Spicejet Q4 Results: Budget airline SpiceJet Ltd on Monday reported a sixfold surge in its net profit to Rs 119 crore for the fourth quarter ended March 31, 2024. Its EBITDA (earnings before interest, tax, depreciation and amortisation) during April-June 2024 rose to Rs 386 crore, compared with Rs 344 crore in the year-ago period.

Spicejet’s net profit had stood at Rs 17 crore in the corresponding period last year, according to the company’s statement.

For the fiscal year ended March 31, 2024, SpiceJet significantly reduced its losses by nearly 73%, reporting a post-tax loss of Rs 409 crore compared to a net loss of Rs 1,503 crore in FY2023.

Ajay Singh, chairman and managing director of SpiceJet, said, “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.”

He added 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.”

In January this year, SpiceJet received in-principle approval from BSE for a fund infusion of Rs 2,242 Crore and raised INR 1,060 Crore under preferential issues in two tranches.

Shares of Spicejet on Monday rose Rs 4 or 7.71 per cent to Rs 55.89 apiece on the BSE.