SpiceJet has reported a profit of US$3.06 million in the third quarter of fiscal year 2025, compared to a loss of $35.294 million in the year-ago quarter. The airline’s total revenue grew by 35% to $194.06 million, driven by strong passenger demand, improved yields, and enhanced operational efficiency. Passenger Load Factor (PLF) stood at 87%.
The airline attributed this success to its $352.94 million Qualified Institutional Placement (QIP), which significantly strengthened its financial position. SpiceJet noted that the QIP had enabled the resolution of major legacy liabilities, fleet expansion, and accelerated operational growth. During the quarter, SpiceJet spent $20 million returning aircraft to service. SpiceJet inducted 10 aircraft, including three previously grounded aircraft, during the quarter, and said that it was actively working to unground seven B737 Max, four 737 NG and six Q400 aircraft.
Also during the period, the airline settled multiple outstanding disputes with aircraft and engine lessors of up to $200 million, which resulted in a financial benefit of $54.94 million. The airline said that it continues to negotiate “many other lessors for amicable resolution of old disputes”
“This quarter’s performance is a testament to SpiceJet’s resilience and our relentless focus on financial and operational recovery,” said Ajay Singh, Chairman and Managing Director, SpiceJet. “For the first time in a decade, the company has turned net worth positive – an important milestone that underscores the success of our turnaround strategy. The past is behind us, and we are now firmly focused on building a stronger, more resilient future for SpiceJet.”
“The overwhelming response to our QIP and the trust of global investors, combined with operational resilience and financial discipline, has set the stage for sustained growth. We have significantly strengthened our balance sheet, resolved key disputes, and are continuously expanding our fleet. We are in discussions with OEMs for advanced deliveries of aircraft and are actively exploring both organic and inorganic growth opportunities.”
Debojo Maharshi, chief business officer, SpiceJet, said, “Strong demand and effective network optimization are expected to drive a double-digit growth in RASKs during the fourth quarter of FY25 compared to the previous year. This anticipated increase will not only enhance our revenue streams but also significantly improve our cash flows, contributing to the overall financial health of the company and enabling us to invest in key initiatives.”