The Directors have pleasure in presenting their Twentieth Annual
 Report together with the audited Statement of Accounts for the
 financial year ended 31st March, 2012.
 
 1.  Performance highlights
 
 The financial and operating highlights for the year under review,
 compared with the previous financial year, are given below:
 
 Financial highlights                               (Rs. in lakhs)
 
                       Standalone for year     Consolidated for year
 Particulars           ended 31st March        ended 31st March
 
                            2012        2011           2012        2011
 
 GROSS REVENUE         1,517,308   1,293,227      1,706,704   1,470,606
 
 Profit before 
 Interest, 
 Depreciation,
 
 Exceptional Items & 
 Tax                      58,259     188,768         33,733     185,091
 
 Finance Costs            97,123     111,971        100,579     118,415
 
 (Loss) / Profit 
 before Depreciation,
 
 Exceptional Items & 
 Tax                     (38,864)     76,797        (66,846)     66,676
 
 Depreciation             93,988      91,062         94,462      91,857
 
 (Loss) / Profit 
 before Exceptional 
 Items & Tax            (132,852)    (14,265)      (161,308)    (25,181)
 
 Exceptional Items         7,319      18,919         17,316      20,328
 
 (Loss) / Profit 
 before Taxation & 
 Adjustments            (125,533)      4,654       (143,992)     (4,853)
 
 Provision for Tax         1,440         322          1,384         368
 
 Deferred Tax             (3,363)      3,363         (3,363)      3,363
 
 (Loss) / Profit 
 after Taxation         (123,610)        969       (142,013)     (8,584)
 
 Profit / (Loss) 
 brought forward         (71,939)    (72,908)      (172,734)   (164,150)
 
 Amount available for Appropriation (195,549) (71,939) (314,747)
 (172,734) APPROPRIATIONS
 
 Transfer to Balance Sheet (195,549) (71,939) (314,747) (172,734) Note:
 1 lakh = 100,000
 
 Operating highlights
 
 Operating parameters                          Year ended 31st March 
 
                                                    2012        2011
 
 Departures (Number)                             175,646     146,876
 
 Available Seat Kilometers (ASKMs) (Million)      38,643      34,323
 
 Revenue Passenger Kilometers (RPKMs) (Million)   30,643      26,972
 
 Passenger Load Factor (%)                          79.3        78.6
 
 Revenue Passengers (Number)                  17,305,290  14,667,466
 
 Average fleet size                                 98.0        90.0
 
 2.  Dividend
 
 The Board of Directors has not recommended any dividend on the Equity
 Shares in view of the performance of the Company for the financial year
 ended 31st March, 2012 (Previous year: Nil per Equity Share).
 
 3.  Review of Operations
 
 The year under review has been a challenging one for your Company not
 only because of the events around the world over which the Company has
 little control but also because of severe overcapacity in the domestic
 market in India.
 
 The domestic overcapacity led to fare wars in the domestic business
 with nearly all airlines selling seats below cost.  This led to severe
 losses for the Industry as a whole. For the year ended 31st March 2012,
 the domestic airline industry is estimated to have lost over Rs.12,000
 crores.
 
 There were other major events across the world which impacted the
 business :
 
 a) Slowdown in other economies which led to a drop in yields in
 international markets
 
 b) The weakening of the Indian Rupee vis-a-vis the United States Dollar
 
 c) Increase in crude oil prices and resultant price of Aviation Turbine
 Fuel, which forms close to 50% of our operating cost
 
 d) General stress in the Indian economy which not only meant that
 interest rates hardened but also made it difficult for airlines like
 ourselves to raise short term/ working capital debt
 
 Towards the second half of the financial year, things started giving
 way and a major airline in India had to significantly reduce capacity
 in the market. Also, airlines had no choice but to make fare increases
 and there were two rounds of fare increases; one in November 2011 of
 around 10% and another one in March 2012 of around 12%. This had very
 little impact on the passenger traffic because of the capacity
 reduction in the market, which also led to a steady increase in our
 corporate and business class bookings.
 
 The Company, on its part, has taken various initiatives to improve its
 operating efficiency and revenue earning potential to bring down the
 break even load factor.
 
