SpiceJet Ltd, a budget airline led by Ajay Singh, announced a 20% decrease in its consolidated net profit for the April-June quarter of the current fiscal year, reporting Rs 158 crore compared to Rs 198 crore during the same period last year. The airline's revenue from operations also fell by 15%, totaling Rs 1,708 crore, down from Rs 2,004 crore in the previous year.
However, on a quarter-to-quarter basis, SpiceJet saw a 24% increase in net profit after tax, which rose from Rs 127 crore in the January-March period.
For the ongoing summer schedule running from March 31 to October 26, 2024, SpiceJet has announced a 26% reduction in its weekly flights.
The airline's EBITDA for Q1 FY25 was Rs 401 crore, a decrease from Rs 525 crore in the same quarter of the previous year.
SpiceJet expressed satisfaction with its Q1 FY24-25 performance, highlighting a profit of Rs 150 crore and emphasizing the team's dedication amid challenges.
In a separate development, the Delhi High Court has ordered SpiceJet to ground three engines leased from French lessors due to non-payment of rental fees. The airline must return these engines to Team France 01 SAS and Sunbird France 02 SAS by August 16 and arrange for their inspection.
This ruling follows the lessors' rejection of an offer from SpiceJet's chairman and managing director, Ajay Singh, to use his shares as collateral for the airline's debts. The airline, based in Gurugram, has faced legal actions from several lessors over unpaid leases and recently delayed salary payments to some staff due to financial constraints.
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