SpiceJet Q1 Results: Reports Profit On Lower Expenses
The airline's first-quarter consolidated net profit stood at Rs 197.6 crore, compared with a loss of Rs 783.7 crore a year earlier
SpiceJet Ltd. reported a profit in the first quarter, helped by lower expenses.
The airline's consolidated net profit stood at Rs 197.6 crore in the quarter ended June, compared with a loss of Rs 783.7 crore in the same quarter a year earlier, according to its exchange filing.
SpiceJet Q1 FY24 Highlights (Year-on-Year)
Revenues down 18.46% at Rs 2003.5 crore.
Ebitdar of Rs 385.74 crore versus Ebitdar loss of Rs 346.58 crore.
Net profit of Rs 197.6 crore versus loss of Rs 783.7 crore.
Key Highlights For The Quarter Ending June 2023
Company received the disbursement of funds under the Emergency Credit Line Guarantee Scheme, which has been utilised towards ungrounding of aircraft, according to exchange filing
It plans to bring around 25 of its grounded planes back into service. Further, the aforesaid infusion by the promoter will provide access to additional Rs 200 crore disbursement under the ECLGS.
“I am happy that despite facing multiple challenges, we have posted a profit in Q1 FY2024. Our team’s relentless efforts and dedication, as well as the continuous support from our valued customers have been pivotal in this success," said Chairman and Managing Director Ajay Singh.
"I firmly believe in the potential of our airline, and 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, for which we have been working tirelessly, strengthening our fleet and expanding our cargo operations," he said.
Shares of the airline were trading 3.80% higher at Rs 32.75 per share, compared to a 0.20% decline in the benchmark S&P BSE Sensex as of 12:27 p.m.