 Initiatives such as enhancing ancillary revenues, discontinuing loss
 making routes, Sale/ Sale and lease back of aircraft, re-negotiation of
 major contracts including, for aircraft maintenance, ground handling,
 selling and distribution costs, etc., have been either implemented or
 in the process of being implemented, which will bring down the break
 even load factor.
 
 The Company raised funds from the sale of development rights of its
 lease hold property at Bandra-Kurla Complex, Mumbai and from the sale
 and lease back of engines.
 
 As part of its strategic re-branding exercise, your Company has
 consolidated its low fare service products under the JetKonnect brand
 to simplify the group''s service proposition and enhance brand recall.
 
 Thus, effective 25th March, 2012, the erstwhile JetLite and Jet Airways
 Konnect services have started operating under the JetKonnect brand,
 enabling guests to avail of a single superior in-flight product in the
 full service (Jet Airways) and low-fare (JetKonnect) categories. For
 the financial year ended 31st March, 2012, our capacity on JetKonnect
 services formed 64% of our overall domestic capacity in terms of number
 of seats. With its mixed fleet of Boeings and ATR aircraft and 400
 daily flights connecting 56 destinations across India, JetKonnect
 provides more flexibility and choice to its guests, making it India''s
 largest low fare brand.
 
 For the financial year 2012, your Company has had the best On Time
 Performance (OTP) and has reported an OTP of 91.1%, which was higher
 than all other domestic carriers in India. Our vision and focus has
 been to consistently be not only the biggest, but also the best in our
 service to customers and in all our operational metrics vis-a-vis the
 industry.
 
 We are pleased to inform you that the benefits of these measures have
 translated in the Company continuing to dominate the Indian domestic
 skies with a market share of 26.1% during the year.
 
 The Indian aviation market is one of the only markets in the world
 which continues to grow at a healthy pace and it therefore presents an
 enviable opportunity for companies like ours, to take advantage of the
 strong franchise that we have created over the last few years.
 
 The domestic traffic in India grew by 13% for fiscal year 2012 and over
 the next few years, we expect the domestic aviation market to grow at
 around 15% per annum and this has also been supported by various
 studies and analysis carried out by independent agencies like IATA,
 CAPA, etc. However, there will be short term challenges to grow
 profitably because of high operating costs and overcapacity in both
 domestic market as well as international traffic into and out of India.
 
 During the year under review, domestic passenger traffic for the
 Company, reported a 17.9% growth as compared to the same period last
 year while international passenger traffic registered an increase of
 18.1%.
 
 The Company ended the financial year with a system-wide seat factor of
 74.8% on the domestic and 81.6% on the international sectors.
 
 The Company carried 173.05 lakhs revenue passengers on its
 international and domestic services during the year under review, up
 from 146.67 lakhs in the previous financial year.
 
 The financial year 2012 was a year of consolidation and there were not
 many new routes that the Company began operations on. The focus was
 largely on building traffic flows between domestic and international as
 well as international traffic flows over our key hubs at Mumbai and New
 Delhi. The International business of the Company has now posted several
 consecutive quarters of consistent growth in terms of seat factor of
 above 80% and increase in the capacity in terms of ASKMs reflecting the
 growing impact of our network synergies, major strategic international
 code shares and customer centric product and service focus
 
 The Company will take deliveries of 4 Airbus A330 - 300 aircraft this
 financial, of which 2 will be replacements for lease expiries while the
 other 2 will be deployed on long haul international routes. There are
 various international route rights that your Company has applied for to
 fly into European countries and the new aircraft capacity will be
 deployed on some of these routes. Additionally, we will also free some
 A330 aircraft capacity due to temporary suspension of our loss making
 routes like Mumbai-Johannesburg in June 2012. These aircraft will be
 redeployed on to other routes.
 
