aS, 12 August, 2016 Corporate Relationship Department, Corporate Relationship Department, BSE Limited, National Stock Exchange of India Ltd, 24 Floor, New Trading Wing, Exchange Plaza, Sth Floor, Rotunda Building, P. J. Towers, Plt No. C/1, G Block, Dab Street, Mumbai -400 001 Bandra - Kurla Complex, Bandra (E), Mumbai - 400 051 Symbol: JETAIRWAYS/Series: EQ Debenture Script CODE: 952813 Stock Code: 532617 /JETAIRWAYS Dear Sirs, Sub: Unaudited Financial Results for the First Quarter ended 30 June, 2016 Pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors, at its Meeting held today, has approved the attached Unaudited Financial Results of the Company for the First Quarter ended 30 June 2016. The said Results have been reviewed (limited review) by the Statutory Auditors and by the Audit Committee of the Board at its Meeting held earlier today. The Limited Review Report of the Statutory Auditors is attached. The aforesaid Financial Results are being published in the newspapers and the same shall also be made available on the website of the Company, www,jetairways.com. Yours faithfully, Jet Airways (India) Limited Kukle€p Sharma Company Secretary & V. P. Corporate Governance & Compliance Enck a/a Jot Airays (India) Limited me Lope coves Registered Office : Soya Cen, Saher Aiport Road, Aoheti (©, Mu 30 088, Ina, Tel + 22 oo We a tarmac]1ET AIRWAYS (INDIA) LIMITED. Regd. Office: Sroya Centre, Seher Airport Road, Ander (East), Murnbal- 400 099. [STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2016 IN 99999MH1992PL.c065213 “Amount (€in lakhs) Sr Particulars uarter Endat 7 No. 30.06.2016 | 31.03.2016 | 30.06.2015 (Refer Note cunauaited | 2)" |unauaited)| _caveited Tncome from Operations ‘2. Income from Operations (Net) 460,987] 484,230 | 483,450 | 1,955,650 Other Operating Income (Refer Note 3) 42215| 40,298 38,561 161,083 ‘Total income from Operations sii202| 524,58 | 522,011 | 2,116,733, 2. [expenses 2 Areraft Fuel Expenses 115,648] 99,907] 144,469 501,573, b. Aeraft and Engines Lease Rentals sa7s0| 5aa72 | si,se2 22479 Employees Remuneration and Benefits oasis] 66,773] 55,346 238/813 4. Depreciation ana Amortiation (Refer Note 4) 23570] 41670 18,842 99,509 «Selig and Distribution Expenses eaeas| 57,054] go.sea| 235.712 1. Rirraft Maintenance (Refer Note 4) asi7t| 34570) 58.518 217,308 a. Other Expenses (Refer Note 5) 126,658 | 130,168] 116,049 499,421 [Total expenses 499,362 505,770 | 1,994,813 3. [Profit rom operations before Other Income, [Finance Cost and Exceptional Items (1-2) aigao] sera] 16,241 121,920 14. lotner income : (Refer Note 6) 16899 | 20,600] 15927 74,363 15, |Prott from Operations before Finance Cost and lexceptional Items (3:44) 30739] 60,a14) 32,168 196,283 6. |Finance Cost (Net) zoaas| 2,023) 22,793 ase. 7. |Pront after Finance Cost but before Exception: | tems Ss) rosra| 39,291 9.375 109,472 8, | xceptional rtems ‘oContrbuton recevable rom Lessors towards Maintenance (Refer Note 7a) : 12,795, 12,795 b, Reversal /(Provision) for: Doubtul loans / Diminution in value of Investment (Refer Note 7b) 425 as) 9. |Profit from Ordinary Activtias before Tax (748) soais| 39,716] a2a70 | a17,956 10, |Tax Expense : ‘Curent Tex i ‘Short / (Excess) Tax Provisions (Net) for Ealer Years 41, |Promt from Ordinary Activities after Tax (9-10) tosis} 39,716 | 22,170| 117,386 42, [Estreerdinary item : y 413. Net Prom (41432) rosie} 39,716] 22270| — aazase 14, |Pald up Equity Share Captl (Face Value of Rupees 10/- lesen) 14360/ 11,360] 11,360 11,380 as, [Reserves excluding Revaluation Resarves (as per balance * |sheet oF previous accounting year) (244,290] 16. [basic and Otuted EPS before and after Extraordinary Item (in Rupees) * (Face Value