Indian_Airline_Industry__Spicejet,_Comparison_with_Southwest

Key Conclusions: Spicejet Ltd. Financial Performance |Year Ended |March 07 |March 08 |March 09 | | |Actuals |Actuals |Actuals | |No. Of Month |10 |12 |12 | |Total operating income (TOI) | 6,438.0 | 12,949.9 | 16,894.5 | |EBIDTA (before lease rental) | (255.9) | (41.2) | (831.8) | |EBIDTA (after lease rental) (Adj.EBIDTA) | (1,623.0) | (2,567.2) | (4,421.1) | |EBIDTA /TOI (%) |-3.98% |-0.32% |-4.92% | |Adj.EBIDTA/TOI (%) |-25.21% |-19.82% |-26.17% | |Interest | 27.1 | 90.1 | 118.5 | |Depreciation | 58.5 | 78.2 | 72.5 | |Operating Profit (OP) | (1,708.6) | (2,735.5) | (4,612.1) | |Non-operating Income | 1,044.8 | 1,435.9 | 1,240.9 | |PBT | (663.8) | (1,299.6) | (3,371.2) | |PAT | (673.8) | (1,323.9) | (3,404.4) | |PAT/TOI (%) |-10.47% |-10.22% |-20.15% | |Net Cash Accruals (NCA) | (615.3) | (1,245.7) | (3,331.9) | |Net fixed assets | 483.8 | 650.7 | 675.7 | |Tangible Networth (TNW) | 1,845.8 | 279.8 | (4,294.5) | |Exposure in subsidiaries /Group Cos. |  |  |  | |· Investments |0.0 |0.0 |0.0 | |· Loans and advances |0.0 |0.0 |0.0 | |Adjusted TNW (ATNW) | 1,845.8 | 279.8 | (4,294.5) | |Long term debt (LTD) (A) | 3,863.4 | 3,535.5 | 4,505.4 | |Short term debt (STD) (B) | 344.0 | 705.1 | 300.0 | |Working Capital Bank Finance ('C) | - | 1,046.6 | 32.7 | |Guarantee (D) | - | - | - | |Total Debt (A+B+C+D) | 4,207.4 | 5,287.1 | 4,838.1 | |Total Debt /ATNW | 2.28 | 18.90 | (1.13) | |LTD/ ATNW | 2.09 | 12.64 | (1.05) | |Total Current Assets | 4,018.2 | 6,799.8 | 4,964.5 | |Total Current Liabilities | 2,470.1 | 5,093.5 | 5,461.2 | |Net working capital | 1,548.1 | 1,706.2 | (496.7) | |Current ratio |1.63 |1.33 |0.91 | |ROCE (%) |-27.78% |-58.52% |-879.55% | |Interest cover | 0.56 | 0.52 | 0.10 | |Total debt/ EBIDTA |-16.44 |-128.23 |-5.82 | |Total debt/ NCA |-6.84 |-4.24 |-1.45 | |DSCR |-21.67 |-12.82 |-27.12 | Quarterly Analysis: Financials: (in Rs. million) |Quarter ending |Q1 FY2009 |Q2 FY2009 |Q3 FY2009 |Q4 FY2009 |Q1 FY2010 |Q2 FY2010 | |TOI |4,572 |3,432 |4,724 |4,167 |5,247 |4,492 | |EBIDTA |(1,223) |(2,148) |(448) |(145) |211 |(1,118) | |EBIDTA % |  |  |  |  |4.01% |  | |Operating Profit |(1,274) |(2,200) |(537) |(144) |174 |(1,152) | |PAT |(1,292) |(1,976) |(180) |(78) |263 |(1,013) | |PAT/TOI | | | | |5.02% | | |NCA |(1,271) |(1,957) |(162) |(63) |283 |(1,008) | Revenue analysis: The operating statistics for the traffic carried by Spicejet are as below: |Quarter ending |Q1 FY2009 |Q2 FY2009 |Q3 FY2009 |Q4 FY2009 |Q1 FY2010 |Q2 FY2010# | |Passengers carried (million) |1.2 |0.7 |1 |1.2 |1.4 |1.3 | |Revenue/RPKM (Rs.) |3.4 |4.1 |4.0 |2.9 |3.2 |2.9 | |Revenue/ASKM (Rs.) |2.4 |2.3 |2.6 |2.2 |2.4 |2.1 | |RPKM(billion) @ |1.4 |0.8 |1.2 |1.4 |1.6 |1.6 | |ASKM(billion) * |1.9 |1.5 |1.8 |1.9 |2.2 |2.2 | |Load Factor |70% |55% |66% |73% |75% |73% | |Departures (No.) |10,177 |7,535 |8,898 |10,164 |10,974 |10,976 | |Average length of flight (Km) |1,002 |1,048 |1,056 |1,004 |1,021 |1,011 | @RPKM: Revenue Passenger Kilometers *ASKM: Available Seat Kilometers # Data of 2 months extrapolated to 3 months • The TOI in the first 3 Quarters of FY2009 has moved in line with load factors. • In Q4 FY2009, there was a drop in prices, which enabled the company to increase its market share from 9.6% in Q3 FY2009 to 12.2% in Q4 FY2009. • In Q1 FY2010, there was an increase in passenger volumes across the industry. TOI increased by 14.7% from Rs. 4,571.9 million in Q1 FY2009 to Rs. 5,246.9 million in Q1 FY2010. Cost Analysis |Quarter ending |Q1 FY2009 |Q2 FY2009 |Q3 FY2009 |Q4 FY2009 |Q1 FY2010 |Q2 FY2010 | |Fuel cost/TOI |67.85% |73.79% |48.10% |39.49% |34.84% |46.72% | |Employee cost/TOI |8.92% |11.11% |8.41% |9.26% |8.15% |9.30% | |Lease rentals/TOI |18.06% |23.46% |19.91% |24.43% |19.08% |21.87% | |Maintenance cost/TOI |9.57% |13.44% |5.80% |14.83% |9.63% |13.81% | |Airport Charges/TOI |6.59% |6.92% |9.55% |7.24% |6.68% |8.08% | |Other operating cost/TOI |21.72% |33.85% |17.66% |8.19% |17.60% |25.12% | |Quarter ending |Q1 FY2009 |Q2 FY2009 |Q3 FY2009 |Q4 FY2009 |Q1 FY2010 |Q2 FY2010 | |ATF prices (Rs./Litre) |58 |67 |45 |30 |33 |38 | • The primary factor impacting profitability is Airline Turbine Fuel (ATF) prices. The ATF prices increased in H1 FY2009, reaching a peak of Rs. 71,132/KL in August 2008. Subsequently, there was a steep fall in prices in H2 FY2009. The prices have been increasing in H1 FY2010 but are 30% lower than the average price levels in FY2009. Indian Airline Industry: The operating statistics for the domestic traffic carried by the airlines for FY2009 are as below: (niche players – Paramount and MDLR which account for ~2% of the market are not considered for analysis). |Company |Passengers Carried |Revenue Passenger KMS |Available Seat KMS |Load Factor (%) |Market Share (%) | | |(Million) |(million) |(million) | | | |Kingfisher |10.0 |9,584 |14,900 |64.3 |26.3 | |Jet Airways |7.9 |6,884 |10,297 |66.9 |20.8 | |Jet Lite7.7 |3.2 |3,694 |5,488 |67.3 |8.4 | |NACIL |6.3 |6,272 |11,962 |52.4 |16.6 | |IndiGo |4.9 |5,044 |7,244 |69.5 |12.9 | |Spicejet |4.1 |4,761 |7,208 |66.1 |10.7 | |Go Air |1.1 |1,039 |1,510 |68.8 |2.9 | The operating statistics for the traffic carried by the airlines for the period April-August 2009 are as below: |Company |Passengers Carried |Revenue Passenger KMS |Available Seat KMS |Load Factor (%) |Market Share (%) | | |(Million) |(million) |(million) | | | |Kingfisher |7.1 |5876 |8590 |68.4 |26.3 | |Jet Airways |4.2 |4,176 |6,235 |66.9 |16.2 | |Jet Lite7.7 |2.1 |2380 |3337 |71.3 |7.9 | |NACIL |4.4 |4,481 |4,282 |54.4 |16.3 | |IndiGo |3.8 |4,217 |5,432 |77.6 |14.3 | |Spicejet |3.4 |4,086 |5,589 |73.1 |13.0 | |Go Air |1.2 |1,146 |1,519 |75.5 |4.2 | • Improvement in load factors across the industry in first 5 months of FY2010 as compared to FY2009. • The load factors have improved due to higher passenger volumes carried by the airlines. • In FY2010, the low cost carriers (LCC) have higher load factors than the Full Cost Carriers (FCC) and have captured market share from the FCC’s. However, in FY2009 the load factors were almost