Thursday, June 29, 2023

Audit member 'incapacitated', can't declare FY23 results: SpiceJet

New Delhi: A key member of SpiceJet's audit committee is medically incapacitated so the airline has not been able to declare its 2022-23 (FY23) result till date, it said on Thursday.

IndiGo -- the only other listed airline in India -- declared its FY23 result on May 18 this year. 

"SpiceJet Limited (the “Company”) shall be declaring its financial results for the financial year ended March 31, 2023 in the coming weeks and the intimation about the same shall be provided to the exchange in due course," the airline told the BSE on Thursday.

The cash-strapped airline added that it "could not hold the meeting of Audit Committee and Board Members in the past for approval of financial results for the financial year ended March 31, 2023 due to ongoing medical incapacitation of a key member of its Audit Committee".

Cash-strapped SpiceJet has been making losses since FY19. It incurred a consolidated net loss of Rs 302 crore, Rs 9,37 crore, Rs 1,030 crore and Rs 1,744 crore in FY19, FY20, FY21 and FY22 respectively.

In the first three quarters of FY23, the airline has incurred a total consolidated net loss of Rs 1,507 crore. It is operating about 1,123 flights per week in June this year, which is 55.4 per cent fewer than in June last year, according to aviation analytics firm Cirium's data.

29/06/2023 Deepak Patel/Business Standard

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