SpiceJet Q1 Results: PAT at Rs 150 crore, second back-to-back profitable quarter
SpiceJet registered revenue of 1,565.2 crore for the first quarter of the current financial year, down 0.4 per cent sequentially, according to a regulatory filing. Read on to know key takeaways from the airlines latest earnings report.
SpiceJet on Wednesday reported a net profit of almost Rs 150 crore for the quarter ended June 30, marking growth of 26 per cent on a sequential basis and marking the airline’s second back-to-back profitable quarter.
The airline registered revenue of 1,565.2 crore for the first quarter of the current financial year, down 0.4 per cent sequentially, according to a regulatory filing.
The airline said its operating profit increased 27 per cent to Rs 393 crore for the June quarter as against Rs 310 crore for the previous three months.
It logged quarterly earnings before interest, taxes, depreciation and amortisation (EBITDA) of Rs 401 crore for the fiscal first quarter, as against Rs 386 crore for the final quarter of the previous financial year.
The airline said its passenger load factor–a key indicator of a carrier’s capacity utilisation–stood at 91 per cent for the three-month period and was the best in the industry.
SpiceJet’s board approved a proposal to raise up to Rs 3,000 crore through the qualified institutional placement (QIP) route.
It said the fund infusion, expected to be completed by the end of September, will be pivotal in enabling it “to expand and unground its fleet, enhance operational capabilities, settle liabilities and improve its overall market competitiveness”.
The funds will stabilise the overall operations and allow expansion, it said.
“The upcoming Rs 3,000 crore fundraise through QIP will be instrumental in reinforcing our financial foundation and positioning SpiceJet for sustained success. We believe in the resilience of our business model and remain committed to providing our customers with the best flying experience possible,” said Ajay Singh, Chairman and Managing Director, SpiceJet.
SpiceJet said it remains focused on its long-term strategy of expanding its domestic and international network, investing in newer, more fuel-efficient aircraft, and leveraging technology to drive innovation and efficiency across its operations.
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