SpiceJet board meet to consider fundraising and Q2FY24 results adjourned till Dec 12

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

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26 Aug, 2025 12:21

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SpiceJet, once India’s second-largest carrier by market share, announced that it has pushed back the board meeting to consider fundraising and Q2FY24 results to December 12. The airline was expected to declare its Q2FY24 results on December 11.

In a filing to the exchanges, the airline said, “This is to inform you that the meeting of the Board of Directors of the Company held on today i.e. December 11, 2023 (Monday) could only partially complete the agenda items and the meeting has now been adjourned to December 12, 2023 (Tuesday), inter-alia, to consider and approve: (a) the unaudited standalone and consolidated financial results for the second quarter ended September 30, 2023; and (b) options for raising fresh capital through issue of equity shares and/or convertible securities on preferential basis, in accordance with the relevant provisions of applicable laws and subject to approval of the shareholders of the Company and receipt of applicable regulatory approvals, as may be required.”

“Further, in continuation of our earlier intimations on ‘Closure of Trading Window’ pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015 read with Company’s Code of Conduct for Prevention of Insider Trading, the Trading Window for dealing in securities of the Company shall remain closed for the Designated Persons till December 14, 2023 (end of the day) for declaration of unaudited standalone and consolidated financial results of the Company for the second quarter ended September 30, 2023,” the filing added.

This is not the first time that the airline has delayed the filing of its results. It had deferred the release of the financial results for Q1FY24 and Q4FY23 till August 14.

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.