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.
“A strong 8 percent increase in passenger yields helped partially offset record high cost due to an increase of 34 percent in crude oil prices and 11 percent depreciation of the Indian rupee against the USD. The combined effect of these cost escalations was approximately Rs 329 crore,” SpiceJet said.
The average domestic load factor for the quarter was 91.6 percent, it added.
Other income was up at Rs 44 crore for the quarter against Rs 27.3 crore in same period last fiscal.