'Air travel has come roaring back': SpiceJet net profit rises 160%

Cash-strapped airline in the black after 3 qtrs; plans to raise Rs 764-cr ECLGS loan

After posting significant losses for three quarters, SpiceJet on Friday announced it had made a consolidated net profit of Rs 110.1 crore, up nearly 160 per cent year-on-year (YoY), in the third quarter of 2022-23 as “air travel has come roaring back”.

The financially troubled airline also stated that it is in talks with banks to raise an additional Rs 763.9-crore loan under the central government's Emergency Credit Line Guarantee Scheme (ECLGS). In Q3 and Q2 of 2022-23, the airline took bank loans of Rs 150.9 crore and Rs 60 crore, respectively, under the ECLGS. In the current quarter, it