The steep loss incurred by Jet Airway’s, India’s second largest airline by passengers carried, for the September 2013 quarter, only reflects the poor state of the Indian Airline industry. While this loss was the airlines steepest ever, the total consolidated loss stood at Rs 998.51 crore as its subsidiary, JetLite incurred a loss of Rs 107.5 crore (up 62%).

Domestic research firm, ICICI direct expects the company’s margins to improve in the coming quarters as it says in its recent release that the onset of the peak season and recent price hikes undertaken should augur well for the company. “Although high debt with negative net worth of Rs 1,700 crore remains a concern for the company, fund infusion of Rs 3,200 by Etihad post CCI approval remains a key positive trigger for Jet”, it said in its release post the results.

However, international research firm, CAPA, pointed out that investors interest in incumbent carriers is weak and any funding would largely fund losses than growth and that expansions would rely on debt. Overall, it said that one or two such quarters could test the holding power of some airlines. Both Jet Airways and SpiceJet have lost 43% and 58%, respectively, in their stock value in the last nine months reflecting the negative investors sentiment.

(Use the chart below to see how the listed aviation companies have done in the past few quarters. Latest results have been taken where available)

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