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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> reported a net profit of Rs 107 crore (Rs 221 crore excluding forex adjustment) for the quarter ending December 31, 2022, as compared to a net profit of Rs 23.28 crore (Rs 20 crore excluding forex adjustment) in the quarter ending December 31, 2021. The airline on Friday said that despite a big jump in passenger traffic, business continued to be impacted by high fuel prices and the depreciating Rupee. The total revenue for the reported quarter was Rs 2,794 crore as against Rs 2,679 crore in the same quarter of the previous year. For the same comparative period, operating expenses were Rs 2,687 crore as against Rs 2,579 crore. <keyword id="6357826" type="General" weightage="50" keywordseo="ajay-singh" source="Orion">Ajay Singh</keyword>, Chairman and Managing Director, SpiceJet, said, "I am happy that SpiceJet has reported a profit in Q3 FY2023. We exceeded our operational targets and continued with our unmatched performance clocking the highest load factor for every single month in 2022. The profits have been driven by a strong performance in both our passenger and cargo businesses. There are renewed signs of recovery and some very positive developments and restructuring initiatives in the immediate offing that would significantly strengthen and deleverage our balance sheet." "Air travel has come roaring back, touching newer heights and giving a glimpse of the huge potential of the Indian aviation market and we look forward to a robust and exciting 2023," he said. In terms of operational parameters, SpiceJet had the highest passenger load factor amongst all airlines in the country. The average domestic load factor was 91 per cent for the quarter. The airline launched 15 new routes and operated 254 charter flights in the quarter. SpiceJet operates a fleet of Boeing 737s, Q-400s &amp; freighters and is the country's largest regional player operating multiple daily flights under UDAN or the Regional Connectivity Scheme. The majority of the airline's fleet offers <keyword id="2464218" type="General" weightage="50" keywordseo="spicemax" source="Orion">SpiceMax</keyword>, the most spacious economy-class seating in India. The airline also operates a dedicated air cargo service under the brand name <keyword id="6866514" type="General" weightage="50" keywordseo="spicexpress" source="Orion">SpiceXpress</keyword> offering seamless cargo connectivity across India and on international routes. SpiceXpress has reported Net Profit of Rs 12 crore in Q3 FY2023. SpiceXpress revenues are at Rs 120 crore in the reported quarter. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/draw-inspiration-from-vibrancy-of-indian-economy-pm-modi-at-g20-meeting/articleshow/98207499.cms">Draw inspiration from vibrancy of Indian economy: PM Modi at G20 meeting</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/auto-component-maker-divgi-torqtransfer-systems-to-open-its-ipo-on-march-1/articleshow/98207946.cms">Auto component maker Divgi TorqTransfer Systems to open its IPO on March 1</a>

