New Delhi: SpiceJet, a low-cost airline, announced a significant increase in its standalone profit to Rs 119 crore in the January-March quarter of 2023-24, representing a six-fold rise from Rs 16.85 crore in the same quarter of the previous year.
According to a regulatory filing, the revenue from operations in the quarter decreased by 20 pc to Rs 1,719.37 crore from Rs 2,144.85 crore in the fourth quarter of the financial year ending on March 31, 2023. The airline reported a loss of Rs 409.43 crore for the entire fiscal year 2023-24, compared to a loss of Rs 1,503 crore in FY23, according to the filing.
SpiceJet stated a loss of Rs 301.45 crore for the December quarter, compared to a profit of Rs 106.82 crore in FY23. "We are pleased to report a robust financial showing in Q4 FY2024, as net profit increased six times to Rs 119 crore from the corresponding quarter in the previous year. In a statement, SpiceJet Chairman and Managing Director Ajay Singh expressed that the outcomes demonstrate our continuous dedication to improving operational productivity and our resolve to reverse the company's financial situation.
Singh stated that they are looking into options to secure new funds to enhance their growth strategies and capitalize on the increasing demand in the Indian aviation industry. In Q4FY24, the company reported an EBITDA of Rs 386 crore, which is higher than the Rs 344 crore recorded in the corresponding quarter of 2022-23.
It was also mentioned that there was a 10 per cent increase in aviation turbine fuel (ATF) during the March quarter, along with a 2 per cent depreciation of the Indian rupee against the US dollar. The airline reached a settlement agreement with Export Development Canada (EDC) for USD 22.5 million to resolve USD 90.8 million in liabilities, also settling additional liabilities.
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