SpiceJet reports strong Q1 with 26 per cent profit growth
They achieved the highest domestic load factor in the industry at 91 per cent
SpiceJet announced a net profit of Rs 150 crore for the quarter ending June 2024, marking a 26 per cent increase from the previous quarter. The airline's operating profit rose to Rs 393 crore, alongside an EBITDA of Rs 401 crore and an EBITDAR of Rs 650 crore, reflecting improvements across key financial metrics.
Additionally, SpiceJet achieved the highest domestic load factor in the industry at 91 per cent. The board has approved a plan to raise Rs 3,000 crore through a Qualified Institutional Placement (QIP) to strengthen its financial position further and support operational growth.
Ajay Singh, Chairman and Managing Director of SpiceJet, commented on the positive results and outlook stating, “We are pleased to report a profit of Rs 150 crore for Q1 FY 2024-25, which underscores our determination to navigate through uncertainties and is a testament to the hard work and dedication of our team. The upcoming Rs 3,000 crore fundraise through QIP will be instrumental in reinforcing our financial foundation and positioning SpiceJet for sustained success. We believe in the resilience of our business model and remain committed to providing our customers with the best flying experience possible."
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