SpiceJet Proprietary

Corporate
Presentation
September 2024

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 SpiceJet Proprietary

Disclaimer
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 SpiceJet Proprietary

01 SpiceJet: At a Glance

Agenda 02 Key Business Highlights

03 What went wrong

04 Future Strategies

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 SpiceJet Proprietary

SpiceJet at a
Glance

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 SpiceJet Proprietary

SpiceJet: Company Snapshot

Low Cost Carrier Airline with
with Differentiated Dedicated Cargo & Poised for Higher
Offerings Logistics Service Growth

Established Track 92.3%

19 2nd Highest Domestic PLF% in
Record Years of Experience Largest Airline in 2014
FY24 across Industry

34 Domestic Traffic Rights to 29 Additional Traffic Rights for

Market Presence 04 International Domestic & International 17 International
Destinations Destinations under RCS Destinations

32 Boeing 147 B737 Max on Order

Diversified 28 Operational
Fleet Count
24 Q400 28 Aircraft to be
36 Grounded
08 Wet lease Ungrounded

Financials to Exclusive Rights to

Rs.7,085 Cr Multiple Levers for
Profitable Routes
Bounce Back Revenue in FY24 Significant Growth
with Viability Gap Funding

5
Source: CAPA Industry Report
 SpiceJet Proprietary

Delivered Resilient Results Despite Multiple

Challenges
Share Price Performance Since 2015

200 SpiceJet Revival Revenue Revival

COVID-19 Revival
150 Raised Rs.1,060 Cr
Mr. Ajay Singh (Issue Size)
100 Acquired

50
Boeing 737 Max Crisis COVID-19 Setback
0
01-Jan-15 16-Nov-15 30-Sep-16 14-Aug-17 27-Jun-18 16-May-19 30-Mar-20 09-Feb-21 24-Dec-21 09-Nov-22 21-Sep-23 08-Aug-24
SpiceJet Limited 227%
Source: Bloomberg

Post-Change of Control, Consistently Delivered Positive EBITDA for 9 Consecutive Years and PAT for 13 Consecutive Quarters

In Rs. Cr 1,345
1,041
882 795
698 654

134 128
22

-455
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24
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Source: CAPA Industry Report
 SpiceJet Proprietary

Key Milestones 01
2005 2008 2011 2017
• First Order: 10 • Re-financing of • Inducted Q 400's 2017 • Order of 155 Boeing
B737-800 Aircraft FCCBs by Wilbur (72 seats) for 737-8 Max Aircraft
• Largest order of 155
• First Flight: 23rd Ross Regional • Order for 25 Q400s
Boeing 737-8 Max
May, Delhi– Connectivity (90 seater) Aircraft
aircraft by Indian
Ahmedabad Carrie
• $80M FCCBs
Issued to
Goldman Sachs &
Istithmar, PJSC

2007 2010 2015

• Private Placement • First International • Takeover by Ajay
of Rs.300 Cr to Flight from Delhi to Singh
Istithmar, Tata Kathmandu and
Group, BNP Paribas Chennai to
Colombo
• Takeover by
Kalanithi Maran

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 SpiceJet Proprietary

Key Milestones 02
2019 2023
• Codeshare • Received IATA
Agreement Signed Safety Certification
with Emirates • SpiceXpress Hived
• Inducted B737 off into a Separate
Aircraft of Jet Entity
Airways

2018 2021 2024

• Launched • Raised Capital
• Introduced Loyalty
SpiceCargo to through Preferential
Program and a Co-
Enhance Cargo Issue
branded Credit Card
Services
- SpiceClub
• Induction of 737-8
MAX

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Key Business
Highlights

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SpiceJet - Positioned for Promising Growth

Indian Aviation Industry
Poised for Significant Extensive Presence in Slot
Growth backed by Constrained Airports.
Demand-Supply Mismatch

Substantial Growth in Consistently Highest

Fleet Count Expected Occupancy and RASK
with the Ungrounding (unit revenue) across
of 28 Aircraft Industry

Potential Expansion of Access to 29 Exclusive

Fleet with 147 B737 Max RCS Destinations with
Order Viability Gap Funding

Experienced and Deeply Additional Traffic Rights

Rooted Management Team for 17 International
with Demonstrated Ability Destinations
to Manage Crises

