JET AIRWAYS (I) LTD
Presentation on
Financial Results Q3 2012
1
20.01.2012 1
1
Domestic operating
environment
2
2
2
Domestic industry….
8.00
7.00
6.00
5.00
4.00
Q3 12 vs Q3 11
9W+S2 capacity  18%
9W+S2 pax
 14%
Q3 12 vs Q3 11
Industry capacity  17%
Industry pax
 12%
3.00
2.00
1.00
Dec'10
Jan'11
Feb'11
Industry Capacity
Mar'11
Apr'11
May'11
Jun'11
9W+S2 Capacity
Jul'11
Aug'11
Sep'11
Industry Pax
Oct'11
Nov'11
Dec'11
9W + S2 Pax
3
3
3
Performance highlights
Q3 FY2012
4
4
4
Key events – Q3 FY2011
• Added 3 B737-800 aircraft to the fleet
• Commenced flights from
- Thiruvananthapuram to Sharjah
- Mumbai to Riyadh
- Mumbai to Bangkok (3rd Frequency)
• Launched new domestic flights connecting
- Madurai to Bangalore and Chennai
- Kolkata to Dimapur
- Ahmedabad to Bengaloru, Coimbatore, Delhi, Kolkata & Lucknow
5
5
5
Financial highlights – Q3 FY2012
•
Total Revenues INR 39.9 Billion (USD 751 Million) vs INR 35.1 Billion (USD 785
Million) Q3 FY11 up 14%
•
Fuel Cost INR 17.5 Billion (USD 330 Million) vs INR 10.9 Billion (USD 245
Million) for Q3 FY11 up 60%
•
EBITDAR of INR 2,099 Million (USD 40 Million);
vs EBITDAR of INR 8,441 Million (USD 189 Million) for Q3 FY11
•
Loss after Tax of INR -1,012 Million (USD -19 Million)
vs profit of INR 1,182 Million (USD 26 Million) for Q3 FY11
6
•
Revenue Passengers carried 4.53 Million; Up 15% over Q3 FY11
•
Achieved Seat Factor of 77.8% vs 79.3% in Q3 FY11
* ROE used for conversion: 1 USD = INR 53.105 for Q3 FY 2012 and 1 USD = INR 44.705 for Q3 FY11
6
6
Summary Q3 FY2012
(USD Million)
INTERNATIONAL
Q3 FY'12 Q3 FY'11
TOTAL
Q3 FY'12 Q3 FY'11
Total Revenues
Of which Op. Revs
335.4
327.1
351.6
343.0
415.4
414.7
433.1
432.7
750.8
741.8
784.7
775.7
Total Expenditure
Of which Fuel
377.3
134.4
330.1
102.1
461.1
195.8
413.1
143.2
838.5
330.2
743.2
245.3
0.6
16.9
7.2
9.7
2.8
1.6
-
0.6
16.9
7.2
9.7
1.3
33.7
14.3
19.4
5.6
1.6
-
(7.6)
(41.9)
25.9
21.5
(11.4)
(45.8)
22.8
20.1
(19.1)
(87.7)
48.7
41.6
(7.6)
3.6
(11.4)
22.8
(19.1)
26.4
6.1
1.9%
78.0
22.7%
33.4
8.1%
110.8
25.6%
39.5
5.3%
188.8
24.3%
Mark to Market - Derivatives
Exchange Fluctuation gain / (loss)
Profit on Sale & Lease back of engines
Profit on Sale of Development rights of BKC Plot
Profit / (Loss) before Tax
PBT (excl. Extraordinary Items/ SLB
Profit / (Loss) after Tax
EBITDAR
Margin %
7
DOMESTIC
Q3 FY'12 Q3 FY'11
2.8
(0.1)
-
* ROE used for conversion: 1 USD = INR 53.105 for Q3 FY 2012 and 1 USD = INR 44.705 for Q3 FY11
7
7
Company operating parameters – Q3 FY2012
Traffic Parameters
Q3 FY'12
Q3 FY'11
Better / (Worse)
%
Number of Departures
ASKMs Mio
RPKMs Mio
Passenger Load Factor %
Block Hours
Revenue Passengers (Million)
Revenue per RPKM in INR
Cost per ASKM in INR
Break Even Seat Factor (%)
Cost per ASKM in INR w/o Fuel
Break Even Seat Factor (%) w/o Fuel
Average Gross revenue per passenger in INR*
