SpiceJet Ltd shares jumped 5% in afternoon trade on Friday, i.e. 9 August, after the airline recorded its best-ever quarterly profit of Rs 263 crore in the first quarter ended June (Q1) compared with a loss of Rs 35.5 crore in the year-ago period.
At 3:08 pm, SpiceJet shares were trading at Rs 137.80, up 1.4%, on BSE after hitting an intra-day high of Rs 143.45. The stock has risen nearly 70% in the last six months.
The grounding of Jet Airways (India) Ltd helped SpiceJet boost its revenue from operations during the June quarter by 35.2% year-on-year to Rs 3,002 crore. Total income stood at Rs 3,146 crore in the June quarter compared with Rs 2,254.4 crore a year ago.
SpiceJet’s operating profit saw a massive jump, with earnings before interest, tax, depreciation and amortization (Ebitda) rising to Rs 747.5 crore during the June quarter as compared with Rs 100.5 crore in the year-ago quarter.
Ajay Singh, chairman and managing director of SpiceJet, said: “SpiceJet has been on a spectacular growth journey and this quarter, in particular, has been very special for us. We added 32 aircraft to our fleet expanding at a pace unprecedented for a sector plagued by crisis showcasing our robust business model and proven operational capabilities.”
The airline said passenger fares rose 11% during the June quarter. SpiceJet also witnessed some flight cancellations during the quarter due to the grounding of Boeing 737 MAX after Ethiopian Airlines crash in March.
“The results would have been vastly better but for the painful grounding of the MAX aircraft. We look forward to their swift return to service in the near future that will help SpiceJet increase its margins and provide a superior level of service,” Ajay Singh added in the statement.
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