SpiceJet hits ground post Q4 results; stock slips 10%

NEW DELHI: SpiceJet slipped over 10 per cent on Friday after the airliner reported a net profit of Rs 73 crore for the quarter ended March 31, which came in slightly below analyst estimates largely on account of one-time expense.

Analysts on an average were anticipating a net profit of Rs 148 crore for the January-March quarter and an Ebitda growth of Rs 170 crore, according to Prabhudas Lilladher estimates.

The stock closed the day at Rs 71.30 on BSE, down 10.37 per cent.

The budget airline reported a one-time expense of Rs 173 crore on stabilisation and reliability of its fleet which led to reduction in net profit.

After this one-time expense, the airline will only have three outstanding claims of about $60 million (about Rs 203 crore), of which two involving $30 million are currently under negotiations, ET reported.

SpiceJet reported operating revenue of Rs 1,475 crore for the quarter, a growth of 86 per cent over the year-ago period. On Ebitda basis, SpiceJet reported a profit of Rs 146 crore compared with a profit of Rs 80 crore reported for the year-ago period.