Spicejet gains after turnaround Q1 results

Spicejet rose 2.24% to Rs 139 at 14:31 IST on BSE after the company reported consolidated net profit of Rs 262.89 crore in Q1 June 2019 against net loss of Rs 35.58 crore in Q1 June 2018.

The result was announced during trading hours today, 9 August 2019.

Meanwhile, S&P BSE Sensex was up 271.35 points or 0.73% at 37,598.71.

On BSE, 38.59 lakh shares were traded in Spicejet counter, compared to a 2-week average of 16.01 shares. The stock hit an intraday high of Rs 143.45 and an intraday low of Rs 136. It hit a 52-week high of Rs 156.90 on 3 June 2019 and a 52-week low of Rs 60.60 on 4 October 2018.

The total revenue from operations rose 35.16% to Rs 3,002.85 crore in Q1 June 2019 over Q1 June 2018.

The capacity of the aircraft (in terms of seat kilometers) rose 31% and the passenger fares grew 11%.

Ajay Singh, the chairman and managing director of SpiceJet, has said, 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.

We are happy that we were able to minimise passenger inconvenience by quickly filling the capacity gap created in India's aviation sector. The results would have been vastly better but for the painful grounding of the MAX aircraft. We look forward to their swift return to service in the near future that will help SpiceJet increase its margins and provide a superior level of service.

Spicejet is an India-based company engaged in transportation of passengers by air. The company is engaged in the business of scheduled air transport services. Its geographical segments include India and others. It provides air transport services for the carriage of passengers and cargo.

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