 Routes
 
 The details of the routes introduced and discontinued during the
 financial year ended 31st March, 2012 are as follows:
 
 Routes                           Introduced             Discontinued
 
                              Domestic segment
 
 Aizawl-Guwahati-Aizawl           1st May, 2011
 
 Aurangabad-Hyderabad-Aurangabad  30th October, 2011
 
 Bengaluru-Vijayawada-Bengaluru   30th October, 2011
 
 Bengaluru-Vijayawada-Bengaluru                          14th December,
                                                         2011
 
 Delhi-Bagdogra-Guwahati-Delhi                           30th June, 
                                                         2011
 
 Delhi-Guwahati-Agartala-Delhi    1st July, 2011
 
 Delhi-Guwahati-Bagdogra-Delhi                           30th June, 
                                                         2011
 
 Guwahati-Imphal-Guwahati         1st May, 2011
 
 Guwahati-Jorhat-Guwahati         1st May, 2011
 
 Guwahati-Silchar-Guwahati        1st May, 2011
 
 Hyderabad-Bhubaneswar-Hyderabad                         24th May, 2011
 
 Hyderabad-Tirupati-Hyderabad                            30th October,
                                                         2011
 
 Indore-Jaipur-Indore             23rd September, 2011
 
 Indore-Jodhpur-Indore            30th October, 2011
 
 Indore-Jodhpur-Indore                                   14th December,
                                                         2011
 
 Indore-Lucknow-Indore            15th October, 2011
 
 Jaipur-Chandigarh-Jaipur         23rd September, 2011
 
 Kolkatta-Aizawl-Kolkatta         1st May, 2011
 
 Kolkatta-Dimapur-Kolkatta        16th November, 2011
 
 Kolkatta-Nagpur-Kolkatta         30th October, 2011
 
 
 
 
 Routes                       Introdued             Discontinued   
 
                          Domestic segment
 
 Kolkatta-Silchar-Kolkatta    1st May, 2011
 
 Leh-Chandigarh-Leh           30th October, 2011
 
 Lucknow-Patna-Lucknow        15th October, 2011
 
 Madurai-Bengaluru-Madurai    30th October, 2011
 
 Madurai-Bengaluru-Madurai                          14th December, 2011
 
 Raipur-Bhubaneswar-Raipur                          23rd May, 2011
 
 Raipur-Indore-Raipur         23rd September,2011
 
 
 
                          International segment
 
 Mumbai-Bangkok-Mumbai    14th December, 2011
 
 Mumbai-Riyadh-Mumbai     14th December, 2011
 
 Thiruvananthapuram-
 Sharjah-
 Thiruvananthapuram       30th October, 2011
 
 Delhi-Dammam-Delhi       17th March, 2012
 
 
 Fleet
 
 As on date, the Company had a fleet of 102 aircraft, comprising 10
 Boeing 777-300 ER aircraft, 12 Airbus A330-200 aircraft, 60 Next
 Generation Boeing 737-700/800/900/900ER aircraft and 20 modern ATR
 72-500 Turboprop aircraft.  With an average fleet age of 6.04 years,
 the airline has one of the youngest aircraft fleets in the world.
 
 Of the 10 B777-300ER aircraft, 5 aircraft have been sub-leased to Thai
 Airways Public Company Limited (Thai Airways).  The lease in respect
 of these aircraft expires between May, 2013 and November, 2013.
 
 Flights to 76 destinations span the length and breadth of India and
 beyond, including Abu Dhabi, Bahrain, Bangkok, Brussels, Colombo,
 Dammam, Dhaka, Doha, Dubai, Hong Kong, Jeddah, Johannesburg, Kathmandu,
 Kuala Lumpur, Kuwait, London (Heathrow), Milan, Muscat, New York (both
 JFK and Newark), Riyadh, Sharjah, Singapore and Toronto.
 
 4.  Management Discussion and Analysis
 
 As required by Clause 49 of the Listing Agreement(s) entered into with
 the Stock Exchanges, a detailed review by the Management of the
 operations, performance and future outlook of the Company and its
 business, is presented in a separate section - Management Discussion
 and Analysis - forming part of this Annual Report.
 
 5.  Subsidiary Company
 
 Jet Lite (India) Limited (''Jet Lite'') is a wholly owned subsidiary
 which was acquired by the Company on 20th April, 2007.
 
 Jet Lite is a non-material, non-listed subsidiary company as defined
 under Clause 49 of the Listing Agreement(s) entered into with the Stock
 Exchanges.
 
 Jet Lite follows the low-cost, no-frills business model. Effective 25th
 March, 2012, the service offered under the JetLite brand was
 re-christened as JetKonnect.
 
