SpiceJet reports highest-ever quarterly profit of ₹262.8 cr

Low-cost airline SpiceJet on Friday has reported its highest ever consolidated net profit of ₹262.8 crore for the first quarter that ended on June 30, 2019 against a loss of ₹35.5 crore it made during the same period last year.

However, SpiceJet’s Chief Financial Officer Kiran Koteshwar believes the grounding of Boeing Max 737 and the delay in delivery has dampened their growth strategy for FY20.

The airline’s total income stood at ₹3,146 crore (₹2,254.4 crore).

According to Koteshwar, following the shut down of operations by Jet Airways, SpiceJet was quick to bridge the supply gap. “We also took premium slots that that gave us higher yields. The low fuel prices also helped us in driving up our profits.”