Average Gross revenue per passenger in USD*
Period end Fleet size
Average operating fleet size during period
Average Head Count
Aircraft Utilisation
46,069
9,981
7,764
77.8%
102,980
4.53
4.06
3.63
89.3%
1.87
46.0%
38,221
8,866
7,032
79.3%
90,224
3.94
3.92
2.90
74.0%
1.66
42.4%
20.5%
12.6%
10.4%
- 1.5 points
14.1%
15.1%
3.8%
-25.3%
- 15.3 points
-12.8%
- 3.6 points
7,387
$139.1
101
94.9
13,392
11.8
7,493
$167.6
97
91.5
11,726
11.4
-1.4%
-17.0%
4.1%
3.7%
14.2%
3.2%
* Average revenue per passenger includes Fuel Surcharge and Congestion Surcharge
* ROE used for conversion: 1 USD = INR 53.105 for Q3 FY 2012 and 1 USD = INR 44.705 for Q3 FY11
8
8
8
Company P&L – Q3 FY2012
INR Million
Q3 FY'12
Q3 FY'11
Better / (Worse)
%
INCOME
Operating Revenues
Non Operating Revenues
Total Revenues
IN USD Mio
39,392
478
39,869
$750.8
34,677
405
35,082
$784.7
13.6%
17.8%
13.6%
EXPENDITURE
Employees Remuneration & Benefits
Aircraft Fuel Expenses
Selling & Distribution Expenses
Other Operating Expenses
Aircraft Lease Rentals
Depreciation
Interest
Total Expenditure
IN USD Mio
4,224
17,533
3,565
11,970
2,465
2,396
2,374
44,527
$838.5
3,351
10,968
3,337
8,579
2,176
2,305
2,506
33,223
$743.2
-26.1%
-59.9%
-6.9%
-39.5%
-13.3%
-3.9%
5.3%
-34.0%
66
1,790
761
1,029
250
70
Mark to Market - Derivatives
Exchange Fluctuation gain / (loss)
Profit on Sale & Lease back of engines
Profit on Sale of Development rights of BKC Property
PROFIT/ (LOSS) BEFORE TAXATION
IN USD Mio
IN USD Mio (excl Extraordinary Items/ SLB)
Provision for taxation
PROFIT / (LOSS) AFTER TAXATION
IN USD Mio
EBITDAR
IN USD Mio
Margin %
9
INR Million
(1,012)
-$19.1
-$87.7
0.4
2,179
$48.7
$41.6
996
(1,012)
-$19.1
1,182
$26.4
2,099
$39.5
5.3%
8,441
$188.8
24.3%
-75.1%
9
* Other Operating expenses include realised loss due to Exchange fluctuation of INR 1,130 Mio
* ROE used for conversion: 1 USD = INR 53.105 for Q3 FY 2012 and 1 USD = INR 44.705 for Q3 FY11
9
A. Domestic operations
10
10
10
Market share Q3 FY2012
Go Air,
6.0%
(6.7% for Q3FY11)
SpiceJet,
16.1%
Indigo,
20.0%
(17.6% for Q3FY11)
(13.6% for Q3FY11)
Jet+JetLite,
26.5%
(25.9% for Q3FY11)
Kingfisher,
14.2%
(18.9% for Q3FY11)
Indian Airlines,
17.2%
(17.3% for Q3FY11)
Jet Airways – Q3 FY12 - 19.3%
Q3 FY11 – 18.5%
11
Jetlite – Q3 FY12 - 7.2%
Q3 FY11 – 7.4%
11
Source: Press report
11
Domestic operating parameters – Q3 FY2012
Traffic Parameters
Q3 FY'12
Q3 FY'11
Better / (Worse)
%
Number of Departures
ASKMs Mio
RPKMs Mio
Passenger Load Factor %
Block Hours
Revenue Passengers (Million)
Revenue per RPKM in INR
Cost per ASKM in INR
Break Even Seat Factor (%)
Cost per ASKM in INR w/o Fuel
Break Even Seat Factor (%) w/o Fuel
Average Gross revenue per passenger in INR*
Average Gross revenue per passenger in USD*
36,361
3,538
2,660
75.2%
58,392
3.18
5.66
4.89
86.3%
2.87
50.7%
4,960
$93.4
29,507
