Jet Airways shares strong despite strong losses

Jet Airways reported a loss of Rs 587.77 crore in the third quarter of the current financial year.

In comparison, the company had been profitable at Rs 165.25 crore in the same period of last financial year. Meanwhile, net income of Jet Airways was up by 1% to Rs 6,147.98 crore against Rs 6,086.20 crore. The company’s Ebitda loss in the quarter stood at Rs 270.9 crore, which was Rs 422.6 crore (profits) in the same period of the previous financial year. 

But despite the bad results, the share of Jet Airways has grown stronger by more than 3% today. In fact, the company’s board of directors has given the green signal to the Bank’s Leading Debt Solution Plan (BLRP). According to the plan, loans given by the lenders will be converted into equity shares, which will make them the largest shareholders of the airline. It is proposed to convert lenders’ debt into 11.40 crore shares of Rs 10 rupees in the plan.

Apart from this, the project has estimated a deficit of Rs 8,500 crore. The proposed solution plan will be placed in front of the group of banks, the Indian Banks’ Association Monitoring Committee, Etihad Airways and promoters for consideration. However, before applying this plan, approval will be obtained from market regulator SEBI, Ministry of Civil Aviation and Indian Competitiveness Commission. 

At the BSE, Jet Airways’ shares closed at Rs 224.15, up from Rs 225.80 in the previous closing price of Rs 242.85. At around 11 am, it is at a price of Rs. 232.85 with an increase of 7.05 rupees or 3.12%. At the same time, its last 52-week peak is Rs 792.45 and the low level is 163.00 rupees.

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