SpiceJet reports ₹25 crore net profit in third quarter

SpiceJet Ltd announced its earnings for the September and December quarters on Wednesday, February 25.The airline reported a net profit of ₹24.9 crore in the third quarter against the previous year’s ₹301 crore. Chairman and managing director Ajay Singh the company turned net worth positive for the first time in a decade. “The past is behind us, and we are now firmly focused on building a stronger, more resilient future for SpiceJet,” he said in a statement.

The airline reported a total income of ₹1,650 crore against ₹2,148 crore in the third quarter of the previous fiscal.

Its December quarter ATF expense was pegged at ₹167 crore compared to ₹234 crore in the year-ago period.The auditor notes stated that SpiceJet’s accumulated losses amounted to ₹8,170 crore. It added that the company and its certain subsidiaries are in non-compliance with various laws and regulations and the impact on the consolidated financial results is unascertainable at the moment.

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It said the airline’s current liabilities have exceeded the current assets by ₹3,925 crore. It added that the existence of material uncertainties may cast significant doubt about the group’s ability to continue as a going concern.

SpiceJet shares ended the previous trade session 1.7% higher at ₹47.97 apiece. The stock has fallen 29.65% in the past year.