of Rupees 10/- each) 9.08 sass] 19.52 103.31 lot anralsed in respect of Quarterly ResultsJunauDITED STANDALONE SEGMENTWISE REVENUE, RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2036 HThe Company, considering ws higher lavel of international eperatins and internal finance reperting based on. geographi Jseoment, has’ identified geogrephic segment as primary segment. The geographic segment consists of: a) Domestic (ab transpertation within Ina) b) Intemational (er transportation outside Indi). Particatars Ended “i 30.06.2016 | 31,03,2036 | 30.06.2015| 31.03.2016 (Urausited) | (Refer Note | unavattes)| (audited) [Segment Revenue 1 (Primarily Passong Excess Baggage and Leating of Aircraft), argo, Ibomest 210470] 224,043) 219,822 82,903 lntemetionel So0gsz| 300,408 | 4azs109 | 1.253.830 ‘Total sitjzo2 | 524628 | 522,011 | 2,416,733 Segmental Result : Domest | 136070 | asssa| 138,203 578,551 Inernatonal io7's90 | 2073819] 176,579 ae2365 [Total 333,460 | 363,350 | 316,872 | 1,370,616 Less nance Cost 20425] 24,023] 22,793 seatt Less :|Deprecaton and Amortsation 2x'or0| 4x'avo| aan 88/508 Uses: othar Unafocate Expenditers 28/050} 281768 | 2en.7e9 | a,a49.187 [Ada :|Otner Unalocable Revenue 18893 | “Zo,eo0 | “15,927 T4388 Add: Exceptional Iems (Net) : 25] 12,795 71388 Profit before tax tosi¢] 39,716] 22,170] 117,386 Less taxes - Profit ofter Tax sos16| 39716] 2270] 117,356 Note : The Company believes Uist it is nt practical to Kdenfy feed assets used in the Company’s business or abies contracted, to any of the reportable seoments, as the fixed assets are used interchangeably between segments. ‘Accordingly, no dscosure relating to total segment assets and ibis have been made. notes : 4. The above results have been reviewed by the Aude Committee and thereafter were approved and taken on record by thel Board of Directors at ts Meeting held on 12th August, 2016. The Statutory Audlors hove cored out ited review of the sdove results pursvont to Regulation 33 of SEBI (Listing Obligations And Disclosure Reauirement) Regulations, 2015 2. The figures for the Quarter ended 31st March, 2016 are balancing Figures between audited figures in respect ofthe ful ‘nancial Year ended 31st March, 2016 and published Year to date figures up to the third Quarter ended 31st Cecember| 2015. 3, Other Operating income includes income from leasing of Acrafe and Engine forthe Quarter ended 30th June, 2016 of 21,590 lakhs. The corresponding income forthe Quartar ended 30th June, 2015 was € 20,722 lakhs. The income for the| (Quarter and Year ended 21st March, 2016 were & 21,102 lakhs ond & 61,829 lakhs respectively. 440) As per the requirements of Scheie I ofthe Companies Act, 2013, during the previous year ended 31st March, 2016 the Company has identified the cost incurred in relation to mofor checks and overhaul cose as separate components and havel ‘amorised them over their balance useful Ife, As a result, the dapraiation charge for the quarter and year ended 31st March, 2016 i higher by € 22,577 lakhs. The coerespancing impact on Arcraft maintenance i lower by € 21,241 lakhs ») Pursuant to the adoption of Companies (Accounting Standards) Amendment Rules 2016 and in accordance with the] recogniton principles of Accounting Standard (AS) 10 on ‘Property, Plant and Equiment, the Compeny has kentied certain spare parts which hiehero were ciassiied 2s Inventories, nave now been reclassted/ceptaises as Pert plant and equpment and deprecated over it's remaining useful Me. As a result the depreciation charge for the querter ended 30th June, 2016 i higher by € 1,408 lakhs and having similar impact on alrraft maintenance cost on account of tel irzeral potcy being followed by the Company bil 31 March 2016, onthe inventory abeclescences. 