On Friday, SpiceJet reported a net profit of Rs 261.7 crore for the first quarter of the financial year 2019-20. In the same period of the previous year, it made a loss of Rs 37.9 crore. In the March quarter it posted a profit after tax of Rs 56.3 crore.

Shutdown of Jet Airways proved profitable for SpiceJet as well as IndiGo as the two airlines posted their biggest quarterly profit for Q1 this year.

The budget carrier's total income was at Rs 3,145.3 crore for the June quarter, compared to Rs 2,253.3 crore in the corresponding period of the previous year. Total operating revenue was reported at Rs 3,002.1 crore from Rs 3,002.1 crore in June 2018.

The airline said that it is its best ever performance despite a switch to new accounting standards that impacted financial numbers.

"Effective April 1, 2019, the airline adopted the new accounting standard IND AS 116 which effectively capitalised operating leases, and as a result of this lease rentals are now reflected as interest and depreciation for the quarter ending June 2019. Additionally, owing to the retrospective treatment of this standard there is a reduction of Rs 302.2 crore from retained earnings status as at April 1, 2019," it informed.

"SpiceJet has been on a spectacular growth journey and this quarter, in particular, has been very special for us. We added 32 aircraft to our fleet expanding at a pace unprecedented for a sector plagued by crisis showcasing our robust business model and proven operational capabilities," said Ajay Singh, chairman, in a statement.