SpiceJet has successfully paid off a total of Rs 160.07 crore in outstanding employee provident fund (PF) debt. The airline’s renewed dedication to financial responsibility and employee welfare included the settlement of these dues, which had accrued over a two-year period.
In October 2024, the airline raised Rs 3,000 crore through a Qualified Institutional Placement (QIP), and it has since paid off all outstanding statutory obligations. This covers arrears in employee salaries as well as payments for Goods and Services Tax (GST) and Tax Deducted at Source (TDS). By taking care of these commitments, SpiceJet has improved its financial health and reduced interest payments related to past-due statutory dues.
The airline’s progress was emphasised by SpiceJet Chairman and Managing Director Ajay Singh, who said, “We are pleased to announce the clearance of all pending employee PF dues.” A new chapter in SpiceJet’s history has begun. We are proving our steadfast dedication to operational efficiency, financial responsibility, and employee welfare by paying off all outstanding statutory obligations and resolving conflicts with lessors and creditors. Singh emphasised that the company’s financial turnaround approach includes a focus on sustainable growth and operational excellence.
Over the last three months, SpiceJet has demonstrated enhanced operational discipline by using its internal cash flows to satisfy its legal responsibilities. The airline has strengthened its financial sheet by resolving several issues with creditors and aircraft lessors in addition to paying statutory obligations. Acuité Ratings & Research Limited has raised SpiceJet’s credit rating by four rungs in recognition of their achievements. The airline’s improved operational resilience and financial standing are reflected in this significant improvement.
SpiceJet has a solid financial turnaround plan in place and is well-positioned for long-term success. The airline is putting itself in a position to provide its clients with exceptional services while maintaining long-term stability in a cutthroat aviation industry by placing a high priority on employee welfare, operational effectiveness, and sound financial management.
