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New Delhi, India's low-cost carrier <keyword id="6358032" type="General" weightage="20" keywordseo="SpiceJet" source="Orion">SpiceJet</keyword> has reportedly not deposited money into the pension funds of its employees for at least 6 to 8 months, a source said. However, a SpiceJet spokesperson told IANS said that the process has already been initiated by the company. "There was a certain deferral in PF but we will be depositing a substantial amount soon and salary disbursement is on time. We are also doing all settlements on time. Everything will be cleared soon. We are hopeful," said the spokesperson. "We are submitting PF together in three to four months and soon it will be cleared," he added. This week on Monday, SpiceJet announced a notable turnaround in its financials for the first quarter, driven by reduced costs which outweighed a decline in revenue. The airline revealed a consolidated net profit of Rs 197.64 crore for the quarter ending June 30. This marked a significant shift from the net loss of Rs 783.72 crore recorded during the corresponding period in the previous year. The impressive upswing in profitability was primarily attributed to a substantial 36 per cent reduction in total expenses for the mentioned quarter, amounting to Rs 2,069.24 crore. However, on Thursday, the Delhi High Court asked low-cost airline SpiceJet and its Chairman and Managing Director (CMD) to pay Rs 100 crore to Kal Airways and its promoter Kalanithi Maran by September 10, failing which the court may consider the attachement of their properties. Appearing for Maran and Kal Airways, senior advocate Maninder Singh submitted that the judgement debtor -- SpiceJet and CMD -- had to file the affidavit of assets and weekly collection within one week which they have failed to file on time and the same has not been filed in a format mandated by this court. On August 9, the court had issued notice on Kal Airways and Maran's application seeking 50 per cent of the daily revenue collection of SpiceJet to be paid to them on a weekly basis. During the hearing on Thursday, Singh further submitted that the order dated February 13 and July 7, passed by the Supreme Court is pre-emptive, conditional and self-operative which has not been complied with till date. Additionally, he submitted that the affidavit filed by the CMD has been filed under sealed cover which has not been served to the decree holders -- Kal Airways and Maran. On the other hand, senior advocate Amit Sibal submitted that the amount calculated by them stood upto Rs 279 crore and not Rs 397 crore, as argued by advocate Singh. He further made an offer to deposit Rs 75 crore within 10 days to which advocate Singh objected and said that they had to pay this amount in April but has not paid till date.

'SpiceJet didn't deposit money into pension funds for months'

<keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword>, which is facing headwinds, on Wednesday reported widening of net loss to Rs 789 crore in the June quarter as high fuel prices and rupee depreciation adversely impacted the budget carrier. Amid the financial turmoil, the airline plans to raise USD 200 million, which is around Rs 1,600 crore at current exchange rates and expects to complete the hiving-off of its profitable cargo business into a separate company in the current quarter. In continuing woes for the carrier, aviation watchdog DGCA on Wednesday deregistered two more <keyword id="6357957" type="General" weightage="50" keywordseo="boeing" source="Orion">Boeing</keyword> 737 planes of SpiceJet, following non-payment of dues to lessors. With the latest deregistration, a total of six Boeing 737 aircraft of the budget carrier have been deregistered in August. The crisis-hit airline has also delayed payment of salaries to staff for the second straight month. However, SpiceJet said it has started crediting salaries from today and like the previous month, "salary will be credited in a graded format". Moreover, in the independent auditor's review report of the airline's latest quarterly results, it has been mentioned that there are indications of material uncertainties "that may cast significant doubt about the group's ability to continue as a going concern". On Wednesday, the airline also said that its Chief Financial Officer Sanjeev Taneja has resigned. The low-cost carrier had a net loss of Rs 729 crore in the quarter ended June 2021. In the latest June quarter, the net loss is Rs 420 crore, excluding forex adjustment. "Total revenue for the reported quarter was Rs 2,478 crore as against Rs 1,266 crore, a year-on-year growth of 126 per cent, in the same quarter of the previous year," the airline said in a release. The airline, which had delayed its March quarter and FY2022 earnings, saw its net loss widen to Rs 458 crore in the 2022 March quarter from Rs 235.3 crore in the year-ago period. For the full fiscal year 2021-22, the net loss surged 73 per cent to Rs 1,725 crore from Rs 998.30 crore in the comparable period. According to the airline, business was severely impacted by the third wave of the coronavirus pandemic and high fuel prices in the March quarter. SpiceJet Chairman and Managing Director <keyword id="6357826" type="General" weightage="50" keywordseo="ajay-singh" source="Orion">Ajay Singh</keyword> said the industry has been witness to one of the most severe operating environment in the recent past, which impacted the progress and recovery made in the third quarter of FY2022. In the June quarter, jet fuel prices rose 105 per cent on a year-on-year basis and 40 per cent on a sequential basis, the airline said. "We are optimistic about our future and our continued recovery and in order to achieve our future plans, the board has mandated fresh capital issuance and the company will be shortly engaging with investment bankers for a potential raise of up to USD 200 million," he said. The airline's cargo arm <keyword id="6866514" type="General" weightage="50" keywordseo="spicexpress" source="Orion">SpiceXpress</keyword> was in black during the first quarter of the current fiscal. It reported a net profit of Rs 18 crore. Cargo revenues rose 74 per cent to Rs 1,944 crore in FY2022. "We will soon conclude the hive-off of cargo business into a separate independent company, SpiceXpress in the current quarter which will be followed by capacity enhancement with additional freighter aircraft within FY2023," Singh said. Meanwhile, certain concerns have been flagged in the independent auditor report of the company's quarterly results. "... the group has an incurred net loss (after other comprehensive income) of Rs 7,827.82 million during the quarter ended 30 June 2022 and, as of that date, the group's accumulated losses amounts to Rs 67,471.11 million, which have resulted in complete erosion of its net worth and the current liabilities have exceeded its current assets by Rs 67,719.67 million as at 30 June 2022," it said. According to the report, these conditions and other matters indicate the existence of a material uncertainties that may cast significant doubt about the Group's ability to continue as a going concern. Singh said that despite the complex operating environment and highest-ever input costs, SpiceJet has been able to sustain its operations. "Last year was a period of restructuring and settlements and we successfully completed and implemented settlements with most of our major partners, including manufacturers and lessors setting the stage for our seamless growth and expansion. "As we move ahead, we are encouraged with the strong travel demand and our focus for the next year would be to induct more fuel-efficient Boeing 737-8 MAX aircraft and concentrate on our regional and international routes," he added. In recent months, SpiceJet has been facing turbulent times, including financial headwinds. In July, the regulator directed the airline to operate only 50 per cent of flights in the wake of many of its planes facing technical issues. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/airfares-may-get-costlier-this-festive-season-as-theres-no-cap-ticket-prices-from-now/articleshow/93917729.cms">Airfares may get costlier this festive season as there's no cap ticket prices from now</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/this-multi-cap-fund-has-survived-the-worst-market-cycles-and-yet-delivered-the-highest-returns/articleshow/93914048.cms">This multi-cap fund has survived the worst market cycles and yet delivered the highest returns</a>

