SpiceJet reports 1QFY2013 financial highlights

In line with recent trends of gaining stature in the Indian skies, SpiceJet recorded yet another successful quarter that saw growth in passenger traffic and a further increase in market share to 18.6% by June 30, 2012. Revenue for the first quarter ended June 30, 2012 increased by 51% to Rs 1407 crore as compared to Rs 931 crore of the quarter ended June 30, 2011.

In line with recent trends of gaining stature in the Indian skies, SpiceJet recorded yet another successful quarter that saw growth in passenger traffic and a further increase in market share to 18.6% by June 30, 2012. Revenue for the first quarter ended June 30, 2012 increased by 51% to Rs 1407 crore as compared to Rs 931 crore of the quarter ended June 30, 2011.

SpiceJet has also returned to profitability after five successive quarters of losses. The average revenue per passenger in the quarter under review increased 24% as compared to the corresponding quarter a year ago. Load factor during the June 2012 quarter was 80.3% up from 78.9% during the same period last year. Though the load factors and yields have been holding firm, the high cost of operations influenced by a weak INR prevented the Company from posting even better results.

Prohibitively expensive fuel prices continue to adversely impact the Indian civil aviation sector. Though international crude prices have softened in recent weeks, the domestic carriers are yet to realize the benefits of such reduced input costs of ATF. In addition, the industry has also absorbed significant increases in airport charges introduced in Delhi recently.

SpiceJet posted a Profit Before Tax (PBT) of Rs. 62.44 crore for the quarter ended June 30, 2012 as against a loss of Rs. 71.96 crore for the comparable period last fiscal year.

Highlights for the quarter ended June 30, 2012 Vs June 30, 2011

Operational

• 26.1% growth in number of passengers.
• 16.7% growth of Available Seat Kilometers.
• 43.9% growth in number of departures.

Financial

• 51% increase in Revenue from Operations.
• 24% increase in passenger yields to Rs. 4,068 from Rs 3,283
• PBT of Rs. 62.44 crore for the quarter ended June 2012 ; last year was a loss of Rs 71.96 crores.

Neil Mills, Chief Executive Officer of Spicejet said, "While we expand our footprint in domestic as well as international sectors, the excessive taxation on ATF in India and the weakening of Indian Rupee against the US dollar are matters of serious concern. The sharp increase in airport charges and other pass- through levies in various forms are increasing the cost of air travel to our passengers, without bringing any additional revenue to the airlines. The need of the hour is for Government of India to intervene proactively and launch initiatives urgently to improve the health of Indian civil aviation. "

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