SpiceJet flies into black, posts six-fold jump in Q4FY24 profit at Rs 119.6 crore

SpiceJet posted a six-fold jump in profit in the fourth quarter of FY2023-24 at Rs 119.6 crore compared to Rs 17 crore profit in Q4FY2023. The airline had reported a loss in the third quarter of 2023-24. The cash-strapped airline announced the earnings for the two quarters together in a disclosure to the exchanges on July 15. 

On an EBITDA basis, the profit for the reported quarter was Rs 386 crore, up from Rs 344 crore in Q4FY23. 

For the fiscal year ended March 31, 2024, SpiceJet significantly reduced its losses by nearly 73 percent, 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 a release. 

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. 

“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. 

The airline said that it reported industry’s highest load factor of 92 percent for domestic scheduled flights and has improved its networth by Rs 646 crore, i.e. 20 percent in FY2024 compared to FY2023. 

“We are confident that SpiceJet is well-positioned to soar even higher in the coming quarters. As we move forward, we are exploring opportunities to raise fresh funds to further bolster our growth plans and take advantage of the burgeoning demand in the Indian aviation market. We are confident that with our robust strategy and dedicated team, we will continue to soar to new heights and create value for our stakeholders,” Singh added. 

Shares of the airline operator closed 7.71 per cent higher at Rs 55.89 after the closing of trading session on July 15 compared to Rs 51.89 on July 12.