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GURUGRAM, August 14, 2024 : SpiceJet today announced its second consecutive profitable quarter, a testament to the airline's resilience and strategic growth. The carrier reported a net profit of INR 150 Crore for the quarter ending June 2024, reflecting a 26% increase over the Q4 FY2024. This marks a significant milestone in the airline’s recovery efforts, following a challenging period for the aviation sector.
The airline achieved an operating profit of INR 393 Crore, underpinned by a solid EBITDA of INR 401 Crore, reflecting a significant improvement from INR 310 Crore in Q4 FY2024. SpiceJet also reported an EBITDAR of INR 650 Crore, up from INR 616 Crore over Q4 FY2024.
The airline continued to lead the industry with the highest domestic load factor of 91%, reinforcing its strong market position and operational excellence.
In a major move to further strengthen its financial position and support its growth plans, SpiceJet has already initiated the process of raising INR 3,000 Crore through a Qualified Institutional Placement (QIP), which is expected to be completed by the end of September 2024. This fresh infusion of funds will be pivotal in enabling the airline to expand and unground its fleet, enhance operational capabilities, settle liabilities and improve its overall market competitiveness. These funds will stabilise the overall operations and allow expansion.
Ajay Singh, Chairman and Managing Director of SpiceJet, commenting on the positive results and outlook said, “We are pleased to report a profit of INR 150 Crore for Q1 FY 2024-25, which underscores our determination to navigate through uncertainties and is a testament to the hard work and dedication of our team. The upcoming INR 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."
SpiceJet 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.
About SpiceJet:
SpiceJet is India's favourite airline that has made flying affordable for more Indians than ever before. SpiceJet is an IATA-IOSA certified airline that operates a fleet of Boeing 737s & Q-400s and is one of the country's largest regional players operating multiple daily flights under UDAN or the Regional Connectivity Scheme. The majority of the airline's fleet offers SpiceMax, the most spacious economy class seating in India.
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