Financial Results Q3FY18 14 February
Key Highlights Q3FY18 Net profit after tax of INR 186cr Eleven successive profitable quarters for the Group Operating revenue increased by 10.2% and PLF% by 4.4pts vs Q3FY17 Continued reduction in Non Fuel CASK: Reduction of 2.6% (INR 3.02 in Q3FY18 vs INR 3.10 in Q3FY17) Reduction of 1.8% (INR 3.02 in Q3FY18 vs INR 3.07 in Q2FY18) Key enhancements in connectivity from winter 2017 including: New direct flights introduced from Bengaluru to Amsterdam & Chennai to Paris New flights to Riyadh from Delhi with additional frequencies to Singapore, Dammam and Doha via Delhi Additional frequencies to London, Riyadh and Kuwait via Mumbai Regional Connectivity Scheme (RCS) is a scheme launched by the Civil Aviation Ministry to provide an eco-system to promote connectivity to unserved and underserved airports in India. Under the current round of bidding, the following routes were awarded to Jet Airways: Delhi-Ozar (Nashik), Lucknow-Allahabad-Patna, Nagpur-Allahabad-Indore, Lucknow-Bareilly-Delhi
Capacity enhancement with higher aircraft utilisation ASKMs (Domestic) (Millions) ASKMs (International) (Millions) 16% 20% 5,027 5,175 5,853 7,591 8,607 9,130 Q3 FY16 Q3 FY17 Q3 FY18 Q3 FY16 Q3 FY17 Q3 FY18 Fleet (count) 116 114 113 117 116 Aircraft utilisation (B737) (hours) 6% 13.85 106 13.07 13.14 Dec 15 Dec 16 Dec 17 Q3FY16 Q3FY17 Q3FY18 Total fleet Operating fleet Note: Operating fleet excludes aircraft subleased by Jet Airways
Jet Group: quarterly performance Revenue ( crores) 6,412 EBT ( crores) 467 299 5,702 5,817 186 Q3 FY16 Q3 FY17 Q3 FY18 Q3 FY16 Q3 FY17* Q3 FY18 Reconciliation of profit between previously reported (referred to as 'Indian GAAP') and Ind AS *Q3 FY17 EBT includes INR 327 cr. on account of sale and leaseback of aircraft. Figures in Crores (Consolidated Results) Q3FY17 Net profit as per Indian GAAP 156 Exchange gain / loss and Depreciation on exchange decapitalised (80) Effect of actuarial loss on employee defined benefit plans recognised in Other Comprehensive Income 12 Others 13 Reversal of provision for Loss as per IGAAP on asset held for sale and additional gain on SLB of 2 B737 198 Net profit as per Ind AS 299
Quarterly Performance Key highlights Q3FY18 14,983 mn 8.7% y-o-y Capacity (ASKM) 6,623 cr 3.6% y-o-y Total Revenue 84.0% 4.4 pts y-o-y PLF% 4.28 1.4% y-o-y RASK # 4.33 2.6% y-o-y CASK* (Incl. fuel) 3.02 2.6% y-o-y CASK (w/o fuel) * Brent rate per Barrel at $ 58.53 in Q3FY18 vs $ 48.46 in Q3FY17 increased by 20.8% # Excludes Non operating revenue Note: Figures for Jet Group consolidated
YTD Performance Key highlights 9MFY18 43,200 mn 8.5% y-o-y Capacity (ASKM) 18,936 cr 5.0% y-o-y Total Revenue 82.4% 1.7 pts y-o-y PLF% 4.24 0.5% y-o-y RASK # 4.31 2.0% y-o-y CASK* (Incl. fuel) 3.10 2.0% y-o-y CASK (w/o fuel) * Brent rate per Barrel at $ 53.57 in 9MFY18 vs $ 46.68 in 9MFY17 increased of 14.7% # Excludes Non operating revenue Note: Figures for Jet Group consolidated
Domestic Aviation Industry Q3FY18 Quarterly Domestic Passengers Carried [Industry vs. Jet] (million) 27.2 27.3 28.9 28.8 32.2 Quarterly Domestic Capacity [Industry vs. Jet] (million) 23% 1% 19% 2% 18% 9% 15% 9% 18% 17% 20% 1% 16% -1% 14% 6% 14% 11% 14% 10% 33.1 32.9 34.6 35.5 37.8 4.7 4.9 5.1 5.2 5.5 6.1 6.0 6.4 6.7 6.7 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Industry Jet Airways YoY Growth % Market Share Q3 FY2018 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Industry Jet Airways YoY Growth % Capacity Share Q3 FY2018 GoAir 9.1% Air Asia Vistara 4.3% 3.6% Others 0.3% Indigo 39.5% GoAir 8.6% Air Asia Vistara 4.4% 3.6% Others 0.4% Indigo 39.4% SpiceJet 12.8% SpiceJet 12.4% Air India 13.2% Jet + Jet Lite 17.2% Air India 13.4% Jet + Jet Lite 17.8%
Jet Group - Performance Highlights
