A Study On Domestic Airline Companies In India Marketing Essay

Air services in the modern universe are an index of growing and commercial development of a state. Barely anyone in the universe can oppugn the importance of air services. It is the most modern and technologically the most advanced signifier of transit. Its velocity and comfort has kept it in the first rank among the assorted manners of transit. It is no hyperbole to state that air power has opened new districts for trade and commercialism. The development of air conveyance in India dates back to 1911 when a Frenchman, Monseigneur Piquet, Flew the first commercial aircraft, and carried mail from Allahabad to Naini. This flight stimulated involvement among the Indians who wanted to develop air conveyance on a commercial footing. However, it was merely in December 1920 that the Government of India showed involvement in forming the industry by making the station of the Chief Inspector of Aircraft.

Aviation Industry in India is one of the fastest turning air power industries in the universe. With the liberalisation of the Indian air power sector, air power industry in India has undergone a rapid transmutation. From being chiefly a government-owned industry, the Indian air power industry is now dominated by in private owned full service air hoses and low cost bearers. Private air hoses account for around 75 per cent portion of the domestic air power market. Earlier air travel was a privilege merely a few could afford, but today air travel has become much cheaper and can be afforded by a big figure of people. This deals public presentation rating and categorization of Selected Domestic Airline Companies in India.

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*Asst. Professor, Department of Management, T John Institute of Management and Science, Bangalore. Mobile: 9902015854, Electronic mail: drchitradevi85 @ gmail.com

Introduction

The Government of India allows 100 per cent FDI via the automatic path for the green field airdromes. Besides, foreign investing up to 74 per cent is allowable through direct blessings while particular permissions are required for 100 per cent investing. About 49 per cent FDI is allowed for investing in domestic air hoses via the automatic path. However, this option is non available for foreign air hose corporations. Complete equity ownership is granted to NRIs ( Non-Resident Indians ) . Foreign direct investing upto 74 per cent is allowed for non-scheduled and lading air hoses. Therefore, all these policies promote foreign investing in this industry. The Indian air power industry is forecasted to turn phenomenally in the coming old ages. The Vision 2020 announced by the Civil Aviation Ministry conceives of edifice substructure to back up 280 million clients. Investings to the extent of US $ 110 billion are envisaged by 2020. The aerospace giant Boeing undertakings that the Indian air power industry will necessitate about 1,000 commercial jets in the coming 20 old ages. Related countries like fixs, care, and preparation besides provide good investing potency. By and big, it is a really promising sector and a powerful investing country.

STATEMENT OF THE PROBLEM

India is one of the fastest turning air power markets in the universe. With the liberalisation of the Indian air power sector, the industry had witnessed a transmutation with the entry of the in private owned full service air hoses and low cost bearers. As of May 2006 and March 2009, private bearers accounted for around 75 per cent and 82 per cent portion of the domestic air power market. Airlines today face issues from multiple quarters. While on one manus the economic system faces the brunt of recession, on the other manus, most air hoses in India find themselves in the ruddy. What was one time hailed as one of the fastest turning sectors in the economic system, now is fighting to maintain itself afloat. While it is still premature to declare that the industry is seeing a downtrend, many domestic participants are seeing a interruption in future.

The companies are systematically describing losingss. To do the air power industry survive, the Reserve Bank of India has instructed Bankss to reconstitute debt of the air power sector. Most of the Airline Companies are unable to raise money from the market due to load of heavy debt. Bankers have decided non to impart money to air hose companies till they repay their earlier loans. Despite perkiness in air traffic and cost control by the Airline suppliers, the profitableness of most of the Airline Companies are under enormous force per unit area due to surging debt and immense involvement load.

Hence, the research worker wanted to cognize the replies for the undermentioned research inquiries:

Whether the selected Domestic Airline Companies are turning or non?

OBJECTIVES OF THE STUDY

To analyze the overall public presentation of Selected Domestic Airline Companies in India

To offer findings, suggestions and decision of the survey

REVIEW OF LITERATURE

Altman ( 1968 ) in his survey entitled “ Fiscal ratios discriminate analysis and the anticipation of corporate Bankruptcy ” analysed 22 fiscal ratios to happen out the prejudiced variables.

The Z mark analysis selected five important variables as differentiators, viz. the ratio between working capital and entire assets, retained net incomes and entire assets, EBIT and entire assets, market value of equity and book value of entire debt and gross revenues to entire assets. The cut off value of bankruptcy was determined as 2.675.

