Budget carrier SpiceJet’s March quarter net profit rose 22 per cent to Rs 56.3 crore on the back of higher ticket prices, despite the grounding of Boeing MAX aircraft.
The Gurgaon-based airline had posted a profit of Rs 46.2 crore in the last quarter of 2017-18.
“SpiceJet has posted a strong recovery in the third and fourth quarters after suffering a loss of Rs 427.5 crore in the first two quarters because of a steep increase in fuel costs and a sudden depreciation of the rupee. This recovery comes despite the unprecedented challenges we faced during the fourth quarter, which saw the grounding of as many as 13 of our MAX planes,” Ajay Singh, chairman and managing director of SpiceJet, said.
