Jet Airways Q1 FY24 results: Net loss narrows to Rs 50.65 cr from Rs 390 cr

Country’s oldest private airline Jet Airways India Ltd on Tuesday reported a standalone net loss of Rs 50.65 crore in the June quarter of the current financial year 2023-24 (FY24). The carrier had reported a loss of Rs 390 crore in the June quarter (Q1) of FY23. In the fourth quarter of FY23, Jet Airways reported a net loss Rs 54 crore.

The full-service carrier's revenue from operations was Rs 39.08 crore for the quarter under review. Jet Airways had posted a total revenue of Rs 13.10 crore in the same quarter last year, according to a regulatory filing on Tuesday.

Jet Airways stopped flying in April 2019 after running into financial difficulties. However, ownership transfer has been on hold due to ongoing differences between the lenders and Jalan Kalrock Consortium.

Before the suspension of its operations in 2019, the airline flew to more than 65 domestic as well as international destinations, with a fleet of 124 narrow and wide-body aircraft.

Jet Airways was admitted for insolvency in 2019. The resolution plan of JKC was admitted in June 2021. 

On June 22 2021, the NCLT approved the resolution plan submitted by the Jalan-Kalrock consortium subject to necessary approvals. The consortium consists of UAE-based NRI Murari Lal Jalan, who will hold shares in Jet Airways in his personal capacity, and Florian Fritsch, who will hold shares via his investment holding company Kalrock Capital Partners Ltd, Cayman.

In April 2023, Jet Airways' CEO-designate Sanjiv Kapoor quit the company and joined Jeddah-based Saudia as the advisor to its Director General Ibrahim Al-Omar. Kapoor, who was joined the cash-strapped airline its CEO on April 4, 2022, resigned due to the differnces between lenders and Jalan-Kalrock Consortium.

In July, Jalan Kalrock Consortium announced the appointment of Jatinderpal Singh Dhillon as the airline's accountable manager. Further, two whole-time directors and a non-executive director were also appointed. 

Last week, Jet Airways got its air operator’s certificate renewed from the civil aviation regulator Director General of Civil Aviation. The earlier AOC, which was granted in 2022, expired in May 2023.

On Monday, Jet Airways’ Committee of Creditors (CoC) asked the Jalan Kalrock Consortium to pay Rs 350 crore. Last month, the Jalan-Kalrock consortium had asked the National Company Law Appellate Tribunal on the transfer of ownership of the grounded airline. It claimed that the creditors were creating hindrances to restart its operations. 

On Monday, the CoC said that they may not pursue the appeal for transfer of ownership if the said amount is paid. 

The plea was filed by State Bank of India against Jet Airways bidder JKC to recover pending dues. 

The shares of Jet Airways closed at Rs 60.60, up by almost 2 per cent.