 For the financial year ended 31st March, 2012, Jet Lite posted a total
 income of Rs. 190,386 lakhs (2010-11 : Rs. 178,615 lakhs) and a Net Loss of
 Rs. 18,403 lakhs (2010-11: Net Loss of Rs. 10,747 lakhs). In view of the
 loss, the Board of Directors of Jet Lite has not recommended a
 dividend; neither on the Equity Shares nor on the Compulsorily Fully
 Convertible Non-Cumulative Preference Shares for the financial year
 ended 31st March, 2012 (Previous Year : Nil). The Company continues to
 support the operations of Jet Lite.
 
 The highlights of the operating performance ofJet Lite for the
 financial year ended 31st March, 2012 are as follows:
 
 Traffic Parameters                           Year ended 31st March
 
                                                     2012       2011
 
 Departures (Number)                               41,992     39,003
 
 Available Seat Kilometers (ASKMs) (Million)        5,829      5,481
 
 Revenue Passenger Kilometers (RPKMs)               4,543      4,340
 (Million)
 
 Passenger Load Factor (%)                           77.9       79.2
 
 Revenue Passengers (Number)                    4,794,658  4,332,469
 
 As on date, Jet Lite had an all Boeing fleet of 19 aircraft, comprising
 9 Boeing 737-700, 8 Boeing 737-800 and 2 Boeing 737-900 ER aircraft.
 The airline flies to 56 destinations across India and 1 international
 destination - Nepal.
 
 Pursuant to Circular No. 2/2011 dated 8th February, 2011, issued by the
 Ministry of Corporate Affairs read with the provisions of Section
 212(8) of the Companies Act, 1956, the Annual Report of Jet Lite, for
 the financial year ended 31st March, 2012, is not annexed to this
 Report. A summary of the financial performance of Jet Lite is given in
 this Annual Report. The Company will make available copies of the
 Annual Accounts of Jet Lite and the related detailed information, free
 of cost to Members, on request. The same are also available for
 inspection at the Registered Office between 10 a.m. and 12 noon on any
 working day of the Company.
 
 6.  Consolidated Financial Statements
 
 The audited Consolidated Accounts and Cash Flow Statement, comprising
 Jet Airways (India) Limited and Jet Lite (India) Limited, appear in
 this Report. The Auditors'' Report on the Consolidated Accounts is also
 attached. The same is unqualified. The Consolidated Accounts have been
 prepared in accordance with the Accounting Standards prescribed by the
 Institute of Chartered Accountants of India in this regard and the
 provisions of the Listing Agreement(s) entered into with the Stock
 Exchanges
 
 7.  Conservation of energy, technology absorption and foreign exchange
 earnings and outgo
 
 Particulars, as prescribed by Section 217(1)(e) of the Companies Act,
 1956, read with Companies (Disclosure of Particulars in the Report of
 Board of Directors) Rules, 1988, in respect of conservation of energy,
 technology absorption and foreign exchange earnings and outgo, to the
 extent applicable to the Company, are given below:
 
 Conservation of energy
 
 The Company has embraced the best operational, technological and
 maintenance practices and recommendations to reduce fuel burn. The
 Company continues to modernize its fleet. The older aircraft are
 regularly retired and replaced with the latest fuel efficient aircraft
 thereby improving the overall fuel efficiency and mitigating unit
 emissions. The Company continuously monitors the weight of various
 catering, cabin and galley items. The weight reduction program
 contributes to significant savings in fuel burn.
 
 Through in-house subject matter expertise, the Company has developed
 Integrated Emissions Management System (IEMS) for monitoring and
 optimizing the use of Aviation Turbine Fuel.
 
 The Company has commenced assessment of the carbon footprint of its
 activities for both direct and indirect emissions.  The carbon foot
 printing is being done as per the internationally accepted Greenhouse
 Gas Protocol Standard developed jointly by World Resources Institute
 (WRI) and World Business Council for Sustainable Development (WBCSD).
 The footprint mapping and reporting exercise is in line with the ISO
 14064 guidelines.
 
 Technology absorption Training of Pilots
 
 Jet Airways Flight Operations Training School (''the School'') is
 approved by the Directorate General of Civil Aviation to function as
 Type Rating Training Organization. It provides Pilots'' Training, Cabin
 Crew Training as well as Security Training all under one roof.
 
