SpiceJet wins national award for cost management

In my recent interview with SpiceJet CEO Sanjay Aggarwal, he highlighted some of the innovative cost cutting methods adopted at SpiceJet.

These methods have won SpiceJet the coveted Institute of Cost and Works Accountants of India (ICWAI) award for Excellence in Cost Management. It is the only airline to win this award.

A distinguished jury of eminent persons from industry, academia and administration selected the winners, and on the basis of better practices for resource management, efficient utilisation of capacity and working capital, quality augmentation programs and R&D efforts, and precise information on performance.

Nandan Mimani, Vice President Finance and Financial Controller of SpiceJet received the award from The Ministry of Corporate Affairs, Government of India recently. SpiceJet was one out of three companies from the private sector who won this award.

Commenting on this Sanjay Aggarwal, Chief Executive Officer, SpiceJet Limited said,

“We are delighted with this award – it is a recognition of our collective efforts in the right direction. Cost consciousness has been an intrinsic part of our corporate culture – SpiceJet has one of the lowest operating costs in the industry. We are constantly evaluating how to manage our costs even better, while providing a better experience to our customers.”

I cannot but help compare the corporate culture of SpiceJet, which never loses focus on the passenger, with that of Ryanair, which will do anything to earn a buck or rather a Euro.

Kudos to the team at SpiceJet.