signs of recovery are emerging again, with some very positive development and restructuring initiatives in the near term that will significantly strengthen and deleverage the company balance sheet”.

Ajay Singh, Chairman and Managing Director of SpiceJet, said, “Air travel has made a comeback and touched new heights, giving us a glimpse into the huge potential of the Indian aviation market. We look forward to a strong and exciting 2023.”

At 3:02 pm, SpiceJet was quoted 12% higher at Rs 39.60 on the BSE. The S&P BSE Sensex fell 0.24% to 59,460. The average volume of transactions on the counter jumped more than threefold. A total of 18.7 million shares have changed hands on the NSE and BSE so far.

Over the past year, however, the stock has fallen 30%, underperforming the broader market, while the Sensex has gained 9%. It hit a 52-week low of Rs 32 on February 15, 2023.