SpiceJet Soars: Six-Fold Profit Boost in Q4 FY2024

Budget carrier SpiceJet reported a six-fold increase in standalone profit to Rs 119 crore for Q4 FY2023-24, compared to Rs 16.85 crore in the same period the previous year. Despite a 20% fall in operational revenue, the airline's efforts to improve efficiency are evident in its financial turnaround.

Budget carrier SpiceJet on Monday reported a remarkable six-fold surge in its standalone profit, reaching Rs 119 crore for the January-March quarter of 2023-24, a stark rise from the Rs 16.85 crore profit recorded in the corresponding period of the previous year.

Despite the impressive profit growth, revenue from operations during the quarter saw a 20 percent decline, falling to Rs 1,719.37 crore from Rs 2,144.85 crore in the fourth quarter of the financial year ending on March 31, 2023, according to a regulatory filing.

The airline posted an annual loss of Rs 409.43 crore for the full fiscal year 2023-24, an improvement from the Rs 1503 crore loss reported in FY23. The December quarter also showed a loss of Rs 409.43 crore, contrasting with a profit of Rs 106.82 crore in the previous fiscal year.

''We 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,'' SpiceJet Chairman and Managing Director, Ajay Singh, remarked in a statement.

''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,'' Singh added.

In January 2023, SpiceJet received in-principle approval from BSE for a fund infusion of Rs 2,242 crore and successfully raised Rs 1,060 crore through a preferential issue in two tranches, according to the airline.