Dear Members,
 
 The Directors have pleasure in presenting their Nineteenth Annual
 Report together with the audited Statement of Accounts for the
 financial year ended 31st March, 2011.
 
 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
 
                          2011         2010        2011        2010
 
 GROSS REVENUE         1,295,104   1,062,292     1,472,698  1,062,292 
 
 Profit before
 Interest, 
 Depreciation,
 Exceptional Items 
 and Tax                 181,519     141,69      7 177,362    141,697
 
 Interest                102,836     99,301        108,584     99,301
 
 (Loss) / Profit 
 before Depreciation,
 Exceptional Items 
 and Tax                  78,683     42,396         68,778     42,396
 
 Depreciation             91,062     96,196         91,857     96,196
 
 (Loss) / Profit 
 before Exceptional 
 Items and Tax          (12,379)   (53,800)       (23,079)   (53,800)
 
 Exceptional Items        17,042      7,045         18,236      7,045
 
 (Loss) / Profit before 
 Taxation and 
 Adjustments               4,663   (46,755)        (4,843)   (46,755)
 
 Provision for Tax           331          9            378         9
 
 Deferred Tax              3,363         -           3,363         -
 
 (Loss) / Profit after 
 Taxation                    969   (46,764)        (8,584)  (46,764)
 
 Profit / (Loss) 
 brought forward        (72,908)   (26,144)      (164,150)  (26,144)
 
 Amount available 
 for Appropriation      (71,939)   (72,908)      (172,734)  (72,908)
 
 APPROPRIATIONS
 
 Transfer to General 
 Reserve                    -                          -
 
 Transfer to Balance 
 Sheet                  (71,939)   (72,908)      (172,734) (72,908)
 
 
 Note: 1 lakh = 100,000 Operating highlights
 
 Operating parameters                    Year ended 31st March
 
                                           2011        2010
 
 Departures (Number)                     146,876      131,108
 
 Available Seat Kilometers (ASKMs) 
 (Million)                                34,323       29,242
 
 Revenue Passenger Kilometers (RPKMs) 
 (Million)                                26,972       22,640
 
 Passenger Load Factor (%)                  78.6         77.4
 
 Revenue Passengers (Number)          14,667,466   12,039,475
 
 Average fleet size                         90.0         85.6
 
 Average Head Count                       11,927       11,328
 
 
 2.  Dividend
 
 The Board of Directors has not recommended a dividend on the Equity
 Shares in view of the performance of the Company for the financial year
 ended 31st March, 2011 (Previous year: Nil per Equity Share).
 
 3.  Review of Operations
 
 During the year under the review, the Company continued to have a tight
 control on the costs which resulted in our unit costs (excluding
 aviation turbine fuel) being lower as compared to the previous
 financial year. While we may not be able to impact external factors,
 our relentless focus remains on improving efficiencies and productivity
 in our operations.  Airlines across the world have been impacted by the
 increase in the aviation turbine fuel prices and Jet Airways is no
 exception. Though we would have liked to pass on more of the fuel price
 increases to our customers, it was not possible to do so in the short
 term.
 
 Our focus has also been to improve our operational metrics including
 the on-time performance of our flights. Our efforts in this regard have
 ensured that we have been consistently bettering ourselves and have
 been the industry leaders in terms of on-time performance. Also, our
 International growth and seat factors continue to improve constantly
 which is a testimony to the growing emergence of the airline, as the
 preferred choice for guests to and from the Indian subcontinent.  We
 are pleased to inform you that the benefits of these measures have
 translated in the Company consolidating its leadership position with a
 market share of 26.1% during the year.
 
 The Indian aviation market continued its growth during the year under
 review at a steady pace. The growth of the Indian economy was a major
 trigger and the aviation market has been growing at a healthy 2 times
 multiple of the GDP growth.  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, we believe that
 both the domestic and international markets will remain competitive
 given that there is currently some over capacity in both markets.
 
 Domestic passenger traffic for the year under review, reported a 4.2%
 growth as compared to the same period last year while international
 passenger traffic registered an increase of 20.1%. The Company ended
 the financial year with revenues of Rs.1,062,292 lakhs, a decrease of
 10% versus last year, with a system-wide seat factor of 71.6% on the
 domestic and 80.4% on the international sectors.
 
 The Company carried 146 lakhs revenue passengers on its international
 and domestic services during the year under review, up from 120 lakhs
 in the previous financial year.
 
