Spicejet Ltd — Updates, 14-06-2025: Company Update

SpiceJet Limited has announced monitoring agency reports by CARE Ratings Limited for the quarter ended March 31, 2025, covering proceeds from its recent preferential issues and Qualified Institutional Placement (QIP). The company has received and utilized portions of the issued funds totaling Rs. 494.09 crore, Rs. 2,241.50 crore (revised to Rs. 1,060 crore due to undersubscription), and Rs. 3,000 crore from these issuances, mainly for statutory obligations, fleet maintenance and induction, employee expenses, settling outstanding liabilities, and general corporate purposes. Utilization is broadly on track, with some delays due to receipt timing, and the balance funds are expected to be fully deployed by July 2025. The company reported improved profitability in 9MFY25 but still posted losses at the PAT level. Unutilized proceeds are parked in fixed deposits and mutual funds, earning moderate returns. Board comments on these reports were not available as the relevant meetings had not occurred within 45 days from quarter-end.