Mumbai, Feb 27: Low-cost airline SpiceJet has reported a sharp decline (on-year) in its revenue in the October-December quarter (Q3 FY25) to Rs 1,178.7 crore from Rs 1,850.4 crore in a year-ago period (Q3 FY24).This decline came despite a rise in domestic travel demand in India, which has been increasing for the past eight quarters.
The airline, which announced its earnings for two consecutive quarters together (Q2 and Q3 FY25) after a board meeting on February 25, also suffered an increase in its net loss, which widened to Rs 441.7 crore in the July-September quarter (Q2 FY25).
The net loss stood at Rs 431.54 crore in the same quarter last year (Q2 FY24).
The budget carrier’s revenue fell significantly to Rs 817.12 crore in Q2 from Rs 1,425.29 crore in the year-ago period. There was also a steep decline in market share and passenger numbers, according to its exchange filing.
In Q2, it carried 9.69 lakh passengers, securing a 2.5 per cent market share, compared to 15.90 lakh passengers and a 4.3 per cent market share in the same quarter last year.
In Q3, the airline carried 12.67 lakh passengers, holding a 3 per cent market share, down from 5.6 per cent in a year-ago period when it flew 21.84 lakh passengers.
However, the airline managed to post a net profit of nearly Rs 25 crore in Q3, a turnaround from the nearly Rs 300 crore loss in the same period last fiscal.
“For the first time in a decade, the company turned net worth positive – an important milestone that underscores the success of our turnaround strategy,” SpiceJet Chairman and Managing Director, Ajay Singh, said.
He added that the past is behind us and we are now firmly focused on building a stronger, more resilient future for SpiceJet.
Total income in Q3 increased to Rs 2,156.6 crore from Rs 1,654.2 crore in the same period last year.