Operating parameters (Jet Group) Parameters Q3FY18 Q3FY17 YOY % Change 9MFY18 9MFY17 YOY % Change Departures 59,563 57,241 4.1% 175,753 170,574 3.0% ASKMs (mn) 14,983 13,782 8.7% 43,200 39,821 8.5% RPKMs (mn) 12,586 10,976 14.7% 35,611 32,158 10.7% Passenger Load Factor 84.0% 79.6% 4.4 pts 82.4% 80.8% 1.6 pts Block Hours 136,179 127,938 6.4% 393,646 378,403 4.0% Revenue Passengers (mn) 7.7 6.8 13.4% 22.1 20.1 9.8% Average fare per passenger (INR) 7,195 7,306 (1.5%) 7,161 7,125 0.5% Period end Fleet size 117 114 2.6% 117 114 2.6% Average operating fleet size 113.7 111.3 2.2% 112.4 108.4 3.6% Aircraft Utilisation (Hours/Day) 13.0 12.5 4.2% 12.7 12.7 0.4% RASK INR # 4.28 4.22 1.4% 4.24 4.26 (0.5%) CASK INR * 4.33 4.22 (2.6%) 4.31 4.23 (2.0%) CASK (excluding Fuel) INR 3.02 3.10 2.6% 3.10 3.17 2.0% # Excludes Non operating revenue * Excludes exceptional items
Consolidated Income Statement (unaudited) Figures in Crores Q3FY18 Q3FY17 YOY % Change 9MFY18 9MFY17 YOY % Change Income Operating Revenues 6,412 5,817 10.2% 18,315 16,964 8.0% Non Operating Revenues 211 579 (63.5%) 621 1,076 (42.2%) Total Revenues 6,623 6,396 3.6% 18,936 18,040 5.0% Expenditure Aircraft Fuel Expenses 1,964 1,546 (27.0%) 5,233 4,235 (23.5%) Employee Benefits 774 735 (5.3%) 2,356 2,260 (4.2%) Selling & Distribution Expenses 700 639 (9.5%) 2,040 1,916 (6.5%) Aircraft Maintenance 555 501 (10.6%) 1,751 1,504 (16.5%) Other Operating Expenses 1,445 1,672 13.6% 4,340 4,266 (1.8%) Lease Rentals 619 616 (0.4%) 1,834 1,803 (1.7%) Depreciation 157 162 2.8% 456 530 13.9% Interest 224 225 0.3% 612 665 8.0% Total Expenditure 6,438 6,097 (5.6%) 18,621 17,177 (8.4%) Profit / (Loss) Before Tax 186 299 (37.9%) 315 863 (63.5%) Tax - - - - Net Profit 186 299 (37.9%) 315 863 (63.5%) Note: Net profits for Q3FY17 and 9MFY17 profit include INR 327cr and 518cr respectively, on account of profit on sale and leaseback of aircraft.
Reconciliation of profit between previously reported (referred to as 'Indian GAAP') and Ind AS for Q3FY17 and 9MFY17 Figures in Crores (Consolidated Results) Q3FY17 9MFY17 Net profit as per Indian GAAP 156 368 Exchange gain / loss and Depreciation on exchange decapitalised (80) 48 Effect of actuarial loss on employee defined benefit plans recognised in Other Comprehensive Income 12 57 Others 13 5 Reversal of provision for Loss as per IGAAP on asset held for sale and additional gain on SLB of 2 B737 198 385 Net profit as per Ind AS 299 863 Note: Net profits for Q3FY17 and 9MFY17 profit include INR 327cr and 518cr respectively, on account of profit on sale and leaseback of aircraft.
Jet Airways - Standalone Performance Highlights
Standalone Jet Airways Income Statement (unaudited) Figures in Crores Q3FY18 Q3FY17 YOY % Change 9MFY18 9MFY17 YOY % Change Income Operating Revenues 6,086 5,511 10.4% 17,362 16,103 7.8% Non Operating Revenues 263 429 (38.7%) 627 951 (34.1%) Total Revenues 6,349 5,941 6.9% 17,988 17,055 5.5% Expenditure Aircraft Fuel Expenses 1,840 1,429 (28.8%) 4,890 3,893 (25.6%) Employee Benefits 729 692 (5.3%) 2,222 2,112 (5.2%) Selling & Distribution Expenses 700 639 (9.6%) 2,039 1,914 (6.5%) Aircraft Maintenance 532 524 (1.5%) 1,624 1,461 (11.1%) Other Operating Expenses 1,421 1,388 (2.4%) 4,154 3,922 (5.9%) Lease Rentals 584 580 (0.7%) 1,730 1,687 (2.5%) Depreciation 157 161 2.8% 455 528 13.7% Interest 222 223 0.6% 607 658 7.7% Total Expenditure 6,184 5,635 (9.7%) 17,720 16,175 (9.6%) Profit / (Loss) Before Tax 165 305 (45.9%) 268 880 (69.5%) Tax - - - (0.20) Net Profit 165 305 (45.9%) 268 880 (69.5%) Note: Net profits for Q3FY17 and 9MFY17 profit include INR 327cr and 518cr respectively, on account of profit on sale and leaseback of aircraft.
Thank You
Disclaimer Certain statements in this release concerning Jet Airways future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, intense competition in the aviation business including those factors which may affect our cost advantage, wage increases, our ability to attract and retain professionals, time and cost overruns on various parameters, our ability to manage our international operations, liability for damages, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital, and general economic conditions affecting our industry. Jet Airways may, from time to time, make additional written and oral forward-looking statements, including our reports to shareholders. Jet Airways does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the company.