SpiceJet posts highest Q1 profit at Rs 262 cr on compensation from Boeing

Airline's auditor has disputed the compensation amount, saying there's no certainty to recognise such other income

Low-cost carrier SpiceJet, which was on the verge of shutting down in 2015, posted its highest profit at Rs 261.7 crore in the April to June quarter, though a compensation of Rs 114.1 crore has helped. The airline claimed this compensation amount from Boeing for the grounding of 13 737MAX aircraft, which was disputed by the company’s auditor. 

“We draw attention to the statement, regarding recognition of other income. In our view, there is no virtual certainty to recognise such other income, as required by accounting standards of Ind-AS 37. Had the company not recognised such other income, profit for