Jet Airways Q1 results: Revenue at ₹37.57 crore
1 min read 08 Aug 2023, 06:14 PM ISTFor the Q1 FY24, it reported a net loss at ₹50.65 crore
PremiumJet Airways on Tuesday reported revenue from operations at ₹37.57 crore for the April-June quarter of fiscal year 2024.
Its total revenue in the same quarter last year stood at ₹13.10 crore.
For the Q1 FY24, it reported a net loss at ₹50.65 crore, , according to an exchange filing on Tuesday. The airline had reported a loss of ₹390 crore in the same quarter a year ago.
Its total income stood at ₹39.08 crore for the first quarter of the current fiscal year.
In the fourth quarter of FY23, Jet Airways reported a net loss at ₹54 crore.
Shares of Jet Airways on Tuesday closed at ₹61.05, up 1.92%.
On Monday, National Company Law Appellate Tribunal (NCLAT) was informed that Jet Airways’ new management Jalan- Kalrock Consortium has to pay ₹350 crore to the Committee of Creditors (CoC).
The JKC has to pay ₹350 crore before 31 August as a condition precedent. The next hearing is on 18 August.
Krishnendu Dutta, senior lawyer for JKC, said that they will do their best to pay the amount on the given date.
On July 31, Jalan-Kalrock Consortium (JKC) said aviation regulator DGCA renewed Jet Airways’ air operator certificate.
JKC had said it has “successfully obtained renewal for AOC of Jet Airways from the Directorate General of Civil Aviation (DGCA) on July 28, 2023."
The airline had stopped flying from April 17, 2019.
The Air Operator Certificate (AOC) was re-issued on May 20, 2022. However, since the airline did not start operations, AOC expired on May 19, 2023.
JKC emerged as the winning bidder for the grounded Jet Airways after an insolvency resolution process.
However, the ownership transfer to JKC is yet to happen amid persisting differences between JKC and the lenders of the airline.
“JKC will continue to work closely with all relevant authorities, industry partners, and stakeholders in reviving Jet Airways in coming weeks," it had said.
In April 2023, Jet Airways' CEO-designate Sanjiv Kapoor resigned from the airline.
