SpiceJet Q1 - Recapitalisation Remains Key; ‘Logistics Platform’ Targeted For Monetisation: ICICI Securities
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ICICI Securities Report
SpiceJet Ltd. continues to maintain momentum in the cargo business with Q1 FY22 net profit of Rs 300 million for the ‘logistics platform’ (this semantic is being used by the company for the first time).
Recapitalisation remains the key trigger for the business.
As per a press release by the company, it is in the process of hiving off the logistics platform, SpiceXpress, which is aimed to unlock significant value for SpiceJet and its shareholders.
This will also allow SpiceXpress to raise capital to fuel its rapid growth.
The expected compensation from Boeing continues to be added every quarter at a run-rate of Rs 1.4 billion; however, with more delay, the chances of realisation of the cumulative amount becomes doubtful.
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