------------------- in Rs. Cr.

-------------------
Balance Sheet of Jet Airways
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds
Total Share Capital 86.33 86.33 86.33 86.33 86.33
Equity Share Capital 86.33 86.33 86.33 86.33 86.33
Share Application Money 0.00 0.00 0.00 0.00 0.00
Preference Share Capital 0.00 0.00 0.00 0.00 0.00
2,057.5
Reserves 2,018.48 1,765.42 1,208.32 740.68
3
Revaluation Reserves 162.02 132.44 2,699.90 1,862.30 1,814.97
2,305.8
Networth 2,237.25 4,551.65 3,156.95 2,641.98
8
Secured Loans 206.02 742.46 1,612.75 4,775.92 3,973.68
4,689.5
Unsecured Loans 5,313.84 10,402.29 11,547.61 9,923.30
8
4,895.6
Total Debt 6,056.30 12,015.04 16,323.53 13,896.98
0
7,201.4
Total Liabilities 8,293.55 16,566.69 19,480.48 16,538.96
8
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds
4,312.0
Gross Block 5,713.83 16,591.09 18,763.74 17,932.75
7
2,249.5
Less: Accum. Depreciation 2,416.34 2,506.92 2,501.80 3,502.83
8
2,062.4
Net Block 3,297.49 14,084.17 16,261.94 14,429.92
9
2,725.6
Capital Work in Progress 3,994.52 1,223.28 583.17 299.60
6
Investments 187.23 68.93 1,475.35 1,745.00 1,745.00
Inventories 405.25 438.99 545.03 595.67 584.79
Sundry Debtors 433.15 603.90 1,313.73 732.25 810.77
1,524.8
Cash and Bank Balance 33.99 63.38 298.39 100.72
4
2,363.2
Total Current Assets 1,076.88 1,922.14 1,626.31 1,496.28
4
1,148.6
Loans and Advances 1,262.79 1,431.77 1,628.28 1,613.81
6
Fixed Deposits 579.41 1,062.65 791.76 1,096.11 672.11
4,091.3
Total CA, Loans & Advances 3,402.32 4,145.67 4,350.70 3,782.20
1
Deffered Credit 0.00 0.00 0.00 0.00 0.00
1,400.0
Current Liabilities 2,221.55 4,172.54 3,281.50 3,573.55
6
Provisions 465.15 248.16 189.24 178.83 144.21
1,865.2
Total CL & Provisions 2,469.71 4,361.78 3,460.33 3,717.76
1
2,226.1
Net Current Assets 932.61 -216.11 890.37 64.44
0
Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00
7,201.4
Total Assets 8,293.55 16,566.69 19,480.48 16,538.96
8

9,736.4
Contingent Liabilities 6,624.43 14,284.97 16,325.90 14,656.19
0
Book Value (Rs) 248.32 243.80 214.49 149.96 95.79

Profit & Loss account of Jet Airways ------------------- in Rs. Cr. -------------------
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Income
Sales Turnover 5,693.73 7,057.78 8,811.10 11,571.15 10,438.57
Excise Duty 0.00 0.00 0.00 0.00 0.00
Net Sales 5,693.73 7,057.78 8,811.10 11,571.15 10,438.57
Other Income 366.74 315.61 637.24 443.75 249.82
Stock Adjustments 0.00 0.00 0.00 0.00 0.00
Total Income 6,060.47 7,373.39 9,448.34 12,014.90 10,688.39
Expenditure
Raw Materials 63.12 0.00 0.00 0.00 0.00
Power & Fuel Cost 1,678.93 2,427.64 3,293.03 4,915.01 3,151.65
Employee Cost 567.81 938.55 1,205.18 1,410.50 1,226.55
Other Manufacturing Expenses 777.67 1,239.56 1,836.89 2,531.47 2,114.04
Selling and Admin Expenses 1,084.22 1,274.31 1,539.78 1,843.01 1,482.68
Miscellaneous Expenses 90.34 140.60 181.12 269.33 354.93
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00
Total Expenses 4,262.09 6,020.66 8,056.00 10,969.32 8,329.85
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 1,431.64 1,037.12 755.10 601.83 2,108.72

PBDIT 1,798.38 1,352.73 1,392.34 1,045.58 2,358.54
Interest 691.24 909.70 1,056.03 1,450.86 1,824.74
PBDT 1,107.14 443.03 336.31 -405.28 533.80
Depreciation 406.41 414.10 777.80 899.81 961.96
Other Written Off 0.00 0.00 0.00 0.00 0.00
Profit Before Tax 700.73 28.93 -441.49 -1,305.09 -428.16
Extra-ordinary items 41.01 24.49 28.90 928.33 40.73
PBT (Post Extra-ord Items) 741.74 53.42 -412.59 -376.76 -387.43
Tax 270.22 23.42 -160.73 22.21 78.97
Reported Net Profit 452.04 27.94 -253.06 -402.34 -467.64
Total Value Addition 4,198.97 6,020.66 8,056.00 10,969.32 8,329.85
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 51.80 51.80 0.00 0.00 0.00
Corporate Dividend Tax 7.27 8.80 0.00 0.00 0.00
Per share data (annualised)
Shares in issue (lakhs) 863.34 863.34 863.34 863.34 863.34
Earning Per Share (Rs) 52.36 3.24 -29.31 -46.60 -54.17
Equity Dividend (%) 60.00 60.00 0.00 0.00 0.00
Book Value (Rs) 248.32 243.80 214.49 149.96 95.79

