Aviation giant SpiceJet has announced plans to raise Rs 3,000 crore through a Qualified Institutional Placement (QIP). The decision was approved by the company’s Board of Directors and was disclosed along with the airline’s financial results for the first quarter of FY25.
The QIP process has already been initiated and is expected to be completed by the end of September 2024. This fundraising initiative is aimed at strengthening the airline’s financial position.
In its Q1FY25 earnings report, SpiceJet posted a net profit of Rs 150 crore, marking a 26% increase compared to Rs 119 crore in Q4 FY24. The company’s operating profit also saw a significant rise, climbing 27% to Rs 393 crore, up from Rs 310 crore in the previous quarter.
SpiceJet’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) for the quarter stood at Rs 401 crore, a modest improvement from Rs 386 crore reported in Q4 FY24.
