SpiceJet shares rallied more than 10 per cent on Friday after it reported a net profit of Rs 22.5 crore for the fourth quarter, against net loss of Rs 321.5 crore for the same quarter last year.
On an EBITDA basis, SpiceJet reported positive Rs 80 crore, against negative Rs 235crore the previous year.
Mr. Ajay Singh, has focused on restoring operational reliability and winning back customer confidence to boost revenues, while negotiating settlements and renegotiating several major contracts to bring down costs.
The airline ended the quarter with a load factor of 81%, which is a historic high for low season, as it continued its strategy of demand stimulation to maximize revenues, the company said in the oress release.
SpiceJet, the low-cost carrier shares were seen trading higher by 8.73 Per cent at Rs 20.55 on BSE at 12.45 PM IST. The stock touched an intra-day high of Rs 21.30 during the trade.