5. Other expenses include loss (net) on account of foreign currency Asctuation for the Quarter ended 30th June, 2016 of —¢ 10,814 las. The corresponding amount for the Quarter ended 30th June, 2015 and for the Quarter and Year ended 3134 March, 2016 were 2,574 lk, ® 4,242 lakhs and € 23,195 lakhs respectively. The Company had transferred its et Privilege Frequent Fyer Programme’ (JPFFP) undertaking to Jet Privilege Private Linea PPL) on 218 Apri, 2014 as a going concern on a slump sale basis. The Company, having egard tothe terms and conditions under the agreements fr such sale, has recognised @ surplus of 9,176 lakhs in “Other Income” forthe ‘Quarter ended 30th June, 2016. The corresponding smount recognised in "Other Income" forthe quarter enced 26th une 2015 and for the quater and yeer ended 3 16 were € 8/414 lakhs, € 6,323 lakhs and € 34,668 lkhs| respectively. Further, an amount of & 5 subsequent perieds on fulflment of the.7a) Pursuant to a “Power by the Hour" (PBTH) engine maintenance arrangement entered into by the Company with servic] providers fr its aditional 6737 Airerat engines the PBTH cost are being chorged tothe Statoment of Poft and Loss ano the variable rentals payable tothe Lessors ae recognised as "Receivable from Lessors". Based on jlntvalaton ofthe ‘Company's maintenance plan with the service providers, the Compary has recognised, the expected refund of variable rontals pad tothe lescors pertaining to earler years fer these engines, as "Contibution receivable from Lessors” ithe respective period. b) The Company has eausty investment (net of impairment) of € Nil as on 30th June, 2016 (as on Bist March, 2016 it was Mi) in Jet Lite (india) Lrited, a wholly owned subsidiary ("Subsidiary company"), and has advanced lane (ost provision) amounting to € 203,906 lakhs as on 30th June, 2046 (as on 31st March, 2016 it wos € 212,132 lakhs). The Subsidary company has a negative net worth a on 30th June, 2016, In view of the current performance and the operating parameters of the subsidiary company, the Management has crested a provision of € 4,911 lakhs (net cf reversal oft 425 lakhs or the Quartar ended 3ist March’ 2016) curing the Year ended 3ist March, 2016. The Board af Directors atts meeting held on 2nd September, 2015 approved the schon of merger of JetLite (nd) Limite, 9 wholly ‘med subsidiary, with the Company ("The Scheme") as per the provisions of section 391 to 394 of the Companies Ac 41956, subject to receipt of requsite approvals. The appointed date, per the terms of the scheme Is Ist Apri, 2015. The Scheme was approved by the Shareholders and Creditors of bath the Companies on 22nd Apri, 2016, The Company has| Since fled petition with Hon'ble Bombay High Court fort nal approval to the Scheme ‘The accounting impact of "The Scheme” can only be reflected inthe fnanclal statements upon “The Scheme” becoming cettectve after fing of the Order of Hon’ble Bombay High Court with the Registrar of Companies. The Order ofthe Bombay High Court are awaited and the next hoarng date is scheduled fr 23rd. September, 2016. As o result the financial resus 1s ot end for Ue quarter enced 30th June, 2016 and year ended 54st March, 2016 do not indude any adjustment that wil arise on implementation of The Scheme and the Company's loans and advances to Subedary Compsny continues to be cari at their carying amount 8, The Company had acauired 100% of the shareholding of Sahara Airines Limited (SAL) (NOW known a JetLite (Inia) Lumated) In Api, 2007. As per the Share Purchase Agreement (SPA) as amenced by the subsequent Consent Award, the| ‘mutually agreed sale consideration was to be paid to the