Chennai, Aug 14 (IANS): SpiceJet Ltd on Monday said it closed the first quarter with a net profit of Rs 204.56 crore.

In a regulatory filing, the airline said during the quarter that ended on June 30, it had earned an operational revenue of Rs 2,001.74 crore (Q1FY23 Rs 2,456.76 crore) and a net profit of Rs 204.56 crore (net loss of Rs 788.82 crore).

During the quarter under review, the company’s total expenses came down to Rs 2,063.49 crore -- contributed mainly by reducing in aviation turbine fuel cost, airport charges and aircraft maintenance costs -- from Rs 3,267.23 crore spent during the previous year corresponding period.

SpiceJet said it continues to implement various measures such as return to service of its grounded fleet, enhancing customer experience, improving selling and distribution, revenue management, fleet rationalisation, optimising aircraft utilisation, redeployment of capacity in key focus markets, management and employee compensation revision, renegotiation of contracts and other costs control measures, to establish consistent profitable operations and cash flows in the future.

With increase in passenger operation and yields, SpiceJet said it had earned revenue from passenger business of Rs 1,843.63 crore for the quarter ended June 30 as compared to Rs 1,845.18 crore on for the quarter ended March 31.

The airline has also initiated the process for issue of fresh equity/equity warrants to the promoter group for value aggregating to Rs 500 crore and is further considering raising of fresh capital through issue of eligible securities to qualified institutional buyer, in accordance with applicable law.