SSKI - Jet Airways

Jet Airways (Jet) has registered a 25% growth in revenues for FY07 at Rs70.5bn. EBITDAR for the year stood at Rs3.6bn and net profit at Rs280m. While domestic operations grew at 15% to Rs57bn, international operations grew by a remarkable 100% at Rs13.5bn. Furthermore, the contribution from international operations grew to 20% in FY07 as against 12% in FY06.

In a year where the industry has lost close to $400mn, Jet has managed to turnaround its operations starting in Q3FY07. Even in a traditionally slow fourth quarter, Jet has reported a 21% growth in revenues in Q4FY07 at Rs19.8bn and an EBITDAR of Rs2.8bn, which is notable considering the losses in the industry. Jet has also registered a strong net profit in the quarter of Rs880m as against losses in the first 2 quarters of the year. The turnaround came on the back of a 120% growth in international operations and a 9% growth in domestic operations in the quarter. Further in Q4FY07, international operations are starting to turn profitable at the EBITDA level at Rs31mn.