Spicejet appoints Ashish Kumar as new CFO

Spicejet on Friday announced the appointment of Ashish Kumar as the chief financial officer (CFO) with effect from 9 September 2022.

The airline said that Kumar comes with over 26 years of experience across various sectors. Before joining SpiceJet, he was serving as the vice president (head) of corporate finance at Interglobe Enterprises. Previously, he served as chief financial officer at Interglobe Hotels for five years from 2014 to 2018, it added.

Prior to that, Kumar was Head of Finance at Tata Value Homes and Suzlon Infrastructure from 2011 to 2014 and 2009 to 2010 respectively. He has also worked with Reliance Infrastructure and Hindustan Petroleum, the company stated in the press release.

Ashish Kumar is a certified chartered accountant (ACA), cost accountant (FCMA) and company secretary (ACS). He is an M.Com from University of Kolkata and B. Com (Hons) from St. Xavier's College, Kolkata.

Ajay Singh, chairman and managing director of SpiceJet, said, I am delighted to welcome Ashish to the SpiceJet family. Restructuring SpiceJet and putting it back on a path of rapid growth is the best job in the aviation industry today. Ashish's experience and proven track record will ensure that he can successfully lead this effort. I wish him all the best for his new role.

Ashish Kumar, chief financial officer of SpiceJet, said I am delighted and honoured to join SpiceJet and look forward to closely working with the team. I hope to contribute to the growth story and scale greater heights with the Company under the able leadership of Ajay Singh.

SpiceJet is India's low-cost airline. It operates a fleet of Boeing 737s, Q-400s & freighters and is the country's largest regional player operating multiple daily flights under UDAN or the Regional Connectivity Scheme. The airline also operates a dedicated air cargo service under the brand name SpiceXpress offering safe, on-time, efficient and seamless cargo connectivity across India and on international routes.

On consolidated basis, the air carrier reported a net loss of Rs 783.73 crore in Q1 FY23 as against a net loss of Rs 731.12 crore posted Q1 FY22. Revenue from operations surged 118.9% year on year to Rs 2,371.53 crore in the quarter ended 30 June 2021.

Shares of SpiceJet gained 2.34% to settle at Rs 45.60 on Friday, 9 September 2022.

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