SpiceJet posts Rs 150 crore profit in Q1; plans to raise Rs 3,000 crore via QIP – Times of India

NEW DELHI: SpiceJet, which is trying to raise funds, on Wednesday reported a profit of Rs 150 crore for the quarter ending June 2024, down about 26% from Rs 204.5 crore in same quarter last fiscal. The airline’s scrip closed 2.5% lower on BSE Wednesday at Rs 55.03, when the broader market was up 0.19%. The airline’s board Wednesday also approved raising up to Rs 3,000 crore through a qualified institutional placement (QIP).
SpiceJet has been facing a cash crunch and has been delaying paying staff and other stakeholders.With operations getting reduced over the past few months, SpiceJet total income fall to Rs 2,067.2 crore this Q1 from Rs 2,2680 crore in same quarter last fiscal.
“SpiceJet has already initiated the process of raising Rs 3,000 crore through a QIP, which is expected to be completed by the end of September 2024. This fresh infusion of funds will enable the airline to expand and unground its fleet, settle liabilities,” the airline said in a statement.
SpiceJet CMD Ajay Singh said: “We are pleased to report a profit of Rs 150 crore for Q1 FY 2024-25… The upcoming Rs 3,000 crore fundraise through QIP will be instrumental in reinforcing our financial foundation… We believe in the resilience of our business model and remain committed to providing our customers with the best flying experience possible.”