Low-cost carrier SpiceJet has postponed the announcement of its financial results for FY23 due to the illness of a key member of its audit committee.

In a regulatory filing, the company stated that it was unable to hold the necessary meetings for the approval of financial results due to the ongoing medical incapacitation of this committee member. However, SpiceJet assured that it would declare its financial results for the said period in the coming weeks and would inform the exchange accordingly.

The Securities and Exchange Board of India (SEBI) had set a deadline for SpiceJet to file its financial results by June 30. Last year, the airline faced financial difficulties as a result of a ransomware attack that disrupted its operations in May 2022. Consequently, it had to release its financial results for both the January-March quarter of FY22 and the April-June quarter of FY23 simultaneously in September.

Mounting losses

SpiceJet has experienced losses in previous financial years, reporting a consolidated net loss of ₹302 crore in FY19, ₹937 crore in FY20, ₹1,030 crore in FY21, and ₹1,744 crore in FY22. The company’s consolidated net loss in the first three quarters of FY23 amounted to ₹1,507 crore.

Additionally, SpiceJet has been facing difficulties with its lessors, resulting in many of its planes being grounded as of May this year. Recently, Wilmington Trust SP Services (Dublin) Ltd, an aircraft lessor, initiated insolvency proceedings against SpiceJet by filing a petition with the National Company Law Tribunal (NCLT).

Related Topics