SpiceJet Postpones Quarterly Results Till August 14

In a regulatory filing on Thursday, the private airline Spicejet said that its board of directors could only partially complete the agenda during the meeting held on August 11

The Ajay Singh-led budget carrier is going through a severe financial crunch and has incurred substantial losses, mainly on account of Covid-19.

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SpiceJet has postponed the announcement of its financial results for the quarter ending June 2023, as well as for the quarter ending March 2023, to August 14. In a regulatory filing on Thursday, the private airline said that its board of directors could only partially complete the agenda during the meeting held on the day. The Ajay Singh-led budget carrier is going through a severe financial crunch and has incurred substantial losses, mainly on account of Covid-19.

Previously, the airline had informed the exchanges that it intended to announce the results for the first quarter of the current financial year (Q1FY24) and the fourth quarter of the financial year 2022-23 (Q4FY23) on August 11, 2023. However, both of these results will now be announced on August 14, 2023.

"This is to inform you that the meeting of the Board of Directors of the Company held on today i.e. August 11, 2023 (Friday) could only partially complete the agenda items and the meeting has now been adjourned to August 14, 2023 (Monday)," Spicejet's regulatory filing said. 

"Further, pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015 read with Company’s Code of Conduct for Prevention of Insider Trading, the Trading Window for dealing in securities of the Company shall remain closed for the Designated Persons till August 16, 2023 (end of the day) for declaration of above said financial results of the Company," the filing added. 

This is not the first time Spicejet has deferred posting its financials. The airline's Q4FY22 result was delayed due to a ransomware attack. 

SpiceJet has been grappling with financial challenges, encountering a loss of Rs 1,516 crore in the first three quarters of the previous fiscal year, and registering a profit in only one quarter, as per a MoneyControl report. Over the 11 quarters since the onset of the COVID-19 pandemic, the airline has accumulated total losses worth Rs 4,220 crore.

In Q3FY23, the budget carrier posted a profit of Rs 110 crore, followed by a loss of Rs 837.8 crore in Q2FY23 and a loss of Rs 789 crore in the June quarter of FY23. The delay in the fourth-quarter results was attributed to the medical incapacitation of a member of its audit committee.

Ahead of the announcement of Q1FY24 results, SpiceJet's shares gained momentum on August 11. The shares closed at Rs 31.55 a piece on the BSE on Friday, marking a 2.2 per cent increase compared to the previous day's closing price.