Spicejet Q1 PAT slides 27% YoY to Rs 150 cr

The low-cost air carrier's standalone net profit declined 26.69% to Rs 149.96 crore on 15.3% fall in revenue from operations to Rs 1,695.52 crore in Q1 FY25 over Q1 FY24.

On quarter on quarter (QoQ) basis, the firms net profit jumped 26.02% while revenue from operations shed 1.39% in Q1 FY25.

EBITDAR (profit) stood at Rs 650 crore in Q1 FY25, up 5.52% as against Rs 616 crore posted in Q4 FY24. EBITDA stood at Rs 401 crore in Q1 FY25, registering a growth of 3.89% QoQ.

Operating profit increased by 27% to Rs 393 crore in Q1 FY25 as against Rs 310 crore in Q4 FY24.

The airline continued to lead the industry with the highest domestic load factor of 91%, reinforcing its strong market position and operational excellence.

Ajay Singh, chairman and MD, SpiceJet, said, The upcoming Rs 3,000 crore fundraise through QIP will be instrumental in reinforcing our financial foundation and positioning SpiceJet for sustained success. We believe in the resilience of our business model and remain committed to providing our customers with the best flying experience possible."

The airline stated that it has already initiated the process of Rs 3,000 crore through a qualified institutional placement (QIP), which is expected to be completed by the end of September 2024. This fresh infusion of funds will be pivotal in enabling the airline to expand and unground its fleet, enhance operational capabilities, settle liabilities and improve its overall market competitiveness. These funds will stabilise the overall operations and allow expansion.

SpiceJet added that it remains focused on its long-term strategy of expanding its domestic and international network, investing in newer, more fuel-efficient aircraft, and leveraging technology to drive innovation and efficiency across its operations.

SpiceJet is a low-budget air carrier. The airline operates a fleet of Boeing 737s, Q-400s & freighters and is the country's largest regional player operating 63 daily flights under UDAN or the Regional Connectivity Scheme. The airline also operates a dedicated air cargo service under the brand name SpiceXpress offering cargo connectivity across India and on international routes.

Shares of Spicejet fell 0.36% to currently trade at Rs 54.83 on the BSE.

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