Low cost airline carrier SpiceJet has posted a steep 77.1 percent year-on-year decline in profit to Rs 55.1 crore, dented by higher aircraft fuel expenses. Its profit in same period last year was at Rs 240 crore.
The company said revenue from operations during the quarter grew by 20.2 percent to Rs 2,487 crore year-on-year. At operating level, EBITDA (earnings before interest, tax, depreciation and amortisation) plunged 62.7 percent YoY to Rs 113.2 crore and margin contracted to 4.5 percent in Q3 against 14.7 percent YoY due to more than 33 percent increase in operating expenses.
Aircraft fuel expenses during the quarter increased by 54.5 percent to Rs 968.3 crore against Rs 631 crore in corresponding period last year. Read More