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Jet Airways Q2 2013 Earnings Call 5 Nov'12

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Jet Airways Q2 2013 Earnings Call 5 Nov'12 Jet Airways Q2 2013 Earnings Call 5 Nov’12 Operator Ladies and gentlemen, good day, and welcome to the Jet Airways Q2 FY13 Results Conference Call hosted by Tata Securities Limited. As a reminder for the duration of the conference, all participants' line will be in the listen‐only mode. And there will be an opportunity for you to ask questions at the end of today's presentation. Please note, that this conference is being recorded. I would now like to hand the conference over to Mr. Pratik Bavishi of Tata Securities. Thank you, and over to you, sir. Pratik Bavishi Thank you. Good afternoon everyone. On behalf of Tata Securities, let me welcome you all to the Q2 FY13 earnings call of Jet Airways India Limited. Today we have with us the senior management team of Jet Airways India Limited represented by Mr. Sudheer Raghavan, who is a Chief Commercial Officer; Mr. Ravishankar, Chief Financial Officer and Mr. Vishwanath who is a Senior VP, Commercial Finance and Investor Relations. Without any further ado let me hand over the call to Mr. Vishwanath for his opening remarks. Over to you, sir. K. G. Vishwanath, Vice President, Commercial Strategy and Investor Relations Thank you Pratik and good afternoon everybody. Welcome to the Jet Airways call. We'll go first through the highlights of the results for Jet Airways and Jet Lite and then to Q&A thereafter. I hope all of you would have taken a look at the presentation that we've put up on the website. So also the press release that we have issued in this regard. Let me take you through the key highlights and the industry scenario after which I will let Sudheer take you through the detailed performance for the quarter. The Indian domestic passenger traffic went down by 10% in quarter two FY2013 as compared to quarter two FY2012. As against this our pattern of traffic went down by 13% for the Jet Group for the quarter ended September 2012 versus the same period last year. Overall, the Jet Group achieved a market share 25.3% for the quarter ended September 2012. Our international operations continue to achieve high levels of seat factor and healthy operating margins. For the quarter as a whole our achieved seat factor was 75% for Jet Airways and 69% for Jet Lite. For the Group, our yields on a Y‐o‐Y basis improved by 34%, while on a quarter‐on‐quarter basis improved by 11%. This has helped us post an EBITDAR of Rs.6.6 billion or U.S. dollar equivalent 126 million versus Rs.1.46 billion or US$29.9 million in quarter two FY12, which is overall up by 355%. Our EBITDAR margins were 15.7% and 3.6% respectively for Jet Airways and Jet Lite in quarter two FY13. This compares to an EBITDAR margin of 5.7% for Jet Airways and a negative 10.2% for Jet Lite for the same period last year. And all of this was achieved despite an increase of 17% in fuel rates on a year‐on‐year basis. The average rate of exchange as well for quarter two FY13 was higher than quarter two last year by roughly 20%, which also had a negative impact on the margins for the current financial year. Moving to the operational highlights for Jet Airways. As mentioned earlier we achieved a system wide load factor of 75% versus 77.8% for the same period a year ago. Our overall yields as measured by revenue per RPK were Rs.4.72 as compared to Rs.3.63, same period last the same period last year which roughly an increase of 30% on a year‐on‐year basis. For the quarter end question our domestic capacity as measured by ASKs was largely flattish in fact decreased by 0.4% while our international capacity decreased by 2.1% as compared to quarter two last year. The reduction in domestic capacity was largely intentional and we pulled out of certain long haul domestic routes and redeployed these Boeing 737s into international routes gulf which are profitable. The international capacity reduction is an affect of us pulling out of loss making international routes such as Bombay‐Johannesburg, Chennai‐Kuala Lumpur, Hyderbad‐Dubai, Chennai‐Dubai, Brussels‐JFK as well as down grades on certain other A330 routes in the international system. As a result of this we had instances of certain Boeing 737 and Airbus A330 aircraft on the ground. The fixed cost impact of which was roughly $6 million for the quarter. These aircraft are going to be leased out for a short to medium‐term basis in the coming weeks. As a whole