SpiceJet’s Q4 profit up 22%, misses estimates

MUMBAI: More fliers and higher yields lifted low-fare airline SpiceJet Ltd’s March quarter net profit by 22% from a year ago, despite the grounding of its Boeing 737 Max aircraft. However, the numbers still failed to meet market estimates.

Net profit rose from ₹46.15 crore a year earlier to ₹56.29 crore in the quarter ended March 31, the airline said. That compares with the ₹134.40 crore average profit estimates compiled by nine analysts polled by Bloomberg. The airline, however, reported a full-year loss for 2018-19 at ₹316.08 crore. It had reported profit of ₹557.20 crore in 2017-18. Revenue rose 17.45% to ₹9,266.25 crore.

Local airlines are aggressively expanding fleets and adding routes to benefit from the collapse of Jet Airways (India) Ltd. SpiceJet and IndiGo have also been vying for lucrative airport slots left vacant by the Jet Airways grounding in March.