The board of directors "could only partially complete the agenda items" in the meeting held on August 11, leading to the postponement of the release of the quarterly results, SpiceJet said.
SpiceJet has deferred the release of the financial results for the three-month period and year ending March 2023, and the quarter ending June 2023 till August 14, a regulatory filing by the private carrier stated.
The airline, promoted by Ajay Singh, was earlier scheduled to declare the quarterly results on August 11.
The board of directors in the meeting held earlier in the day "could only partially complete the agenda items" and the meeting has now been adjourned to August 14 to consider and approve the financial results for Q4 and entire FY23, as well as the Q1 of FY24, the exchange filing noted.
SpiceJet has been reeling under financial stress, with the carrier losing Rs 1,516 crore in the first three quarters of the previous financial year and earned a profit in just one. For the 11 quarters since the start of COVID-19, the airline amassed cumulative losses of Rs 4,220 crore.
The low-cost carrier had reported a profit of Rs 110 crore in Q3FY23, a loss of Rs 837.8 crore in Q2FY23 and a loss of Rs 789 crore in the June quarter of FY23. The results of the fourth quarter were delayed as a member of its audit committee was medically incapacitated.
This is the second time in a row that the Gurugram-based airline delayed its fourth quarter results. The Q4FY22 result was delayed due to a ransomware attack.
Ahead of the release of Q1FY24 results, the shares of SpiceJet were trading in the green on August 11. The scrip settled at Rs 31.55 on the BSE, which was 2.2 percent higher as against the previous day's close.
Source: https://shorturl.at/bivO4
