Where are the earnings?
Jet Airways - all debt
Kingfisher - piled up losses
Air India - ? Any other airline......? The story may not be very different.
Physical growth does not always mean maximization of shareholder wealth. The capital that goes into a business has to translate into cash profits at a decent rate on a long-term basis. If not, the business is destined to destroy wealth.
When you are in a business that is fundamentally uneconomical, it is not a good idea to continue to be in it.
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