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SpiceJet Ltd on Monday said it has hived off its cargo and logistics business <keyword id="6866514" type="General" weightage="20" keywordseo="SpiceXpress" source="Orion">SpiceXpress</keyword> into a separate entity -- SpiceXpress and Logistics Pvt Ltd, from April 1. The move results in a one-time gain of Rs 2,555.77 crore for SpiceJet, substantially reducing its negative net worth, the company said. It also paves the way for SpiceXpress to raise funds independently, SpiceJet said. The decision to hive off SpiceXpress is in sync with the company's long-term business plan and will unlock significant valuation of the logistic business, SpiceJet Ltd Chairman Ajay Singh said. Singh further said "the separation of our cargo and logistics arm is a stepping stone in our growth story which shall unfold in the times to come". SpiceXpress reported a net profit of Rs 51.4 crore for the April-December period of FY23. "In a bid to boost the growth of its cargo business and provide a more streamlined and efficient service to its customers, SpiceJet Ltd has completed the hive off of its cargo and logistics division 'SpiceXpress' into a separate entity, SpiceXpress and Logistics Private Limited," the company said. The consideration for the slump-sale will be discharged by SpiceXpress by issuance of securities in the combination of equity shares and compulsorily convertible debentures to SpiceJet for an aggregate amount of Rs 2,555.77 crore which will also strengthen the balance sheet of SpiceJet, it said. According to Singh, "SpiceXpress will provide greater and differentiated focus to cargo and logistics business and will allow the possibility of raising capital for the business to accelerate its growth". Both SpiceJet and SpiceXpress have great potential and will complement each other well, he added. He also said that the hive off will not only enable SpiceXpress to raise cash independently, it will significantly reduce SpiceJet's negative net worth. "Having restructured over USD 100 million, outstanding dues to Carlyle Aviation Partner last month, the hive off will further strengthen and deleverage our balance sheet," Singh said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/avalon-technologies-ipo-top-10-points-about-this-electronic/slidelist/99201942.cms">Avalon Technologies IPO opens – 10 things you need to know before you subscribe</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/top-stocks-that-delivered-the-highest-yield-over-one-year/slidelist/99145713.cms">Time to bet on dividend income: Top stocks that delivered the highest yield over one year</a>

SpiceJet hives off cargo & logistics biz into separate entity from Apr 1

Low-cost carrier <keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword> has entered into a full and final settlement with the <keyword id="54875" type="General" weightage="50" keywordseo="airports-authority-of-india" source="Orion">Airports Authority of India</keyword> (<keyword id="47439" type="General" weightage="80" keywordseo="aai" source="Orion">AAI</keyword>) and cleared all outstanding principal dues of the airport operator. With this, SpiceJet will no longer remain on "cash and carry" at AAI-run airports across the country and revert to advance payment mechanism for daily flight operations. According to the airline's spokesperson, SpiceJet's ability to clear the pending dues reflects the airline's improved cash flow in recent times. "In another big boost for the airline, AAI will release SpiceJet's Rs 50 crore bank guarantee following the airline clearing all its principal dues. This will result in additional liquidity for the airline," said the airline. SpiceJet has flown with the highest passenger load factor in the Indian skies for a record seven years. Starting April 2015, the airlines has recorded the highest occupancy among all Indian domestic airlines - a feat unparalleled in global aviation. The airline also holds the envious distinction of having flown with a Passenger Load Factor (PLF) of more than 90 per cent for a record 58 consecutive months. The airline's domestic network covers the length and breadth of the country with it operating to 51 domestic destinations. Pioneer of the regional connectivity scheme, SpiceJet is the country's largest regional player helping connect the remotest parts of the country by air. The airline's focus on providing direct flight connectivity to regional hubs not only ensures better connectivity, it also has a cascading effect on tourism and economic activity in the region. SpiceJet has added multiple <keyword id="6366656" type="General" weightage="50" keywordseo="udan" source="Orion">UDAN</keyword> destinations to the country's aviation map including Pakyong, Jharsuguda, Kandla, Darbhanga, Kanpur, Ajmer (Kishangarh), among others. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/top-10-cars-sold-in-india-in-july-2022-maruti-suzuki-tata-and-hyundai-brand-in-only-top-10/slidelist/93289907.cms">Top cars sold in India in July 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/air-india-to-extend-the-flying-age-of-its-pilots-to-65/articleshow/93288865.cms">Air India to extend the flying age of its pilots to 65</a>

