spicejet-shares-soar-7-on-profit-surge

Shares of budget carrier SpiceJet surged over 7% in morning trade on Tuesday following the company's announcement of a significant increase in standalone profit for the January-March quarter of the 2023-24 fiscal year.

 

The stock rose 7.35% to Rs 60 on the BSE.

 

On Monday, SpiceJet reported a substantial rise in standalone profit to Rs 119 crore for the January-March quarter of 2023-24, up from Rs 16.85 crore in the same quarter the previous year.

 

Despite the profit surge, revenue from operations during the quarter declined by 20% to Rs 1,719.37 crore, compared to Rs 2,144.85 crore in the fourth quarter of the fiscal year ending March 31, 2023, according to a regulatory filing.

 

For the entire fiscal year 2023-24, SpiceJet recorded a loss of Rs 409.43 crore, an improvement from the Rs 1,503 crore loss reported in FY23.

 

Additionally, the airline reached a settlement agreement of USD 22.5 million with Export Development Canada (EDC) to resolve USD 90.8 million in liabilities and settled liabilities totaling over USD 50 million with various lessors during the fourth quarter of the last fiscal