5th successive profitable quarter for the airline

New Delhi, January 27, 2011

SpiceJet, India’s only profitable listed airline, continues its successful record with yet another quarter in the black. The airline reports a net profit of Rs. 94.4 crores for the quarter ended December 2010 with a 10% improvement in EBITDA to Rs. 114 crores over the same period previous year. With this result, SpiceJet has now declared a profit for the last 5 successive quarters. Reflecting the robust growth in domestic passenger traffic, SpiceJet had their highest quarterly load factors of 87.8% during this period and closed with an all-time high market-share of 13.6% for the quarter against load factor of 80% and a market-share of 12.5% for the same quarter last year.

Highlights for the quarter ended December 31, 2010 vs December 31, 2009

Operational

• 33% growth in number of passengers.
• 19% growth of Available Seat Kilometres.
• 21% growth in number of departures.

Financial

• 28% increase in Revenue from Operations.
• 7% increase in Revenue per Available seat Kilometer.
• EBIDTAR margin at 27%.
• EBIDTA margin at 14%.>/li>
• 8% increase in Profit before Tax for the quarter to Rs. 118 crores.
• MAT impact of Rs. 23.5 crores for the quarter.
• Net Profit of Rs. 94.4 crores for the quarter.

Neil Mills, Chief Executive Officer, said “In a sense, this has been a very crucial quarter for us. During these three months we have firmed up our future expansion plans with our fresh aircraft orders and have been preparing the ground for the rapid expansion planned over the next 3 years. In the backdrop of this, we are happy to have posted our highest quarterly load factor of 87.8% during this quarter. This clearly demonstrates the increasing consumer acceptance of the SpiceJet value-service offering. We are also pleased that the yields in the market remained stable despite an increase of 11% in the market domestic seat capacity.”

“We remain optimistic about the growth in domestic passenger traffic during the next 12-18 months and expect that the industry will grow in the 14-16% range. SpiceJet will be at the forefront of this growth and will continue to outperform the industry.” he concluded.

Business Update for October – December 2010

Domestic traffic grew at 19% during the quarter over the same period previous year and continued to show increasing inclination towards the low-cost carriers. The market share of LCC’s increased from 39.6% to 45.2% during this period. Yields remained stable, an indication that the industry capacity addition of 11% during the quarter was well absorbed by the market.

SpiceJet outperformed the broad industry yet again with a 33% growth in passenger traffic. It also improved its market share to 13.6% from 12.5% during the same period in the previous year. One of the highlights of this quarter was the commencement of SpiceJet’s international operations with flights on the Delhi-Kathmandu and Chennai-Colombo routes.