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Business News/ Companies / Company Results/  SpiceJet Q1 Results: Net profit jumps to 205 crore against a loss of 789 crore YoY
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SpiceJet Q1 Results: Net profit jumps to ₹205 crore against a loss of ₹789 crore YoY

On a consolidated basis, SpiceJet reported a net profit of ₹197.63 crore in the quarter ended June 2023 as compared to a net loss of ₹783.62 crore in the corresponding quarter of last year.

SpiceJet said it reported industry’s highest domestic load factor of 90% in Q1.Premium
SpiceJet said it reported industry’s highest domestic load factor of 90% in Q1.

SpiceJet Ltd, the cash-strapped airline, turned back into black during the first quarter of FY24 after registering losses in the previous quarters. The low-cost airline reported a standalone net profit of 204.56 crore in the quarter ending June 2023 as against a net loss of 788.83 crore in the same quarter last fiscal.

The company's standalone revenue from operations in Q1FY24 declined 18.5% to 2,001.74 from 2,456.76 crore, YoY.

On a consolidated basis, SpiceJet reported a net profit of 197.63 crore in the quarter ended June 2023 as compared to a net loss of 783.62 crore in the corresponding quarter of last year.

Consolidated revenue from operations during the quarter fell to 2003.6 crore from 2,457.18 crore, YoY.

Standalone earnings before interest, taxes, depreciation and amortization (EBITDA) in Q1FY24 was at 525 crore against an EBITDA loss of 393 crore in Q1FY23. 

The company’s EBITDAR was at 645 crore against loss of 349, YoY.

Also Read: ITC Q1 Results Live Updates: Net profit may rise 16% YoY amid muted sales; Cigarette volume growth to remain steady

SpiceJet said it reported industry’s highest domestic load factor of 90% in Q1, while its Passenger RASK (Revenue per Available Seat-Kilometer) increased by 26% due to increase in yield by 22% and load factor by 4%.

“I firmly believe in the potential of our airline, and I am pleased to have contributed to its growth by infusing INR 500 Crore into the Company. This infusion will help bolster our efforts in reviving our grounded planes, for which we have been working tirelessly, strengthening our fleet and expanding our cargo operations," said Ajay Singh, Chairman and Managing Director, SpiceJet.

SpiceJet also announced its earnings for the quarter ended March 2023 after delaying it earlier. 

The airline posted a consolidated net loss of 6.2 crore in the fourth quarter of FY23 as against a net loss of 1.47 crore, YoY.

The total revenue from operations for the January-March 2023 quarter increased to 2,145 crore from 1,870.5 crore in the year-ago period.

At 12:25 pm, SpiceJet share price was trading 3.65% higher at 32.70 apiece on the BSE.

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Published: 14 Aug 2023, 12:02 PM IST
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