SpiceJet flies out of red to make Rs 127 crore profit in Jan-March quarter

New Delhi: Low-cost airline SpiceJet Ltd on Monday reported a consolidated net profit of Rs 127 crore for their January-March quarter of 2023-24 compared to a net loss of Rs 6.22 crore in the same quarter of the previous year.

In the delayed announcement of the financial result, the airline also recorded a 15.2 per cent decline in the revenue from operations to Rs 1,663.52 crore during the Jan-March quarter compared to Rs 20,43.91 crore in Q4FY2023.

A decline in Aviation Turbine Fuel (ATF) price during October-March 2024, was a major factor in contributing to SpiceJet reporting a profit during the January-March quarter.

The airline's aviation turbine fuel cost halved when compared to the same period of the previous year. Fuel costs account for 30 to 40 per cent of an airline’s operating costs.

"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.

Shares of the airline closed 7.71 per cent higher at Rs 55.89 after Monday, July 15, trading session, as compared to Rs 51.89 on Friday. The company results were declared after the market close hours.