Jet Airways on August 11 reported a standalone net loss of INR 390.1 crore for the three months ended June (Q1FY23) which was more than twice the amount it had reported in the year-ago period. The full-service carrier had reported a loss of INR 129 crore in the April-June quarter of 2021.
The defunct carrier’s revenue from operations declined 83% to INR 12.53 crore for the quarter under review, the airline said in a regulatory filing to the BSE.
The airline’s total income stood at INR 13.10 crore in the June quarter compared to INR 75.01 crore in the year-ago period. Net Sales at INR 12.53 crore in June 2022 down 83.03% from INR 73.83 crore in June 2021. EBITDA stands negative at INR 347.15 crore in June 2022 down 326.79% from INR 81.34 crore.
Jet Airways shares closed at 103.85 on August 11, 2022 (NSE) and have given 21.68% returns over the last 6 months and 35.31% over the last 12 months.
The airline — which received an air operator certificate from aviation regulator DGCA on May 20 — is yet to place an order for aircraft with either European planemaker Airbus or American aerospace company Boeing. Currently, the airline has just one operational aircraft — which is a B737NG — in its fleet.
Financial distress forced Jet Airways, which flew for more than two decades, to suspend operations on April 17, 2019, and a consortium of lenders, led by the State Bank of India (SBI), filed an insolvency petition in June 2019 to recover outstanding dues worth over INR 8,000 crore.
Jet Airways India Ltd., which is undergoing a court-monitored restructuring, plans to return with a hybrid of premium and no-frills services that would allow the former top local airline to claw back market share while managing costs in the fiercely competitive Indian aviation market.
Jet Airways, in its previous stint, was owned by Naresh Goyal. The Jalan-Kalrock Consortium is currently the promoter of Jet Airways.
The consortium infused INR 500 million into Jet Airways 2.0 — as it is dubbed by the new owners — in January, and lenders have said they don’t object to an extension of 60 days.
In October 2020, the airline’s Committee of Creditors (CoC) approved the resolution plan submitted by the consortium of the UK’s Kalrock Capital and the UAE-based entrepreneur Murari Lal Jalan. In June 2021, the resolution plan was approved by the National Company Law Tribunal.