SpiceJet Pushes Date For Q4FY23, Q1FY24 Results To August 14; What You Should Know!

The private carrier, SpiceJet has delayed its financial earnings report for the fourth quarter of FY23, and the first quarter of FY24 to August 14. Earlier, the airline was scheduled to declare its results on August 11. This would not be the first time SpiceJet has delayed its results, a similar action was seen in the fiscal FY22.

In its regulatory filing, SpiceJet said, "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), inter-alia, to consider and approve:

- The audited standalone and consolidated financial results of the Company for the fourth quarter and financial year ended March 31, 2023; and

- The unaudited standalone and consolidated financial results for the first quarter ended
June 30, 2023."

The announcement for pushing the dates of earnings to August 14 was made in the late hours of Friday, hence, investors were trading on a positive note on expectations of results on August 11.

The stock ended at Rs 31.55 apiece, up by 2.2% on BSE after market hours on Friday. Its market ap stood at Rs 1,898.82 crore.

SpiceJet currently faces petitions from more than four aircraft lessors Willis Lease Finance Corporation who have initiated insolvency proceedings against the airline.

As per reports, on Friday, Willis Lease Finance Corporation informed NCLT that it has the right to file the insolvency proceedings against SpiceJet. Reports have stated that a couple of these petitions will be heard on August 17 and August 18 most likely, while Willis Lease's plea hearing is likely to be set on September 11.

Earlier, SpiceJet delayed its financial reports for FY22 because of a ransomware attack the company faced in that respective financial year.

During the December 2022 quarter, SpiceJet posted a net profit of Rs 110.48 crore, more than doubling from a PAT of Rs 42.47 crore posted in the same quarter of FY22. However, net sales jumped by a meagre 2.4% YoY to Rs 2,316.88 crore, while EBITDA declined by 13.46% YoY to Rs 459.63 crore.

Recently, on July 25, SpiceJet came out of the Directorate General of Civil Aviation's (DGCA) 'enhanced surveillance regime' under which the regulator inspected 23 aircraft and carried 95 observations in this regard.

SpiceJet has been struggling with various financial headwinds in recent times.

Last year, DGCA issued a warning to SpiceJet after observing various anomalies related to its services.

A financial assessment that DGCA carried out in September 2021, showcased that SpiceJet is operating on cash and carry and suppliers approved vendors are not being paid regularly which has led to the shortage of spares and frequent invoking of Minimum Equipment Lists (MELS). Also, the report revealed that SpiceJet failed to build a safe, efficient and reliable air transport service. Due to this, the aviation regulator issued some restrictions on the airline.