SpiceJet Q4 Results Highlights: Net Profit Jumps Six-Fold to ₹119 Crore

Synopsis

SpiceJet's Quarter 4 results show remarkable six-fold increase in net profit to ₹ 119 crore, while FY24 losses narrow by 73%, signaling significant turnaround for budget airline.

SpiceJet Q4 Results Highlights

SpiceJet Ltd has reported six-fold increase in its net profit for fourth quarter ended March 31, 2024. budget airline's net profit surged to ₹ 119 crore, compared to ₹ 17 crore in same period last year. This remarkable performance is attributed to enhanced operational efficiency & strategic efforts to improve company's financial health. EBITDA for quarter rose to ₹ 386 crore, up from ₹ 344 crore in Q4 FY23.

For full fiscal year ending March 31, 2024, SpiceJet significantly reduced its post-tax loss by nearly 73%, reporting loss of ₹ 409 crore compared to net loss of ₹ 1,503 crore in FY23. This reduction in losses marks substantial improvement in airline's financial stability.

Management Commentary

Ajay Singh, Chairman & Managing Director of SpiceJet, expressed his satisfaction with Q4 results. "We are pleased to announce strong financial performance in Q4 FY2024, with net profit surging sixfold to ₹ 119 crore compared to same quarter last year. results reflect our relentless efforts to enhance operational efficiency & our commitment to turning around company’s fortunes," said Singh. He also mentioned plans to raise fresh funds to further bolster growth & capitalize on burgeoning demand in Indian aviation market.

Industry Impact

Aviation sector has seen significant developments, with SpiceJet planning to raise ₹ 2,000 crore by August after receiving in-principle approval from BSE for fund infusion of ₹ 2,242 crore in January. Despite legal challenges & competition from newer airlines like Akasa, SpiceJet's strategic initiatives, including expanding its fleet & cleaning up its balance sheet, position it well for future growth.

About SpiceJet Ltd 

SpiceJet Ltd is prominent budget airline in India, known for its cost-effective & efficient air travel solutions. Established in [Year], company has grown to become key player in Indian aviation market, offering range of domestic & international flights. Despite facing financial challenges & legal issues, SpiceJet continues to pursue strategic initiatives to enhance its market position & operational efficiency.

Stock Performance

SpiceJet share price of ended 7.71% higher at ₹ 55.89 on Monday, compared to previous close of ₹ 51.89 on BSE. Stock has gained 82% over past year, although it is down 8% on year-to-date basis. total of 79.62 lakh shares of firm changed hands, amounting to turnover of ₹ 44.45 crore on BSE. stock's 52-week low was ₹ 28 on September 19, 2023, & its 52-week high was ₹ 77.50 on February 5, 2024.

SpiceJet's Q4 results highlights reflect company's strong financial turnaround & strategic focus on growth & efficiency. With significant plans for fund infusion & fleet expansion, SpiceJet is poised to navigate challenges of aviation industry & create value for its stakeholders.