SpiceJet's CFO Ashish Kumar resigns; Joyakesh Podder appointed Deputy CFO
Mumbai: SpiceJet announced on Tuesday that Chief Financial Officer Ashish Kumar will be departing the company to pursue other opportunities.
The airline has appointed Joyakesh Podder as the Deputy Chief Financial Officer, effective July 15, 2024.
"Podder is a Chartered Accountant with over 30 years of experience in large organizations like PwC, Reliance, Mahindra, Go Air, SpiceJet etc. in aviation, hospitality and telecom sectors," said the airline through stock exchanges.
In a delayed announcement on Monday, the budget carrier reported a consolidated net profit of Rs 127 crore for the fourth quarter ending in March 2024. This comes after recording losses of Rs 6.2 crore in the March 2023 quarter and Rs 299 crore in the December 2023 quarter, reported Economic Times.
Looking at the results, Ajay Singh, chairman and managing director of SpiceJet, said, “The results reflect our relentless efforts to enhance operational efficiency and our commitment to turning around the company’s fortunes." The MD of the airline further hinted at the possibility of raising funds soon.
Recently, the budget carrier faced legal issues after the Delhi High Court ordered the registration of a contempt case against SpiceJet Ltd's directors for failing to comply with its July 2 order.
The order directed the low-cost airline to return two Boeing aircraft and three aircraft engines to its lessor, TWC Aviation Capital, by July 8.
The case dates back to 2019 when TWC leased the aircraft and engines to SpiceJet for a 12-month term with a basic rent of $180,000 per month.
After SpiceJet failed to pay the lease rentals, TWC moved the High Court of Justice in England and Wales to recover its money and the return of its engines.
The UK court ruled in favour of the lessor, which then sought enforcement of the UK court's order in the Delhi High Court.
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