Multiple Differentiated Cargo Business Hived off

Product Offerings as a Separate Entity with
potential for Capital Raise

*For FY24 (Source- CAPA Report) 10

Fortress airports and routes are the ones where an airline has a domestic seat capacity share of more than 50%
 SpiceJet Proprietary

Fleet Size and Status- Substantial Growth of

Over 100% in Fleet Count with Ungrounding
Fleet Size Grew by ~3x Post Change of Control

94
74 7 80
59 65
49 2 31 1 23
43 4 27 23 41 35
30 8 2 22 28
17 7
12 13 45 56 57 8 10 8
30 33 41 26 6 5
18 22 19 15
FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Q1FY25
Boeing Q400 Wet lease

Fleet Size (As on 30th June 2024)

No. of Aircraft Aircraft to be No. of Aircraft Aircraft to be
Fleet Type Total Operational Fleet Type Total Operational
Ungrounded Ungrounded

Boeing 737-Max 7 4 3
Boeing 737-700 5 1 3

Q400 24 5 13
Boeing 737-700F 3 1 2

Wet lease 8 8
Boeing 737-800 14 9 4

64 Total Fleet Count 28 Operational

Boeing 737-900 3 0 3
Opportunity to Unground 28 Aircraft 11
 SpiceJet Proprietary

Extensive Presence Across Domestic &

International Routes
Unique Mix of Domestic and International Routes with Premium Slots
34 Domestic Destinations; 61% Share in PAX Revenue 04 International Destination; 39% Share in PAX Revenue
03 Key International Destinations with Capped Seats
Prime Slots at Congested Airports
Our Traffic Rights % of Total Weekly
Destination
(Weekly Seats) Seats

Dubai 14,297 22%

Jeddah 5,481 11%

Bangkok 7,926 17%

Code Share agreement with leading Middle

East Airline

More such agreements being explored

Map not to scale
Share in Revenue pertains to FY24
**For FY24 (Source- CAPA Report) 12
 SpiceJet Proprietary

Additional Traffic Rights for 17 International Destinations

Russia
Moscow/St.Petersburg
Heathrow
London

Bahrain
Hong Kong
Bangladesh
Abu Dhabi

Kazakhstan
Sharjah
India
Uzbekistan
Italy
Oman
China
Myanmar
Mandalay/Yangon
Sri Lanka
Columbo

Afghanistan
Nepal
Kathmandu

Iraq

Map not to scale

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 SpiceJet Proprietary

Focus on Profitable Access to Key and

Exclusive Routes Under RCS
Leveraging Regional Routes Under the Regional Connectivity Scheme with a 24 Fleet of Q400
29 RCS Destinations - 27 Domestic & 02 International Domestic Traffic by Route Category, FY2017 - FY2024

160 153.4
153.4

137.8
137.8 137.2
137.2 135.2
135.2
140
121.7
121.7
120
102.8

Passengers (million)
102.8
100
83.4
83.4
80

60 52.6
52.6

40

20

0
FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024

Non-metro–non-metro Metro–non-metro Metro–metro

Growth in smaller towns. Regional connectivity to be a key driver.

29 Destinations Under Regional Connectivity Scheme Non-metro to non-metro routes grew 19.1%.
Metro to non-metro routes grew 6.5%. Metro to metro grew 1.7%.
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Source: CAPA Industry Report
 SpiceJet Proprietary

Differentiated Product Offerings

A one-of-a-kind premium Our industry-first offering

service equivalent to of entertainment, travel
Premium Economy, which As one of the first LCCs to services and mid-air cab Loyalty programme and co-
offers priority services, offer hot meals, SpiceCafé booking on personal branded credit card
extra legroom and meals enhances in-flight dining with devices, setting a new • 16.5 Lakh Members
with beverages, including a rich selection of Thai, standard for convenience • 1.28 Lakh New Enrolments
in FY24
alcohol on international Continental & Indian and efficiency.
• Points issued: 121 million
flights. cuisines, special dietary • Average revenue from
options and exclusive dishes members is Rs.6,471(which
is 6.94% higher than other
PAX )

