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SpiceJet reports net profit to Rs 119 crore in Q4 of FY24

On an EBITDA basis, the airline said that its profit for the reported quarter was Rs 386 crore, up from Rs 344 crore in Q4 of FY23.

SpiceJetMumbai: Private carrier SpiceJet on Monday reported a sixfold surge in net profit to Rs 119 crore for the fourth quarter that ended on March 31, compared to Rs 17 crore in the same period last year. On an EBITDA basis, the airline said that its profit for the reported quarter was Rs 386 crore, up from Rs 344 crore in Q4 of FY23.

The debt-laden airline reported its Q3 and Q4 results for the financial year 2024 on Monday. For the December quarter, SpiceJet reported a loss of Rs 301.45 crore as against a profit of Rs 106.82 crore in FY23, it stated.

Revenue from operations during QFY24 declined 20% to Rs 1,719.37 crore from Rs 2,144.85 crore in the fourth quarter FY23, according to a regulatory filing.

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

“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,” said Ajay Singh, Chairman and Managing Director, SpiceJet.

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