SpiceJet Q1 FY25: Net profit falls 20% to Rs 159 crore; revenue falls 14%

Low-cost carrier SpiceJet Ltd on Wednesday reported a 19.65 per cent decline in consolidated profit for the June quarter of 2024 (Q1 FY25). The carrier’s profit stood at Rs 158.75 crore in Q1 FY25 as against Rs 197.58 crore in the same period a year earlier.

The airline’s operating revenue also saw a decline of 14.15 per cent to Rs 1,646.21 crore during the quarter under review from Rs 1,917.43 crore in the same period last year.

SpiceJet in a separate release said it achieved an operating profit of Rs 393 crore on a sequential basis, supported by a solid EBITDA of Rs 401 crore, a significant improvement over Rs 310 crore in Q4FY24. SpiceJet also reported an EBITDAR of Rs 650 crore, compared to Rs 616 crore in Q4FY24.

The company also said it continued to lead the industry with the highest domestic load factor of 91 percent, confirming its strong market position and operational excellence.

“In a significant step to further strengthen its financial position and support its growth plans, SpiceJet has already initiated the process of raising Rs 3,000 crore through Qualified Institutional Placement (QIP), which is expected to be completed by the end of September 2024,” the airline also said.

“This fresh injection of funds will be crucial in enabling the airline to expand and divest its fleet, increase operational capacity, settle liabilities and improve overall market competitiveness. These funds will stabilise overall operations and enable expansion,” the statement added.

Ajay Singh, Chairman and Managing Director, SpiceJet, said, “The upcoming collection of Rs 3,000 crore through QIP will be instrumental in strengthening our financial foundation and positioning SpiceJet for sustained success. We believe in the resilience of our business model and remain committed to providing our customers with the best possible flight experience.”

The quarterly results were announced after market hours. Earlier in the day, SpiceJet shares fell 2.50 per cent to end the day at Rs 55.03.

The BSE and NSE have placed SpiceJet securities on long-term ASM (Additional Surveillance Measure). Exchanges place stocks on short-term or long-term ASM to warn investors about high volatility in stock prices.