SpiceJet shares jump over 7% after earnings announcement

Shares of budget carrier SpiceJet jumped over 7 per cent in morning trade on Tuesday after the company reported a multi-fold jump in standalone profit in the January-March quarter of 2023-24.

The stock climbed 7.35 per cent to Rs 60 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 full fiscal 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 $22.5 million with Export Development Canada (EDC) to resolve $90.8 million in liabilities and also settled liabilities aggregating to over $50 million with various lessors during the fourth quarter of last fiscal.