Srivastav and Cyadav ( 1986 ) developed a discriminate map of 18 Indian companies and declared the important differentiators of profitableness of the companies as EBIT to number touchable assets, current assets to current liabilities and net gross revenues to entire operating disbursals. Among the different discriminatory variables, the EBIT to number touchable assets entirely contributed more. The cut off value for overall profitableness was declared as 1.425

Vijayakumar ( 1996 ) in his survey on “ Assessment of corporate liquidness – a discriminate analysis attack ” , claimed that the industries with lower current and liquid ratios are in the nutrient hazard group and the industries with higher current and liquidness ratio are in the hapless hazard group where the standard current and liquidness ratios are 2:1 and 1:1 severally. Harmonizing to his survey the private sector Sugar industries have maintained a better liquidness place than the co-operative sector during the survey period.

METHODOLOGY AND TOOLS

Sampling Design

As the complete beginning list of all the Airline companies is non available, the information for this survey was selected based on Random trying method. Non-schedule air hose companies were 30 ( 30 ) and schedule air hose companies were 36 ( 36 ) , out of these lone six companies with consistent fiscal informations were selected. Certain companies are excluded owing to irregular and/or inconsistent fiscal informations support. Among the companies listed with both stock exchanges of India, viz. , Bombay Stock Exchange and National Stock Exchange. The undermentioned companies were selected on the footing of Airline Passenger Services.

Airline Passenger Services

S.No.

Name of Airlines

Economic Activities

1

Air India Ltd.

Airlines rider services

2

Gujarat Airways Ltd

Airlines rider services

3

Jet Airways ( India ) Ltd.

Airlines rider services

4

Kingfisher Airlines Ltd

Airlines rider services

5

SpiceJet Ltd.

Airlines rider services

6

Jagson Airlines Ltd.

Airlines rider services

Beginning: CMIE PROWESS

Time period of Study

The survey covers a period of 10 old ages from 1999-2000 to 2008-2009.

Discriminant Analysis

Discriminate analysis is a statistical technique that is used to sort the dependant variable between two or more classs. Discriminate analysis besides has a arrested development technique, which is used for foretelling the value of two classs. When the class of dependent variable is more than two, it will merely be an extension of the simple discriminate analysis called the multiple discriminate analyses. The F trial ( Wilks ‘ Lamda ) is used to prove whether or non the discriminate theoretical account is important as a whole. If the F trial shows the overall significance of the theoretical account, so the single variables are accessed to see which variable will travel the significance from the group mean. This chapter deals with the designation of variable to build a theoretical account for public presentation rating and categorization of Domestic Airline Companies in India.

DEVELOPMENT OF THE MODEL

This portion of research trades with the designation of a set of variables to be used for building a theoretical account to indentify “ Efficiently executing companies ” and “ Less Efficiently executing companies ” among the six domestic air hose companies in India studied. Ratios are used as variables, to place the “ Efficient ” and “ Less efficient ” executing companies, in the procedure of placing the discriminant variables.

Detailss of Ratios Used as Variables

The undermentioned fiscal ratios have been used as variables or inputs for the analysis of public presentation. Working Capital, Current Ratio, Quick Ratio, Inventory Turnover Ratio, Fixed Assets Turnover Ratio, Fixed Assets Net Worth Ratio, Return on Net Worth Ratio, Share Holders ‘ Equity to Total Assets Ratio, Net Net income Ratio, Return on Assets Ratio, Return on Equity Ratio, Return on Equity Capital Ratio, Return on Capital Employed Ratio, Debt equity Ratio, Debt to Total Capital Ratio, Interest Earning Ratio, Power and Fuel Expenses, Communication Expenses, Travel Expenses, Miscellaneous Expenses, Repair and Maintenance. Selling Expenses and Rent and Lease Rent Expenses.

Fiscal ratios separately do non lend much to place the public presentation of domestic air hose companies as a whole. Hence, ratio analysis, a fiscal tool, and discriminate analysis, a statistical tool, were combined for the building of a theoretical account to analyses, the public presentation of the domestic air hose companies in India.

The ratio were calculated from the fiscal statements, that is, the balance sheet and net income and loss histories of the domestic air hose companies in India chosen for 10 old ages from 1999-2000 to 2008-2009. Based on these, ratios have been calculated for all the Domestic Airline Companies during the survey period from 1999-2000 to 2008-2009 and for every twelvemonth individually. Table 1 shows the norm of the ratios of the Domestic Airline Companies during the survey period from 1999-2000 to 2008-2009.