3,101
2,384
76.9%
49,548
2.73
5.69
4.06
71.4%
2.59
45.6%
5,210
$116.5
23.2%
14.1%
11.5%
- 1.7 points
17.8%
16.4%
-0.5%
-20.3%
- 14.9 points
-10.8%
- 5.1 points
-4.8%
-19.9%
* Average revenue per passenger includes Fuel Surcharge and Congestion Surcharge
* ROE used for conversion: 1 USD = INR 53.105 for Q3 FY 2012 and 1 USD = INR 44.705 for Q3 FY11
12
12
12
Domestic P & L – Q3 FY2012
INR Million
INR Million
Q3 FY'12
Q3 FY'11
Better / (Worse)
%
INCOME
Operating Revenues
Non Operating Revenues
Total Revenues
IN USD Mio
17,369
441
17,811
$335.4
15,335
384
15,718
$351.6
13.3%
15.0%
13.3%
EXPENDITURE
Employees Remuneration & Benefits
Aircraft Fuel Expenses
Selling & Distribution Expenses
Other Operating Expenses
Aircraft Lease Rentals
Depreciation
Interest
Total Expenditure
IN USD Mio
2,626
7,136
1,673
5,611
1,334
599
1,060
20,038
$377.3
1,890
4,566
1,622
3,769
1,027
632
1,251
14,756
$330.1
-38.9%
-56.3%
-3.1%
-48.9%
-29.9%
5.2%
15.3%
-35.8%
33
895
380
514
125
72
Mark to Market - Derivatives
Exchange Fluctuation gain / (loss)
Profit on Sale & Lease back of engines
Profit on Sale of Development rights of BKC Property
PROFIT/ (LOSS) BEFORE TAXATION
IN USD Mio
IN USD Mio (excl Extraordinary Items/ SLB)
EBITDAR
IN USD Mio
Margin %
(405)
-$7.6
-$41.9
1,158
$25.9
$21.5
-134.9%
324
$6.1
1.9%
3,488
$78.0
22.7%
-90.7%
13
13
* ROE used for conversion: 1 USD = INR 53.105 for Q3 FY 2012 and 1 USD = INR 44.705 for Q3 FY11
13
B. International operations
14
14
14
International operating parameters – Q3 FY2012
Traffic Parameters
Q3 FY'12
Q3 FY'11
Better / (Worse)
%
Number of Departures
ASKMs Mio
RPKMs Mio
Passenger Load Factor %
Block Hours
Revenue Passengers (Million)
Revenue per RPKM in INR
Cost per ASKM in INR
Break Even Seat Factor (%)
Cost per ASKM in INR w/o Fuel
Break Even Seat Factor (%) w/o Fuel
Average Gross revenue per passenger in INR*
Average Gross revenue per passenger in USD*
9,708
6,443
5,104
79.2%
44,588
1.35
3.23
2.94
90.9%
1.32
40.9%
13,092
$246.5
8,714
5,765
4,647
80.6%
40,676
1.21
3.01
2.27
75.4%
1.16
38.5%
12,652
$283.0
11.4%
11.8%
9.8%
- 1.4 points
9.6%
12.0%
7.5%
-29.5%
- 15.5 points
- 2.4 points
3.5%
-12.9%
* Average revenue per passenger includes Fuel Surcharge
* ROE used for conversion: 1 USD = INR 53.105 for Q3 FY 2012 and 1 USD = INR 44.705 for Q3 FY11
15
15
15
International P & L – Q3 FY2012
INR Million
INR Million
Q3 FY'12
Q3 FY'11
Better / (Worse)
%
INCOME
Operating Revenues
Non Operating Revenues
Total Revenues
IN USD Mio
22,022
37
22,059
$415.4
19,342
22
19,364
$433.1
13.9%
67.9%
13.9%
EXPENDITURE
Employees Remuneration & Benefits
Aircraft Fuel Expenses
Selling & Distribution Expenses
Other Operating Expenses
Aircraft Lease Rentals
Depreciation
Interest
Total Expenditure
IN USD Mio
1,598
10,398
1,893
6,358
1,131
1,797
1,314
24,489
$461.1
1,461
6,402
1,715
4,811
