SpiceJet's losses increase in Q4FY22 and Q1FY23; CFO Sanjeev Taneja steps down

1 Sep 2022 , 08:17 AM

Sanjeev Taneja, the Chief Financial Officer of low-cost carrier SpiceJet Ltd, announced his resignation on Wednesday as a result of growing losses and a string of mid-air mishaps. SpiceJet announced on Wednesday that its net loss for the three months ending in June had increased to Rs789 crore, mostly due to rising fuel prices and a decline in the value of the rupee.

In the three months that ended in June 2021, the low-cost carrier, which has been having trouble, suffered a net loss of Rs729 crore. The airline stated in a release that total revenue for the reporting quarter was Rs2,478 crore as opposed to Rs1,266 crore in the same quarter last year.

The airline reported a net loss of Rs458 crore for the three months ending March 2022. It experienced a net loss of Rs235.3 crore in the same period last year. SpiceJet stated that it will seek up to $200 million in funding. Concerns concerning loans to the carrier have been voiced by certain institutions. SpiceJet’s stock on the BSE ended the day on Tuesday at Rs46.30, up 1.5%.

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