SpiceJet CFO Ashish Kumar Resigns Day After Delayed Financial Disclosure

SpiceJet Ltd. said on Tuesday that its Chief Financial Officer Ashish Kumar has resigned, a day after the budget carrier announced its delayed financial results for the year ending March 2024.

Joyakesh Podder took over as the head of finance from July 15, the airline announced through an exchange filing. He is also being designated as the company's deputy CFO.

Podder has over 30 years of experience in aviation, hospitality and telecom sectors. He has worked with large organisations such as PwC, Reliance Industries Ltd., Mahindra and Mahindra Ltd., Go Air and SpiceJet.

Kumar had taken charge as the CFO in September 2022, after Sanjeev Taneja resigned from the company. Prior to that, Kumar was head of finance at Tata Value Homes and Suzlon Infrastructure Ltd.

SpiceJet on Monday reported a profit of Rs 127 crore in the January-March quarter, as compared with a loss of Rs 6.2 crore registered during the same period last year. Revenue of the company is down 19% year-on-year to Rs 1,738 crore.

The company also reported a loss of Rs 299 crore in the third quarter of the previous fiscal, with revenue declining 17.4% year-on-year to Rs 1,914 crore.

Shares of SpiceJet closed 3.24% higher at Rs 57.70 apiece on Tuesday, as compared with a 0.06% advance in the BSE Sensex.