SpiceJet Q4 net profit rises 22%

SpiceJet reported a profit of Rs 56.3 crore for the quarter ended March 31, 22% higher than Rs 46.2 crore it had earned during the year-ago period, helped by the grounding of rival Jet AirwaysNSE -1.83 %.

The Gurgaon-headquartered low-cost airline reported a net loss of Rs 316.1 crore for the entire 2018-19, however, primarily on account of the huge losses it had incurred during the first two quarters of the financial year.

Revenue from operations for the quarter was up 25% year-on-year to Rs 2,531.3 crore on the back of 11% increase in average fare. On an EBITDAR basis, the profit was Rs 523.3 cro-re for the quarter, the airline said.