SpiceJet recorded an operating profit of Rs3.88 billion ($60.3 million) for the year ended 31 March 2017, a marginal increase of 0.7% against the previous corresponding period.
Total revenue for the 12 months came in at Rs63 billion, a 20.3% increase from the previous financial year. Expenses was also up by 21.8% to Rs59.1 billion.
Net profit for the year was at Rs4.27 billion, down 5% from Rs4.5 billion for the same period last year.
SpiceJet notes that "demonetisation resulted in significant decline in yield in Q3 and Q4 2017".
During the fiscal fourth quarter, SpiceJet recorded an operating profit of Rs416 million, down 5.8% in the same period last year. Revenue came in at Rs16.7 billion, up 10.3% from the Q4 2016.
Net profit for the three-month period came in at Rs416 million, down from Rs1.07 billion against the previous corresponding period.
The results also sees SpiceJet recording a ninth consecutive quarterly net profit.
SpiceJet announced that in this fiscal year, it had completed its turnaround "by discharging all its obligations to its business partners, implemented cost savings measures by restructuring contracts and its business processes". It adds that it is "bullish" about its future prospects.
The low-cost carrier goes on to say that it will increase its regional capacity by 25% and will further augment capacity in the Regional Connectivity Scheme (RCS), where the airline was awarded 11 routes in the first round of bids.
"The airline is also set to benefit from the reduced cost on account of low [fuel] taxes and exemption from landing and parking charges at regional airports under the RCS."
Source: Cirium Dashboard