Cash Flow of Jet Airways ------------------- in Rs. Cr. -------------------

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Net Profit Before Tax 722.26 51.36 -412.59 -469.62 -467.55

Net Cash From Operating Activities 607.48 687.46 862.66 -376.30 1651.42
Net Cash (used in)/from
-2471.56 -786.08 -6176.80 -1153.65 160.10
Investing Activities
Net Cash (used in)/from Financing Activities 1587.83 732.33 5123.22 1242.12 -2083.52
Net (decrease)/increase In Cash and Cash
-276.25 633.71 -190.92 -287.83 -272.00
Equivalents
Opening Cash & Cash Equivalents 504.01 227.76 861.47 670.55 382.72
Closing Cash & Cash Equivalents 227.76 861.47 670.55 382.72 110.72

------------------- in Rs. Cr. -------------------

Key Financial Ratios of Jet Airways

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10
Investment Valuation Ratios
Face Value 10.00 10.00 10.00 10.00 10.00
Dividend Per Share 6.00 6.00 -- -- --
Operating Profit Per Share (Rs) 163.57 119.89 87.32 69.32 244.11
Net Operating Profit Per Share (Rs) 659.50 817.50 1,020.58 1,340.28 1,209.09
Free Reserves Per Share (Rs) 231.88 227.36 198.05 133.52 79.35
Bonus in Equity Capital 10.89 10.89 10.89 10.89 10.89
Profitability Ratios
Operating Profit Margin(%) 24.80 14.66 8.55 5.17 20.18
Profit Before Interest And Tax Margin(%) 17.42 8.68 -0.26 -2.57 10.81
Gross Profit Margin(%) 25.50 8.79 -0.27 -2.60 10.97
Cash Profit Margin(%) 14.87 2.69 -0.29 -6.52 3.35
Adjusted Cash Margin(%) 9.15 2.69 -0.29 -6.52 3.35
Net Profit Margin(%) 7.83 0.39 -2.83 -3.44 -4.41
Adjusted Net Profit Margin(%) 2.10 0.39 -2.83 -3.44 -4.41
Return On Capital Employed(%) 15.38 8.71 0.65 -1.07 8.81
Return On Net Worth(%) 21.09 1.32 -13.66 -31.07 -56.54
Adjusted Return on Net Worth(%) 5.67 -10.53 -43.41 -128.38 -73.29
Return on Assets Excluding Revaluations 4.99 243.80 214.49 149.96 95.79
Return on Assets Including Revaluations 5.08 259.14 527.21 365.67 306.02
Return on Long Term Funds(%) 16.80 9.53 0.74 -1.41 12.12
Liquidity And Solvency Ratios
Current Ratio 1.66 1.07 0.61 0.37 0.34
Quick Ratio 1.97 1.18 0.77 1.09 0.86
Debt Equity Ratio 2.28 2.88 6.49 12.61 16.80
Long Term Debt Equity Ratio 2.21 2.75 5.63 9.33 11.94
Debt Coverage Ratios
Interest Cover 62.32 2.96 0.19 -0.26 1.31
Total Debt to Owners Fund 2.28 2.88 6.49 12.61 16.80
Financial Charges Coverage Ratio 2.15 1.24 0.82 0.49 1.24
Financial Charges Coverage Ratio Post Tax 2.24 1.49 1.50 1.34 1.27
Management Efficiency Ratios
Inventory Turnover Ratio 14.24 5,601.41 2,143.82 7,370.16 4,349.40
Debtors Turnover Ratio 16.61 13.61 9.19 11.31 13.53
Investments Turnover Ratio 4,951.07 5,601.41 2,143.82 7,370.16 4,349.40
Fixed Assets Turnover Ratio 1.67 1.28 0.54 0.62 0.59
Total Assets Turnover Ratio 0.83 0.89 0.65 0.66 0.72
Asset Turnover Ratio 1.38 1.28 0.54 0.62 0.59
Average Raw Material Holding -- -- -- -- --
Average Finished Goods Held -- -- -- -- --
Number of Days In Working Capital 140.75 47.57 -8.83 27.70 2.22
Profit & Loss Account Ratios
Material Cost Composition 1.10 -- -- -- --
Imported Composition of Raw Materials
-- -- -- -- --
Consumed
Selling Distribution Cost Composition 13.59 11.34 11.15 9.49 9.43
Expenses as Composition of Total Sales 24.10 26.39 29.47 42.29 39.11
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit 13.06 216.89 -- -- --
Dividend Payout Ratio Cash Profit 6.88 13.70 -- -- --
Earning Retention Ratio 51.45 127.32 -- -- --
Cash Earning Retention Ratio 88.82 68.49 -- -- 100.00
AdjustedCash Flow Times 9.27 31.49 -- -- 39.06

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

Earnings Per Share 52.36 3.24 -29.31 -46.60 -54.17

149.96
Book Value 248.32 243.80 214.49