Spicejet

SpiceJet for Q4Fy16 had a lot of expenses which dented the profits. Cost for redelivery of the leased Boeing aircraft retired from commercial use was at Rs.27 crore. Aircraft maintenance charge for the quarter was at Rs.396 crore, more than the cost it incurred during the quarter for fuel, which was at Rs.329 crore.

And then there were some extraordinary income to mitigate these costs too. One Bombardier Q400 aircraft sustained extensive damage during operations. The insurance was more than the assessed carrying value of this aircraft and it went on to earn a one-time income of Rs.64 crore. There is also an other income of Rs.40 crore coming in via additional and write back of accruals made for the redelivery of the leased Boeing aircrafts.

Thus after all the expenses, on a 85% (YoY) jump in net revenue earned, the company’s profit before the extraordinary income of Rs.64 crore was at Rs.9.5 crore v/s loss of Rs.38 crore in previous Q4 and profit of Rs.239 crore in Q3. After adding this income, net profit bettered – it was at Rs.73 crore, up 232% YoY but down 69% QoQ. Operating revenue per Available Seat Kilometre (ASKM) registered a growth of 21% over the same quarter last year. Fuel costs at Rs.329 crore was down 10% sequentially  but up 15% YoY and 22% of total cost.

The airline ended FY16 with an operational revenue of Rs. 5,088 crore a reduction of 3%  (YoY), while its capacity deployed reduced by 11% over the same period. Net profit for the fiscal was at Rs.73 crore v/s loss of Rs.687 crore in FY15. Its interest outgo for the fiscal was at Rs.115 crore and borrowings stood at Rs.1029 crore, down 17%. Cash balance is at Rs.108 crore.