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


Delhi-based Jet Airways’ net loss widened to 308.24 crore for the quarter ending September 30, 2022 (Q2FY23) compared to a loss of 60.78 crore in the same quarter last year. However, sequentially, the Q2 loss narrowed from 390.11 crore in June 2022 quarter.

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.

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