No-frills airline SpiceJet on Friday reported a higher net profit of Rs 107 crore in the three months ended December 2022, helped by better performance in passenger and cargo businesses.

The carrier had a net profit of Rs 23.28 crore in the year-ago period.

“Despite a big jump in passenger traffic, business continued to be impacted by high fuel prices and depreciating rupee,” it said in a release.

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In the third quarter of the current fiscal, the airline’s net profit stood at Rs 221 crore, excluding forex adjustment and the corresponding figure in the same period a year ago was at Rs 20 crore.

Revenues of SpiceJet rose to Rs 2,794 crore in the latest quarter under review compared to Rs 2,679 crore in the year-ago period.

“The profits have been driven by a strong performance in both our passenger and cargo businesses. There are renewed signs of recovery and some very positive developments and restructuring initiatives in the immediate offing that would significantly strengthen and deleverage our balance sheet.” “Air travel has come roaring back touching newer heights… we look forward to a robust and exciting 2023,” SpiceJet Chairman and Managing Director Ajay Singh said.

Shares of the airline surged nearly 13 per cent to Rs 39.90 apiece in late afternoon trade on the BSE. PTI RAM HVA