Debt-ridden airline SpiceJet has reported a consolidated net profit of Rs 158 crore in the first quarter of FY 2024-25. It has declined by 20% on an annual basis (YoY). In the same quarter a year ago, the company had a profit of Rs 198 crore.
The consolidated revenue from SpiceJet’s operations stood at Rs 1,708 crore. It has declined by 15% on an annual basis. In the same quarter a year ago i.e. the first quarter of FY24, the revenue was Rs 2,004 crore. The amount received from selling goods and services is called revenue.
SpiceJet’s total income decreased by 8.37%
In the April-June quarter, SpiceJet’s total income declined by 8.37% year-on-year to Rs 2,078 crore. In the first quarter of the financial year 2023-24, the company’s income was Rs 2,267 crore. At the same time, the total expense of the company during this period was Rs 1,920 crore. The company has released the first quarter results today (Wednesday, August 14).
SpiceJet’s stock has fallen 9% this year
Before the results, SpiceJet’s stock closed 2.50% lower at Rs 55.03. The airline’s stock has fallen 8.79% in 5 days, 1.54% in a month, 13.16% in 6 months and 9.25% this year i.e. since January 1, 2024. At the same time, SpiceJet’s stock has risen 63.44% in the last one year. The market cap of the airline company is Rs 4,370 crore.
SpiceJet is India’s low cost airline
SpiceJet is India’s low cost airline, connecting the remote corners of the country. The company operates about 250 flights daily to 48 destinations within India and international destinations. SpiceJet’s fleet includes Boeing 737 Max, Boeing 700 and Q400.
The SpiceJet brand was born in 2004, but its Air Operator Certificate (AOC) dates back to 1993. Then an air taxi company owned by SK Modi partnered with Lufthansa, a German airline. Its operations were closed in 1996.
In 2004, entrepreneur Ajay Singh planned to create India’s low cost airline SpiceJet. SpiceJet’s first flight took off on 24 May 2005 from New Delhi (DEL) to Mumbai (BOM) using a leased Boeing 737-800.
