Jet Airways grounded after weak Q4 result

Jet Airways (India) lost 1.81% to Rs 451.25 at 09:31 IST on BSE after net profit dropped 90.73% to Rs 36.80 crore on 5.57% increase in total income to Rs 5759.58 crore in Q4 March 2017 over Q4 March 2016.

The result was announced after market hours yesterday, 30 May 2017.

Meanwhile, the S&P BSE Sensex was down 8.29 points, or 0.03%, to 31,151.11. The S&P BSE Mid-Cap index was up 125.54 points, or 0.87%, to 14,615.30.

On BSE, so far 2.56 lakh shares were traded in the counter as against average daily volume of 3.88 lakh shares in the past one quarter. The stock hit a high of Rs 456.50 and a low of Rs 436 so far during the day. The stock had hit a 52-week high of Rs 626.70 on 1 August 2016. The stock had hit a 52-week low of Rs 332.40 on 27 December 2016.

The mid-cap company has equity capital of Rs 113.60 crore. Face value per share is Rs 10.

Jet Airways (India)'s available seat kilometers rose 8% at 13.7 billion in Q4 March 2017 over Q4 March 2016. Passengers carried increased by 5.4% to 7.02 million in Q4 March 2017 over Q4 March 2016.

On a consolidated basis, Jet Airways (India)'s net profit dropped 63.81% to Rs 438.45 crore on 2.67% increase in total income to Rs 23669.91 crore in the year ended 31 March 2017 (FY 2017) over FY 2016.

Jet Airways (India) said that despite the challenges posed by the recent increase in Brent crude oil prices, coupled with continuing low airfares and increased capacity, the airline reported profit during FY 2017.

Naresh Goyal, Chairman, Jet Airways (India), said that the past year has been extremely challenging for both domestic and international markets. Notwithstanding the growth in traffic in the domestic market, the downward pressure on yields continued despite rise in oil prices.

The company achieved positive results through relentless effort to streamline operations, improve productivity and business performance, enabling it to reduce debt by Rs 1902 crore during FY 2017, despite weakening demand in certain international markets, especially Gulf, Naresh Goyal said.

Jet Airways (India) is India's leading international airline which operates flights to 65 destinations, including India and overseas. The Jet Airways Group currently operates a fleet of 113 aircraft.

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