Jet Airways (India) Limited - QTRLY RESULTS - Q3 FY 2012 - Q/E DEC,2011 - NET SALES UP BY 32%; LOSSES FOR 3 QTRS CONTINUE

Jet Airways (India) Limited

NSE Symbol        JETAIRWAYS

JET AIRWAYS has declared results for the third quarter ending Dec,2011.

Net Sales for Q3 FY 12 stands at Rs.3696.26 Cr – up by 18.38% from Q2 FY 12 and up by 31.89% from Q3 FY11.

Other Operating Income for Q3 FY 12 stands at Rs.242.90 cr – up by  41.83% from Q2 FY 12 and Down by -19.73% from Q3 FY 11.

Raw Materials consumption stands at Rs.1999.82 cr – up by 17.68% from Q2 FY 12 and up by 65.28% from Q3 FY 11/

Other Expenditure stands at Rs.1553.50 Cr – up by  27.1% from Q2 FY 12 and up by 40.79% from Q3 FY 11.

Total Expenditure stands at Rs.4215.33 cr – up by 18.52% from Q2 FY 12; and up by  46.97% from Q3 FY 11. Raw Material consumption and other Expenditure together have boosted the total Expenditure –even beyond the NET SALES value.

Profit from Operations stands at Rs.(-)276.17 cr in Q3 FY 12 – compared to Rs.(-)263.20 cr in Q2 FY 12 and Rs.236.83 cr in Q3 FY 11. There is a Net loss from Operations in the last 3 Quarters.

Other Income stands at Rs.226.72 cr – up by 488.42% from Q2 FY 12 and up by  536.85% from Q3 FY 11.

Interest stands at Rs.237.39 cr in Q3 FY 12 – up by 10.92% from Q2 FY 12 and down by  -4.78% from Q3 FY 11.

 Loss (-) from Ordinary Activities before tax stands at Rs.(-)101.18 cr – compared to Rs.(-)713.57 Cr in Q2 FY 12 and Rs.(+)        12.43 Cr profit in Q3 FY 11.Higher other income and a negative exceptional Expense have reduced the loss to some extent in the current quarter.

Net Loss(-) in Q3 FY 12 stands at Rs.(-)101.22 cr –compared to Rs.(-)713.60 cr in Q2 FY 12  and a profit of Rs.12.40 cr  in Q3 FY11.

Face Value of the share is Rs.10 and Paid Up Equity is Rs.86.33 Cr.

Basic EPS  is Rs.(-)11.72 in Q3 FY 12 compared to Rs.(-)82.66 in Q2 FY 12 ;Rs.(-)14.27 in Q1FY11; and Rs.1.44 in Q3 FY 11.

The Nine months Position also is summarized Below :

Comparison

9 M/E DEC,2011 vs 9 M/E DEC,2010

Ø  JET AIRWAYS says that –

Ø  In 9m/e dec,2011, Income from operations was Rs.10139.47 cr compared to 8810.99 cr in 9m/e dec,2010.

Ø  Total income was Rs.10774.30 cr against Rs.9508.34 cr.

Ø  AirCraft fuel expenses was Rs.4808.21 cr against 3086.96 cr

Ø  Other operating expenses was 3037.31 cr against Rs.2396.25 Cr

Ø  Total Expenditure was Rs.11413.26 cr against Rs.8693.90 cr.

Ø  Profit from operations was Rs.(-)332.92 cr against Rs.948.79 cr.

Ø  Interest and finance charges stand at Rs.665.63 cr – against Rs.793.32 cr.

Ø  Profit before tax amounted to Rs.(971.52)Cr – against Rs.233.84 cr

Ø  Net Profit is Rs.(937.98)cr against Rs.134.15 cr.

Ø  Basic EPS is Rs(108.65) against Rs.15.54

RESULTS  TABLE

JET AIRWAYS	31-Dec-11	30-Sep-11	%DIF1	30-Jun-11	31-Dec-10	30-Sep-10	%DIF2
Net Sales	369626	312228	18.38	332093	326156	280245	31.89
Other Oprtng Income	24290	17126	41.83	22067	21306	30259	-19.73
Raw Materials	199982	169933	17.68	177094	131445	120994	65.28
Employees Cost	42240	40715	3.75	36140	33508	32086	31.65
Depreciation	23961	22799	5.1	22347	23052	23396	2.41
Other Expenditure	155350	122227	27.1	128788	119161	110345	40.79
Total Expenditure	421533	355674	18.52	364369	307166	286821	46.97
Profit from Operations	-27617	-26320	4.93	-10209	40296	23683	-216.61
Other Income	22672	3853	488.42	4079	4055	3560	536.85
Interest	23739	21401	10.92	21423	25059	24930	-4.78
Exceptional Items	-18566	27489	-167.54	-11876	-2495	1070	-1835.14
/ Loss (-) from Ordinary Activities before tax	-10118	-71357	-85.82	-15677	21787	1243	-914
Tax expense	4	3	33.33	-3361	9964	3	33.33
Net Loss(-)	-10122	-71360	-85.82	-12316	11823	1240	-916.29
Face Value (In Rs	10	10	0	10	10	10	0
Paid Up Equity	8633	8633	0	8633	8633	8633	0
Basic EPS	-11.72	-82.66	-85.82	-14.27	13.69	1.44	-913.89
Public holding (%)	20	20	0	20	20	20	0

The Company had changed the method of Depreciation for Simulators and other owned tangible assets other than aircraft from Written Down Value to Straiht Line method w.e.f.1stApril,2010. The retrospective impact on account of this change amounting to Rs.5,393lakh and Rs.12,225 lakh has been reflected appropriately in Nine Months ended 31stDecember, 2010 and Year ended 31st March, 2011.

Profit on Sale & Leaseback of aircraft engines - amounting to Rs. 7,609 lakh.

During the quarter, the company finalized an agreement with Godrej Buildcon PrivateLimited, Mumbai(GBPL) for the development of its land situated at Bandra-Kurla complex, Mumbai. This land has been taken on long term lease from MMRDA. Consequent to the said agreement, the Company has been reimbursed all cost incurred till date and to the extent such  cost were charged to the Profit & Loss account in earlier years the same has now been credited to Profit & Loss account amounting to Rs. 10,286 lakh.

During the F.Y.2009-

the company entered into "Power by the Hour"(PBTH) engine maintenance arrangement with as service provider. Subsequent to which the PBTH cost are being charged to the profit and loss account and the variable rentals payable to the Lessors, based on maintenance plan, are being recognized as "Receivable From Lessors". Based on a joint validation of the Company's maintenance plan with the service provider, in the Quarter ended 30^th June, 2011, the Company has recognized the expected refunds of variable rentals amounting to Rs. 11,866 lakh towards engines accrued till 31st March, 2009 as "Contribution receivable from Lessors towards maintenance".

In view of the seasonality of the business, the financial results for the Quarter and Nine Months ended 31st December, 2011 are not indicative of the full year's performance.

Other Operating Income includes income from leasing of aircraft. For the Quarter ended 31stDecember,2011 and 30thSeptember,2011 and Nine Months ended 31stDecember,2011, income from such activity stood at Rs.9,869 lakh, Rs.10,604 lakh and Rs.34,141lakh respectively. The corresponding income for the Quarter and Nine Months ended 31st December, 2010 was Rs. 14,005 lakh and Rs. 38,040 lakh respectively. Income from such activity for the year ended 31st March, 2011 was Rs.51,724 lakh.

 *  *  *  E  N  D  *  *  *