SpiceJet net jumps 22% to Rs 56 crore in March quarter, cashes in on higher fares after Jet Airways’ grounding

SpiceJet on Tuesday reported a 22% year-on-year jump in net profit to `56 crore for the March quarter, cashing in on higher fares following rival Jet Airways’ grounding.

SpiceJet’s share price closed up 2.1% on the BSE on Tuesday, having gained an impressive 51% since April.

Although SpiceJet grounded 13 Boeing 737 Max aircraft over safety concerns since March 12, its operating revenues jumped 25% y-o-y to `2,531 crore, as it carried 13% more domestic passengers during Q4FY19 from a year earlier.