SpiceJet Ltd. delivered on its chairman’s word and posted a surprise profit after making losses for seven straight quarters as ebbing Covid-19 cases paved the way for a relaxation in movement curbs and boosted domestic air travel.
India’s third-largest budget airline posted a net income of 232.8 million rupees ($3.1 million) in the three months ended Dec. 31, according to a statement Tuesday. A Bloomberg survey of analysts had estimated an average loss of 3.2 billion rupees while the deficit in the same period last year was 569.6 million rupees. Revenue rose 34% to 22.6 billion rupees, beating estimates. Total costs also surged 34% in tandem.