SpiceJet Ltd has reported a 20% drop in its consolidated net profit for the first quarter ended June 2024. The airline’s profit stood at Rs 158 crore, down from Rs 198 crore in the same period last year. Revenue from operations also saw a decline, falling by 15% to Rs 1,708 crore compared to Rs 2,003 crore in the previous year.
Key Financial Highlights:
- Net Profit: Rs 158 crore, down 20% year-on-year.
- Revenue: Rs 1,708 crore, down 15% year-on-year.
- Sequential Profit Growth: 24% increase from Rs 127 crore in the March quarter.
Operational Performance:
- Operating Profit: Rs 393 crore in Q1, driven by an EBITDA of Rs 401 crore.
- Load Factor: Maintained the highest domestic load factor in the industry at 91%.
QIP Fundraising Initiative:
- SpiceJet has begun the process to raise Rs 3,000 crore through a qualified institutional placement (QIP).
- This fundraise is expected to strengthen the airline’s financial position and support its growth plans.
Strategic Plans:
- The airline is focused on expanding its domestic and international network.
- Plans to invest in newer, more fuel-efficient aircraft.
- Committed to using technology to drive innovation and efficiency.
Stock Performance:
- Share Price: On Wednesday, SpiceJet shares closed 2.5% lower at Rs 55.03 on the NSE.
Ajay Singh, Chairman and MD of SpiceJet, expressed confidence in the airline’s future, stating that the upcoming QIP will reinforce the company’s financial foundation and help position SpiceJet for sustained success.
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SpiceJet