Analysts have suggested that SpiceJet found it easier to navigate itself back to profit because it does not have international operations like Jet Airways and Kingfisher do - international passenger traffic grew only 8.8 per cent last year.
This is true for Jet Airways, for which international operations account for 59 per cent of its revenues, but less so for Kingfisher which derives just 10 per cent of its revenues from international operations.
SpiceJet's biggest challenge, therefore, could be looming ahead as it gets ready for international operations from August, starting with short-haul destinations such as Male, Dhaka and Colombo (it has reapplied for regulatory permission for the last-named route after being turned down once).
Aggarwal counters that the airline's international route choices will increase aircraft utilisation since, for instance, a Delhi-Chennai flight can add on passengers for an onward journey to Sri Lanka.
Still, given the slow-pick-up in international travel, globalisation will be SpiceJet's next big test.
Images Courtesy: SpiceJet.com