Mumbai: SpiceJet's scrip on May 20 tumbled 9.5 per cent even after the company reported a more than three-fold rise in net profit for the March quarter. The company's results came in post market hours on May 19. The stock, after a weak opening, further lost 9.49 per cent to Rs 72 as trade progressed on BSE.
SpiceJet, whose net profit grew more than three times to Rs 73.2 crore in the March quarter, plans to induct over 100 narrow-body planes in the next few months as the budget carrier seeks to tap growing domestic demand. Aided by higher revenues and lower fuel costs, SpiceJet remained profitable for the fifth straight quarter.
It registered a net profit of Rs 22.52 crore in the year-ago period. In the latest March quarter, the airline took a "one-time expense of Rs 173 crore towards stabilising and improving the reliability of its fleet". The airline's total income from operations climbed to Rs 1,474.9 crore, from Rs 790.9 crore in the same period a year ago.
