SpiceJet shares volatile ahead of earnings announcement today

Shares of low-cost airline SpiceJet Ltd are trading volatile on Monday ahead of the announcement of the company’s earnings for the previous two quarters.

Earlier, Spicejet was to announce its earnings for the fourth quarter of the previous fiscal year ended March 2023 (Q4 FY23) and the first quarter of the current fiscal year ended June 2023 (Q1 FY24) on Friday.

But, it later deferred the earnings announcement to Monday, 14 August, as the board of directors on Friday could not complete the discussions on the agendas set for the meeting.

Spicejet Board meet on August 14

In a filing to exchanges on Friday, SpiceJet said, “The meeting of the Board Of Directors Of The Company held on today, that is, August 11, 2023 (Friday) could only partially complete the agenda items and the meeting has now been adjourned to August 14, 2023.”

“The meeting of the Board of Directors of the Company is scheduled on August 14 inter alia, to consider and approve the audited standalone and consolidated financial results of the Company for the fourth quarter and financial year ended March 31, 2023; and the unaudited standalone and consolidated financial results for the first quarter ended June 30, 2023.”

On Monday, the SpiceJet stock opened nearly 3 per cent higher on BSE, but soon erased all its gains to trade in the negative. By 10 am, the stock had again reversed its direction to trade in the green. At 10:04 am, SpiceJet shares were trading at Rs 31.74, up 0.6 per cent, on BSE.

SpiceJet was in news last week after the National Company Law Tribunal (NCLT) on Friday deferred the hearing of engine lessor Wills Lease Corporation’s insolvency plea against the airline to September 11.

Wills Lease Corporation argued on Friday that it was an operational creditor to SpiceJet and, therefore, had the right to file an insolvency petition against the airline for failure to pay lease rent and usage charges on 11 engines.