Spicejet clears all outstanding principal dues of AAI

Holding that <keyword id="158803" type="General" weightage="50" keywordseo="spicejet-ltd" source="Orion">SpiceJet Ltd</keyword> has failed to establish a <keyword id="2079279" type="General" weightage="20" keywordseo="Safe-air" source="Orion">safe air</keyword> service due to degradation of safety margin in wake of several incidents since April 1, regulator, the Directorate General for Civil Aviation (DGCA), issued a show cause notice to the <keyword id="34984" type="General" weightage="20" keywordseo="airline" source="Orion">airline</keyword>. Tweeting the show cause notice, Civil Aviation Minister <keyword id="1046896" type="General" weightage="50" keywordseo="jyotiraditya-m-scindia" source="Orion">Jyotiraditya M Scindia</keyword> said: "Passenger safety is paramount. Even the smallest error hindering safety will be thoroughly investigated &amp; course-corrected". Pointing to several instances of <keyword id="6358032" type="General" weightage="100" keywordseo="spicejet" source="Orion">SpiceJet</keyword>'s aircraft returning to its originating station or landing at the destination with degraded safety margin, the DGCA, in its notice, said these are due to "poor internal safety oversight and inadequate maintenance actions". The Indian aviation sector regulator said as per the financial assessment carried out by it in September 2021, SpiceJet has been on a 'cash and carry system' by its vendors as they were not being paid on regular basis resulting in shortage of spares. It has given three weeks to SpiceJet to respond as to why action should not be taken against it. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/facebook-insta-and-google-took-down-over-21-million-posts-in-may-while-whatsapp-and-twitter-banned-over-19-lakh-bad-accounts/articleshow/92698950.cms">Facebook, Insta and Google took down over 21 million posts in May while WhatsApp and Twitter banned over 19 lakh ‘bad’ accounts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/amazon-prime-day-sale-2022-to-begin-on-july-23-in-india/articleshow/92699059.cms">Amazon Prime Day Sale 2022 to begin on July 23 in India – everything you need to know about the biggest sale on Amazon</a>

SpiceJet gets showcause notice from regulator for failing to establish 'safe air' service

<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

<ul><li>The Gurugram-based airline has widened its loss in the last five quarters as travel restrictions remain across the globe.</li><li>The company flew with the least number of passengers in April and May compared to the previous months of 2021.</li><li>Shares of <keyword id="6358032" type="CITY" weightage="20" keywordseo="SpiceJet">SpiceJet</keyword> were down 4.4% as investors were disappointed with the airline’s financial performance.</li></ul>SpiceJet seems to be struggling to sell its tickets as aircraft of the Gurugram-based airlines flew with the least numbers of passengers -- in 2021 -- in the last two months, which dug a hole in its pockets. Business operations of the airline industry have been highly affected as the government has restricted travel due to the continued impact of the pandemic. The company’s chairman and managing director (MD) indicated that it struggled to sell its tickets in the last five quarters. “The last five quarters have been the most difficult phase ever for SpiceJet as aviation remained the worst‐hit sector during the second wave as well. Q1 [first quarter] was severely impacted by the second wave as passenger traffic almost disappeared,” said Ajay Singh, MD and chairman in the earnings release. The company was able to utilise its passenger capacity much better than its peer Interglobe Aviation (Indigo). <div type="image" title="Copy of Copy of Zomato" msid="85366388" hostid="261"></div> Passenger load factor (PLF), is an airline industry metric that measures how much of an airline’s passenger carrying capacity is used. And here SpiceJet’s capacity utilisation hovered between 64-78% while Indigo’s capacity remained less than 60% in the last two months. In fact, SpiceJet’s best passenger load factor was best amongst all airlines in the country during the quarter. The average domestic load factor for the quarter was 69.5%. SpiceJet and Indigo are low cost airlines, which are budget-friendly. <div type="image" title="Spicejet stock" height="900" width="1200" msid="85366402" hostid="261"></div> Both the low cost airlines have been incurring loss. especially in the last 15 months, which saw major travel restrictions across countries. SpiceJet reported a loss of ₹731 crore in June quarter of this year, which widened from ₹256 crore loss in March quarter and ₹600 crore in June quarter of 2020. Shares of the company were also affected with its disappointing June quarter results. The stock was down 4% at ₹69 at 1:24 p.m., on Monday, August 16. <div type="image" title="Spicejet revenue" height="900" width="1200" msid="85366419" hostid="261"></div> At a time when the company is unable to sell its passenger tickets, it is filling up its cargos to make some money. SpiceXpress reported a profit of ₹30 crore in June quarter. SpiceXpress is the dedicated air cargo service that provides integrated logistics solutions. Its network spans over 68 domestic and 111 international destinations including US, Europe and Africa. In the June quarter it carried more than 43,000 tonnes of cargo. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-hits-50-million-downloads-on-play-store/articleshow/85366359.cms">Battlegrounds Mobile India hits 50 million downloads on Play Store</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/one-third-of-indians-hold-cryptocurrencies-and-youngsters-are-leading-the-charge/articleshow/85364856.cms">One third of Indians hold cryptocurrencies and youngsters are leading the charge, according to a new report</a>

