Net profit continues to increase QoQ despite a significant increase in ATF prices and a depreciating rupee.
SpiceXpress, the cargo division of SpiceJet, reported revenue of Rs 239 crore ($29.9 million) for the first quarter ended June 30, 2022, and a net profit of Rs 18 crore ($2.3 million) despite high ATF prices.
Profit margin increased to 8 percent from 4 percent QoQ, and the cargo carrier transported 33,097.4 tonnes in Q1FY2023, according to an official announcement.
The carrier secured certifications for international cargo operations into the E.U. and the U.K.