JET AIRWAYS REPORTS ITS RESULTS FOR QUARTER ENDING

JUNE 2012

 Summary (Jet Airways and Jetlite combined):

Q1 FY 2013

Jet Group Q1 FY13 Total Revenue (combined) of INR 52,748 million (US $ 948.5 million); up by 31.4% YoY

Jet Airways (domestic) yield up 8.9% YoY; JetLite yield up 43.2% YoY

Q1 FY13 passenger growth of 10% in domestic versus same period last year (Industry passenger growth of 1%)

EBITDAR of INR 8,255 million (US $ 148.4 million) for Q1 FY13 vs INR 3,330 million (US$ 74.5 million) in Q1 FY13; up 147.9% YoY

EBITDAR margin of 16.0% vs. 8.4% in Q1 FY13.

Highlights for quarter ended June 30, 2012 versus June 30, 2011 – JET AIRWAYS STANDALONE

Operational

* System-wide ASKMs of 10,285 million, up 10.4%  

*  System-wide RPKMs of 8,502 million, up 16.3%

*  System wide seat factor of 82.7% versus 78.5%

*  4.86 million revenue passengers carried, up 19.5%

Financial

*  Revenue INR 47,116 million (US $ 847.2 million) versus INR 35,824 million (US $ 801.4 million); up 31.5%

*  Fuel INR 19,674 million (US $ 353.8 million) versus INR 15,637 million (US $ 349.8 Million) in Q1 FY12; up 25.8%

*  EBITDAR of INR 7,395 million (US $133.0 million) in Q1 FY13 versus INR 3,477 million or (US $77.8 million) in Q1 FY12; up 112.6% YoY

*  EBITDAR Margin at 16.1%  in Q1 FY13 versus 9.8% in Q1 FY12

*  Profit before tax INR 333 million or (US $ 6.0 million) versus Loss of INR 1,568 million or( US $ 35.1 million); turnaround of INR 1,901 million  

*  Profit after tax INR 247 million or (US $ 4.4) million versus Loss of INR 1,232 million or ( US $ 27.6 million) 

Exchange rate used 1 US $ = INR 55.615 for current quarter and 1 US $ = INR 44.70 for previous year same quarter

Highlights for the quarter ended June 30, 2012 versus June 30, 2011 - JETLITE

*  Achieved seat factor of 79.3% in Q1 FY13 versus 80.1% in Q1 FY12

*  Total Revenue INR 5,632 million (US $ 101.3 million) versus INR 4,321 million (US $ 96.7 million) for Q1 FY’12; up by 30.3% YoY

*  EBITDAR of  INR 860 million or (US $ 15.5 million) in Q1 FY13 versus  a negative EBITDAR of INR 148 million or (US $ 3.3 million) in Q1 FY12

*  EBITDAR Margin at 15.4%  in Q1 FY13 versus negative EBITDAR Margin of 3.4% in Q1 FY12

*  Profit before tax INR 117 million or (US $ 2.1 million) versus Loss of INR 52 million or (US $ 1.2 million)

*  Profit after tax INR 117 million or (US $ 2.1 million) versus Loss of INR 53 million or (US $ 1.2 million)

Management Discussion and Analysis (for the quarter)

For the quarter in question, severely depreciating rupee against dollar, ever escalating Aviation Turbine Fuel prices (ATF) and the imposition of levies and charges on account of improved infrastructure at Delhi T3, has resulted in an increase in operating costs. However, Yield improvement coupled with increase in demand and stringent cost control measures has helped Jet Group to post Profit after Tax of INR 364 million (US $ 6.6 million)

Q1FY13 saw an increase of around 13% in fuel rates (over Q1 FY12), which already had a high base last year. The result also includes an amount of INR 1,703 million or (US $ 30.6 million) on account of foreign exchange translation losses [realised FX Loss of INR 1,160 million (USD $ 20.9 million) and unrealised FX loss of INR 543 million (USD $ 9.8 million)], which has impacted the overall results.

Jet Group continues to maintain its leadership position in the Indian aviation industry with the highest market share of 27.9 % for the quarter ending June 2012.