SpiceJet reported a 77 percent drop in net profit to ₹55.1 crore ($7.72 million) for the quarter ended December 31, 2018.
The Delhi-based LCC, cited increase in crude oil prices and the depreciation of the rupee against the dollar for the profit drop.
The airline reported a net profit ₹55.1 crore against a profit of ₹240 crore for the same period previous year.
Airline took delivery of nine Boeing 737 Max 8s and three Bombardier Q400s for the last quarter to add the total fleet size to 75 aircraft.
“With sector headwinds having subsided, we are bullish on our prospects and will continue to invest aggressively in creating capacity in line with our forecasts. The new-generation 737MAX aircraft,…will become a substantial portion of our Boeing fleet, to further improving our margins”.said Ajay Singh, Chairman and Managing Director, SpiceJet.