SpiceJet net loss widens to ₹789 crore, CFO resigns

The domestic air passenger traffic reached 1232.45 lakhs in 2022, registering an annual growth of 47.05 per cent as compared to 2021, the <keyword id="6354705" type="General" weightage="80" keywordseo="directorate-general-of-civil-aviation" source="Orion">Directorate General of Civil Aviation</keyword> (<keyword id="6354787" type="General" weightage="80" keywordseo="dgca" source="Orion">DGCA</keyword>) said on Thursday. "Passengers carried by domestic airlines between January 2022 and December 2022 were 1232.45 lakhs as against 838.14 lakhs during the corresponding period of the previous year thereby registering an annual growth of 47.05 per cent and monthly growth of 13.69 per cent," the aviation regulator said. The passenger load factors of all major airlines - Air India, <keyword id="6358032" type="DOMAIN" weightage="20" keywordseo="spicejet" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="spicejet" meta.entityname="Spicejet Ltd." meta.entityid="7876" meta.seoname="spicejet-ltd">SpiceJet</keyword>, <keyword id="12242018" type="General" weightage="80" keywordseo="gofirst" source="Orion">GoFirst</keyword>, IndiGo, <keyword id="11911527" type="General" weightage="80" keywordseo="akasa-air" source="Orion">Akasa Air</keyword>, AirAsia India and Vistara witnessed an upward trend in December 2022 compared to November 2022, as per the DGCA data. The passenger load factor measures the seat capacity utilisation of the airline. IndiGo recorded a market share of 56.1 per cent followed by Vistara with a 9.2 per cent share. SpiceJet and Air India had an 8.7 per cent market share, shows the official data. During December 2022, a total of 408 passenger-related complaints were received by the scheduled domestic airlines. The major reasons for complaints are flight problems and refunds. Airlines have received a total of 408 complaints, out of which 401 (approx. 98 per cent) have been addressed, the DGCA data shows. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/shark-tank-s2-indias-first-plug-and-fly-drones-developed-by-undergraduate/articleshow/97132329.cms">The under-grads who built a business of plug-and-fly drones</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/hul-indusind-bank-adani-enterprises-among-stocks-in-focus/articleshow/97115029.cms">Sensex, Nifty50 end lower on weak US consumer data – FMCG, metals, auto lead losses</a>