Flying with the least number of passengers in April, May burns a $100 million hole in SpiceJet’s books

New Delhi, Feb 14 () Shares of SpiceJet on Friday jumped nearly 6 per cent after the company posted a net profit of Rs 73.2 crore for the three months ended December. The scrip climbed 5.79 per cent to close at Rs 89.60 on the BSE. During the day, it advanced 10.27 per cent to Rs 93.40. In the 2018 December quarter, the carrier recorded a profit of Rs 55.1 crore. "Standalone profit from Air Transport Services (airline) was Rs 115 crore. Further, this profit is after a non-cash forex charge on account of Ind AS 116 of Rs 75.9 crore without which the profit would have been Rs 190.9 crore," the airline said in a release. Ind AS 116 or Indian Accounting Standard 116 pertains to leases. Operational revenue in the latest December quarter climbed 47 per cent to Rs 3,647.1 crore. In the year-ago period, the same stood at Rs 2,486.8 crore. SpiceJet Chairman and Managing Director Ajay Singh said the airline has done remarkably well in the latest quarter despite a substantial profit hit from the grounding of MAX aircraft. SUM SHWSHW

SpiceJet shares climb nearly 6 pc after Q3 results

<keyword id="1841285" type="General" weightage="50" keywordseo="karnataka-education" source="Orion">Karnataka Education</keyword> Minister B.C. Nagesh on Friday announced that the results of <keyword id="63505" type="General" weightage="20" keywordseo="SSLC" source="Orion">SSLC</keyword> (Class 10) would be declared on May 19. About 8.73 lakh students in the state had taken up SSLC exams amid the hijab row crisis in the state. Muslim students, barring few, shunned hijab to appear in the crucial examinations. This was the first time after the Covid pandemic that the exams were conducted in the normal pattern. Section 144 CrPC was clamped in and around 3,444 examination centres across the state and tight security arrangements were made at all examination centres to avoid any showdown or untoward incidents. As many as 8,73,846 students - 4,52,732 boys and 4,21,110 girls students - were enrolled for the exams this academic year. Four students belonging to the third gender and 5,307 specially-abled children also took up exams. The state government had also set up helplines for the students. Chief Minister <keyword id="50892" type="General" weightage="80" keywordseo="basavaraj-bommai" source="Orion">Basavaraj Bommai</keyword> had made an appeal for the students to take up examinations without any fear. <keyword id="6355445" type="General" weightage="80" keywordseo="education" source="Orion">Education</keyword> Minister B.C. Nagesh had urged the SSLC students to shed their egos and take up examinations as per rules prescribed by the government of <keyword id="6354780" type="General" weightage="100" keywordseo="karnataka" source="Orion">Karnataka</keyword>. The SSLC (Class 10) examinations were held from March 28 to April 11. CCTV cameras were installed in all examination centres. Education department conducted separate exams for all subjects similar to the pre-Covid pattern. The students will have to obtain minimum passing marks this time. The government has made it clear that it won't pass the students just like as it did in the last two years against the backdrop of the Covid pandemic. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/wazirx-coindcx-and-coinswitch-kuber-delist-terras-stablecoins-from-their-platforms/articleshow/91537141.cms">WazirX, CoinDCX and CoinSwitch Kuber delist Terra's stablecoins from their platforms</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/indigo-flies-the-most-passengers-abroad-air-india-comes-next/slidelist/91537381.cms">Indigo flies the most passengers abroad — check out Air India, Spicejet’s share</a>

You Searched For "spicejet result" and got 7 results

SpiceJet hives off cargo & logistics biz into separate entity from Apr 1

PTI

Spicejet clears all outstanding principal dues of AAI

IANS

SpiceJet gets showcause notice from regulator for failing to establish 'safe air' service

IANS

SpiceJet net loss widens to ₹789 crore, CFO resigns

PTI

Flying with the least number of passengers in April, May burns a $100 million hole in SpiceJet’s books

Bhakti Makwana

SpiceJet shares climb nearly 6 pc after Q3 results

PTI

SSLC results to be announced in Karnataka on May 19

IANS

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