SpiceJet flies 13% as it clocks net profit of Rs 205 crore in Q1FY24

Shares of SpiceJet soared 13 per cent to Rs 35 per share on the BSE in Monday's intra-day trade, after the company registered net profit at Rs 205 crore in the June ended quarter (Q1FY24), as against net loss of Rs 789 crore, in the year-ago period.
 

So far this calendar year (CY23), the stock of this airline operator declined 18 per cent, as against a 7 per cent rise in the S&P BSE Sensex. Earlier, the stock had hit a 52-week low of Rs 22 apiece on May 23, 2023.
 

In the recently concluded quarter, the company's total revenue from operations declined 18 per cent year-on-year (YoY) to Rs 2,002 crore. Around 376 charter flights operated during the quarter, carrying 58,379 passengers.
 

Operating expenses, meanwhile, skid 37 per cent YoY to Rs 1,291 crore in Q1FY4 from Rs 2,072 crore in Q1FY23.
 

That apart, earnings before interest, tax, depreciation, and amortisation (Ebitda) was reported at Rs 525 crore in Q1FY24, as against a loss of Rs 393 crore in Q1FY23.
 

The management hailed the company's profit growth in the first quarter of FY24.
 

"Despite facing multiple challenges, the airline posted a profit in Q1FY24. I am pleased to have contributed to its growth by infusing Rs 500 crore into the company. This infusion will help bolster our efforts in reviving our grounded planes," said Ajay Singh, chairman and managing director of SpiceJet.
 

Segment-wise, air and transport services turned to profit of Rs 187 crore in Q1FY24, as against a loss of Rs 807 crore in Q1FY23.
 

In terms of operational parameters, SpiceJet had the highest passenger load factor amongst all airlines in the country - 90 per cent in the June ended quarter.
 

Earlier, SpiceJet completed the hive-off of its logistics platform into a separate entity, SpiceXpress and Logistics Private on April 1, 2023.
 

Consequent to the hive-off, the management said that there is an improvement of net worth in SpiceJet to the tune of Rs 2,557 Crore.
 

"Our logistics arm continues to soar. Its exceptional performance, with sustained profits, has been a driving force, contributing to our overall success," they added.