1,149
1,673
1,255
18,466
$413.1
-9.4%
-62.4%
-10.4%
-32.2%
1.6%
-7.4%
-4.7%
-32.6%
33
895
380
514
125
(2)
Mark to Market - Derivatives
Exchange Fluctuation gain / (loss)
Profit on Sale & Lease back of engines
Profit on Sale of Development rights of BKC Property
PROFIT/ (LOSS) BEFORE TAXATION
IN USD Mio
IN USD Mio (excl Extraordinary Items/ SLB)
(607)
-$11.4
-$45.8
1,020
$22.8
$20.1
-159.5%
EBITDAR
IN USD Mio
Margin %
1,776
$33.4
8.1%
4,954
$110.8
25.6%
-64.2%
16
16
* ROE used for conversion: 1 USD = INR 53.105 for Q3 FY 2012 and 1 USD = INR 44.705 for Q3 FY11
16
Performance highlights
9M FY12
17
17
17
Financial highlights – 9M FY12
•
Total Revenues INR 109 Billion (USD 2 Billion); Up 13% vs 9M FY11
•
Fuel Cost INR 48.0 Billion (USD 905 Million) vs INR 30.9 Billion (USD 691
Million) for 9M FY11 up 56%
•
EBITDAR of INR 7,140 Million (USD 134 Million)
vs EBITDAR of INR 21,067 Million (USD 471 Million) for 9M FY11
•
Loss After Tax of INR -9,380 Million (USD -177 Million)
vs profit of INR 1,341 Million (USD 30 Million) for 9M FY11
•
Revenue Passengers carried 12.48 Million; Up 14% over 9M FY11
•
Achieved Seat Factor of 78.0% vs 78.8% in 9M FY11
* ROE used for conversion: 1 USD = INR 53.105 for Q3 FY 2012 and 1 USD = INR 44.705 for Q3 FY11
18
18
18
Summary 9M FY12
(USD Million)
DOMESTIC
9M FY'12
INTERNATIONAL
9M FY'11
9M FY'12
TOTAL
9M FY'11
9M FY'12
9M FY'11
Total Revenues
Of which Op. Revs
861.1
838.8
923.6
899.5
1,191.7
1,190.1
1,229.9
1,224.0
2,052.8
2,028.9
2,153.6
2,123.5
Total Expenditure
Of which Fuel
989.3
362.1
924.5
280.1
1,285.2
543.3
1,197.7
410.4
2,274.5
905.4
2,122.2
690.5
Excess Depr Reversal due to change in method
Mark to Market - Derivatives
Contribution receivable from Lessors towards
Exchange Fluctuation gain / (loss)
Profit on Sale & Lease back of engines
Profit on Sale of Development rights of BKC Property
0.7
11.2
(9.3)
7.2
9.7
12.1
0.5
8.5
-
0.7
11.2
(9.3)
7.2
9.7
0.5
(0.6)
-
1.4
22.3
(18.7)
14.3
19.4
12.1
0.9
7.9
-
Profit / (Loss) before Tax
PBT (excl. Extraordinary Items)
(108.9)
(128.3)
20.2
(0.9)
(74.1)
(93.5)
32.1
32.3
(182.9)
(221.7)
52.3
31.4
Profit / (Loss) after Tax
(102.6)
(2.1)
(74.1)
32.1
(176.6)
30.0
4.5
0.5%
170.7
19.0%
129.9
10.9%
300.6
24.6%
134.4
6.6%
471.2
22.2%
EBITDAR
Margin %
* ROE used for conversion: 1 USD = INR 53.105 for Q3 FY 2012 and 1 USD = INR 44.705 for Q3 FY11
19
19
19
Summary balance sheet
I N R M ill io n
IN R M illio n
As on
As o n
3 1 - D e c- 1 1
3 1 - M a r-1 1
I S O U R C ES O F FU N D S
S ha re ho ld e r s' F u n ds
L o an F u n d s
D e fe rre d T ax L iab ili t y
T OT A L SOUR CE S OF FU NDS
3 2 , 88 2
3 3 ,2 3 7
13 9 , 42 6
1 3 4 ,8 0 4
-
336
17 2 ,3 0 8
1 6 8 ,3 7 8
$3 , 24 4 .6 7
$ 3 ,7 7 5 .7 0
14 7 , 03 2
1 3 9 ,6 4 7
In v e st m e n t s
1 6 , 55 1
1 7 ,2 5 1
C u rre nt A s se ts , L oa ns & A d v a nc e s
