Spicejet posted a fantastic set of Q1Fy16 numbers. High load factor and lower fuel prices helped the company, now no longer under the Maran management to post a turnaround – despite a 34% (YoY) fall in total income at Rs.1106 crore, in current Q1, it posted a net profit of Rs.72 crore v/s loss of Rs.124 in previous Q1. Also, this Q1 net profit is the highest eve Q1 profit.

With crude oil prices consistently scaling down, the company during the quarter showed a very good 54% decline in aircraft fuel expenses. Total costs were down 42%. Load factor was at 90% which is a 15% rise YoY.

The company said that the promoters had no intention of selling stake to any foreign carrier but would look out for strategic tie-ups. It also plans to increase the size of its Boeing and Airbus fleet by 15-20% in current fiscal.

On the back of this super turnaround by Spicejet, the stock price hit a new high today at Rs.28.10 and remains firmly in the green around the same levels. Jet Airways too has got the headwinds from Spice; the market expects some bumper numbers from Jet too and the stock is up today currently almost 11% at Rs.363 levels, with an intra day high of Rs.367.