SpiceJet Q1 report: Low-cost carrier defers Q4 FY23, Q1 FY24 results till August 14
The carrier, promoted by Ajay Singh, elaborated that the company board could only partially complete the agenda items during its meeting on August 11. After that, it said that it would declare its Q1 results 2023 and Q4FY23 results together on August 14.
- Aug 12, 2023,
- Updated Aug 12, 2023 12:57 PM IST
Low-cost carrier Spicejet has deferred its Q1 results date from August 11 to August 14, the company said in a regulatory filing on Friday.
The carrier, promoted by Ajay Singh, elaborated that the company board could only partially complete the agenda items during its meeting on August 11 after it said that it would declare its Q1 results 2023 and Q4FY23 results together on August 14.
"The meeting of the Board of Directors of the Company held on today, that is, August 11, 2023 (Friday) could only partially complete the agenda items and the meeting has now been adjourned to August 14, 2023," said Spicejet in its statement announcing the delay in its results.
It added: "The meeting of the Board of Directors of the Company is scheduled on 14/08/2023, inter alia, to consider and approve (a) The audited standalone and consolidated financial results of the Company for the fourth quarter and financial year ended March 31, 2023; and (b)The unaudited standalone and consolidated financial results for the first quarter ended June 30, 2023. 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."
This is not the first time the airline has delayed results. The carrier delayed its FY22 results due to a ransomware attack, the company said.
Earlier this month it was reported that SpiceJet had sought shareholder approval to issue 5.91 per cent of its stake to Carlyle Aviation Partners, the aircraft financing unit of private equity giant Carlyle Group.
The leasing firm, which has the largest exposure among other lessors, will convert its dues of over $28 million to equity. The airline's share has been valued at Rs 48 per equity share by the lessors, which is higher than the current price of the airline which is trading at Rs 29 at the stock exchange.
The carrier has been under financial stress. It has lost around Rs 1,516 crore in first three quarters of the financial year 2022-23. Since, outbreak of Covid-19 in Q4FY20, the airline carrier has been losing money and in last 11 quarters, Spicejet has lost to the tune of Rs 4,220 crore.
In its Q3 FY23 results, SpiceJet Ltd reported a consolidated net profit of Rs 110 crore, rising 161 per cent in the quarter ended December 2022.
SpiceJet declared losses of Rs 1,725 crore for the full year of FY 22. The airline also reported a loss of Rs 783.60 crore for April-June of FY 23 as compared to a loss of Rs 729 crore in the year-ago period.
Earlier this week, the Delhi High Court refused to interfere with the 2018 arbitral tribunal award that asked SpiceJet to refund Rs 579 crore with interest to former promoter Sun Group chairman Kalanithi Maran in a seven-year-old share transfer dispute.
Maran had filed an application in the Delhi High Court seeking attachment of 50 per cent of SpiceJet's daily revenues towards payment of Rs 393 crore that the low cost airline owes him.
On July 31, the Delhi HC upheld the validity of the arbitral award against SpiceJet making way for Maran to press for the enforcement of the award.
While the HC asked the airline to file an affidavit of assets and liabilities in 2020, the airline has not done so to date.
Owing to this failure of action by SpiceJet, the court on July 24 summoned the airline's CMD to be personally present for non-compliance.
Also read: Carlyle to buy 5.91% stake in SpiceJet at Rs 48 per share: Report
Also read: 'Not true': Virat Kohli issues clarification over his social media earnings doing rounds
Low-cost carrier Spicejet has deferred its Q1 results date from August 11 to August 14, the company said in a regulatory filing on Friday.
The carrier, promoted by Ajay Singh, elaborated that the company board could only partially complete the agenda items during its meeting on August 11 after it said that it would declare its Q1 results 2023 and Q4FY23 results together on August 14.
"The meeting of the Board of Directors of the Company held on today, that is, August 11, 2023 (Friday) could only partially complete the agenda items and the meeting has now been adjourned to August 14, 2023," said Spicejet in its statement announcing the delay in its results.
It added: "The meeting of the Board of Directors of the Company is scheduled on 14/08/2023, inter alia, to consider and approve (a) The audited standalone and consolidated financial results of the Company for the fourth quarter and financial year ended March 31, 2023; and (b)The unaudited standalone and consolidated financial results for the first quarter ended June 30, 2023. 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."
This is not the first time the airline has delayed results. The carrier delayed its FY22 results due to a ransomware attack, the company said.
Earlier this month it was reported that SpiceJet had sought shareholder approval to issue 5.91 per cent of its stake to Carlyle Aviation Partners, the aircraft financing unit of private equity giant Carlyle Group.
The leasing firm, which has the largest exposure among other lessors, will convert its dues of over $28 million to equity. The airline's share has been valued at Rs 48 per equity share by the lessors, which is higher than the current price of the airline which is trading at Rs 29 at the stock exchange.
The carrier has been under financial stress. It has lost around Rs 1,516 crore in first three quarters of the financial year 2022-23. Since, outbreak of Covid-19 in Q4FY20, the airline carrier has been losing money and in last 11 quarters, Spicejet has lost to the tune of Rs 4,220 crore.
In its Q3 FY23 results, SpiceJet Ltd reported a consolidated net profit of Rs 110 crore, rising 161 per cent in the quarter ended December 2022.
SpiceJet declared losses of Rs 1,725 crore for the full year of FY 22. The airline also reported a loss of Rs 783.60 crore for April-June of FY 23 as compared to a loss of Rs 729 crore in the year-ago period.
Earlier this week, the Delhi High Court refused to interfere with the 2018 arbitral tribunal award that asked SpiceJet to refund Rs 579 crore with interest to former promoter Sun Group chairman Kalanithi Maran in a seven-year-old share transfer dispute.
Maran had filed an application in the Delhi High Court seeking attachment of 50 per cent of SpiceJet's daily revenues towards payment of Rs 393 crore that the low cost airline owes him.
On July 31, the Delhi HC upheld the validity of the arbitral award against SpiceJet making way for Maran to press for the enforcement of the award.
While the HC asked the airline to file an affidavit of assets and liabilities in 2020, the airline has not done so to date.
Owing to this failure of action by SpiceJet, the court on July 24 summoned the airline's CMD to be personally present for non-compliance.
Also read: Carlyle to buy 5.91% stake in SpiceJet at Rs 48 per share: Report
Also read: 'Not true': Virat Kohli issues clarification over his social media earnings doing rounds