 It has introduced e-learning for pilots and flight despatchers
 resulting in cost saving and value addition. It has also conducted
 special operational courses for Non-scheduled Airline Operators,
 thereby generating revenue.
 
 Information Technology and e-Commerce initiatives
 
 The Company makes strategic use of the latest technology to interact
 with passengers at a global level. Its significant presence on social
 media platforms like Facebook, Twitter, LinkedIn, YouTube, Flickr and
 Foursquare ensures increase in awareness and reach of the Company''s
 brand. The Company''s growth on the social media networking platform has
 been noteworthy registering an exponential increase in the number of
 followers and fans on Twitter and Facebook.
 
 In the coming year, the Company aims to introduce state-of-the-art
 mobile applications for Android, iPhone, BlackBerry and Windows mobile
 phones. These applications will provide passengers with a convenient
 and seamless option to book tickets, check-in, access their
 JetPrivilege account etc. using their mobile phones.
 
 Additionally, the Company intends to commence the use of 2D Mobile
 Bar-coded boarding passes for guests who have checked-in for their
 flights, thus providing a paperless travel experience.
 
 Foreign Exchange earnings and outgo
 
 The details of Foreign Exchange earnings and outgo are given under the
 Notes to Accounts.
 
 8.  Environment, Health and Safety (EHS)
 
 The Company consciously strives to keep up the good environment, health
 and safety performance delivered in earlier years. There has been
 tremendous progress in the areas of process safety and the Safety
 Management System (SMS) implementation is well underway.
 
 To ensure continued focus of EHS activities, various improvement plans
 for better pollution control, provision of medical facilities,
 conducting mock drills for increased safety awareness and preparedness
 for any eventuality, were implemented during the year under review.
 
 9.  Fixed Deposits
 
 The Company has not accepted any Fixed Deposits from the public during
 the financial year ended 31st March, 2012.
 
 10.  Corporate Governance
 
 We adhere to the principles of Corporate Governance mandated by the
 Securities and Exchange Board of India and have complied with all the
 mandatory requirements. The non-mandatory requirements have been
 complied with to the extent practical and applicable.
 
 A separate section on Corporate Governance and a certificate from the
 Auditors confirming compliance with the Corporate Governance
 requirements as stipulated in Clause 49 of the Listing Agreement(s)
 entered into with the Stock Exchanges, form part of this Annual Report.
 
 The Chief Executive Officer''s declaration regarding compliance with the
 Code of Business Conduct and Ethics forms part of the Report on
 Corporate Governance.
 
 11.  Corporate Social Responsibility
 
 Since 1997, the Company has been running an in-flight collection
 programme called ''Magic Box'' on its domestic flights.  The collections
 help finance the numerous projects run by Save The Children India which
 include pre-schools for the urban slum children and a special care
 centre for the mentally challenged and hearing impaired.
 
 As every year, on the occasion of Children''s day, the Company organised
 Flights of Fantasy for approximately 100 underprivileged children
 giving them a chance to experience the world of aviation, which is both
 an informative and educational experience.
 
 To support Non Government Organisations working primarily for the
 up-liftment and empowerment of underprivileged women, the Company
 organized an in-flight fund raising drive on the occasion of
 International Women''s Day.
 
 The Company celebrated the Joy Of Giving Week 2011 by inviting 180
 underprivileged tribal children for an educational trip to its hangar.
 
 12.  Employees
 
 Your Directors particularly acknowledge the selfless untiring efforts,
 whole-hearted support and co-operation of the employees at all levels.
 Our industrial relations continue to be cordial.
 
 The total number of permanent employees of the Company as on 31st
 March, 2012, was 12,849 (as on 31st March, 2011: 12,811).
 
 Information in accordance with the provisions of Section 217(2A) of the
 Companies Act, 1956, read with Companies (Particulars of Employees)
 Rules, 1975, as amended, forms part of this Annual Report. However, as
 per the provisions of Section 219(1)(b)(iv) of the Companies Act, 1956,
 this Report and Accounts are being sent to all the Members of the
 Company, excluding the Statement of Particulars of Employees under
 Section 217(2A) of the Companies Act, 1956.  Members may inspect the
 said Statement at the Registered Office of the Company between 10 a.m.
 and 12 noon on any working day of the Company.
 
