SpiceJet Reports Q4FY24 Profit of ₹127 Crore, Rebounds from ₹298 Crore Loss in Q3
SpiceJet, the airline struggling with debt, has announced its financial results for the fourth and third quarters of the fiscal year 2023-24. In the January-March quarter (Q4FY24), the company’s consolidated profit increased annually (YoY) to ₹127 crore. In the same quarter of the previous year (Q4FY23), the company had a loss of ₹6.2 crore.
In the October-December quarter (Q3FY24), the airline suffered a loss of ₹298 crore. In the same quarter of the previous year (Q3FY23), the company’s consolidated net profit was ₹110 crore.
While other companies are currently announcing results for the first quarter of the fiscal year 2024-25, there has been a significant delay in announcing the airline’s fourth and third quarter results. The company stated that the date for the board meeting for the first quarter results of FY 2024-25 (Q1FY25) will be announced soon.
Revenue in Q4 Stood at ₹1,663 Crore
SpiceJet’s consolidated revenue from operations decreased by 18% annually. In Q4FY24, revenue from operations was ₹1,663 crore. In the same quarter of the previous year, i.e., Q4FY23, revenue was ₹2,043 crore.
Revenue in Q3 was ₹1,850 Crore
Additionally, SpiceJet’s consolidated revenue in the third quarter of FY 24 was ₹1,850 crore. In the same quarter of the previous year, i.e., Q3FY23, revenue was ₹2,263 crore.
Loss of ₹422 Crore in FY 2024
SpiceJet suffered a loss of ₹422 crore for the entire fiscal year 2024. In FY23, the airline had a loss of ₹1,512 crore. At the same time, the company’s consolidated revenue increased to ₹6,778 crore in fiscal year 2024. In fiscal year 2023, revenue was ₹8,576 crore.
Consolidated Report of the Entire Company
Companies’ results come in two parts – standalone and consolidated. Standalone shows the financial performance of a single unit. In contrast, consolidated financial reports represent the entire company.
SpiceJet’s Share Rose by 7.71% Today
Before the results were announced, SpiceJet’s share closed at ₹55.89 today, a rise of 7.71%. SpiceJet’s shares have provided a return of 82% over the last year. The airline’s market cap has reached ₹4,430 crore.
