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SpiceJet narrows losses for full-year 2023-2024
July 17th 2024
SpiceJet has reported a net loss of 4.1 billion rupee (US$49 million) for the 12 months to March 31 compared with a net loss of 15 billion rupee in the previous year. Read More » Revenue was down by 14%, to 85 billion rupee, the Mumbai-headquartered LCC said in a regulatory filing. For the quarter to March 31, SpiceJet posted a 1.2 billion rupee net profit, more than seven times the LCC’s net profit of 170 million rupee in the matching month in 2023. “The results reflect our relentless efforts to enhance operational efficiency and our commitment to turning around the company's fortunes,” SpiceJet chair and managing director, Ajay Singh, said. “We are confident SpiceJet is well positioned to soar even higher in coming quarters.” The airline is “exploring opportunities to raise fresh funds to bolster our growth plans and take advantage of the burgeoning demand in the Indian aviation market”, he added.
