SpiceJet shares surge over 7% on reporting consolidated profit in Q4
SpiceJet shares surged 7% on Tuesday, reaching Rs 60, following the airline's Q4 profit announcement of Rs 127 crore. This marked a turnaround from losses of Rs 6.2 crore and Rs 299 crore in the March and December 2023 quarters, respectively. On a standalone basis, the low-cost carrier reported a sixfold surge in net profit to Rs 119 crore in the fourth quarter
Shares of jumped over 7% on Tuesday to day's high at Rs 60 after the budget airline reported a consolidated Q4 profit of Rs 127 crore vs losses of Rs 6.2 crore and Rs 299 crore for the March and December 2023 quarters, respectively.SpiceJet, which had run into multiple financial troubles, had deferred its fourth quarter results, citing a ransomware attack earlier in May this year.
On a standalone basis, the low-cost carrier reported a sixfold surge in net profit to Rs 119 crore in the fourth quarter. Standalone EBITDA for the reported quarter came in at Rs 386 crore, up 12% year-on-year (YoY).
For FY24, significantly reduced its losses by nearly
73%, reporting a post-tax loss of Rs 409 crore compared to a net loss of Rs 1,503 crore in FY23.
In January this year, SpiceJet received in-principle approval from BSE for a fund infusion of Rs 2,242 crore and raised Rs 1,060 crore under preferential issues 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.
He said the airline is exploring opportunities to raise fresh funds to further bolster growth plans and take advantage of the burgeoning demand in the Indian aviation market.
In the last 2 weeks, shares of SpiceJet have rallied over 12%.
Source: Stocks-Markets-Economic Times
