SpiceJet recently 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, said a release.