SpiceJet's Stellar Turnaround: Profit Soars Sixfold in Q4 FY2024

Budget carrier SpiceJet reported a sixfold increase in standalone profit to Rs 119 crore for Q4 FY2024 compared to the same period last year, despite a 20% decline in revenue. The airline posted a loss of Rs 409.43 crore for the full fiscal year, down from Rs 1503 crore in FY23. Ajay Singh, Chairman and Managing Director, attributed the strong performance to enhanced operational efficiency and announced plans to raise additional funds.

Budget carrier SpiceJet on Monday reported a sixfold jump in standalone profit to Rs 119 crore for the January-March quarter of 2023-24, up from Rs 16.85 crore in the corresponding quarter of the previous year.

Despite the profit surge, revenue from operations during the quarter declined 20 percent to Rs 1,719.37 crore from Rs 2,144.85 crore in the fourth quarter of the financial year ended March 31, 2023, according to a regulatory filing.

For the full fiscal year 2023-24, the airline posted a loss of Rs 409.43 crore, an improvement from a loss of Rs 1503 crore in FY23.

In contrast, the December quarter saw SpiceJet report a loss of Rs 301.45 crore, compared to a profit of Rs 106.82 crore in FY23.

'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, said 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, 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, the airline confirmed.