7.8% Share of Ancillary Services in Operating Revenue- Higher Than One of the Major Peers*
*For FY2020, Source: CAPA Report 15
 SpiceJet Proprietary

Highest PLF% and RASK across Industry

Highest Domestic PLF of 92.3% in FY24 Across the Industry Highest Passenger RASK amongst all Budget Airlines

6 2016 2020 2023

92.3%
86.8% 86.2% 5
4
3
2
1
0
SpiceJet Indigo Air India SpiceJet Peer 1 Peer 2 Peer 3 Peer 4
Peer 1 Peer 2 Peer 1 Peer 2 Peer 3 Peer 4

Consistently High PLF% for Years*

COVID-19 Setback
94%
92% 92%
90% 89%
87% Highest Highest Passenger
HighestLoad
Load
80% Factor RASK
Factor
76%

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24

*Including both Domestic and International

Source- DGCA, CAPA Report 16
 SpiceJet Proprietary

Awards and Recognition

Best Domestic Airline Award - Wings India Awards for Excellence in the Aviation
Best Domestic Airline Awards 2018 - 11th ASSOCHAM International Civil Aviation Conference & Awards
Best Airline 2018 Operating Under the Government’s Regional Connectivity Scheme (UDAN) by APAI
Airline Strategy Award 2018 for Global ‘Low-Cost’ Leadership and Development
Time Travel Award 2018 Editor’s Choice Award for the Best Domestic Low - Cost Airline
BML Munjal Award 2018 for Business Excellence Through Learning and Development
Best Operating Lease Transaction – Airline Economic China 2018, China
APEX Newcomer of the Year Award 2021 in the Field of Innovation in Aviation Technology
Wings India Aviation Innovation Award 2022
Best Cargo Carrier Award 2023 – 14th ASSOCHAM International Civil Aviation Conference & Awards

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 SpiceJet Proprietary

Multiple Renowned Airlines Rely on Us for

Their Security Services
American Airlines Lufthansa British Airways Air France KLM

Qatar Airways Swiss Airlines Virgin Atlantic FedEx Air Canada

UPS Malindo Airways DHL China Air Cargo Oman Air

Turkish Airlines Thai Airways Malaysia Air Berhad Ethiopian Pax Scoot Tigerair

Kenya Airways Air Arabia LOT Polish Air Asia Vietjet Air

Rs.155 Cr Revenue in FY24

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 SpiceJet Proprietary

Backed by Experienced Management

Arun Bansal Ashish Vikram
Head of Engineering and Chief Technology & Innovation
Maintenance Officer
• 38 Years of Experience
• 35 Years of Experience
• Ex CEO - Air India Engineering
• 5 Years with SpiceJet
Services Ltd

Chandan Sand
Head- Legal, Aircraft Acquisition &
Debojo Maharshi
Leasing and Company Secretary Chief Business Officer
• 23 Years of Experience
• 23 Years of Experience
• 10 Years with SpiceJet
• 22 Years with SpiceJet

G.P. Gupta Joyakesh Podder

Chief Strategy Officer Dy. Chief Financial Officer
• 36 Years of Experience • 32 Years of Experience
• 20 Years with SpiceJet • 4 Years with SpiceJet

Ajay Singh
Chairman & Managing Director
Kamal Hingorani
• 34+ Years of Experience Chief Customer Service Officer
• 14 Years with SpiceJet
• 40 Years of Experience
• 17 Years with SpiceJet

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 SpiceJet Proprietary

With Demonstrated Ability to Manage Crises

Worldwide
Post 2015
Grounding of COVID-19 Crisis Post-COVID Era
Turnaround
Max Aircraft
• Induction of aircraft • Emergence of • Cost rationalization
on Wet lease SpiceXpress - Cargo
• Swift Induction of • Aircraft on Wet lease
business with revenue
• 24x7 revenue 31 Aircraft within of ~3,000 Cr in FY21 & • ECLGS funding of
management a record span of 6 FY22 USD 120 Mn for
practice weeks • Focus on International working capital and for
• Cost rationalization & Domestic charters- fleet ungrounding
2,700 charter flights
carrying over
4,00,000+ passengers
between April 2020-
Dec 2021

