India's SpiceJet posts surge in Q3 passenger revenue on travel rebound

India's SpiceJet reported a 33% surge in third-quarter passenger revenue on Friday as the low-cost carrier flew more customers at higher fares amid a boom in travel demand, sending shares up 13% to a two-month high. The results come as the cash-strapped airline looks to raise capital with competition heating up in the industry. A rebound in passenger travel ensured strength in revenue for airlines like SpiceJet and rival IndiGo (INGL.NS). For the quarter ended Dec. 31, SpiceJet's passenger revenue surged 33% as yields, a proxy for airfares, jumped 21%. That helped offset a sharp decline in revenue from its freight and logistics business. Overall revenue was up 2.5% at 23.15b rupees. "There are renewed signs of recovery and some very positive developments and restructuring initiatives in the immediate offing that would significantly strengthen and de-leverage our balance sheet," Ajay Singh, chairman and managing director, said in a statement.<br/>