SpiceJet's Revenue Plummets 36% in Q3, Q2 Losses Widen to ₹441 Crore

Budget carrier SpiceJet (NSE: SPJT) has posted a significant year-on-year decline in revenue for the third quarter ended December (Q3 FY25), at Rs 1,178.7 crore, as against Rs 1,850.4 crore in the similar period of the last fiscal (Q3 FY24).

The decline comes notwithstanding a steady improvement in domestic air travel demand in India in the last eight quarters.

After a board meeting on February 25, the airline released its financial performance for two consecutive quarters (Q2 and Q3 FY25). The report also showed a broader net loss in the July-September quarter (Q2 FY25), which rose to Rs 441.7 crore. This is a slight increase from the Rs 431.54 crore net loss in Q2 FY24.

SpiceJet's revenue declined sharply in Q2, falling to Rs 817.12 crore from Rs 1,425.29 crore during the corresponding period last year. The airline also reported a sharp drop in market share and passenger volume, according to its stock exchange filing.

In Q2, SpiceJet had transported 9.69 lakh passengers, recording a 2.5% market share—a drop from 15.90 lakh passengers and a 4.3% market share last year in the same quarter. The same fall was registered in Q3 as well, when passenger volume reduced to 12.67 lakh, gaining a 3% market share, against 21.84 lakh passengers and a 5.6% market share last year in the same quarter.

But the airline managed a Q3 turnaround by earning a net profit of some Rs 25 crore, a significant improvement from the Rs 300 crore loss incurred in the same quarter last year.

"For the first time in ten years, the company turned net worth positive - an important milestone that is a testament to the success of our turnaround strategy," said SpiceJet Chairman and Managing Director, Ajay Singh.

He also stressed that the airline has overcome its problems and is now concentrating on establishing a stronger and more robust future.

Total Q3 income improved, increasing to Rs 2,156.6 crore from Rs 1,654.2 crore in the corresponding year-ago period.