“This quarter’s performance is a testament to SpiceJet’s resilience and our relentless focus on financial and operational recovery. For the first time in a decade, the company has turned net worth positive – an important milestone that underscores the success of our turnaround strategy. The past is behind us, and we are now firmly focused on building a stronger, more resilient future for SpiceJet,” said Ajay Singh, Chairman and Managing Director, SpiceJet.
Earlier this year, the airline successfully closed a Qualified Institutional Placement (QIP) which saw participation from marquee funds like Tata Mutual Fund, Discovery Global and Goldman Sachs.
SpiceJet was in desperate need of capitalisation as it has defaulted on statutory dues and payments to vendors including aircraft and engine lessors, some of whom have filed petitions in court to declare the airline bankrupt.
It has been unable to get new planes missing the post-Covid boom which its rivals have cashed in. At the end of August, the airline had a little over 2% share of India’s domestic aviation market, down from 10.5% in 2021.
The airline said that it has cleared all statutory dues like Goods and Services Tax, TDS, and EPF statutory dues amounting to INR 601 Crore after the fund raising.
