"SpiceJet has been the largest beneficiary of the troubles at Kingfisher. "We expect this will continue," the report said, adding that however, they do not see it turning profitable soon.
"Given our assumptions, we forecast FY13 to be a far better year than FY12, but still not profitable. We expect losses to continue in Q4 FY12. However, we expect the yield performance to hold up better this time than would have been the case with Kingfisher Airlines operating a full schedule," the report said.
The promoter infusions have offered support and that promoter Kalanithi Maran has infused equity twice in FY12, amounting to a total of Rs 230 crore. "This has helped support the company`s equity base, which prior to these infusions was largely eroded by the losses incurred so far in FY12," it said, adding it has helped contain equity erosion.
The report also noted that the airline is better placed to attract FDI than its rivals, as and when it is allowed. With new international route rights, permission to directly import jet fuel, better placement in attracting FDI, and a stronger equity support, SpiceJet is well placed to performed better, it added.