SpiceJet Posts Sixfold Profit Jump in March Quarter

Mumbai, Jul 15 (PTI) Budget carrier SpiceJet on Monday reported a six-fold jump in its standalone profit to Rs 119 crore in the January-March quarter of 2023-24 compared to Rs 16.85 crore in the corresponding quarter of the previous year.

The revenue from operations during the quarter under review, however, declined 20 per cent 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 full fiscal 2023-24, the airline posted a loss of Rs 409.43 crore against a loss of Rs 1,503 crore in FY23, the filing said.

For the December quarter, SpiceJet reported a loss of Rs 301.45 crore as against a profit of Rs 106.82 crore in FY23, it stated.

"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.

The company said EBITDA (earnings before interest, taxes, depreciation and amortization) for Q4FY24 stood at Rs 386 crore as compared to Rs 344 crore in the same quarter of 2022-23.

It also said that the ATF (aviation turbine fuel) during the March quarter increased by 10 per cent and currency depreciation of 2 per cent (Indian rupee against US dollar).

The airline also signed a settlement agreement at USD 22.5 million with Export Development Canada (EDC) to resolve USD 90.8 million in liabilities and also settled liabilities aggregating to over USD 50 million with various lessors during the fourth quarter of last fiscal.

Also, during Q4FY24, SpiceJet added Phuket as the second international destination in Thailand after Bangkok, it said.

The airline said it significantly reduced its losses by nearly 73 per cent, reporting a post-tax loss of Rs 409 crore compared to a net loss of Rs 1,503 crore in FY2023, adding that it improved its net worth by Rs 646 crore in FY2024 as compared to FY 2023.