The shares of this air transport services provider gained up to 15 percent after the company announced that it has secured flight rights for Haj operations from seven Indian cities.
With a market capitalization of Rs 4,952.55 crore, the shares of SpiceJet Ltd closed at Rs 71.50 per share, increased around 11.82 percent as compared to the previous closing price of Rs 63.94 apiece.
According to the company filing, SpiceJet Ltd has announced that it has secured flight rights for Haj operations from seven Indian cities. The cities include Srinagar, Gaya, Guwahati, Bhopal, Indore, Aurangabad, and Vijayawada.
Furthermore, Haj has been a significant revenue generator for SpiceJet, reaffirming its commitment to serving diverse segments of passengers. In the current fiscal year, SpiceJet garnered a revenue of INR 337 crore from Haj operations.
Moreover, The first phase of Haj activities begins on May 9, with flights to Medina. SpiceJet is preparing to provide a seamless and comfortable travel experience for Haj pilgrims from chosen cities.
Looking into the company’s financial, SpiceJet Ltd’s revenue decreased by 26 percent from Rs 1,954 Crore in Q2FY23 to 1,429 Crore in Q2FY24. During the same period, net loss decreased by 45 percent from Rs 833 crore to Rs 449 crore.
The quarter concluded on March 31, 2023. The Holding Company received Rs. 5,412.96 million in additional funds under the ECLGS scheme. Additionally, the company has initiated the process of issuing fresh equity shares/equity warrants to the promoter group for a value of Rs. 5,000 million.
It produces income primarily via two segments: air transport services and freight and logistics services. For Q1FY24, the income from air transport services is Rs 2002 crore, accounting for 96% of total revenue. The Cargo segment generated Rs 729 crore, accounting for 4% of total revenue.
SpiceJet Limited provides air transport services for passengers and cargo. The company’s segments include Air Transport Services, Freighter and Logistics Services, and Other Services.
Written by:- Abhishek Singh
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