improved sequentially despite Pax services being impacted by 2 nd Covid wave. However, SJET's adjusted losses widened YoY/QoQ to Rs8.7bn largely, on account of lower scale of operations and input cost inflation. SJET continues to focus on managing cash flows through 1) renegotiating rentals/ maintenance costs 2) deferring payments to vendors 3) capital raise via QIP & hiving off cargo arm and 4) Rs1.3bn raised via ECLGS scheme. SJET is looking to hive off its cargo arm for a consideration of Rs25.5bn on slump sale basis which shall enable greater focus on cargo business and raise...