SpiceJet net profit jumps to ₹107 crore in Q3 FY2023

<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><keyword id="6362992" type="General" weightage="20" keywordseo="yatra" source="Orion">Yatra</keyword> is looking to go public in India to raise ₹750 crore.</li><li>The company mentioned that its heavy reliance on <keyword id="44023" type="General" weightage="20" keywordseo="airlines" source="Orion">airlines</keyword> may be a risk factor.</li><li>It currently earns close to 70% of its revenue just by selling air tickets.</li></ul>There is no denying that the last couple of years have been extremely tough on the global travel and tourism industry. Whenever the segment started to make a little recovery, they would once again be hit by a new COVID-19 variant and another deadly wave. While everyone hopes that the worst of the pandemic is behind us, Yatra.com may have a little more to worry about. Yatra, which is now looking to go public in India to raise ₹750 crore, has revealed that its heavy dependence on air ticketing business and airline supplier relationship is one of the risk factors to its business. The reason simply being the financial conditions of the Indian aviation industry. The airlines and airports in India incurred an estimated loss of ₹19,564 crore and ₹5,116 crore in 2022-2021 due to several disruptions caused by the global pandemic, the government of India revealed in December 2021. Another <a href="https://economictimes.indiatimes.com/industry/transportation/airlines-/-aviation/domestic-aviation-industry-will-need-up-to-rs-35000-crore-additional-funding-in-fy21-23-icra/articleshow/75742002.cms?from=mdr">report</a> by Investment Information and Credit Rating Agency of India (ICRA) revealed that the domestic aviation industry will require an additional funding worth ₹32,500 crore to ₹35,000 crore during fiscal year 2021-23 to overcome the impact of the pandemic. The report added that airlines were losing ₹75-90 crore on a daily basis during the COVID-19 lockdown. The industry level debt was also expected to increase to ₹46,500 crore over FY2021-22, the report noted. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Airlines </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net Debt </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SpiceJet </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10,400 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Air India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹61,562 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">August 2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IndiGo </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹29,859 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY2021 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">GoAir </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹7,346 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">December 2021 </td></tr></tbody></table>Source: Statista, Air India, IndiGo, GoAir The situation of Indian airlines could impact Yatra A report by ResearchGate<a href="https://www.researchgate.net/publication/341768345_Financial_Distress_in_Indian_Aviation_Industry_Investigation_Using_Bankruptcy_Prediction_Models"> mentioned </a>that the Indian aviation sector has shown significant growth prospects in the last few years, but the financial performance of most of the air carriers individually is not at all “impressive”. “Every five years one airline in India is being grounded…,” the report added. Jet Airways was grounded in 2019 and will now be <a href="https://www.businessinsider.in/business/news/meet-sanjiv-kapoor-the-new-ceo-of-jet-airways-2-0/slidelist/89987676.cms">making a re-entry</a> three years later next month. Yatra Online Limited, in its draft red herring prospectus (DRHP) revealed, “We are exposed to risks associated with these Indian businesses which risks have recently been heightened by the COVID-19 pandemic, including bankruptcies, restructurings, consolidations and alliances of its partners, the credit worthiness of these partners, and the possible obligation to make payments to our partners. For example, the Indian airline industry has experienced significant losses and has undergone bankruptcies, restructurings, consolidations and other similar events.” The company also cited the example of Jet Airways whose bankruptcy and cessation of operations negatively impacted Yatra’s revenue. The Jet Airways bankruptcy — or any future bankruptcies or increased consolidation in the airline industry — could create challenges for the company and reduce the profitability of its airline ticketing business, the company said. But it gets worse Yatra Online Limited generated over 70% of its business from air ticketing in the fiscal year 2021 and nearly 66% in the first half of fiscal year 2022. Any reduction in the profit margins in air ticketing could have a larger impact on Yatra’s revenue and profitability. <div type="image" title="Yatra.com’s biggest source of revenue is also its biggest risk" msid="90570411" hostid="261"></div> To make matters worse, a substantial portion of Yatra Online Limited’s revenue comes from only four domestic airlines. Even though it provides access to 407 airlines, seven domestic and 400 international airlines. These include domestic flights like Air Asia, Air India, Air India Express, Go First, IndiGo, SpiceJet, Vistara, and international airlines such as Air France-KLM, British Airways, Emirates, Etihad Airways, Lufthansa, and others. “Because the majority of the domestic Indian air travel industry is concentrated among these four domestic airlines, any adverse market developments across the Indian commercial aviation landscape, particularly among the most dominant domestic airlines are more likely to impact our business,” the company said in its DRHP. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/finance/banks/news/axis-bank-may-soon-become-the-third-largest-credit-card-player-after-hdfc-bank-and-sbi-post-the-citibank-deal/articleshow/90563751.cms">Axis Bank may soon become the third largest credit card player after HDFC Bank and SBI post the Citibank deal</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-and-gautam-adanis-net-worth-is-now-more-than-100-billion/articleshow/90564692.cms">Mukesh Ambani and Gautam Adani are now worth more than $100 billion</a> <a href="https://www.businessinsider.in/tech/news/dysons-new-headphones-with-an-air-purifier-bank-on-peoples-masking-habits/articleshow/90561834.cms">Dyson's new headphones with an air purifier bank on people’s masking habits</a>

You Searched For "spicejet revenue" and got 4 results

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

IANS

SpiceJet net profit jumps to ₹107 crore in Q3 FY2023

IANS

SpiceJet net loss widens to ₹789 crore, CFO resigns

PTI

Yatra.com’s biggest source of revenue is also its biggest risk

Kritti Bhalla

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