Spicejet rallies after Q4 PAT zooms to Rs 119 cr in FY24

Spicejet jumped 5.42% to Rs 58.92 after the company reported standalone net profit of Rs 119 crore in Q4 FY24, steeply higher than Rs 16.85 crore posted in Q4 FY23.

Revenue from operations fell 23.11% YoY to Rs 1571.2 crore during the quarter ended 31 March 2024.

EBITDAR (profit) stood at Rs 616 crore in Q4 FY24, up 19.61% as against Rs 515 crore posted in Q4 FY23. EBITDA stood at Rs 386 crore in Q4 FY24, registering a growth of 12.20% year on year.

The company said that it has achieved one of the highest passenger load factors at 92%.

 

On full year basis, the company reported standalone net loss of Rs 409.43 crore in FY24 as compared with net loss of Rs 1,503.01 crore in FY23. Revenue from operations declined 24.72% YoY to Rs 6,452.57 crore in FY24.

Passenger RASK improved by 8% compared to last year due to increase in yield by 7% and Load factor by 1%.

Ajay Singh, chairman and managing director (MD), SpiceJet, said, "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.

We are confident that SpiceJet is well-positioned to soar even higher in the coming quarters. 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. We are confident that with our robust strategy and dedicated team, we will continue to soar to new heights and create value for our stakeholders."

SpiceJet is a low-budget air carrier. The airline operates a fleet of Boeing 737s, Q-400s & freighters and is the country's largest regional player operating 63 daily flights under UDAN or the Regional Connectivity Scheme. The airline also operates a dedicated air cargo service under the brand name SpiceXpress offering cargo connectivity across India and on international routes.

Powered by Capital Market - Live News