SpiceJet offers 'spicy rates'; Stock up marginally

Last Updated: Tue, Nov 22, 2016 10:17 hrs
A SpiceJet passenger aircraft prepares to land at Sardar Vallabhbhai Patel international airport in Ahmedabad

SpiceJet announced on Monday that it would offer all inclusive one way fares starting from Rs 737 for select domestic destinations, for travel during January 9 - October 28 next year. The offer will be on till this Thursday (November 24), the airliner said.

The offer, which is on first-come-first-serve basis, is applicable on sectors like Chennai–Coimbatore–Chennai, Jammu-Srinagar–Jammu, Chandigarh–Srinagar–Chandigarh and Agartala–Guwahati covering distance up to 500 kilometres, said the airlines in a press release.

SpiceJet shares rose to Rs 60.35 earlier this morning and are currently at Rs 59.50, up 0.5% from Monday's closing price.

SpiceJet is scheduled to announce its July - September 2016 results on November 25. In the June 2016 quarter, the airliner had posted a net profit of Rs 149 crore, up 104% over a net profit of Rs 73 crore it had recorded in the corresponding quarter of the previous year. June quarter was the sixth consecutive profitable quarter for SpiceJet, which had faced challenges in December 2014.

Capacity deployed registered a growth of 37% over the same quarter last year and operating revenue was Rs 1522 crores, a growth of 37%.

First quarter profits were adversely impacted by rupee depreciation, inflation and the presence of more expensive wet lease aircraft. However, profits outperformed capacity and revenue growth rates.

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