SpiceJet Ltd. reported loss in the second quarter of the fiscal 2024 due to higher costs, lower revenue from operations and a depreciating rupee.
The airline's loss in the quarter narrowed to Rs 449 crore in the quarter ended September, compared with a loss of Rs 833 crore in the same quarter a year earlier, according to its exchange filing.
SpiceJet Q2 FY24 Highlights (YoY)
Revenues from operations fell 27% to Rs 1,429 crore .
Net loss of Rs 449 crore versus loss of Rs 833 crore.
“The July-September quarter has historically been a challenging period for the aviation industry. This year, the challenges were further compounded by elevated fuel prices, impacting operational costs," Ajay Singh, chairman and managing director at SpiceJet, said in a statement.
The no-frills carrier also announced raising Rs 2,250 crore from 64 investors through preferential issue of shares and warrants.
The issue price of Rs 50 per share came at an over 13% discount to Tuesday's close price.
Shares of the airline closed 4.2% lower at Rs 58.04 per share, compared to a 0.54% fall in the benchmark S&P BSE Sensex.
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