equivalent for the 2 categories. This suggests that some of the passengers have shifted to the LCC’s. Competitor Analysis The competitor analysis is done with Kingfisher Airlines and Jet Airways. |Name |Type |Operating since |No. Of Aircraft |Domestic Market | | | | | |Share # | |Jet Airways |FSC |1994 |87 |20.8% | |Kingfisher |FSC |2005 |75 |26.3% | |Airlines | | | | | | |LCC |2003 | | | |Spicejet |LCC |2005 |19 |10.7% | # As on August 2009 Financial Analysis |  |Jet Airways |Kingfisher |Spicejet | |Year Ended |March 2009 |March 2009 |March 2009 | | |Actuals |Actuals |Actuals | |No. of Month |12 |12 |12 | |Total operating income (TOI) |114,769.8 |52,691.7 |16,894.5 | |EBIDTA* |4,060.7 |1,352.8 |(831.8) | |EBIDTA /TOI (%) |3.54% |2.57% |-4.92% | |Adj.EBIDTA# |(3,067.6) |(10,498.5) | | | | | |(4,421.1) | |Adj.EBIDTA/TOI (%) |-2.67% |-19.92% |-26.17% | |Operating Profit (OP) |(16,346.9) |(19,176.7) |(4,612.1) | |Non-operating Income |3,099.0 |3,083.0 |1,240.9 | |PAT |(4,023.4) |(16,088.3) |(3,404.4) | |PAT/TOI (%) |-3.51% |-30.53% |-20.15% | |Net Cash Accruals (NCA) |(3,848.6) |(19,961.1) |(3,331.9) | |Net Fixed Assets (exc. WIP) | 162,619.4 |16,309.5 | 675.7 | |Tangible Networth (TNW) |13,621.3 |4,512.4 |(4,294.5) | |Long term debt (LTD) (A) |132,425.9 |26,247.7 |4,505.4 | |Short term debt (STD) (B) |12,481.9 |31,199.7 |300.0 | |Working Capital Bank Finance ('C) |15,577.5 |3,479.0 |32.7 | |Total Debt |160,485.3 |60,926.4 |4,838.1 | |Total Debt /TNW |11.8 |13.5 |(1.1) | |Current Assets |43,507.0 |19,888.4 |4,964.5 | |Current Liabilities |47,085.2 |66,157.9 |5,461.2 | |Net working capital |(3,578.2) |(46,269.5) |(496.7) | |Current ratio |0.9 |0.3 |0.9 | |Total debt/ EBIDTA |52.3 |19.9 |1.6 | |Total debt/ NCA |(41.7) |(3.1) |(1.5) | * Excluding lease rental cost # Including lease rental cost Operating characteristics The operating parameters for FY2009 are: |Name |Passengers Carried |Revenue per person |Revenue Passenger KMS |Available Seat KMS |Load Factor (%) | | |(million) |(INR) |(million) |(million) | | |Kingfisher |10.0 |4834.1 |9,584 |14,900 |64.3 | |(Domestic) | | | | | | |Kingfisher |0.9 | |550 |932 |59.0 | |(International) | | | | | | |Jet Airways |7.9 |11476.9 |6,884 |10,297 |66.9 | |(Domestic) | | | | | | |Jet Airways |3.1 | |14,562 |21,355 |68.2 | |(International) | | | | | | |Jet Lite7.7 |3.2 | |3,694 |5,488 |67.3 | |(Domestic) | | | | | | |Jet Lite7.7 |1.9 | |145.4 |199.1 |73.0 | |(International) | | | | | | |Spicejet |4.1 |4120.4 |4,761 |7,208 |66.1 | Cost Analysis |  |Jet Airways |Kingfisher |Spicejet | |ATF/RPKM |2.29 |4.41 |1.99 | |ATF/ASKM |3.92 |0.82 |1.31 | |Lease rentals/ASKM |0.57 |0.37 |0.50 | |  |Jet Airways |Kingfisher |Spicejet | |Employee Cost/TOI |7.26% |26.77% |9.17% | |ATF consumption/TOI |42.79% |49.39% |55.95% | |Lease Rentals/YOI |6.21% |22.49% |21.25% | Southwest Airline • Commenced service on June 18, 1971. • Largest carrier in U.S. in terms of number of originating passengers boarded and number of scheduled departures. • Fleet of 537 Boeing 737 aircraft and service