5 4 , 48 9
4 9 ,9 7 6
L e s s: C u rre n t L ia bil it ie s & Pro v i sio n s
6 1 , 47 1
4 5 ,6 9 0
I n U S D M i llio n
II. AP P L IC A TION O F FU N D S
N e t F ix e d A ss e t s :
N e t C u rre n t A s se t s
(6 , 98 2 )
4 ,2 8 5
A dv an ce m o n e y re c e i v e d o n B K C d e a l f ro m G od re j P rop e rt ie s
3 , 65 0
-
F x M o n e t a ry It e m T ra n sla t io n D i ffe re n c e A cc o un t ( U n am o rt is e d )
2 , 78 4
P rof it & L os s A cc o un t
T OT A L AP P L IC A TIO N O F FU ND S
I n U S D M i llio n
1 6 , 57 4
7 ,1 9 4
17 2 ,3 0 8
1 6 8 ,3 7 8
$3 , 24 4 .6 7
$ 3 ,7 7 5 .7 0
20
20
* ROE used for conversion: 1 USD = INR 53.105 for Q3 FY 2012 and 1 USD = INR 44.705 for Q3 FY11
20
JetLite (India) Limited
21
21
21
Financial highlights – Q3 FY2012
• Total Revenues INR 5.3 Billion (USD 100 Million); vs INR 4.8 Billion (USD
109 Million) in Q3 FY11 up 9.5%
• Fuel Cost INR 2.9 Billion (USD 55 Million) vs INR 1.9 Billion (USD 44
Million) for Q3 FY11 up 48%
• EBITDAR of INR 467 Million (USD 9 Million); vs INR 1,080 Million (USD 24
Million) for Q3 FY11
• Loss after Tax of INR - 216 Million (USD -4 Million); vs Profit of INR 256
Million (USD 6 Million) for Q3 FY11
•
Revenue Passengers carried 1.2 Million; Up 8% over Q3 FY11
•
Achieved Seat Factor of 78.6%; vs 82.6% in Q3 FY11
22
22
* ROE used for conversion: 1 USD = INR 53.105 for Q3 FY 2012 and 1 USD = INR 44.705 for Q3 FY11
22
Operating parameters Q3 FY12
Traffic Parameters
Q3 FY'12
Q3 FY'11
Better / (Worse)
%
Number of Departures
ASKMs Mio
RPKMs Mio
Passenger Load Factor %
Block Hours
Revenue Passengers (Million)
Revenue per RPKM in INR
Cost per ASKM in INR
Break Even Seat Factor (%)
Cost per ASKM in INR w/o Fuel
Break Even Seat Factor (%) w/o Fuel
Average Gross revenue per passenger in INR*
Average Gross revenue per passenger in USD*
Average Net revenue per passenger INR*
Average Net revenue per passenger USD*
Period end Fleet size
Average operating fleet size during period
Average Head Count
Aircraft Utilisation
10,532
1,465
1,151
78.6%
17,629
1.21
4.16
3.51
84.3%
1.51
36.4%
9,404
1,384
1,143
82.6%
16,664
1.12
3.96
3.09
78.0%
1.67
42.1%
12.0%
5.9%
0.6%
- 4.0 points
5.8%
7.7%
5.0%
-13.5%
- 6.3 points
9.2%
5.7 points
4,115
$77.5
3,961
$74.6
20
18.0
1,054
10.6
4,150
$92.8
4,038
$90.3
19
18.5
1,053
11.0
-0.9%
-16.5%
-1.9%
-17.4%
5.3%
-2.5%
0.1%
-3.6%
* Average revenue per passenger includes Fuel Surcharge and Congestion Surcharge
* ROE used for conversion: 1 USD = INR 53.105 for Q3 FY 2012 and 1 USD = INR 44.705 for Q3 FY11
23
23
23
Income statement Q3 FY12
INR Million
Q3 FY'12
Q3 FY'11
Better / (Worse)
%
INCOME
Operating Revenues
Non Operating Revenues
Total Revenues
IN USD Mio
5,303
27
5,329
$100.4
4,833
32
4,865
$108.8
9.7%
-17.5%
9.5%
EXPENDITURE
Employees Remuneration & Benefits
Aircraft Fuel Expenses
