Won't rule out fundraising to reduce cost of debt: Jet Airways

Jet Airways posted a muted quarter with the bottomline getting a boost from higher other income even as fuel, employee and other costs remain elevated.

In an interview to CNBC-TV18, Amit Agarwal, CFO, Jet Airways spoke about the latest happenings in his company and sector from the side-lines of the PhillipCapital Conference.

Jet Airwyas has been fundamentally focused on the domestic and international market. We have seen that the domestic market continue to improve whereas faced challenges in international market especially in Gulf area in terms of volumes and yields, he said.

Focus on primary growth in domestic market, he added.

We have increased our flights from Bengaluru-Amsterdam-Chennai and from Mumbai-London, said Agarwal.

Over the last two to two-and-a-half years, we have been able to reduce the debt by more than Rs 2,800 crore. That continues to be our focus, he said.

We could not pass the fuel increases to the customers in the Gulf region and we are working hard on the aspects of how to improvise on the revenue generating opportunities into Gulf market to stabilise further, he further mentioned.

He expects to see these movements but cannot give any guidance about the next quarter’s profitability.

On infrastructure growth, he said, “We believe very clearly that till such time the infrastructure development growth happens, it is very difficult to achieve that growth”.

By far, we have the highest utilisation of aircraft globally. Want quality yields, do not want to go down in terms of fares, he further added.

On stake sale, he said that we cannot comment on speculations related to stake sale.

Company evaluates various opportunities in order to optimise or reduce the cost of borrowing and thereby we will not rule out a possibility to say one or the other opportunity would exist in order to reduce the cost of borrowing and would do some kind of a refinancing, Agarwal said.

For full interview, watch accompanying video...