SpiceJet posts 6-fold jump in profit to Rs 119 cr for March quarter

Budget carrier SpiceJet on Monday reported a six-fold jump in its standalone profit to Rs 119 crore for the January-March quarter of 2023-24 over Rs 16.85 crore profit in the corresponding quarter of the previous year.

Revenue from operations during the quarter under review, however, declined 20 per cent to Rs 1,719.37 crore from Rs 2,144.85 crore in the fourth quarter of the financial year ended March 31, 2023, according to a regulatory filing.

For the full fiscal 2023-24, the airline posted a loss of Rs 409.43 crore against a loss of Rs 1503 crore in FY 23, as per the filing.

For the December quarter, SpiceJet reported a loss at Rs 301.45 crore as against a profit of Rs 106.82 crore in FY23, it stated.

"We announce a strong financial performance in Q4 FY2024, with net profit surging sixfold to Rs 119 crore compared to the same quarter last year. The results reflect our relentless efforts to enhance operational efficiency and our commitment to turning around the company's fortunes," SpiceJet Chairman and Managing Director, Ajay Singh, said in a statement.

"As we move forward, we are exploring opportunities to raise fresh funds to further bolster our growth plans and take advantage of the burgeoning demand in the Indian aviation market," Singh added.

In January this year, SpiceJet received in-principle approval from BSE for a fund infusion of Rs 2,242 Crore and raised Rs 1,060 crore under preferential issue in two tranches, according to the airline.