TBM Staff - Mumbai
SpiceJet has reported its second consecutive profitable quarter, demonstrating the airline’s resilience and strategic growth. For the quarter ending June 2024, the airline posted a net profit of INR 150 Crore, marking a 26% increase over Q4 FY2024. This achievement is a significant milestone in SpiceJet’s recovery efforts amidst a challenging period for the aviation sector.
The airline achieved an operating profit of INR 393 Crore, supported by a robust EBITDA of INR 401 Crore, up from INR 310 Crore in Q4 FY2024. Additionally, SpiceJet reported an EBITDAR of INR 650 Crore, an improvement from INR 616 Crore in the previous quarter.
SpiceJet maintained its industry leadership with the highest domestic load factor of 91%, underscoring its strong market position and operational excellence.
To further bolster its financial standing and support growth plans, SpiceJet has initiated the process of raising INR 3,000 Crore through a Qualified Institutional Placement (QIP), expected to be completed by the end of September 2024. This infusion of funds will be crucial for the airline to expand and unground its fleet, enhance operational capabilities, settle liabilities, and improve market competitiveness, stabilising overall operations and enabling expansion.
Ajay Singh, Chairman and Managing Director, SpiceJet, commented on the positive results and future outlook, “We are pleased to report a profit of INR 150 Crore for Q1 FY 2024-25, underscoring our determination to navigate through uncertainties and reflecting the hard work and dedication of our team. The upcoming INR 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.”
SpiceJet remains focused on its long-term strategy of expanding its domestic and international network, investing in newer, more fuel-efficient aircraft, and leveraging technology to drive innovation and efficiency across its operations.
