SpiceJet Q1 Results: Posts Net Profit Of Rs 205 Crore Against Net Loss Of Rs 789 Crore On YoY Basis

The company reported a fall in it’s total operating revenue by 18 per cent on a year-on-year (YoY) basis.

SpiceJet noted that it made it’s logistics platform into a totally separate entity namely, SpiceXpress and Logistics Private Limited, effective from April 1, 2023.  ( Image Source :Getty )

SpiceJet reported a return to profit in the first quarter (Q1) of the current fiscal year (FY24) on Monday. The airline logged a net profit of Rs 205 crore for Q1FY24, against a net loss of Rs 789 crore reported for the same quarter, a year ago.

The airline credited strong demand for air travel in the country for the growth in profit, as reported by PTI. The carrier delayed announcing it’s Q4FY23 results stating that a key member of the audit committee was not well. This is not the first time the company has delayed it’s results. Q4FY22 result was also delayed on the accounts of a ransomware attack.

The company reported a fall in it’s total operating revenue by 18 per cent on a year-on-year (YoY) basis. The revenue reported for Q1FY24 stood at Rs 2,002 crore compared to Rs 2,457 crore reported for Q1FY23. The operating expenses of the company fell by about 37 per cent from Rs 2,072 crore in the first quarter of the previous fiscal year to Rs 1,291 crore in the quarter ended June for the FY24. 

Commenting on the growth of the airline, chairman and managing director Ajay Singh said, “Despite facing multiple challenges, the airline posted a profit in the first quarter of the current financial year. I am pleased to have contributed to its growth by infusing Rs 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”, as quoted by the report.

Additionally, the airline informed that it made it’s logistics platform into a totally separate entity namely, SpiceXpress and Logistics Private Limited, effective from April 1, 2023. 

The company noted in it’s exchange filing that with regards to operational parameters, it logged the ‘highest passenger load factor amongst all airlines in the country’. It stated that while the average domestic load factor for the March, 2023 quarter was 92 per cent, Spicejet recorded the highest load factor of 90 per cent in the reported quarter.