Spice Jet shares crash as its results dissapoint
Spice Jet shares slipped nearly 10% in morning trade on Friday after the airline 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 expenses. Analysts on an average were anticipating a net profit of Rs 148 crore for the January-March quarter. Spice Jet was trading 6.4 per cent lower at Rs 74.45. It hit a low of Rs 72 and a high of Rs 78.40 so far in trade today. The budget airline reported a onetime expense of Rs 173 crore on stabilisation and reliability of its fleet which led to reduction in net profit. After this onetime 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, The Economic Times reported.
Spice Jet 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.