The no-frills carrier had reported a loss of Rs 134.8 crore in the first quarter, Rs 273 crore loss in the second and Rs 22 crore loss in the third quarter.

When asked how the losses in the three quarters do not add up to Rs 498.9 crore, the company spokesperson said: "There was deferred tax credit of Rs 69 crore in the first quarter, which was adjusted subsequently. The total loss is Rs 498.9 crore".

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As for the latest quarter, JetLite recorded revenues of Rs 474.1 crore, up 10.3 per cent from the corresponding quarter of the previous financial year.

The carrier had reported total sales of Rs 429.9 crore in the corresponding quarter. It had a passenger load factor of 67.8 per cent for the third quarter, down from 71.6 per cent in the year-ago period.

However, JetLite could bring down its loss in October-December to a fourth of the Rs 86 crore loss in Q3 of the last financial year.