Jet Airways Q2 loss widens to over ₹308 cr, revenue comes near ₹12.5 cr

The Q2FY22 loss is before the exceptional items that were around ₹244.98 crore.

Meanwhile, EBITDA loss was around ₹267.9 crore in Q2FY23 against a loss of ₹18.8 crore in a year ago corresponding period.

Standalone revenue from operations came in at ₹12.45 crore in Q2FY23 — lower from ₹41.02 crore in Q2 of the previous fiscal and ₹12.53 crore in June 2022 quarter.

Total income during the Q2 of this fiscal stood at ₹13.52 crore — declining from ₹45.01 crore in September 2021 quarter — however edged higher from ₹13.10 crore in June 2022 quarter.

For the first half of FY23, Jet Airways‘ net loss has widened to a massive ₹698.35 crore versus ₹189.74 crore in H1FY22. While revenue from operations is around ₹24.98 crore in H1FY23 versus ₹114.85 crore in H1FY22.

The airline which was founded by Naresh Goyal was grounded in 2019 due to heavy debts and losses. However, after going through insolvency bankruptcy, the Jalan-Kalrock consortium emerged as the successful resolution applicant for Jet Airways in June 2021, giving the airline a new lease on life and paving the way for its revival. Florian Fritsch-backed Kalrock Capital led the consortium along with Murari Lal Jalan. Sanjiv Kapoor has taken charge of Jet Airways as the CEO since April 2022. The airline is currently in the process to resume its operations.

Jet Airways AOC (Air Operator Certificate) was revalidated on May 20, 2022, allowing the airline to recommence commercial operations.

According to the website, well-capitalized and led by seasoned industry professionals, Jet Airways in its new avatar aims to become India’s most people-focused and customer-friendly airline, updated for the Digital Age. The airline had stated that they are currently actively preparing to re-launch India’s most-loved airline in Q3 (Jul-Sep) of 2022

On BSE, Jet Airways shares were in the red. The stock closed at ₹87.35 apiece down by 2.35%. The airline’s market cap is around ₹992.27 crore.