Spicejet reported a 160 percent increase in its consolidated net profit for the quarter ended December 2022 on February 24. In the previous fiscal year, its net profit was Rs 42 crore.
The stock increased by 10% following the announcement of the results. At 2:45 p.m., the stock was trading at Rs 38.80, up 9.6 percent.
The company’s revenue from operations increased by 2.4 percent to Rs 2,316.8 crore from Rs 2,262.6 crore the previous year. The company reported a loss of Rs 833 crore on revenue of Rs 1,954 crore in Q2 FY23.
“We exceeded our operational targets and continued with our unmatched performance clocking the highest load factor for every single month in 2022. The profits have been driven by a strong performance in both our passenger and cargo businesses,” Ajay Singh, Chairman and Managing Director, SpiceJet, said.
“There are renewed signs of recovery and some positive developments and restructuring initiatives in the immediate offing that would significantly strengthen and deleverage SpiceJet balance sheet,” he added.