SpiceJet, which has remained profitable for five straight quarters, is looking to list its securities on the National Stock Exchange.
The proposal, in the works for some time, has gained momentum as the no-frills airline has been witnessing a significant turnaround in fortunes compared to late 2014 when it was in the doldrums.
Currently listed on BSE, SpiceJet is one of the few companies which are not trading on NSE. Generally, most of the prominent entities are listed on both the exchanges.
“We are looking at listing our shares on the NSE… Getting listed on this exchange will help our securities have a wider reach and also help in enhancing the credibility,” SpiceJet Chairman and Managing Director Ajay Singh told PTI.
The preparatory work has been initiated and the company is looking at the listing and various compliance requirements with respect to NSE, said.
Aided by higher revenues and lower fuel costs, SpiceJet saw its net profit more than triple to Rs 73.19 crore in the three months ended March 2016.
During the latest March quarter, the airline’s total income from operations climbed to Rs 1,474.99 crore from Rs 790.91 crore in the same period a year ago.
While announcing the results, Singh had said by taking the one-time expense of Rs 173 crore in March quarter, the airline has now “accounted for all legacy issues and are ready to start on a clean slate with even greater confidence”.
This is the fifth consecutive quarter for SpiceJet since the challenges faced in December 2014. The airline has been recording load factors of over 90 per cent consistently over the last 11 months which is the highest in the industry, SpiceJet had said on May 19 after releasing the latest financial numbers.