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 SpiceJet Proprietary

Indian Aviation Industry Poised for

Significant Growth Industry Ready for Next Leap Well Positioned to Tap into the Massive Opportunity
Recovery in Passenger Traffic Has Been Strong and has India is the 3rd Largest Aviation Market Globally, but is Potential International-to-International Market for Indian
Surpassed Pre-COVID Level in FY24 Significantly Underpenetrated Carriers on International Corridors to Grow by 25%
in Million Domestic Seats Per Capita
Domestic International
Passengers in 100
223.0 3.13
203.7 192.1 Millions
69.60 80
66.5 56.9
105.5
62.7 22.1 0.52
137.2 135.2 153.4* 0.13
10.1 83.4
52.6
2019 2030E
FY20 FY21 FY22 FY23 FY24 SpiceJet all set to benefit from induction of Wide-Body Aircraft

Growth in Demand has Consistently Outpaced the Growth in Upper-mid Income & High-Income Households to Grow by
Supply, Resulting in Higher Utilization (in Bn) 2.9x Significantly High Growth Rate in Non-metro Routes
in Million 197 CAGR % (FY17-24)
Capacity (ASK) Demand (RPK) Utilisation %
87.60%
19.1%
83.40%
68.40% 73.40%

6.5%
158 169 148 69 1.7%
111 132
77 82
53 Metro-Metro Metro-Non-metro Non-metro-Non-metro

FY21 FY22 FY23 FY23 2018 2030E Early identification of opportunity- Key player in RCS routes

Airline Industry Growth Drivers

Low Cost Carriers offer affordable Recovery in Tourism Industry has Consumer Preferences – There has
Favorable demographics - Rise in
fares, making flying accessible for the driven the demand for air travel, been gradual shift in consumer
urbanization, disposable income
wider population benefiting domestic airlines preference towards airways

21
Source: CAPA Industry Report, DGCA
 SpiceJet Proprietary

Industry Growth Drivers

Expanding Indian
carrier networks and
Under-penetration traffic stimulation by Growth supported
of air travel in nonstop services by low LCC airfares
India and airport capacity and policy initiatives

Air travel growth Increasing Domestic and Shift from rail to Liberalization
driven by rising International Tourism: air travel of bilateral
incomes, • Boost in outbound travel via liberalized traffic rights
urbanization, and visa policies for domestic
industrialization • Growth in inbound tourism and foreign
strengthening brand India
carriers
• Expanding Indian expat community
driving VFR (Visiting Friends and
Relatives) travel

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 SpiceJet Proprietary

Backed by Government Initiatives

Increasing Govt. Focus & Favourable Govt Rapid Growth of Players Investing
Policies Infrastructure Aggressively

• Govt focus on strengthening the aviation sector • India has 179 airports as of • 100% FDI allowed under
March 2024, up from 138 in Automatic Route for Greenfield,
• Expanding air connectivity and Modernizing airports into multi-modal
March 2014 74% for Brownfield Airport
hubs.
Development projects.
• Amrit Kaal Civil Aviation Master Plan aims to position Bharat as • Govt aims for 220 airports in
the next few years • 100% FDI permitted in
South Asia’s Leading Aviation Ecosystem
scheduled air transport, regional
• AAI plans Rs.25,000 Cr
air transport, and domestic
investment in infrastructure
UDAN SCHEME airlines.
over 5 years.
• Rs.4,500 Cr allocated for UDAN to boost regional connectivity and link • Navi Mumbai & Noida
underserved areas airports to open in 2025.
• Viability Gap Funding ensures capped rates

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 SpiceJet Proprietary

What Went
Wrong

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 SpiceJet Proprietary

Navigating Through Multiple Challenges

Borne Out of Externalities

Grounding of • Worldwide grounding of Boeing 737 Max aircraft in Mar 2019

Max Aircraft • No access to fuel efficient aircraft and absence of SLB gain

COVID-19 • Complete halt of passenger traffic in CY20 and severe restrictions on

Challenges travel continued till CY22
Impact on • Adversely impacting revenue
Operations • Resulting in grounding of aircraft due to inability to make lease payments

Rising Fuel • Brent crude oil reached ~US$120/bbl while ATF price went up to
~US$175/bbl breaching the all-time high in June 2022
Price

