SpiceJet shares skid over 10 pc despite Q4 profit surge

SpiceJet shares slumped over 10 per cent today even after the company reported a more than three-fold rise in net profit for the March quarter.
The stock tanked 10.37 per cent to settle at Rs 71.30 on BSE. During the day, it nosedived 10.99 per cent to Rs 70.80.
On the volumes front, 226.13 lakh shares of the company changed hands at BSE during the day.
SpiceJet, whose net profit grew more than three times to Rs 73.2 crore in the March quarter, plans to induct over 100 narrow-body planes in the next few months as the budget carrier seeks to tap growing domestic demand.

Aided by higher revenues and lower fuel costs, SpiceJet remained profitable for the fifth straight quarter.
It registered a net profit of Rs 22.52 crore in the year-ago period.
In the latest March quarter, the airline took a "one-time expense of Rs 173 crore towards stabilising and improving the reliability of its fleet".
The airline's total income from operations climbed to Rs 1,474.9 crore, from Rs 790.9 crore in the same period a year ago.