SpiceJet rallies 16% as Q1 net profit more than doubles to Rs 149 crore

NEW DELHI: SpiceJet rose 16 per cent on Wednesday after the airliner reported 104 per cent year-on-year growth in net profit to Rs 149 crore for the quarter ended June 30.

The company reported a net profit of Rs 73 crore in the year-ago period.

Reacting to the results, shares of SpiceJet rose 15.88 per cent to settle at Rs 65.30.

SpiceJet flies way ahead of Jet Airways and InterGlobe Aviation in June quarter results. Jet Airways, India's second biggest airline by market share net profit halved to Rs 126 crore for the first quarter of FY17, compared to Rs 226 crore a year earlier.

IndiGo registered a 7.4 per cent decline in net profit during the first quarter of the current fiscal on the back of competitive fares in a market.

The net profit of India's largest carrier in terms of passengers carried fell to Rs 591 crore during the quarter, compared with Rs 638 crore during the same period last year.