The Unprecedented Crises Created Cash Paucity for the Airline Leading to Large Outstanding

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 SpiceJet Proprietary

Current Problems
• Operational Fleet Reduced from 74 in 2019 to 28 in 2024
Depleting Fleet
• 36 Aircraft Grounded on Account of Dues and Fund Issues

• Higher Costs of Working Capital

Higher Costs • Escalating Fixed Costs

• Fixed Rentals at Airports

• ~Rs.3,700 Cr Outstanding Lessor, Engineering & EDC Liabilities

Outstanding leading to Grounding of Aircraft
Liabilities*
• ~Rs.650 Cr Outstanding Statutory Dues

Grounding of Aircraft Along with Surging Costs Led to Outstanding Liabilities

*This represents only some of the key liabilities and are not exhaustive
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 SpiceJet Proprietary

Roadmap to Resolving Hurdles

Utilization
Plan to Raise Rs.2,500* Cr
through QIP and Fleet Ungrounding Liability Settlement
Rs.736 Cr through
Previous Warrants and New Fleet Induction Other General Purposes
Promoter Infusion
*Subject to shareholders approval

A PANACEA
Liability Settlement and Restructuring with Existing Lessors will Lead to Fleet Induction

Investment on Ungrounding of the Current Fleet will Enhance Fleet Significantly

Investment in Expansion of New Fleet

Statutory Payments and Settlements with Key Vendors will Reduce our Finance Costs

Intend to Resolve Multiple Problems with the current Fund Raise 27

 SpiceJet Proprietary

Future Strategies

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 SpiceJet Proprietary

Well-Defined Strategy to Turnaround and Ramp Up

Ungrounding and Enhanced Long-Haul Cost Focus on Focus on Focus on Loyalty

Expansion of Presence in Operations to Rationalisation Ancillary Revenue Cargo Programmes &
Fleets Highly Profitable Europe & North Co-Branded
Routes America Cards

• Repairs & • International • Experienced in Wide • Doing Away with • Food & Beverages • Cargo Business • Total Membersin
Refurbishments of Routes, particularly - Body Operations High-Cost Capital • SpiceMax - Extra Hived Off as a FY24:- ~16.5 Lakhs
Existing Fleet Middle East • To consider wide • Renegotiation of Legroom Separate Entity (8.4% YoY Growth)
• Leasing of New • Regional Routes body operations in Contracts • Security & Training • Untapped Market • ~1.28 Lakh New
Aircraft/ Frames/ Expected to Grow at future for Asia • Optimization of Services to Other • High Potential for Enrolments in FY24
Engines a Faster Pace Europe Connectivity Human Resource Airlines Growth, Margins & • Average Revenue
• Wet Lease • Using Advanced Returns per Ticket Higher for
• Order Book of 147 Technologies for Members than other
Boeing 737 Max Pricing and Fuel Non-Member
Aircraft Optimization

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 SpiceJet Proprietary

Value Creation Opportunities: Subsidiaries of

SpiceJet
SpiceXpress
• Serves over 2,000 corporate clients, operates 6,000 flights monthly, and
covers 16,000 postal codes with 126 warehouses
• Achieved significant revenue growth, reaching USD 256.68 million in
FY2022, with positive EBITDA and cash flow within two years
• Key in maintaining supply chains during COVID-19
Source CAPA Report

SpiceJet Technic
• STPL provides MRO services and spare parts with CAR-145 standard
infrastructure, servicing Q400 and Boeing 737 aircraft.
Value • Revenue surged from ₹5 crore in FY18-19 to ₹108 crore in FY22-23,
showcasing strong market expansion. Established shops for battery, heat
Creation exchanger, and seat repair, enhancing service offerings.
• Continuing strong partnerships with Lufthansa and Turkish Technic, while
targeting further expansion with Alliance Air, Akasa Air.

SpiceTech
• Builds innovative IT solutions for airlines
• In-Flight Fuel Optimization Solution- Results in significant fuel savings
• AI-Based Revenue Prediction Solution- Enhances passenger load through
accurate predictions and revenue optimizations
• PilotDocs Solution – Yearly saving of 300,000 euros
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 SpiceJet Proprietary

Thank
You!