SpiceJet reduced its workforce significantly in FY24
SpiceJet reduced its workforce significantly, cutting 716 permanent male employees and 618 females, along with 531 male and 30 female non-permanent staff in FY24.
Among permanent employees, 74% of men earned above the minimum wage, up from 61%, while women rose from 37% to 56%. For non-permanent employees, the percentage of men earning above the minimum wage increased from 1% to 8%, and women rose from 2% to 16%. However, male employees continue to earn more than female employees, highlighting a persistent gender wage gap.
“Employee remuneration and benefits/expenses decreased by 9% to Rs. 7,705.44 million in FY 2023-24 from Rs. 8,438.71 million in FY 2022-23. This reduction is primarily attributed to a decrease in the headcount,” the company stated. Ajay Singh, Chairman & Managing Director, earned 211 times the median employee remuneration, with no increase in his pay. To be sure, he received Rs. 54 million as remuneration in FY24, with Rs. 18 million provisioned against the approved Rs. 72 million.
Total income declined by 14% to Rs. 84,969.69 million, with revenue from operations dropping 21% to Rs. 70,499.74 million due to lower fleet utilization. Other income rose 38% to Rs. 14,469.45 million from asset monetization. Aircraft fuel costs fell 37% to Rs. 29,825.62 million, while employee costs dropped 9%. Lease-rental expenses surged 70% to Rs. 6,381.98 million due to wet-leasing.
Standalone net loss narrowed to Rs. 4,094.39 million from Rs. 15,030.15 million, while EBITDA turned positive at Rs. 7,714.71
