Spice Jet shares up 5% on smart Q3 nos
Shares of SpiceJet today climbed 5 per cent, after the low-cost carrier reported a net profit of Rs 102 crore for the third quarter ended December, 2012. After surging nearly 8 per cent in intraday, shares of the company finally ended at Rs 46.15, up 5.01 per cent from its previous close on the BSE.
In terms of volume, 149.13 lakh shares of the company
were traded on the BSE during the day. “Spicejet gained 5 per cent after the company declared quarterly profit of Rs 102 crore, mainly helped by more international flights and relatively lower fuel expenses," said Milan Bavishi, Head Research, Inventure Growth & Securities.
The Chennai-based airline promoted by Kalanithi Maran had
reported a net loss of Rs 39.26 crore in the same period the
prior year. For the October-December quarter, the carrier posted 37 per cent increase in revenue at Rs 1,603 crore compared to Rs
1,173 crore, SpiceJet said in a filing to the BSE.
With better fleet optimisation, an altered route mix and
higher yields, fuel cost as a proportion fell to 45 per cent
of the total revenue in the current quarter as against 50 per
cent in the comparable quarter for the previous year, the
company said.
SpiceJet results also generated strong buying interest in
Jet Airways, which is already buoyant on back of stake sale
buzz, Bavishi said.
Shares of Jet Airways settled at Rs 605.55, up 5.41
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