SpiceJet’s Board will also discuss the issuance of equity shares on a preferential the is the for conversion of outstanding liabilities into equity shares of the company.For the third quarter that ended 31 December 2022, SpiceJet’s passenger revenue surged 33% as yields, a proxy for airfares, rose 21 percent.That helped offset a sharp decline in revenue from its freight and logistics business. Overall revenue was up 2 percent at u20b92,317 crore.
Source: ET Now SwadeshThere are renewed signs of recovery and some very positive developments and restructuring initiatives in the immediate offing that would significantly strengthen and de-leverage our balance sheet, Ajay Singh, chairman, and managing director said in a statement.
Profit rose to u20b9110 crores for the quarter under review. The results come as the cash-strapped airline looks to raise capital with competition heating up in the industry.Last year, SpiceJet suffered a string of mid-air safety lapses that drove the aviation regulator to halve its approved fleet in July 2022. The curb was removed on 30 October.
Meanwhile, shares of SpiceJet surged over 12 percent after the company reported a higher net profit of u20b9110 crores in the three months that ended December last year.The stock jumped 12.31 percent to settle at Rs. 39.70 per piece on the BSE on Friday. During the day, it rallied 15.27 percent to u20b940.75.
In volume terms, 25.44 lakh shares were traded on the BSE during the day.
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