SpiceJet posts record profit of Rs 262 cr in June quarter, Jet Airways downfall provides boost

Indian budget airline SpiceJet Ltd on Friday posted its biggest ever quarterly profit, as it flew more passengers and raised fares in the wake of the collapse of Jet Airways.

Domestic air traffic growth has been slowing in recent months in a flagging economy, but the downfall of Jet Airways, once the country’s largest private carrier, this year has helped SpiceJet and market leader IndiGo attract more customers, raise fares and add routes.

Shares in SpiceJet and InterGlobe Aviation-owned IndiGo have soared 55% and 31% respectively this year, as the companies raced to fill in prime airport slots vacated by Jet.