Selling & Distribution Expenses
Other Operating Expenses
Aircraft Lease Rentals
Depreciation
Interest
Total Expenditure
IN USD Mio
434
2,919
349
1,134
769
9
64
5,678
$106.9
418
1,969
296
1,069
731
21
104
4,609
$103.1
-3.9%
-48.2%
-17.9%
-6.0%
-5.2%
58.7%
38.5%
-23.2%
133
0.1
(216)
-$4.1
-$6.6
256
$5.7
$5.7
-184.2%
0.1
-100.0%
Exchange Fluctuation gain / (loss)
PROFIT/ (LOSS) BEFORE TAXATION
IN USD Mio
IN USD Mio (excl Extraordinary Items/ SLB)
Provision for taxation
24
INR Million
-
PROFIT / (LOSS) AFTER TAXATION
IN USD Mio
(216)
-$4.1
256
$5.7
-184.2%
EBITDAR
IN USD Mio
Margin %
467
$8.8
8.8%
1,080
$24.2
22.4%
-56.8%
* ROE used for conversion: 1 USD = INR 53.105 for Q3 FY 2012 and 1 USD = INR 44.705 for Q3 FY11
24
24
Summary 9M FY12
(USD Million)
9M FY'12
9M FY'11
Better/(Worse) %
Total Revenues
Of which Op. Revs
255.9
254.2
300.8
299.5
-14.9%
-15.1%
Total Expenditure
Of which Fuel
301.9
157.8
307.4
124.6
-1.8%
26.7%
16.2
5.7
(22.6)
Profit / (Loss) before Tax
PBT (excl. Extraordinary Items)
(24.1)
(46.0)
(7.1)
(6.6)
-239.3%
Profit / (Loss) after Tax
(24.0)
(7.1)
-237.8%
EBITDAR
Margin %
(2.0)
-0.8%
56.6
18.9%
-103.6%
Contribution receivable from Lessors towards maintenance
Exchange Fluctuation gain / (loss)
* ROE used for conversion: 1 USD = INR 53.105 for Q3 FY 2012 and 1 USD = INR 44.705 for Q3 FY11
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Balance Sheet
INR Million
As on
31-Dec-11
INR Million
As on
31-Mar-11
8,408
8,408
15,492
17,295
23,900
$450.0
25,703
576.4
510
553
Current Assets, Loans & Advances
7,793
9,542
Less: Current Liabilities & Provisions
6,442
5,153
Net Current Assets
1,352
4,389
Profit & Loss Account
22,038
20,761
23,900
$450.0
25,703
576.4
I SOURCES OF FUNDS
Shareholders' Funds
Loan Funds
TOTAL SOURCES OF FUNDS
In USD Million
II. APPLICATION OF FUNDS
Net Fixed Assets:
TOTAL APPLICATION OF FUNDS
In USD Million
* ROE used for conversion: 1 USD = INR 53.105 for Q3 FY 2012 and 1 USD = INR 44.705 for Q3 FY11
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Outlook
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Outlook
• Increase in fares effective November for all carriers
• Capacity rationalisation expected in the Domestic market
• Depreciation of the Rupee and the crude oil prices have been
concerting; expected to abate
• Focus on Ancillary revenues – Innovative Airline wrap, other
marketing initiatives being worked on
• Sale and Lease back of aircraft will be concluded in Q4; this will
help reduce debt and interest costs going forward
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Thank you !
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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 forwardlooking statement that may be made from time to time by or on behalf of the company.
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