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Budget carrier SpiceJet on Tuesday reported a net profit of Rs 23.28 crore for the quarter ended December 31, 2021, against a loss of Rs 56.95 crore during the corresponding quarter of the previous fiscal.

The airline reported one-time exceptional adjustment of Rs 77.46 crore on account of settlement. The settlement with Boeing was a significant event during the quarter.

"As expected, the company received cash and non-cash accommodations significantly in excess of the amounts due to lessors during the period of grounding of MAX aircraft," the airline said in a statement.

"The settlement not only brought back into operations the grounded 737 MAX aircraft but also paves way for the induction of more efficient and younger MAX aircraft into SpiceJet's fleet.The settlement also ensures the resumption of new aircraft deliveries from our order of 155 MAX aircraft."

Besides, the airline recorded a 74 per cent rise in the third quarter revenue to Rs 2,679 crore as against Rs 1,539 crore in the previous quarter as it added more destinations and newer aircraft to its fleet.

"The passenger industry witnessed the much needed turnaround in the third quarter as Covid cases ebbed in the first half of the quarter, travel picked up significantly and there was finally hope that the worst was behind us," Chairman and Managing Director, Ajay Singh, said in the statement.

"However, that changed by the second half of December as Omicron halted that recovery. Our performance would have been much better but was impacted by the unexpected delay in the return to service of the 737 MAX, rising fuel costs and certain exceptional adjustments."

On operational parameters, SpiceJet's average domestic load factor for the quarter was 85.2 per cent.

Furthermore, the airline launched 40 new routes to strengthen its domestic network besides adding Kushinagar as its latest UDAN destination.

In addition, the airline said it is now aiming for a stronger comeback in 2022 by utilising and expanding its 737MAX fleet for better yield and flying experience, launching new customer centric services, optimising daily operations based on IT and expanding network both domestically and internationally.