Jet Airways showed a loss before tax of 108 crores or roughly 20.5 million and a loss after tax of 99.7 crores or $18.9 million. This figure compares to a loss before tax of 713 crores or 146 million and a loss after tax of again 146 million for the same period last year. If I were to breakdown this loss number, the domestic business showed a loss of 153 crores or 29 million, while the international business showed a profit of 45 crores or 8.6 million for a quarter ended September 2012. As against this for the same period last year the domestic business lost $97 million, and the international business had lost $49 million. So there is a significant turnaround that you can see in both aspects of our business. Coming to Jet Lite, our loss after tax for the quarter was 66 crores or roughly $12.6 million. The same figure last year was a loss of 101 crores or $21 million. Let me now hand it over to Sudheer Raghavan, who will take you through the numbers in greater details. Sudheer Raghavan, Chief Commercial Officer Hello my friends, good afternoon. As Vishi explained at the start of his description of quarter two, it was as you all probably know the second quarter is the leanest of all the four quarters. And coupled with this the economic slowdown resulted in a consequential dip in industry passenger traffic coupled with high fuel prices and the rupee depreciation vis‐à‐vis the U.S. dollar. They've all combine affected the overall results of Jet Group for the quarter. Fuel rate increased around 17% year‐on‐year. A portion of which was passed onto the passengers in the form of increase in fuel surcharge during the quarter. The full impact of this surcharge increase will come through in the current quarter. Overall increases in the yields have helped the airline to post an operating profit of Rs.6.7 billion or US$126.2 million versus an operating profit of Rs.1.5 billion or US$29.9 million. Our continued focus on ancillary revenue initiatives has started showing results. They have gone up by 20% year‐on‐year. In the current scenario, Jet Airways has managed to remain competitive through series of planned steps such as sale and lease back, sale, reducing capacity to keep yields higher, discontinuation of loss making routes on international and domestic operations and redeployment of the Boeing 737 aircraft to other profitable routes. Some of this domestic capacity has been reintroduced starting winter 2012. And we will start increasing capacity starting April 2013 when new airplanes get inducted. The stringent cost control measures in terms of contract renegotiations, expected pilot pays out, not replacing for attrition et cetera is showing good traction despite a 20% INR depreciation our cost per ASKM ex‐fuel has gone up by only 6%. The ongoing initiatives will augment well for the airlines performance in the quarters to come. Now, to explain in detail let me begin with the domestic operations. The share of our domestic revenues to total revenues is 41% for the quarter. The total domestic revenues are Rs.17 billion or US$322 million, up by 36.5% year‐on‐year. Domestic operations in Jet Airways achieved a load factor of 65.6% for the quarter, which JetLite achieved a load factor of 69%. Revenue per RPKM that is yields was up by 34.3% versus the same quarter last year. And by 1.1% versus quarter one this year. Despite Q2 being a seasonally weakest of the four quarters. Historically Q2 yields have always been lower than Q1 yields but this year our Q2 yields were better than Q1 yields. Gross revenue per passenger went up by 29.6% year‐on‐year. The average fuel rate in Q2 for domestic operations went up by around 17% over Q2 last year. The domestic capacity of Jet Airways as measured by ASKMs for Q2 this year went down by 0.4% as compared to the same period a year ago. The domestic EBITDAR margins were 9.3% in Q2 this year as against a negative 8.1% in Q2 last year. Our domestic operations as a whole showed a pre‐tax loss of Rs.1.5 billion or US$29.1 million versus a pre‐tax loss of Rs.4.8 billion or US$97 million for the same period last year. Moving to international. We continue to achieve high levels of seat factors on the international operations. The share of international total revenues to total revenues is 59% for the quarter. The total international revenues are at Rs.24.9 billion or US$471.1 million. Revenue per RPKM i.e. yields went up by 28.6% year‐on‐year and gross revenue per passenger went up by 23.7% year‐on‐year.
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