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Green shoots? Jet Airways had the best OTP among big airlines in November, says OAG

While this may be too early to say if the turnaround attempts by the Jet Airways management are bearing fruit, the airline will be emboldened

December 17, 2018 / 04:18 PM IST
Jet Airways

Jet Airways

 
 
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In some good news for Jet Airways, the airline has achieved the best on time performance in November among airlines that operate more than 10,000 flights a month.

The Naresh Goyal-airline reported an OTP of 80.8 percent, as per figures released by OAG, an air travel intelligence company based in the UK.

Jet Airways was followed by IndiGo (77.1 percent), SpiceJet (69.9 percent) and Air India (60.2 percent).

This is an improvement for the airline, which has been fighting a severe liquidity crunch. In October, Jet Airways was ranked second to IndiGo. While Jet had an OTP of 84.8 percent, IndiGo's OTP had come in at 86.2 percent.

OAG publishes data for more than 900 airlines and over 4,000 airports.

Overall, GoAir had the best OTP - of 83 percent - among airlines in India, in November. Air India Express was second with an OTP of 81.2 percent.

Both GoAir and Air India Express operate less than 10,000 flights a month.

Relief

While this may be too early to say if the turnaround attempts by the Jet Airways management are bearing fruit, the airline will be emboldened.

On Monday, reports had emerged that Nikos Kardassis, an industry veteran who had come on board earlier this year as an advisor, had put in his papers.

Kardassis, who was Jet Airways' CEO from 2009-2013, is known in the industry as the 'turnaround man'. News of his possible exit sent Jet Airways shares down 4 percent on BSE.

This was the Greek national's third stint at the airline.

Jet Airways is under pressure and is in talks with several investors, including Etihad Airways, to raise funds. Salary payments to pilots have been delayed, and the airline has rationalised its flight network and grounded some of its aircraft.

Since reporting back-to-back  losses for three consecutive quarters, the airline has taken up a turnaround plan that aims to save Rs 2,000 crore in costs over the next two years.

Jet Airways is inducting eleven 225 B737-Max fuel efficient aircraft this fiscal year.

Prince Mathews Thomas
Prince Mathews Thomas heads the corporate bureau of Moneycontrol. He has been covering the business world for 16 years, having worked in The Hindu Business Line, Forbes India, Dow Jones Newswires, The Economic Times, Business Standard and The Week. A Chevening scholar, Prince has also authored The Consolidators, a book on second generation entrepreneurs.
first published: Dec 17, 2018 04:18 pm

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