On Thursday, SpiceJet has announced that it has come out of red in the January-March period to return to profitability.
The airline was acquired back by its original co founder Ajay Singh during the quarter, has reported a net profit of Rs 22.5 crore in the three month period as compared to a net loss of Rs 321.5 crore in Q4 of FY14.
“These results indicate that a recovery is in progress and is the first tangible evidence of the ongoing revival,” chairman Singh said in a statement.
Sanjiv Kapoor, the Chief operating officer said that the airline,having cut its debts and paid most of its outstanding dues, would now look to rebuild the size of its fleet as it tries to win back customers.
“The airline plans to add seven more Boeings to its current fleet of 19 by the end of this year”, he added.
“SpiceJet is clearly turning the corner under the new promoter. I firmly believe this is the start of what will be a noted as a historic airline turnaround,” Kapoor further added.