Shares of air carrier SpiceJet are in news on Tuesday after the airline reported a six-fold rise in profit for the fourth quarter of FY2023-24. Profit climbed to Rs 119.6 crore in Q4 compared to Rs 17 crore profit in Q4FY2023. The airline reported a loss in the third quarter of 2023-24. The airline announced the earnings for the two quarters together in a disclosure to the exchanges on July 15.
SpiceJet stock ended 7.71% higher at Rs 55.89 on Monday against the previous close of Rs 51.89 on BSE. Market cap of the airline stood at Rs 4,434.35 crore on BSE.
A total of 79.62 lakh shares of the firm changed hands amounting to a turnover of Rs 44.45 crore on BSE. The stock fell to a 52-week low of Rs 28 on September 19, 2023 and rose to a 52 week high of Rs 77.50 on February 5, 2024.
The stock has lost 8% since the beginning of this year and risen 80% in a year.
EBITDA for the reported quarter rose to Rs 386 crore in Q4, up from Rs 344 crore in Q4FY23.
SpiceJet reduced its losses by 73 percent in the last fiscal, reporting a post-tax loss of Rs 409 crore compared to a net loss of Rs 1,503 crore in FY2023, the airline said.
In January, SpiceJet received in-principle approval from BSE for a fund infusion of Rs 2,242 crore and raised Rs 1,060 crore under preferential issue in two tranches.
SpiceJet chairman Ajay Singh has already announced plans to raise Rs 2,000 crore by August, after having raised a similar amount recently from investors.
“We are pleased to announce a strong financial performance in Q4 FY2024, with net profit surging sixfold to Rs 119 crore compared to the same quarter last year. The results reflect our relentless efforts to enhance operational efficiency and our commitment to turning around the company's fortunes,” said Ajay Singh, Chairman and Managing Director, SpiceJet.