Shares of SpiceJet Ltd skyrocketed 7% on 16 July after the company announced its quarterly earnings for the April-June quarter. 

In its quarterly report, the company posted a six-fold jump in its standalone net profit to Rs  119 crore during the quarter from Rs 16.9 crore reported in the same quarter of the previous fiscal year. 

However, the revenue from operations during the quarter stood at Rs 1,571.2 crore, marking a 26.75% year-on-year decline from Rs 2,145 crore reported in the corresponding quarter of the last fiscal year. 

Ajay Singh, Chairman and Managing Director of SpiceJet, said, “We announce a strong financial performance in Q4 FY2024, with net profit surging sixfold to Rs 119 crore compared to the same quarter last year. The results reflect our relentless efforts to enhance operational efficiency and our commitment to turning around the company’s fortunes.”

The company is also planning to raise Rs 2,000 crore by August of the current fiscal year. 

At 1:47 pm, the shares of SpiceJet were trading 4.76% higher at Rs 58.55 on NSE.

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