SpiceJet Shares Surge Following Impressive Q4 Profit Report

Shares of budget carrier SpiceJet soared over 7 per cent after the airline reported a significant increase in standalone profit for the January-March quarter of 2023-24. Despite a decline in revenue, the company saw a remarkable profit jump, and it also settled significant liabilities with Export Development Canada and other lessors.

Shares of budget carrier SpiceJet surged over 7 per cent in early trading on Tuesday following the announcement of a substantial multi-fold increase in standalone profit for the January-March quarter of 2023-24.

SpiceJet's stock rose 7.35 per cent to Rs 60 on the BSE after the airline reported a profit of Rs 119 crore for the quarter, a considerable leap from Rs 16.85 crore in the same quarter of the previous year.

Despite the impressive profit figures, revenue from operations for this period declined by 20 per cent to Rs 1,719.37 crore, down from Rs 2,144.85 crore in the fourth quarter of the previous fiscal year.

For the full year 2023-24, SpiceJet reported a loss of Rs 409.43 crore, a significant improvement from the Rs 1,503 crore loss recorded in the previous fiscal year.

Additionally, SpiceJet entered into a settlement agreement worth USD 22.5 million with Export Development Canada to resolve liabilities amounting to USD 90.8 million. The airline also settled liabilities totaling over USD 50 million with various lessors during the fourth quarter.