India's SpiceJet, a budget carrier, has recently posted its Q1 profit. The company's profit came in at 2.05 billion rupees($24.7 million) for the quarter ended June 30, from a loss of 7.89 billion rupees a year earlier. This is a significant turnaround for the airline, as lower expenses more than offset a fall in revenue.
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SpiceJet has been under financial stress and has lost around Rs 1,516 crore in the first three quarters of the financial year 2022-23. However, this recent profit shows that the company is making progress in its efforts to improve its financial situation.
It is worth noting that this is not the first time SpiceJet has posted a profit. In 2016, the company reported a Q1 profit jump of 104% to Rs 149 crore. The carrier witnessed an increase in net sales to Rs1,506.36 crore compared to Rs1,103.23 crore in the corresponding period of the last fiscal.
Overall, it seems that SpiceJet is making strides in improving its financial situation and this recent Q1 profit is a positive sign for the company and its shareholders. It will be interesting to see how the company continues to perform in the coming quarters.