Thursday, July 01, 2021

SpiceJet lost Rs 998 crore in FY21; to raise Rs 2,500 crore via QIP & hive off cargo arm

New Delhi: Ajay Singh-promoted SpiceJet will raise Rs 2,500 crore through QIP and hive off its cargo business as a separate entity.

The budget airline on Wednesday reported a Q4 FY 21 loss of Rs 235 crore, down from a loss of Rs 807 crore in same period in previous fiscal.

In Covid-stricken fiscal, the airline has lost Rs 998 crore, up from a loss of Rs 935 crore in FY20. It reported a total income of Rs 6,121 crore in FY21, which was less than half of Rs 13,206 crore it posted in FY20. Its scrip closed 1.5% lower at Rs 81 on BSE Wednesday.

However, the airline's auditor in its report with the result says the loss for Q4 FY21 and fiscal year 2020-21 would have been higher by Rs 142 crore and Rs 533.4 crore, respectively, had it not recognised certain items like compensation from Boeing for the grounded B737 Max as there is no “virtual certainty” of getting the same.

Auditor Walker Chandiok & Co says: “The company's accumulated losses have resulted in complete erosion of its net worth and the current liabilities have exceeded its current assets by Rs 5,185.8 crore as at March 31, 2021. (There is) existence of a material uncertainty that may cast significant doubt about the company's ability to continue as a going concern.”

30/06/21 Saurabh Sinha/Times of India

To Read the News in full at Source, Click the Headline


Post a Comment