Team Blitz India
MUMBAI: Budget carrier SpiceJet reported a net profit of Rs 205 crore for the quarter ending June 2023 (Q1 FY24) as compared to a loss of Rs 789 crore in Q1 FY23 due to a strong air travel demand. The airline said it registered industry’s highest domestic load factor of 90 per cent in Q1 FY24.
“For the same comparative period, operating expenses were at Rs 1,291 crore as against Rs 2,072 crore. On an EBITDA basis, profit was Rs 525 crore for the reported quarter against a loss of Rs 393 crore for the quarter ending June 30, 2022. Total operating revenue for the reported quarter was Rs 2,002 crore as against Rs 2,457 crore in the same quarter of the previous year,” the carrier stated.
“To strengthen the financial position of the company, promoter/promoter group infused Rs 500 crore by way of subscription to equity shares and/or convertible securities/equity share warrants on preferential basis. It received the disbursement of funds under the Emergency Credit Line Guarantee Scheme, which has been utilised towards ungrounding of aircraft. The airline plans to bring around 25 of its grounded