 We strengthened our presence in the low fare / low cost space and our
 ‘Jet Airways Konnect'' and ‘Jet Airways Konnect Select'' products have
 been widely accepted by our guests. For the financial year ended 31st
 March, 2011, our capacity on Jet Airways Konnect services formed 59% of
 our overall domestic capacity in terms of number of seats.
 
 The Company also benefited from the strategic expansion of its domestic
 and international service network. We now serve 23 international
 destinations, which include the addition of a non-stop service between
 Mumbai and Johannesburg and a Delhi Milan service. The international
 business 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 Average Seat Kilometers reflecting the growing
 impact of our network synergies, major strategic international code
 shares and customer centric product and service focus.
 
 Routes
 
 The details of the routes introduced and discontinued during the
 financial year ended 31st March, 2011 are as follows:
 
 Fleet
 
 The Company currently operates a fleet of 97 aircraft, which includes
 10 Boeing 777-300 ER aircraft, 12 Airbus A330- 200 aircraft, 55 Next
 Generation Boeing 737-700/800/900 aircraft and 20 modern ATR 72-500
 Turboprop aircraft. With an average age of 5.15 years, the airline has
 one of the youngest aircraft fleet in the world.
 
 Of the 10 B777-300ER aircraft, 7 aircraft have been sub-leased as
 follows:
 
 - In 2009, 4 aircraft were sub-leased to Turkish Airlines Inc. (TK)
 for a period of 25 months. The lease in respect of these four aircraft
 expires between the months of July and November 2011.
 
 - In 2010, 3 aircraft were sub-leased to Thai Airways Public Company
 Limited (Thai Airways) for a period of 36 months. The lease in
 respect of these three aircraft expires in May 2013.
 
 In view of the planned level of operations and the fleet size, the
 Company proposes to deploy 2 of the 4 aircraft being redelivered by TK
 later this year, for its own operations. The remaining 2 aircraft being
 redelivered by TK are being sub (dry) leased to Thai Airways for a
 period of 2 years, with an option to extend the lease by a further
 period of 1 year.
 
 Flights to 75 destinations span the length and breadth of India and
 beyond, including New York (both JFK and Newark), Toronto, Brussels,
 London (Heathrow), Milan, Johannesburg, Hong Kong, Singapore, Kuala
 Lumpur, Colombo, Bangkok, Kathmandu, Dhaka, Kuwait, Bahrain, Muscat,
 Doha, Abu Dhabi, Dubai, Jeddah, Sharjah, Riyadh and Dammam.
 
 Jet Airways Konnect service operates on key domestic routes and is
 designed to meet the needs of the low-fare segment with value-for-money
 fares. Jet Airways Konnect links seven major metros - Mumbai, Delhi,
 Chennai, Bengaluru, Hyderabad, Ahmedabad and Kolkata – with several
 destinations across India, operating over 170 flights daily. Jet
 Airways Konnect Select is a premium economy product introduced on
 certain Jet Airways Konnect flights.
 
 4.  Management Discussion and Analysis
 
 As required by Clause 49 of the Listing Agreements 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 Agreements entered into with the Stock
 Exchanges.
 
 Jet Lite follows the low-cost, no- frills business model. For the
 financial year ended 31st March, 2011, Jet Lite posted a total income
 of Rs.178,615 lakhs (2009-10: Rs.161,943 lakhs) and a Net Loss of
 Rs.10,747 lakhs (2009-10: Profit of Rs.4,619 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 year ended 31st
 March, 2011 (previous year : Nil). The Company continues to support the
 operations of Jet Lite.
 
 The highlights of the operating performance for the financial year
 ended 31st March, 2011 are as follows:
 
 Traffic Parameters                        Year ended 31st March
 
                                            2011           2010
 
 Departures (Number)                        39,003         39,602
 
 Available Seat Kilometers (ASKMs) 
 (Million)                                   5,481          5,156
 
 Revenue Passenger Kilometers (RPKMs) 
 (Million)                                   4,340          3,866
 
 Passenger Load Factor (%)                    79.2             75
 
 Revenue Passengers (Million)                 4.33           3.61
 
 As on 31st March, 2011, Jet Lite had a fleet of 19 aircraft, which
 consists 18 Boeing 737 series and 1 Canadian Regional Jet (CRJ) 200
 series. The airline flies to 27 domestic destinations and 1
 international destination (Kathmandu), operating over 110 flights a
 day, on an average.
 
