Saturday, March 2, 2024
HomeAirline NewsJet Airways' Q2 loss widens to over ₹308 crore, revenue nears 12.5...

Jet Airways’ Q2 loss widens to over ₹308 crore, revenue nears 12.5 cr

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

The Q2FY22 loss is before extraordinary items which was around ₹244.98 crore.
Meanwhile, EBITDA loss stood at around ₹ 267.9 crore in Q2FY23 against a loss of ₹ 18.8 crore in the corresponding period a year ago.

Standalone operating revenue stood at ₹ 12.45 crore in Q2 2023 – down from ₹ 41.02 crore in Q2 of the previous fiscal and ₹ 12.53 crore in June 2022.
Total revenue during Q2 this fiscal was ₹ 13.52 crore ———————————– ————————————————– ———————–
For H1FY23, Jet Airways’ net loss widened to a massive ₹698.35 crore as against ₹189.74 crore in 1H2022. While operating revenues are around ₹24.98 crore in H1FY23 as against ₹114.85 crore in H1FY22.

Founded by Naresh Goyal, the airline was shut down in 2019 due to heavy debts and losses. However, after going through insolvency, the Jalan-Kalrock consortium emerged as the successful applicant for a resolution to Jet Airways in June 2021, giving the airline a new lease of life and paving the way for its revival. Kalrock Capital-backed Florian Fritsch led the consortium along with Murari Lal Jalan. Sanjiv Kapoor took over the leadership of Jet Airways as CEO from April 2022. The airline is currently in the process of resuming its operations.
Jet Airways’ AOC (Air Operator Certificate) was renewed on 20 May 2022, allowing the airline to resume commercial operations.

According to the website, well capitalized and led by seasoned industry professionals, Jet Airways in its new avatar aims to become the most people-centric and customer-friendly airline in India, updated for the digital age. The airline said it is currently actively preparing to relaunch India’s most popular airline in Q3 (July-September) 2022.

Jet Airways shares were in the red on the BSE. The stock closed at ₹87.35 apiece up 2.35%. The airline’s market capitalization is around ₹ 992.27 crore.

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments