With ex-promoter Ajay Singh once again in Spicejet's cockpit, the crisis-hit airline is taking a new direction. Spicejet's management has gone back to the boardroom to undertake a strategic review of its entire operations.
We will be back to 26 Boeings and 15 Q400s in the summer schedule starting in April and then we intend to grow back rapidly thereafter.
Sanjiv Kapoor
COO
SpiceJet
With ex-promoter Ajay Singh once again in Spicejet's cockpit, the crisis-hit airline is taking a new direction. Spicejet's management has gone back to the boardroom to undertake a strategic review of its entire operations.
In a chat with CNBC-TV18's Farah Bookwala Vhora, Spicejet COO Sanjiv Kapoor opened up on the tough decisions being made on fleet ramp-up, network expansion and rationalisation of staff.
Below is the transcript of the interview on CNBC-TV18.
Q: What changes is Ajay Singh making?
A: Ajay is obviously looking at every aspect of the business. He is already looking at all of the strategy, the returns, the costs, so on and so forth.
We will be back to 26 Boeings and 15 Q400s in the summer schedule starting in April and then we intend to grow back rapidly thereafter. We are going to be rationalising some stations in the summer schedule because with fewer aircraft, you can't spread yourself too thin. You need to again have more depth than breadth.
Q: Time and again we have seen reports on the attrition that is taking place and the staff rationalisation plan that is under works at this point. Give us a sense of where you started at and what would be the total staff at the end of this year. Also take us through the process of furloughs that is unfolding at SpiceJet at this point.
A: Well, the staff ratio that LCCs in this part of the world should aspire should be below 100 but we want to bring the number down to below 100 per aircraft. I don't want to go into more specific than that.
A large part of the right sizing has occurred on its own actually, naturally due to attrition. So that has actually taken care of the chunk of the reductions and any further reductions that had acquired as we have mentioned in the past will be done as fairly as possible and will be done on the furlough concept, which is that those staff we will hire back once we start growing again.
SpiceJet stock price
On February 03, 2015, SpiceJet closed at Rs 22.45, down Rs 0.55, or 2.39 percent. The 52-week high of the share was Rs 24.10 and the 52-week low was Rs 11.10.
The latest book value of the company is Rs -16.49 per share. At current value, the price-to-book value of the company was -1.36.
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