Jet Airways posts ₹308 crore loss in September quarter

Jet Airways, which is grounded for more than three years, on Friday reported a standalone net loss of ₹308.24 crore in the three months ended September.

The airline had reported a net loss of ₹305.76 crore in the same period a year ago, according to a regulatory filing.

Through the corporate insolvency resolution process, the Jalan Fritsch consortium emerged as the winning bidder for the airline after the the National Company Law Tribunal (NCLT) approved the consortium’s resolution plan in June last year. However, the carrier is yet to resume operations.

In the second quarter of the current fiscal, Jet Airways saw its total income plunge to ₹13.52 crore from ₹45.01 crore in the year-ago period.

Total expenses also jumped to ₹321.76 crore in the latest September quarter.

“The company continues to incur losses resulting in an erosion in its net worth and its current liabilities exceed current assets as of September 30, 2022,” the filing said.

The airline, which shuttered operations in April 2019, received the Air Operators Certificate from the Directorate General of Civil Aviation (DGCA) in May this year as the consortium works on reviving the carrier.

The filing said the company’s monitoring committee is not in a position to provide the consolidated financial results due to various reasons, including that subsidiaries are separate legal entities and also currently non-operational.

“… the team is facing huge difficulty in obtaining relevant data from the said subsidiaries as also there are no Key Managerial Personnel(KMP)/senior management personnel (in the company’s subsidiaries) from whom the relevant information can be obtained for the preparation of consolidated financial results of the company,” the filing said.