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SpiceJet’s stock is up by about 5% after the results of the third and fourth quarters of the financial year 2023-24. The debt-ridden airline had released its financial results after a long time on Monday, July 15. At the same time, after the results of the first quarter of Jio Financial’s financial year 2024-25, its shares are down by 2%.
The value of SpiceJet shares has almost doubled in the last one year. In July 2023, the share was at around Rs 30, which has now increased to around Rs 58. At the same time, SpiceJet’s shares have fallen by 3% this year. At the beginning of the year the share price was around Rs 61. On the other hand, Jio Finance’s shares have increased by almost 60% since its listing.
1. SpiceJet Result
Consolidated profit in the January-March (Q4FY24) quarter increased year-on-year (YoY) to ₹127 crore. The company had suffered a loss of ₹6.2 crore in the same quarter a year ago (Q4FY23). The airline had suffered a loss of ₹298 crore in the October-December (Q3FY24) quarter.
In the same quarter a year ago (Q3FY23), the company’s consolidated net profit was ₹110 crore. The company said that the date of the board meeting for the results of the first quarter of the financial year 2024-25 (Q1FY25) will be informed soon. Click here to see complete result…
SpiceJet is India’s low cost airline
SpiceJet is India’s low cost airline, which connects remote corners of the country. The company operates around 250 flights daily to 48 destinations within India and international destinations. SpiceJet’s fleet includes Boeing 737 Max, Boeing 700 and Q400.
The SpiceJet brand was born in 2004, but its Air Operator Certificate (AOC) dates back to 1993. Then an air taxi company owned by SK Modi had partnered with the German airline Lufthansa. Its operations ceased in 1996.
In 2004, entrepreneur Ajay Singh planned to create SpiceJet, India’s low-cost airline. SpiceJet’s first flight departed from New Delhi (DEL) to Mumbai (BOM) on 24 May 2005 using a leased Boeing 737-800.
2. Jio Finance Result
Reliance Industries’ Non-Banking Financial Company (NBFC) had released its results on Monday. Registered a consolidated net profit of Rs 312.63 crore in the first quarter of the financial year 2024-25. There was a decrease of 5.81% on annual basis. A year ago, the company had made a profit of Rs 331.92 crore in the April-June quarter.
Jio Financial’s net interest income (NII) in April-June 2024 stood at Rs 161.74 crore. Click here to see complete result…
