SpiceJet delays FY23 financial results as key audit committee member 'incapacitated'

SpiceJet Ltd has delayed the declaration of its financial results for the fiscal year 2022-2023 due to the ill health of a key member of its audit committee.

“The Company could not hold the meeting of Audit Committee and Board Members in the past for approval of financial results for financial year ended March 31, 2023 due to ongoing medical incapacitation of a key member of its Audit Committee,” SpiceJet said in a regulatory filing on Friday.

The company shall be declaring its financial results for the financial year ended March 31, 2023 in the coming weeks, it added, saying that it will intimate the exchange about it in due course.

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As per the Securities and Exchange Board of India (Sebi) deadline, the company had to file its financial results for the period ending March by June 30.

Last year, the cash-strapped airline had announced its results for January-March quarter of FY22 and April-June quarter of FY23 together in September after an attempted ransomware attack disrupted its operations in May 2022.

SpiceJet has been reporting losses in the past financial years. It posted a consolidated net loss of ₹302 crore in FY2019, ₹937 crore loss in FY2020, ₹1,030 crore loss in FY2021 and ₹1,744 crore loss in FY2022.

The company’s consolidated net loss in the first three quarters of FY23 stood at ₹1,507 crore.

SpiceJet is also facing trouble with its lessors as many of its planes have been grounded as of May this year.

Earlier this month, Aircraft lessor Wilmington Trust SP Services (Dublin) Ltd moved the National Company Law Tribunal (NCLT) to initiate insolvency against Indian low cost carrier SpiceJet.

Read here: Wilmington Trust SP Services moves NCLT to initiate insolvency against SpiceJet; hearing on June 16

The shares of SpiceJet have plunged over 29% so far this year. At 12:20 pm, the stock was trading 0.51% higher at ₹27.49 apiece on the BSE.

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