SpiceJet Delays Fiscal 2023 Results Due To Incapacitation Of Key Audit Member

SpiceJet Ltd has delayed the announcement of its financial results for fiscal 2022-23 as a key member of its audit committee is medically incapacitated, the airline said in an exchange filing today.

"The Company 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," the company said in its statement.

Securities and Exchange Board of India (SEBI) had given three months to the cash-strapped airline after 31 March 2023, to declare its financial results by 30 June.

This is the second consecutive year that SpiceJet has delayed announcing its finances for the quarter ending March. Last year, SpiceJet released its January-March 2021-22 and April-June 2022-23 financial results together in September.

The airline had delayed its financial results as an attempted ransomware attack disrupted its operations in May 2022.

SpiceJet has been making losses since the financial year 2018-19. It incurred a consolidated net loss of Rs 302 crore, Rs 937 crore, Rs 1,030 crore, and Rs 1,744 crore in FY2018-19, FY2019-20, FY2020-21, and FY2021-22 respectively. 

In the first three-quarters of FY23, the budget carrier reported a total net loss of Rs 1,507 crore. It is operating around 1,123 flights per week in June this year, which is 55.4 per cent lower in June last year, as per aviation analytics firm Cirium’s data. 

SpiceJet has been facing issues with aircraft lessors with as many as 25 out of its 76 planes being grounded as of May this year. Earlier this month, Aircraft lessor Wilmington Trust SP Services Ltd, Dublin filed an application with National Company Law Tribunal (NCLT) to initiate insolvency proceedings against SpiceJet.

SpiceJet shares have plunged over 29 per cent so far this year.