SpiceJet’s net profit at over Rs 23 cr

Budget carrier SpiceJet on Tuesday reported a net profit of Rs 23.28 crore for the quarter ended December 31, 2021, against a loss of Rs 56.95 crore during the corresponding quarter of the previous fiscal.The airline reported one-time exceptional adjustment of Rs 77.46 crore on account of settlement. The settlement with Boeing was a significant event during the quarter.

As expected, the company received cash and non-cash accommodations significantly in excess of the amounts due to lessors during the period of grounding of MAX aircraft, the airline said in a statement.

The settlement not only brought back into operations the grounded 737 MAX aircraft but also paves way for the induction of more efficient and younger MAX aircraft into SpiceJet's fleet.The settlement also ensures the resumption of new aircraft deliveries from our order of 155 MAX aircraft.