SpiceJet reports net profit of Rs 197.50 crore in Q1FY24; stock surges ~6%

14 Aug 2023 , 01:20 PM

SpiceJet Ltd returned to profitability in the first quarter of 2023-24 after losing money in the fourth quarters of 2022-23, as the cash-strapped airline announced earnings for the two quarters on August 11.

The Gurugram-based carrier posted a net loss of Rs 62 crore in the March quarter of FY23 and a profit of Rs 197.53 crore in the April-June period.

Following this development, the company’s counter touched an intraday high of Rs 33.45.

At around 1.08 PM, SpiceJet was trading 3.33% lower at Rs 32.60, against the previous close of Rs 31.55 on NSE.

The low-cost carrier reported a profit of Rs 110 crore in the third quarter of FY23. It registered a loss of Rs 458 crore in the quarter ending March 2021-22, and a loss of Rs 789 crore in the June quarter of FY23.

SpiceJet postponed the release of its fourth-quarter results for 2022-23 due to the illness of a key member of its audit committee. The airline has postponed its fourth-quarter results for the second time in a row. Due to a ransomware attack, the Q4FY22 results were delayed.

The total revenue from operations for the January-March 2023 quarter was Rs 2,145 crore, up from Rs 1,870.5 crore in the previous quarter. The income for the first quarter of the financial year 2024 was Rs 2,003.5 crore, an 18.5% decline from Rs 2,457 crore in the same period last year.

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