Spicejet: SpiceJet reports Rs 205 crore profit in Q1 FY24

NEW DELHI: SpiceJet on Monday reported a profit of Rs 205 crore in April-June, 2023, against a loss of Rs 789 crore in same period last fiscal. The airline simultaneously declared its delayed January-March, 2023, result with a profit of Rs 16.8 crore against a loss of Rs 457.9 crore in same period last fiscal. SpiceJet has lost Rs 1,503 crore in FY 23, against a loss of Rs 1,725.4 crore in FY 22.

On March 31, 2023, the airline’s net worth was negative Rs 3,231.6 crore. The airline is battling multiple court cases regarding claims of payments from claimants including its earlier promoter Kalanithi Maran and has been trying to raise funds for many months now. The Supreme Court had last month directed it to Rs 380 crore to Maran.
“…despite facing multiple challenges, we have posted a profit in Q1 FY2024. Our team’s relentless efforts and dedication and the continuous support from our valued customers have been pivotal in this success. I firmly believe in the potential of our airline, and I am pleased to have contributed to its growth by infusing Rs 500 crore into the Company. This infusion will help bolster our efforts in reviving our grounded planes, for which we have been working tirelessly, strengthening our fleet and expanding our cargo operations,” SpiceJet CMD Ajay Singh said.

“Our logistics arm continues to soar. It’s exceptional performance, with sustained profits, has been a driving force, contributing to our overall success. We remain focused on adapting to the changing landscape of the aviation industry, identifying and seizing new opportunities, and steering our airline towards greater heights,” Singh added.
SpiceJet reported an operating revenue of Rs 8,869 crore in FY23, against Rs 6,557 crore in FY22. It completed the hive-off of its logistics platform into a separate entity, SpiceXpress and Logistics Private Limited from April 1, 2023.