 Pursuant to Circular No. 2/2011 dated 8 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 31s March, 2011, 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 the 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 Agreements 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 outgpo, to the extent applicable to the Company, are given
 below:
 
 Conservation of energy
 
 The Company has embraced best industry practices and recommendations of
 the aircraft manufacturers to reduce fuel burn. It is proposed to
 continue with modifications to the aircraft for greater fuel
 efficiency. Efforts are underway to optimise takeoff weights as well as
 to improve process efficiencies.
 
 Technology absorption
 
 Training of Pilots
 
 The Company provides ground training to its pilots, as well as to
 pilots of other airlines at its Flight Operations Training School. The
 Flight Operations Training School also designed and conducted courses
 for pilots of aircraft belonging to leading corporates and to other
 organisations.
 
 Simulator training for pilots operating Boeing 737, Boeing 777 and
 Airbus 330 aircraft continued to be provided at the Companys Simulator
 Complex at Mumbai under the supervision of the Companys own
 instructors. The Company also offered surplus simulator time to other
 airlines.
 
 T and e-Commerce initiatives
 
 The Enterprise Resource Planning (ERP) system of the Company was
 extended to the budgeting process besides accounting, purchase, human
 resources and management information systems.
 
 In addition to our successful media initiatives on social networking
 sites of Facebook and Twitter, the Company has extended its engagement
 with its guests by creating and managing accounts on LinkedIn, YouTube,
 Flickr and Foursquare.  The Company has 173,810 fans on Facebook and
 7,598 followers on Twitter as on 31st March, 2011 and continues to
 evolve this social media initiative across these platforms. This
 initiative helps to increase the awareness of the Company on a global
 level and effectively and speedily engage and collaborate with its
 guests.
 
 The Company plans to relaunch its mobile site using latest technology
 to offer a booking engine as well as mobile check-in facility to
 seamlessly book and pay for tickets and check-in using 2D Mobile
 Barcoded Boarding Pass.
 
 The Company continues to provide the highest quality of service through
 its website www.jetairways.com which is a 360 degree platform that
 allows guests to search, book and pay for various products and services
 that the Company offers.
 
 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 is mindful of its responsibilities of protecting the
 environment and therefore, ensures strict adherence to the permissible
 emission / pollution limits laid down by the concerned authorities.
 
 The Company accords due importance to the health of its employees,
 particularly the operational staff. EHS Awareness training is imparted
 to employees on a continuing basis.
 
 9.  Fixed Deposits
 
 The Company has not accepted any Fixed Deposits from the public during
 the year ended 31st March, 2011.
 
 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 Agreements
 entered into with the Stock Exchanges, form part of this Annual Report.
 This Certificate is being forwarded to the Stock Exchanges.
 
 The Chief Executive Officer''s declaration regarding compliance with the
 Code of Business Conduct and Ethics forms part of the Corporate
 Governance Report.
 
 11.  Corporate Social Responsibility
 
 The Company in association with Save The Children India (STCI), has
 been running an in-flight collection programme called ‘Magic Box'' since
 1997. This fund-raising programme for STCI is unique to the Company and
 is implemented on all its flights in the domestic network, thereby
 allowing its passengers to participate in this noble cause. The
 significant projects run by STCI include pre-schools for the urban slum
 children and a special care centre for the mentally retarded and
 hearing impaired
 
 As in previous years, the Company organized Flights of Fantasy, where
 children with special needs and underprivileged children are taken on
 specially organized flights and introduced to the world of aviation.
 
 Every year our employees participate in the Standard Chartered Mumbai
 Marathon, which raises funds for changing the lives of the city''s most
 at-risk children. The number of employees participating has been
 increasing each year.
 
 In August 2010, the Company operated additional flights to Leh, in the
 wake of the havoc and destruction caused by the flash floods in the
 region.
 
 In light of the political unrest in Libya in March 2011, the Company
 operated some relief flights to aid in the urgent evacuation of Indian
 citizens.
 
 12.  Employees
 
 Your Directors gratefully acknowledge the exemplary contribution,
 commitment, support and understanding 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, 2011, was 12,811 (as on 31st March, 2010: 11,328).
 
