Low-cost carrier SpiceJet posted a near 11% increase in its standalone net profit for the quarter ending March to Rs 46.1 crore from Rs 41.6 crore in the year-ago period.

SpiceJet’s net profit for the whole financial year surged 32% from Rs 430 crore in FY17 to Rs 566.7 crore. The carrier, which had also posted profits in the previous two years, has improved its net worth in the process. On March 31, 2018, SpiceJet’s negative net worth stood at Rs 42.97 crore—a sharp decline from its negative net worth Rs 1,485.2 core three years ago.

“Despite rising fuel prices, SpiceJet continues to record profits and has recorded the highest annual profit in its history. With the fuel efficient B737 MAX joining our fleet in the coming months we will continue to expand at home and abroad, and strive to improve profitability and operating performance,” said Ajay Singh, chairman and managing director of SpiceJet.

The company has inked a deal worth $12.5 billion with CFM International, a jet engine manufacturer, for the purchase of more fuel-efficient engines for its 155 Boeing 737 MAX fleet.

SpiceJet attributed its relatively better performance in the fourth quarter to the increase in its passenger load factor (PLF), which was a result of adding more flights to its existing network. SpiceJet had the highest PLF in the domestic market, with over 90% in the entire year. “In fourth quarter, the company has demonstrated a strong revenue performance backed by an increase in yield and record load factor, and as a result could absorb the significant rise in fuel costs,” SpiceJet said in a statement.

Market leader Indigo’s net profit fell 73% in the March quarter.

In FY19, SpiceJet plans to expand its fleet by adding 19 Boeing’s 737-MAX aircraft and eight new generation Q400s (Bombardier) with additional seating capacity.

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