 13.  Directors'' Responsibility Statement
 
 As required under Section 217(2AA) of the Companies Act, 1956, your
 Directors confirm that:
 
 - in the preparation of the Annual Accounts, the applicable accounting
 standards have been followed;
 
 - appropriate accounting policies have been selected and applied
 consistently and such judgments and estimates have been made that are
 reasonable and prudent so as to give a true and fair view of the state
 of affairs of the Company as at 31st March, 2012 and of the loss of the
 Company for the year ended on that date;
 
 - proper and sufficient care has been taken for the maintenance of
 adequate accounting records in accordance with the provisions of the
 Companies Act, 1956, for safeguarding the assets of the Company and for
 preventing and detecting fraud and other irregularities;
 
 - the Annual Accounts have been prepared on a going concern basis.
 
 14.  Directors
 
 Mr. Saroj K. Datta ceased to be a Director of the Company with effect
 from 30th September, 2011, consequent to the completion of his tenure
 as the Executive Director of the Company. Mr. Datta was the Executive
 Director of the Company since March 1993. As such, he was instrumental
 in spearheading the Company''s emergence as one of the country''s
 foremost global service brands and a premier international airline to
 emerge from India. The Board of Directors places on record its
 gratitude to Mr. Datta for his loyal and dedicated contribution to the
 Company.
 
 The Board of Directors appointed Mr. Gaurang Shetty as an Additional
 Director with effect from 24th May, 2012.  As per the provisions of
 Section 260 of the Companies Act, 1956, he holds office up to the date
 of the forthcoming Annual General Meeting. The Company has received a
 notice under Section 257 of the Companies Act, 1956, from a Member
 proposing the appointment of Mr. Shetty as a Director of the Company.
 
 Subject to the approval of the Members, the Board of Directors also
 appointed Mr. Shetty as the Manager for a period of three years with
 effect from 24th May, 2012.
 
 Mr. Ali Ghandour and Mr. Yash Raj Chopra retire by rotation at the
 forthcoming Annual General Meeting and being eligible, have offered
 themselves for re-appointment.
 
 The appointment of Mr. Shetty and the re-appointments of Mr. Ghandour
 and Mr. Chopra form part of the Notice of the forthcoming Annual
 General Meeting and the Resolutions are recommended for your approval.
 The profiles of these Directors, as required by Clause 49 of the
 Listing Agreement(s) entered into with the Stock Exchanges, are given
 along with the said Notice.
 
 15.  Auditors
 
 The Statutory Auditors, Deloitte Haskins & Sells, Chartered
 Accountants, and Chaturvedi & Shah, Chartered Accountants, retire at
 the forthcoming Annual General Meeting and have confirmed their
 eligibility and willingness to accept office, if re-appointed. Their
 re-appointment as the Joint Statutory Auditors for the financial year
 2012-13, forms part of the Notice of the said Annual General Meeting
 and the Resolution is recommended for your approval.
 
 16.  Acknowledgements
 
 Your Directors place on record their appreciation of the Company''s
 General Sales Agents'' and other members of the travel trade for their
 efforts in furthering the interest of the Company.
 
 Your Directors also take this opportunity to thank the Ministry of
 Civil Aviation, Government of India, the Directorate General of Civil
 Aviation, Airports Authority of India, Mumbai International Airport
 (Private) Limited, Delhi International Airport (Private) Limited, GMR
 Hyderabad International Airport Limited, Bangalore International
 Airport Limited, Cochin International Airport Limited and other airport
 companies for their support and co-operation.  Your Directors are also
 grateful to the Ministry of Finance, Reserve Bank of India, National
 Stock Exchange of India Limited, BSE Limited, US Exim Bank, Financial
 Institutions and Banks, Boeing Company, Avion de Transport Regionale,
 Airbus Industrie, General Electric, CFM and Pratt and Whitney and the
 lessors of our aircraft and engines for their understanding and look
 forward to their continued support.
 
                                 On behalf of the Board of Directors
 
 Mumbai                                                 Naresh Goyal
 
 24th May, 2012                                             Chairman