Seling Shareholders Sahara India Commercial Corporation| Lited (SICCL) in four equal interest free Insalments by 36th March, 2031, As a result of certain ceputes that erose| bbetwaen the partis, bth the parties had fied petitions in the Hon'ble Bombay High Court for breach of SPA as amended by the subsequent Consent Award. The Her'ble Bombay High Court delivered ts Judgment on ath May, 2011 whereby SICG's demand for restoration of the original price of € 200,000 las was denied and the Purchase Consieration nas sealed at the revised amount of € 145,000 lak. However, in ts Judgment, the Heerble Bombay High Coure has awarded Interest at 9% pon the delayed payments made to SICCl largely on account of ongoing legal cspute. In view of ti ‘Orcer, a sum of € 11,645 lakhs became payable as interest which has bean duly lacharged by the Company. Asa resut fof ths dscharge, the undertaking given by the Company In Apra 2008 for not creating any encumbrance or alenation Its movoable or immaveable asats and properties any manner other than in te normal course of the business, stands released, ‘Though the Company had complied with the order ofthe Honble Bombay High Court, based on legal advice, i fled an appeal with the Division Bench of the Honble Gombay High Court contesting the levy of interest, SICCL leo ied an {ppea| with the Division Bench of the Hon'ble Bombay High Court for restoration of the purchase consdereton to] £€ 200,000 lakhs and for interest to be awarded at 18% p.a. as against the 9% p.a. awarded by the Hobie Bombay High cout. ‘The Division Bench of the Honble Bombay High Court heard the matter and vide ts order dated 17th October, 2013 clsmissed both the appeals 3s beng not maintainable in view of juredctonallzue. The Company hat sice fled Spoil Leave Petitions (S1P) before the Hor’ble Supreme Court challenging both the orders of ath May, 2011 and 17% October 2011. SICCL had earer fled a SUP before the Hon'ble Supreme Court or increased compensation and interest, Both the SLPs ied by Jet Aways a5 well as SICCL, came up for hearing before the Supreme Cour. The Supreme Cour] ‘rected the parties to Mle the Counter and Rejender which as sine been led. The Supreme Court also recorded that the ‘Statement made by Jet Aways, as recorded inthe order dated 6th May, 2011 passed by the Hon'ble Bombay High Court, ‘would continge tl further order. ‘The Company has led ts Counter AMdavit inthe SLPS files by SICCL and the Hon'ble Supreme Court has granted further time to SICCL Co ile their Resoinder 9. Various lntiatves undertaken by the Compan in relation to cost syrerles, revenue management opportunites, enhance ancilary revenues have resuted Ia significant improvement in operating cash inflow. These measures coupled wit Favourable fuel prices and ongoing intiatves to raise funds are expected to result in sustainable cash flows and] accordingly the statement of fancial results continve to be prepared on a going concem ass, which contemplates Fealsation of assets and setiement of lables in the normal couse of business 10, Previous perio's / year's figures have been reprouped / reciassited wherever necessary to correspond with the current period's castifiation / disclosure BAS Onda AY en oS ed Ree For and on behalf ofthe Board of Directors piace : Mumbai 12th August, 2016 {*at hy th RR RR j BSRECALLE : Chaturvedi & Shah mend { Chartered Accountants Chartered Accounlants "a ! Sth Floor, ods Exclus, ; = “nasi, Talat Chambers i ‘Apollo Mills Compound * ‘312, Navinan Point = NIM Joshi Merg, Matblnam : ‘Mumbai 400.021 on Mumbai 400011. ye ae ihe ‘Telephone +91 (2) 43455300 “Telephone +91(22) 30218500 : Pag FOE (22) 3455399" Fax” +91(02)30218995° 0° : REVIEW REPORT. ard