Jet Airways posts Rs 308 cr Q2 net loss, expenses rise to Rs 321 cr

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

The airline had reported a net loss of Rs 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 Rs 13.52 crore from Rs 45.01 crore in the year-ago period.

Total expenses also jumped to Rs 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 KMPs/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.

KMP refers to Key Managerial Personnel.

The winning consortium is also known as Jalan Kalrock consortium.