SpiceJet shares climb over 3% after earnings announcement

Shares of budget carrier SpiceJet ended over 3 per cent higher on Tuesday after the company reported a multi-fold jump in standalone profit in the March quarter of 2023-24. The stock climbed 7.35 per cent to Rs 60 during the day on the BSE. It ended at Rs 57.70, up 3.24 per cent.

In traded volume terms, 129.43 lakh shares of the company were traded on the BSE.

SpiceJet on Monday reported a multi-fold jump in standalone profit to Rs 119 crore in the January-March quarter of 2023-24, compared to Rs 16.85 crore in the corresponding quarter of the previous year.

The revenue from operations during the quarter under review, however, declined 20 per cent to Rs 1,719.37 crore, from Rs 2,144.85 crore in the fourth quarter of the financial year ended March 31, 2023, according to a regulatory filing.

For the entire 2023-24, the airline posted a loss of Rs 409.43 crore, against a loss of Rs 1,503 crore in FY23, the filing said.

The airline also signed a settlement agreement at USD 22.5 million with Export Development Canada (EDC) to resolve USD 90.8 million in liabilities and also settled liabilities aggregating to over USD 50 million with various lessors during the fourth quarter of the previous fiscal year.