SpiceJet has reported a remarkable 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.
This significant increase reflects the airline's successful efforts in enhancing operational efficiency and financial performance. Ebitda for the quarter stood at Rs 386 Crore, up from Rs 344 Crore in Q4FY23, while Ebitdar was Rs 616 Crore, compared to Rs 515 Crore in the previous year. Additionally, SpiceJet achieved one of the highest passenger load factors at 92 per cent.
Operating cost highlights 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. Despite these challenges, SpiceJet's financial performance remained robust.
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. The airline reported an Ebitda of Rs 772 Crore, up from Rs (33) Crore in FY2023, and an Ebitdar of Rs 1,410 Crore, compared to Rs 342 Crore in the previous year. The load factor for domestic scheduled flights was the industry's highest at 92 per cent, with an increase of 1 per cent compared to last year. 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.
Ajay Singh, Chairman and Managing Director of SpiceJet, commented, “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. We are confident that SpiceJet 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."
