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ICICI Securities Report
SpiceJet Ltd. faces a working capital problem as operations remain affected by Covid-19 while operational dues keep mounting, especially from lessors.
However, a distinction must be made between financial creditors and operational creditors as SpiceJet can work with the latter for restructured payment tenures as most airlines are facing similar challenges due to Covid.
However, restructuring will lead to higher liability on the books and an increasing cost gradient ex-fuel.
While Q1 FY21 is definitely the most hit quarter, prolonged Covid impact will continue to burden the balance sheet.
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