SpiceJet Ltd. reported a 20% year-on-year decline in net profit for the first quarter of this financial year. The company has been profitable for the second consecutive quarter.
The airline recorded a net profit of Rs 158 crore for the quarter ended June, compared to Rs 197 crore in the same quarter of the previous fiscal year, according to its stock exchange notification.
Revenue decreased 15% year-on-year for the three months ended June to Rs 1,708 crore in comparison to Rs 2,004 crore in the same period in the fiscal ended March 2024.
Operating income fell 25% to Rs 292 crore. The Ebitda margin expanded to 17.1% from 19.4% in the same period the previous year.
The company is raising Rs 3,000 crore through a qualified institutional placement. The fundraise is expected to be completed by September. "The upcoming Rs 3,000 crore fundraise through the QIP will be instrumental in reinforcing our financial foundation and positioning SpiceJet for sustained success," Ajay Singh, chairperson and managing director of SpiceJet, said.
The airline had delayed its board meeting to review and approve its third-quarter and fourth-quarter results for the financial year 2024.
Shares of the company closed 2.5% lower at Rs 55.03 per share on the BSE, compared to a 0.19% advance in the benchmark Sensex. The stock has fallen 9.3% on a year-to-date basis and 63.44% over the past 12 months.
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