 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, 2011 and of the profit 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. I. M. Kadri and Mr. Javed Akhtar retire by rotation at the
 forthcoming Nineteenth Annual General Meeting and being eligible, have
 offered themselves for re-appointment.
 
 The re-appointments of Mr. Kadri and Mr. Akhtar form part of the Notice
 of the forthcoming Nineteenth Annual General Meeting to be held on 17th
 August, 2011, and the Resolutions are recommended for your approval.
 The profiles of Mr. Kadri and Mr. Akhtar, as required by Clause 49 of
 the Listing Agreements 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 Nineteenth 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 2011-2012, forms part of the said Notice of the said Annual
 General Meeting and the Resolution is recommended for your approval.
 
 16.  Post Balance Sheet events
 
 Status of litigation with Sahara India Commercial Corporation Limited
 
 The Company had acquired 100% shares of Sahara Airlines Limited (SAL)
 (now known as Jet Lite (India) Limited) in April, 2007. As per the
 Share Purchase Agreement (SPA) of 2005 the purchase consideration was
 Rs.200,000 lakhs. This was reduced to Rs.145,000 lakhs as per the
 subsequent Consent Terms and the Arbitration Award (Consent Terms).
 Since the Company had already paid Rs.90,000 lakhs, the balance
 purchase consideration of Rs.550,000 lakhs was to be paid by the
 Company to the Selling Shareholders (SICCL) in four equal interest free
 installments by 30th March, 2011. As a result of certain disputes that
 arose between the parties, both the parties had filed petitions in the
 Hon''ble Bombay High Court for breach of the SPA and the Consent Terms.
 The Hon''ble Bombay High Court passed an order on 4th May, 2011
 whereunder SICCL''s demand for restoration of original purchase
 consideration to Rs.200,000 lakhs was denied and the purchase
 consideration was confirmed at Rs.145,000 lakhs. However, the Hon''ble
 Bombay High Court has ordered the Company to pay interest of 9% p.a. on
 the sums payable to SICCL from the date of default. In view of this
 Order, a sum of Rs.11,643 lakhs was payable as interest which has been
 duly discharged by the Company. As a result of this discharge, the
 undertaking given by the Company in April 2009 for not creating any
 encumbrance or alienation of its moveable or immoveable assets and
 properties in any manner other than in the normal course of the
 business, stands released.  Further, as regards the Company''s execution
 proceedings against SICCL to recover amounts aggregating Rs.82,102
 lakhs in respect of SICCL''s obligation to indemnify the Company for
 income tax demands raised on Jet Lite (India) Limited for assessment
 years prior to the effective date of SPA / Consent Terms, presently
 stands resolved in light of Income Tax department squashing such demand
 on Jet Lite (India) Limited.
 
 Though the Company has complied with the Order of the Hon''ble Bombay
 High Court by making payment of Rs.47,851 lakhs including interest of
 Rs.11,643 lakhs, the Company, based on legal advice, has decided to
 file an appeal with the Division Bench of Bombay High Court contesting
 the levy of interest @ 9% and claiming that no interest is payable.
 SICCL has in turn filed an appeal with the Division Bench of Hon''ble
 Bombay High Court for restoration of the purchase consideration to
 Rs.200,000 lakhs and for interest to be awarded at 18% p.a. insted of
 9% awarded by the Hon''ble Bombay High Court.
 
 Hence the interest payment of Rs.11,643 lakhs (Rs.11,305 lakhs up to
 March 31, 2011) till 4 May 2011, effected by the Company on 5 May 2011
 is not provided in the books of accounts as per its stand above and
 will be subject to final determination by the Court.
 
 17.  Acknowledgements
 
 Your Directors place on record their appreciation for the support
 rendered by the Companys General Sales Agents, Travel Agents and other
 members of the travel trade for their continued efforts in promoting
 the Company.
 
 Your Directors also take this opportunity to thank the Ministry of
 Civil Aviation, Government of India, the Directorate General of Civil
 Aviation, the Airports Authority of India, the 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 Reserve Bank of India, the Ministry
 of Finance, the Ministry of Civil Aviation, Government of India,
 National Stock Exchange of India Limited, Bombay Stock Exchange
 Limited, the US Exim Bank, Financial Institutions and Banks, the 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 support and look forward to their continued co-
 operation.
  
                                    On behalf of the Board of Directors
 
 London                                                   Naresh Goyal
 
 19th May, 2011                                               Chairman