Spice Jet Stock Climbs 5% On Q4 Profit
SpiceJet narrows its losses by 73 per cent, reporting a post-tax loss of Rs 409 Crore, compared to a net loss of Rs 1,503 Crore in FY2023
The stocks of Spice Jet traded over 3 per cent higher in the Tuesday trading session after the airline reported a sixfold surge in net profit, reaching Rs 119 Crore for the fourth quarter ended 31 March 2024, compared to Rs 17 Crore in the same period last year.
Spice Jet stock traded at Rs 59 with 5.56 per cent gain in the morning session on the National Stock Exchange (NSE).
This earnings reflected the airline's efforts in enhancing operational efficiency and financial performance. Earnings before interest, tax, depreciation, amortisation (EBITDA) for the quarter stood at Rs 386 crore, up from Rs 344 crore in Q4FY23. Additionally, SpiceJet achieved one of the highest passenger load factors at 92 per cent.
Operating cost highlighted for the quarter included a 10 per cent increase in average ATF prices and a 2 per cent depreciation of the rupee against the USD.
Key highlights for the quarter ending 31 March 2024, included a capital infusion of Rs 1,060 crore under a preferential issue and a settlement agreement of USD 22.5 million with Export Development Canada (EDC) to resolve USD 90.8 million in liabilities.
Additionally, the airline settled over USD 50 million in liabilities with various lessors and successfully completed Haj operations from seven cities across India. Phuket was also added as the second international destination in Thailand after Bangkok.
For the fiscal year ending 31 March 2024, SpiceJet significantly narrowed its losses by 73 per cent, reporting a post-tax loss of Rs 409 Crore, compared to a net loss of Rs 1,503 Crore in FY2023.
Passenger RASK improved by 8 per cent due to a 7 per cent increase in yield and a 1 per cent rise in load factor. Additionally, SpiceJet improved its net worth by Rs 646 Crore, representing a 20 per cent increase compared to FY2023.
However, in terms of stock’s performance, Spice Jet stock delivered a negative return of nearly 3 per cent in 2024 so far. Its competitor Jet Airways India shredded 26 per cent, while Indigo stock rose nearly 50 per cent in 2024 so far.
