In a delayed announcement, budget carrier SpiceJet on Monday reported a consolidated net profit of Rs 127 crore for the fourth quarter ended March 2024.
It had posted losses of Rs 6.2 crore and Rs 299 crore for the March and December 2023 quarters, respectively.
SpiceJet, which had run into multiple financial troubles, had deferred its fourth quarter results, citing a ransomware attack earlier in May this year.
Consolidated revenue from operations for the fourth quarter fell 19% year-on-year to Rs 1,738 crore.
On a standalone basis, the low-cost carrier reported a sixfold surge in net profit to Rs 119 crore in the fourth quarter. Standalone EBITDA for the reported quarter came in at Rs 386 crore, up 12% year-on-year.
“We are pleased to announce a strong financial performance in Q4 FY2024. The results reflect our relentless efforts to enhance operational efficiency and our commitment to turning around the company’s fortunes,” said Ajay Singh, CMD, SpiceJet.
SpiceJet said it 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,” the company said in a filing.
In January this year, the company received in-principle approval from the BSE for a fund infusion of Rs 2,242 crore and raised Rs 1,060 crore under preferential issue in two tranches. These fundraises are part of a wider revival plan the airline is putting in place to get over financial hurdles.
For the full year 2023-2024, SpiceJet narrowed its losses significantly to Rs 423 crore, compared with Rs 1513 crore posted in the fiscal year 2022-2023.
Revenues for FY24, meanwhile, declined 20% year-on-year to Rs 7,085 crore.
On Monday, SpiceJet shares closed 7.7% higher at Rs 55.89 on NSE.
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