SpiceJet has recently announced that it has settled all outstanding employee provident fund (PF) dues amounting to Rs 160.07 crore that had been pending for the last two years. This development comes after the airline successfully raised Rs 3,000 crore through a Qualified Institutional Placement (QIP) in the past three months, enabling it to clear all overdue statutory liabilities, such as Tax Deducted at Source (TDS), Goods and Services Tax (GST), and employee salary dues.
By utilizing its internal cash flows since October 2024 to meet its statutory obligations, SpiceJet has showcased an enhanced financial position and operational discipline. The Chairman and Managing Director, Ajay Singh, highlighted the significance of clearing all pending statutory dues, emphasizing the company's commitment to operational excellence, financial prudence, and employee welfare. Singh expressed confidence in SpiceJet's ability to uphold superior service standards for customers and achieve sustainable growth with the successful implementation of their financial turnaround strategy.
Moreover, apart from addressing its statutory obligations, SpiceJet has also resolved various disputes with aircraft lessors and creditors, leading to a notable improvement in its balance sheet. This positive financial trajectory has garnered recognition from Acuité Ratings & Research Limited, which upgraded SpiceJet's credit rating by four notches, reflecting the company's efforts towards financial stability and operational resilience.