SpiceJet's Q4FY24 profit skyrockets to Rs 119 crore, a sixfold increase

A sixfold surge in net profit was reported by SpiceJet Ltd - Rs 119 crore for the fourth quarter ended March 31, 2024, compared to Rs 17 crore in the same period last year. On an EBITDA basis, the profit for the reported quarter was Rs 386 crore, up from Rs 344 crore in Q4FY23.

For the fiscal year ended March 31, 2024, SpiceJet significantly reduced its losses by nearly 73 per cent, reporting a post-tax loss of Rs 409 crore compared to a net loss of Rs 1,503 crore in FY2023.

In January this year, SpiceJet received in-principle approval from BSE for a fund infusion of Rs 2,242 crore and raised Rs 1,060 crore under preferential issue in two tranches.

“We are pleased to announce a strong financial performance in Q4 FY2024, with net profit surging sixfold to Rs 119 crore compared to the same quarter last year. The results reflect our relentless efforts to enhance operational efficiency and our commitment to turning around the company's fortunes. We are confident that SpiceJet is well-positioned to soar even higher in the coming quarters. As we move forward, we are exploring opportunities to raise fresh funds to further bolster our growth plans and take advantage of the burgeoning demand in the Indian aviation market. We are confident that with our robust strategy and dedicated team, we will continue to soar to new heights and create value for our stakeholders,” said Ajay Singh, Chairman and Managing Director, SpiceJet.