SpiceJet Q1 Results: Airline’s loss narrows to Rs 6 crore YoY; revenue up 12%

Budget airliner SpiceJet on Monday reported a consolidated net loss of Rs 6.22 crore for the quarter ended June 30, 2023, which was lower than Rs 485 crore loss posted in the corresponding period of the last financial year.

The revenue from operations stood at Rs 2,043.91 crore for the reported quarter, up 12.4% year-on-year (YoY). The revenue stood at Rs 1,817.39 crore in the year-ago period.

Both, profit after tax (PAT) and revenue were down sequentially. In the March quarter of FY23, SpiceJet had reported a net profit of Rs 110.12 crore while the revenues stood at Rs 2,263.41 crore.

The operating expenses in Q1 rose to Rs 1,002.93 crore from Rs 880.35 crore in the year-ago period.

The Board of SpiceJet had deferred the release of Q4FY23 and Q1FY23 results for today after the company could only partially complete the agenda items listed during its Friday board meeting.

The earnings were announced during market hours and the shares jumped nearly 6% on the BSE.