SpiceJet, which is looking to raise funds, on Wednesday posted a 27 per cent decline in standalone profit at ₹149.96 crore in the three months ended June compared with the year-ago period.
The budget carrier had a standalone profit of ₹204.56 crore in the June 2023 quarter. The profit is higher compared with the three months ended March this year when the amount stood at ₹118.99 crore.
According to a regulatory filing, SpiceJet’s total income declined to ₹2,067.21 crore in the first quarter of the current financial year against ₹2,268.06 crore recorded in the same period a year ago.
In the latest June quarter, the carrier’s total expenses fell to ₹1,917.25 crore compared with ₹2,063.49 crore in the year-ago period.
According to a release, the operating profit in the first quarter of this fiscal rose 27 per cent to ₹393 crore against ₹310 crore reported in the 2024 March quarter.
The airline, which is facing multiple headwinds, has initiated the process of raising up to ₹3,000 crore through the Qualified Institutional Placement (QIP) route and that is expected to be completed by the end of September this year.
“This fresh infusion of funds will be pivotal in enabling the airline to expand and unground its fleet, enhance operational capabilities, settle liabilities and improve its overall market competitiveness. These funds will stabilise the overall operations and allow expansion,” it said in the release.
SpiceJet chairman and managing director Ajay Singh said the upcoming ₹3,000 crore fundraise will be instrumental in reinforcing its financial foundation.
Shares of the airline dropped 2.50 per cent to close at ₹55.03 apiece on the BSE.
Ola Electric
Ola Electric Mobility on Wednesday reported a higher consolidated loss of ₹347 crore for the April-June quarter compared with the year-ago period.
The company’s losses in the April-June period of 2023 were ₹267 crore, according to an exchange filing.
Revenue from operations for the quarter under review was ₹1,644 crore against ₹1,243 crore in the same quarter of the previous fiscal, according to the filing.
