SpiceJet reported a net loss of ₹423 crore for FY24, down from ₹1,513 crore in FY23.
Revenue fell 14% to ₹8,524 crore, while expenses dropped 28% to ₹8,947.7 crore.
SpiceJet laid off about 1,500 employees, saving an estimated ₹100 crore annually.
Q4 FY24 net profit was ₹126.9 crore, while Q3 FY24 saw a net loss of ₹299 crore.
Total liabilities stood at ₹11,690.7 crore. SpiceJet raised ₹2,250 crore from various investors.
In February 2024, SpiceJet secured additional funding of ₹316 crore. Plans for further fundraising are underway.
SpiceJet's shares jumped 5.46% higher at ₹58.94. Results were declared after market close.