SpiceJet balance sheet is weak and might have solvency issues

The debt of SpiceJet is decreasing.
Latest debt of SpiceJet is ₹938 Crs as of Mar-24.
This is less than Mar-23 when it was ₹1,125 Crs.

Yes, profit is increasing.
The profit of SpiceJet is -₹463.15 Crs for TTM, -₹1,512.77 Crs for Mar 2023 and -₹1,744.08 Crs for Mar 2022.

The company seems to be paying a very low dividend.
Investors need to see where the company is allocating its profits.
SpiceJet latest dividend payout ratio is 0% and 3yr average dividend payout ratio is 0%

Companies resources are majorly tied in miscellaneous assets