SpiceJet back in black; posts Rs 205 crore profit in June quarter

SpiceJet reported a net profit of Rs 205 crore in the three months ended June, helped by strong air travel demand

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Illustration: Ajay Mohanty

Press Trust of India New Delhi

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The net profit of SpiceJet for the first quarter of the current financial year (Q1FY24) stood at Rs 205 crore, the company said in a BSE filing.
The airline had recorded a net loss of Rs 789 crore in the year-ago period.
In a release, SpiceJet said that the profit of Rs 205 crore was on account of "strong demand for air travel in India".
"Total operating revenue for the reported quarter was Rs 2,002 crore as against Rs 2,457 crore in the same quarter of the previous year," it said.
In the first quarter of this fiscal, operating expenses declined to Rs 1,291 crore as against Rs 2,072 crore in the same period a year ago.
Ajay Singh, chairman and managing directorof the SpiceJet , said that despite facing multiple challenges, the airline posted a profit in the first quarter of the current financial year.
"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...," he said.

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The release stated: "Consequent to the hive-off, there is an improvement of net worth of SpiceJet to the tune of Rs 2,557 crore (from negative Rs 4,228 crore to negative Rs 3,232 crore, i.e. positive variance by 25 per cent)." 

At 12:53 pm, SpiceJet stocks stood at Rs 32.82.

First Published: Aug 14 2023 | 12:57 PM IST

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