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SpiceJet Q1 net profit beats estimates, up 104 per cent at Rs 149 cr ; shares up 20%

SpiceJet shares advanced nealy 20 per cent on Wednesday after the company reported better-than-estimated 104 per cent growth in net profit at Rs 149.03 crore for the quarter ended June 30, 2016

Spicejet Q1 results shares
SpiceJet Q1 results: The company posted 104 per cent growth in net profit at Rs 149.03 crore for the quarter ended June 30, 2016 against Rs 72.97 crore in the same quarter last year.

SpiceJet shares advanced nearly 20 per cent intraday on Wednesday after the company reported better-than-estimated 104 per cent growth in net profit at Rs 149.03 crore for the quarter ended June 30, 2016 against Rs 72.97 crore in the same quarter last year. Total income from operations of the company jumped to Rs 1521.53 crore for the quarter under review against Rs 1113 crore in the same quarter last year. During April-June period, total expenditure of the company soared to Rs 1,374.04 crore against Rs 1032.22 crore in the same period last year.

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This is the sixth consecutive profitable quarter for SpiceJet after the challenges faced by the Company in December, 2014 and the change in management and control.

At 3.28 pm, shares of the company were trading 19.96 per cent up at Rs 67.60. The scrip opened the day at Rs 56.75 and has touched a high and low of Rs 67.60 and Rs 56, respectively, in trade so far. Later, shares of the airline major closed 15.88 per cent up at Rs 65.30.

In the past one year, shares of the company jumped by 150.44 per cent to Rs 56.35 till September 6, whereas BSE Sensex gained 16.41 per cent during the same period.

In a separate filing, SpiceJet further informed bourses that it has appointed Anurag Bhargava and Harsha Vardhana Singh as independent directors.

“This quarter’s results further demonstrate the impact of efforts that are being put into strengthening SpiceJet.” said Ajay Singh, chairman and managing director, Spicejet in a release.

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