In contrast to a net loss of Rs 6.22 crore in the same quarter of the previous year, low-cost carrier SpiceJet Ltd. declared a consolidated net profit of Rs 127 crore for the January–March quarter of 2023–24 on Monday.
The airline reported a 15.2% decrease in operating revenue from January to March, to Rs 1,663.52 crore, from Rs 20,43.91 crore in Q4FY2023, as part of the delayed financial result announcement.
SpiceJet’s January–March quarter profit was mostly due to a decrease in the price of aviation turbine fuel (ATF) from October to March of 2024.
The cost of aviation turbine fuel for the airline decreased by half in comparison to the same period last year. Thirty to forty percent of an airline’s operating expenses are related to fuel.
“We are happy to report that Q4 FY2024 saw a great financial performance. The outcomes demonstrate our unwavering pursuit of improving operational effectiveness and our dedication to reversing the company’s fortunes, according to SpiceJet CMD Ajay Singh.
After Monday’s trading session on July 15, the airline’s shares closed 7.71 percent higher at Rs 55.89, as opposed to Rs 51.89 on Friday. Following the hours of market closure, the company’s results were released.
