Friday, July 28, 2017

Jet Airways: Power Wings

Jet Airways’s long history of over two decades of uninterrupted service and unaffected expansion despite financial turbulence and a host of other challenges have been among the key elements that have made it to the top of most respected airlines in India as per the BW Businessworld Most Respected Companies survey 2017. The survey has ranked the country’s second largest airline with a domestic market share of over 17.5 per cent as of June, at the top in the aviation sector.

“We have faced tough challenges and been tested by extraordinary circumstances in our 23-year history. Yet, our resilience has never been more apparent, as we emerged from it all to fly higher than ever before,” said Naresh Goyal, chairman, Jet Airways, addressing investors after the airline’s financial turnaround in 2016, a year before its three-year turnaround plan.  

Launched 24 years ago, it would not be farfetched to state that Jet Airways has been able to transform the air travel experience for Indian flyers at a time when the State-owned airline Air India ruled the Indian sky.  In 2016, Jet Airways posted its first annual net profit after eight years of financial turbulence. For 2016-17, the airline saw its total income increasing to Rs 23,669.91 crore from Rs 22,906.06 crore the year before. However, there was also an increase in expenses to Rs 23,279.71 crore from Rs 21,852.13 crore, the year before.
28/07/17 CH Unnikrishnan/Business World