of Directors of (India) Limited. ved the accompenyitg statement of sidaloine uudied financial resus (the ‘State °) of Jet Airways (india) Limited (“the, Company”) for the quarter ended 30 une 4g 2016, The: Sinemet: the_resporsbiliy ofthe. Coftpany’s maagemeat nnd bas. been ors in their meeting held on 12 August 2016. Attention is ‘rai to tho Fick thatthe fgtes for the quite ended 31 March 2016 as reported in these ial cesubs ae the balaacing figures between the audited figures tn respecoF the full ois Fnaicial year aid publibed year to date gues upto the end of the third quater of the previous fnsnelal year, The figures up to the end ofthe third quarter of previous finencial _-s-s.yeatihad bal) been reviewed and. not subjected fo audit. Que responsibility is to issue a report ‘Stiteraent haséd on our revit : “2 We eooetes our Yeview Of the Slstenisat in aceoriance With tie Standard on Review “--Bagageients (SRE) 2410-“Review- of Inlerint Financiat-tniormtion Performed by the + Tndopondent Auditor of the Bly” issued by the Institute of Chartered Accountants of India, ‘This standatd requires at weplan and perform ths review to bin moderate assurance as to ‘whether the Siatemént. is. fea of material misstatements, A ceview is liited primarily to Inquities of Company persobnel and sualyical procedufes applied to fnarcat data and thus provided lke abun hc ws AE We have it pecfoeted an aut aid aevordingly, we do Dot expreas ana opinion. ” 3. Biged om our review confctél as above, nothing bas come to-ouratention that causes us o> { i believe that the accompanying Statement prepared in accordance with applicable accountng standands specified undec Section 133 of te Companies Act; 2013 read wi Rule 7 of the CCofspanies (Accounts) Rus, 2014 end ote recognised accounting practices and policies has ‘tok disloséd the inftinnation required to be disclosed in ters f Reyulation 33°of the SEBI (Cisting Obligation and Disclosure Requirements) Regultions, 2015 and SEB circular dated S July 2016 including the maanér in which itis to be disclosed, o that it eons any material risbaicinent, Z “4 We dea ateation to = x == “G@) Note 7 (0) of the Sateinet whieh explains tbat the deountng impact df Seba of ‘Merger (the Sébirie!) approve by shareholders, enablisg the merger of Jet Lite (India) “Limited, wolly owned subsidiary (subsidiary company”) wich has negative net wort, ‘with the Company, with effect fiom } April 2015, coud not be given inthe Statement as at and for the period ended 30 June 2016, as the orders fora the Honourable High Cour of a Tileatuze at Bombay (tho High Court’) sanctioning the Scene s avlied and the Tas k and advances given to its subisidiacy company are-catried ab thelr carrying amount, 4 () Note 9 ofthe stotesent niga preparation ofthe Sidnit on going eoncein bass for a Sg the rensond stated: therein.‘The-eppropietenéss of asupption of going’ concern’ is - est upon realisntion of te various inititivesthdavinken by the Company wise tf pany’ ability to raise requisite Gintce/generale cath foes in ire to meet tx 3 obs cluding intial sappont to it subsidiary vampanlesr=¢°——-—— “réport i oot qualified in respect of he be materBSR&Co.LLP Chaturvedi & Shah 5. Figures for the corresponding quarter ended 30 June 2015 have been reviewed by Deloitte Haskins & Sells LLP, Chartered Accountants and Chaturvedi & Sheh, Chartered Accountants. For BSR & Co, LLP For Chaturvedi & Shah Chartered Accountants Chartered Accountants Firm's Registration No: 101248W/W-100022 ’s Registration No: 101720W) R yeep Bhavesh Dhupelia Partner ‘ Membership No. 042070 Parag D. Mehta Partner Membership No. 113904 Mumbai 12 August 2016 Mumbai 12 August 2016 Rett ny 8 persis ts SOS