in 64 cities across 32 states as on 31 December 2008. • Historically, Southwest served short haul routes with high frequencies. In recent years, it has included medium to long haul routes as well as transcontinental service. • Cost Advantage o Operates on point-to-point model instead of hub and spoke model. The hub and spoke model concentrates most of the airline’s operations on a limited number of hub cities and services other destinations by providing non-stop or connecting service through the hub. Point-to-point service allows for more direct routing thus minimizing connections, delays and total trip time. This enables the airline to provide frequent, conveniently timed flights and low fares. o Serves many conveniently located secondary or downtown airports that are typically less congested than other airlines hub airports. This leads to higher asset utilization because aircraft can be scheduled to minimize the amount of time that they are on the ground. This reduces the no. of aircraft and gate facilities that would otherwise be required. o Uses single aircraft type, which helps simplify scheduling, maintenance, flight operations and training activities. o Route structure optimization o Fuel hedging: saving of $1.3 billion in FY2008. Financials: (In million USD) |Year ended |Dec-06 |Dec-07 |Dec-08 | |TOI |9086 |9861 |11023 | |EBIDTA/TOI (%) |15.95% |13.65% |9.51% | |Operating profit |941 |1926 |1726 | |PAT/TOI (%) |5.49% |6.54% |1.61% | |NCA |1014 |1200 |777 | Revenue Analysis |Year ended |Dec-06 |Dec-07 |Dec-08 | |Passengers carried (million) |84 |89 |89 | |Revenue/RPKM (cent) |8 |9 |9 | |Revenue/Passenger (USD) |108 |111 |124 | |RPKM (billion) |108 |116 |118 | |ASKM (billion) |148 |159 |165 | |Load Factor |73% |73% |71% | • The TOI has increased by 12% in FY2008 as compared to FY2007 on account of 12% increase in revenue per passenger despite a fall in load factor. Cost Analysis |Year ended |Dec-06 |Dec-07 |Dec-08 | |Fuel cost/TOI |25% |27% |34% | |Employee cost/TOI |34% |33% |30% | |Lease rentals/TOI |2% |2% |1% | |Maintenance cost/TOI |5% |6% |7% | |Airport Charges/TOI |5% |6% |6% | |Other operating cost/TOI |13% |13% |13% | • EBIDTA margins have dropped from 13.65% in FY 2007 to 9.51% in FY2008 mainly on account of increase in fuel cost. • The operating costs excluding fuel cost have reduced from 59% of TOI in FY2007 to 57% of TOI in FY2008 mainly on account of reduction in employee cost. Quarterly Analysis Financials (In million USD) |Quarter ending |Jun-08 |Sep-08 |Dec-08 |Mar-09 |Jun-09 |Sep-09 | |TOI |2869 |2891 |2734 |2357 |2616 |2666 | |EBIDTA/TOI (%) |12.30% |8.23% |8.19% |4.24% |10.44% |6.90% | |Operating profit |182 |64 |48 |-84 |84 |-17 | |PAT |321 |-120 |-56 |-91 |54 |-16 | |PAT/TOI (%) |11.19% |  |  |  |2.06% |  | |NCA |469 |32 |98 |59 |204 |146 | • Non- operating income is on account of fuel hedging done by the company. Revenue Analysis |Quarter ending |Jun-08 |Sep-08 |Dec-08 |Mar-09 |Jun-09 |Sep-09 | |Passengers carried (Million) |23.9 |22.2 |20.8 |19.8 |22.7 |22.4 | |Revenue/RPKM (cent) |9 |10 |10 |9 |8 |8 | |Revenue/Passenger (USD) |120 |130 |131 |119 |115 |119 | |RPKM (billion) |32 |30 |28 |27 |31 |32 | |ASKM (billion) |41 |42 |41 |39 |41 |40 | |Load Factor (%) |78% |72% |68% |70% |77% |80% | • Load factor has improved from 72% in Quarter ending Sep-08 to 80% in Quarter ending Sep-09 on account of reduction in ASKM on account of schedule optimization and reduction in revenue per passenger on account of lower ticket prices. Cost Analysis |Quarter ending |Jun-08 |Sep-08 |Dec-08 |Mar-09 |Jun-09 |Sep-09 | |Fuel cost/TOI |32.9% |36.4% |33.6% |29.6% |27.8% |31.0% | |Employee cost/TOI |29.2% |29.6% |30.9% |35.5% |33.0% |34.1% | |Lease rentals/TOI |1.3% |1.3% |1.4% |1.9% |1.8% |1.8% | |Maintenance cost/TOI |6.7% |6.6% |7.2% |7.8% |7.3% |6.9% | |Airport Charges/TOI |5.5% |5.8% |6.0% |7.0% |6.8% |7.2% | |Other operating cost/TOI |12.0% |12.1% |12.6% |13.9% |12.9% |12.2% | |Fuel price per gallon (USD) |2.4 |2.7 |2.5 |1.8 |2.0 |2.3 | • The operating costs excluding fuel cost as a ratio of TOI have increased from 55.4% in Quarter ending Sep-08 to 62.1% in Quarter ending Sep-09 on account of reduction in revenue while employee cost, lease rentals and airport charges being fixed costs have remained constant. Comparison of Southwest and Spicejet Financial Comparison Southwest (In Rs. million) |Quarter ending |Jun-08 |Sep-08 |Dec-08 |Mar-09 |Jun-09 |Sep-09 | |TOI |134,843 |135,877 |128,498 |110,779 |122,952 |125,302 | |EBIDTA |16,591 |11,186 |10,528 |4,700 |12,831 |8,648 | |EBIDTA/TOI (%) |12.30% |8.23% |8.19% |4.24% |10.44% |6.90% | |Operating profit |8,554 |3,008 |2,256 |(3,948) |3,948 |(799) | |PAT |15,087 |(5,640) |(2,632) |(4,277) |2,538 |(752) | |PAT/TOI (%) |11.19% |  |  |  |2.06% |  | |NCA |22,043 |1,504 |4,606 |2,773 |9,588 |6,862 | Spicejet (in Rs. million) |Quarter ending |Jun-08 |Sep-08 |Dec-08 |Mar-09 |Jun-09 |Sep-09 | |TOI |4,572 |3,432 |4,724 |4,167 |5,247 |4,492 | |EBIDTA |(1,223) |(2,148) |(448) |(145) |211 |(1,118) | |EBIDTA % |  |  |  |  |4.01% |  | |Operating Profit |(1,274) |(2,200) |(537) |(144) |174 |(1,152) | |PAT |(1,292) |(1,976) |(180) |(78) |263 |(1,013) | |PAT/TOI | | | | |5.02% | | |NCA |(1,271) |(1,957) |(162) |(63) |283 |(1,008) | Revenue/Operating parameters comparison Southwest |Quarter ending |Jun-08 |Sep-08 |Dec-08 |Mar-09 |Jun-09 |Sep-09 | |Passengers carried (Million) |23.9 |22.2 |20.8 |19.8 |22.7 |22.4 | |Revenue/RPKM (Rs.) |4.3 |4.5 |4.7 |4.1 |3.9 |4.0 | |Revenue/ASKM (Rs.) |3.3 |3.2 |3.2 |2.9 |3.0 |3.1 | |RPKM(billion) |32 |30 |28 |27 |31 |32 | |ASKM(billion) |41 |42 |41 |39 |41 |40 | |Load Factor |78% |72% |68% |70% |77% |80% | |Departures (No.) |303,432 |300,537 |292,392 |279,135 |289,573 |283,663 | |Average length of flight (Km) |1,322 |1,357 |1,330 |1,368 |1,389 |1,410 | Spicejet |Quarter ending |Jun-08 |Sep-08 |Dec-08 |Mar-09 |Jun-09 |Sep-09 | |Passengers carried (million) |1.2 |0.7 |1 |1.2 |1.4 |1.3 | |Revenue/RPKM (Rs.) |3.4 |4.1 |4.0 |2.9 |3.2 |2.9 | |Revenue/ASKM (Rs.) |2.4 |2.3 |2.6 |2.2 |2.4 |2.1 | |RPKM(billion) |1.4 |0.8 |1.2 |1.4 |1.6 |1.6 | |ASKM(billion) |1.9 |1.5 |1.8 |1.9 |2.2 |2.2 | |Load Factor |70% |55% |66% |73% |75% |73% | |Departures (No.) |10,177 |7,535 |8,898 |10,164 |10,974 |10,976 | |Average length of flight (Km) |1,002 |1,048 |1,056 |1,004 |1,021 |1,011 | • Revenue per RPKM for Quarter ending Sep-09 is 28% lower for Spicejet as against that for Southwest. • Revenue per ASKM for Quarter ending Sep-09 is 35% lower for Spicejet as against that for Southwest. • Southwest has higher load factor than Spicejet. Cost Comparison Southwest |Quarter ending |Jun-08 |Sep-08 |Dec-08 |Mar-09 |Jun-09 |Sep-09 | |Fuel cost/TOI |32.9% |36.4% |33.6% |29.6% |27.8% |31.0% | |Employee cost/TOI |29.2% |29.6% |30.9% |35.5% |33.0% |34.1% | |Lease rentals/TOI |1.3% |1.3% |1.4% |1.9% |1.8% |1.8% | |Maintenance cost/TOI |6.7% |6.6% |7.2% |7.8% |7.3% |6.9% | |Airport Charges/TOI |5.5% |5.8% |6.0% |7.0% |6.8% |7.2% | |Other operating cost/TOI |12.0% |12.1% |12.6% |13.9% |12.9% |12.2% | Spicejet |Quarter ending |Jun-08 |Sep-08 |Dec-08 |Mar-09 |Jun-09 |Sep-09 | |Fuel cost/TOI |67.85% |73.79% |48.10% |39.49% |34.84% |46.72% | |Employee cost/TOI |8.92% |11.11% |8.41% |9.26% |8.15% |9.30% | |Lease rentals/TOI |18.06% |23.46% |19.91% |24.43% |19.08% |21.87% | |Maintenance cost/TOI |9.57% |13.44% |5.80% |14.83% |9.63% |13.81% | |Airport Charges/TOI |6.59% |6.92% |9.55% |7.24% |6.68% |8.08% | |Other operating cost/TOI |21.72% |33.85% |17.66% |8.19% |17.60% |25.12% | • The fuel costs as a ratio of TOI are ~45% higher for Spicejet on account of higher domestic fuel prices. |Quarter ending |Jun-08 |Sep-08 |Dec-08 |Mar-09 |Jun-09 |Sep-09 | |ATF prices (domestic) (Rs./Litre) |58 |67 |45 |30 |33 |38 | |ATF prices (international) (Rs/Litre) |40 |46 |31 |21 |22 |26 | |% Difference |35% |46% |45% |43% |50% |46% | Southwest (in Rs.)@ |Quarter ending |Jun-08 |Sep-08 |Dec-08 |Mar-09 |Jun-09 |Sep-09 | |Fuel cost/ASKM |1.09 |1.17 |1.06 |0.85 |0.83 |0.98 | |Employee cost/ASKM |0.96 |0.96 |0.98 |1.02 |0.99 |1.08 | |Lease rentals/ASKM |0.04 |0.04 |0.05 |0.05 |0.05 |0.06 | |Airport Charges/ASKM |0.22 |0.21 |0.23 |0.22 |0.22 |0.22 | |Maintenance cost/ASKM |0.18 |0.19 |0.19 |0.20 |0.21 |0.23 | |Other operating cost/ASKM |0.40 |0.39 |0.40 |0.40 |0.39 |0.38 | |Fuel consumption/ASKM (ml.) |3.63 |3.48 |3.44 |3.90 |3.46 |3.49 | @ Exchange ratio of 1:47 taken fro USD:INR Spicejet (in Rs.) |Quarter ending |Jun-08 |Sep-08 |Dec-08 |Mar-09 |Jun-09 |Sep-09 | |Fuel cost/ASKM |1.60 |1.69 |1.27 |0.85 |0.84 |0.97 | |Employee cost/ASKM |0.21 |0.25 |0.22 |0.20 |0.20 |0.19 | |Lease rentals/ASKM |0.43 |0.54 |0.53 |0.53 |0.46 |0.46 | |Airport Charges/ASKM |0.16 |0.16 |0.25 |0.16 |0.16 |0.17 | |Maintenance cost/ASKM |0.23 |0.31 |0.15 |0.32 |0.23 |0.29 | |Other operating cost/ASKM |0.51 |0.77 |0.47 |0.18 |0.43 |0.52 | |Fuel consumption/ASKM (ml.) |2.76 |2.52 |2.83 |2.83 |2.56 |2.56 | | Quarter ending Sep-09 |Southwest |Spicejet | |Revenue/ASKM (Rs.) |3.1 |2.1 | |Operating cost/ASKM (Rs.) |2.9 |2.6 | |EBIDTA/ASKM (Rs.) |0.2 |(0.5) | |ASKM (billion) |40 |2.2 | |EBIDTA (Rs.) |8000 |-1100 |