Jet Airways Q3 net soars 7-times to Rs 468 cr on low fuel costs

Moneycontrol Bureau

Jet Airways' net profit has grown to Rs 467.9 crore in October-December quarter, up by whopping 641.5 percent or 7 times from Rs 63.11 crore in corresponding quarter last fiscal. In Q3, fuel costs fell 27 percent leading to improved profitability. The aircraft's fuel expenses dropped to Rs 1235.36 crore compared to Rs 1701.07 crore in year-ago period. During the period, its total income grew 7.7 percent to Rs 5444 crore against Rs 5051 crore on annual basis.

In Q3, EBITDA was at Rs 692.9 crore versus Rs 228.8 crore while EBITDA margin stood at 12.7 percent versus 4.5 percent (year-on-year).Its other operating income was at Rs 419.83 crore. Other operating income includes income from leasing of aircraft and engine.  Total expenses Jet Airways incurred in Q3 was Rs 4946.76 crore reduced from Rs 5014.48 crore (YoY). Employees remuneration and benefits increased to Rs 571.54 crore in Q3 from Rs 595.40 crore (YoY).

Jet Airways group was able to generate higher passenger traffic compared to capacity deployment. Domestic capacity grew by 14.6 percent in Q3 of FY16 while passenger traffic grew 15 percent. In the international business, capacity grew by 2.6 percent while growth in passenger traffic was 5.1 percent.