Domestic air passenger traffic went up by 47% this year compared to 2021: DGCA

<keyword id="6358021" type="COMPANY" weightage="20" keywordseo="budget">Budget</keyword> airline <keyword id="6358032" type="COMPANY" weightage="20" keywordseo="SpiceJet">SpiceJet</keyword> on Wednesday reported a <keyword id="45439" type="PERSON" weightage="20" keywordseo="Net-Loss">net loss</keyword> of ₹235.3 crore in the fourth quarter of FY21 against a loss of ₹807.1 crore in the same quarter of the previous year. As per the company, business continues to be severely impacted by the second wave of Covid-19 pandemic which has adversely hit <keyword id="6363823" type="UNKNOWN" weightage="20" keywordseo="operations">operations</keyword> and travel demand. The airline reported a net loss of ₹998.3 crore in <keyword id="9290552" type="COMPANY" weightage="20" keywordseo="fy2021">FY2021</keyword>. On a segment wise basis, the revenue from cargo operations increased by 518 per cent aggregating to ₹1,117.5 crore for FY2021 with profit of Rs 130.9 crore for the full year against a loss of ₹134.2 crore for the previous year. Furthermore, the company continues to incur various costs owing to the grounding and the inability of <keyword id="6357957" type="COMPANY" weightage="20" keywordseo="boeing">Boeing</keyword> 737Max aircraft to undertake revenue operations for over two years now. "SpiceJet continues to engage with Boeing to recover damages incurred by the Company due to the grounding of the MAX and also engage with aircraft lessor of the grounded MAX aircraft to restructure the present leases." Chairman and Managing Director <keyword id="6357826" type="PERSON" weightage="20" keywordseo="ajay-singh">Ajay Singh</keyword> said: "The intensity with which the second wave of Covid-19 struck and the unimaginable devastation it has caused, both for the already battered travel industry and generally, will take time to heal." "To ensure our long term growth and sustainable operation we have decided to raise funds of up to ₹2,500 crore. These funds will be used to significantly strengthen our balance sheet." He added: "With vaccination touching record numbers and travel demand slowly picking up, we hope that the worst is behind us but we remain extremely cautious about the future." "While there is still much work and recovery to be done we have managed to reduce our net loss in Q4 through re-structuring of our contracts which will have a significant positive impact in the long term." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/thousands-of-indias-transgenders-are-missing-vaccines-due-to-fear-follies-and-lack-of-ids/articleshow/83990511.cms">Thousands of India's transgenders are missing vaccines due to fear, follies and lack of IDs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/space/news/asteroids-contain-metals-worth-quintillions-of-dollars-but-mining-them-wont-necessarily-make-your-richer-than-bezos-or-musk/articleshow/83989878.cms">Asteroids contain metals worth quintillions of dollars — but mining them won’t necessarily make your richer than Bezos or Musk</a>

SpiceJet to raise ₹2,500 crore, quarterly loss narrows

Vodafone Idea, SpiceJet, Adani Group and other stocks to watch out for on July 1

<keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword> announced a 20 per cent salary hike for pilots from October onwards. This follows last month's 6 per cent hike in salaries. Sources said that while the first tranche of Emergency Credit Line Guarantee Scheme (ECLGS) payment has been received by the airline, the second is expected shortly. Moreover, the company will be depositing <keyword id="17506" type="General" weightage="50" keywordseo="tds" source="Orion">TDS</keyword> of all employees in the next two-three weeks. And, a significant portion of the PF will also be credited. According to an internal mail to all the pilots, senior VP, <keyword id="9138754" type="General" weightage="50" keywordseo="gurcharan-arora" source="Orion">Gurcharan Arora</keyword> said that the Spicejet has received the approval for a loan under the government's ECLGS scheme. "The first tranche of the payment has already been received and the second trancher is expected very soon. Our management is working to raise an additional 200 million dollars." The mail also talked about resumption of normalcy in the aviation sector and said that the airline is flying towards growth and sustainability. On Tuesday, in a temporary measure to rationalise cost, SpiceJet decided to place some pilots on leave without pay for a period of three months. The airline said that it will be inducting <keyword id="26842" type="General" weightage="50" keywordseo="max" source="Orion">MAX</keyword> aircraft shortly and these pilots will be back in service as the induction begins. During the <keyword id="9580222" type="General" weightage="50" keywordseo="lwp" source="Orion">LWP</keyword> period, pilots will remain eligible for all other employee benefits as applicable i.e. all opted insurance benefits and employee leave travel. SpiceJet airline had earlier reported a net loss of Rs 789 crore (Rs 420 crore, excluding forex adjustment) for the quarter ending June 30, 2022 as compared to a net loss of Rs 729 crore in the quarter ending 30 June, 2021 as the business was severely impacted by record high fuel prices and a depreciating <keyword id="6355302" type="General" weightage="50" keywordseo="rupee" source="Orion">Rupee</keyword>. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/adani-transmission-to-become-net-zero-by-2050/articleshow/94371480.cms">Adani Transmission to become net-zero by 2050</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/the-pune-girl-who-self-made-it-to-the-india-rich-list/articleshow/94368050.cms">The Pune girl who self-made it to the India rich list</a>

You Searched For "spicejet losses" and got 6 results

'SpiceJet didn't deposit money into pension funds for months'

IANS

SpiceJet net loss widens to ₹789 crore, CFO resigns

PTI

Domestic air passenger traffic went up by 47% this year compared to 2021: DGCA

ANI

SpiceJet to raise ₹2,500 crore, quarterly loss narrows

IANS

Vodafone Idea, SpiceJet, Adani Group and other stocks to watch out for on July 1

Rounak Jain

SpiceJet announces 20% salary hike for pilots, says will bring back those put on leave without pay

IANS

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