Table 1

Average OF RATIOS OF THE DOMESTIC AIRLINE COMPANIES IN INDIA DURING THE STUDY PERIOD FROM 1999-2000 TO 2008-2009

Ratio

AIR INDIA LTD

GUJARAT AVIATION LTD

JAGSON AIRLINE LTD

JET AIRWAYS LTD

KINGFISHER AIRLINES LTD

SPICE JET LTD

WCR

479.51

-2.88

0.82

815.49

-257.39

0.45

Chromium

0.91

0.39

0.73

1.63

1.23

0.98

QR

0.69

0.30

0.40

1.31

0.98

0.96

ITR

15.75

6.17

8.89

12.97

17.11

34.91

FATR

1.64

5.65

8.98

10.99

6.15

1.03

FANWR

16.67

-13.21

16.92

2.18

6.15

2.16

RONR

-4.27

0.08

-0.06

1.42

-1.68

-0.29

Seta

2.65

15.54

0.78

1.42

9.55

1.01

Ro

7.86

13.43

-17.76

0.77

-10.25

-204.22

ROA

3.58

19.23

-6.72

0.81

-7.89

-14.73

Roe

126.01

-36.93

-0.18

1.55

-31.66

-1.03

REC

-4.38

7.54

-13.54

15.31

-185.58

-30.47

ROCE

1.72

1.09

31.19

3.41

4.46

20.35

DER

22.41

-0.47

1.53

8.76

7.84

2.04

DTCR

1.35

1.42

0.20

0.64

0.57

0.46

IER

-26.86

0.14

-1.08

7.63

-42.36

-38.48

OR

27.85

0.31

14.26

27.81

13.57

155.38

Cerium

1.63

0.28

16.68

1.38

6.70

281.78

Tellurium

3.71

0.19

41.48

1.79

1.50

20.81

Maine

1.18

0.16

8.98

5.74

0.05

372.78

RMR

0.04

0.16

16.16

51.57

9.21

3.39

MKT E

0.10

2.27

0.16

0.81

373.53

3.85

R & A ; LRE

0.12

0.98

38.06

10.45

3.36

20.35

Beginning: Computed from the Annual Report of the Company

Procedure of Identification of Efficiently Performing Companies and less Efficiently Performing Companies of Domestic Airline Companies in India

The procedure of designation has been done through a simple trial. The norms for the 20 three ratios of each company have been arranged in the falling order to place the companies.

All the six companies have been segregated into groups, the first three and following three. The first three are given a weight of 2 and the staying three ratios are given a weight of 1. Thereby each company gets weights of either 1 or 2 for each ratio depending upon their place. Then the weights are added. Table 2 shows the categorization of the chosen Domestic Airline Companies in India harmonizing to the weights of ratios.

Table 2

CLASSIFICATION OF COMPANIES ACCORDING TO THE

WEIGHTS OF RATIOS

Sl. No.

Weight

Number of Companies

1

31

1

2

32

1

3

33

1

4

34

1

5

35

1

6

39

1

A

Entire

6

To place the expeditiously executing companies and less expeditiously executing companies, the median has been used. The domestic air hose companies during the survey period from 1999-2000 to 2008-09 transporting less than average value are considered less expeditiously executing companies and the domestic air hose companies transporting a average value and above are considered expeditiously executing companies. The undermentioned expression is used to happen the average value

Median = point

Table 3

Calculation OF MEDIAN VALUE

SL.NO.

WEIGHTS Ten

( SCORES )

NO. OF

Observation

CUMULATIVE

FREQUENCY ( CF )

1

31

1

1

2

32

1

2

3

33

1

3

4

34

1

4

5

35

1

5

6

39

1

6

Therefore, average = point

Internet Explorer 3.5th point.

The value of the 3.5th point is 33. Hence, it is decided to handle the Domestic Airline Companies during the survey period from 1999-2000 to 2008-09 transporting tonss of less than the average value, viz. , 33 as less expeditiously executing companies and the domestic air hose companies transporting tonss of 33 and supra every bit expeditiously executing companies.

The categorization of Domestic Airline Companies during the survey period 1999-2000 to 2008-09 as expeditiously executing companies and less expeditiously executing companies is given in table 4.

Table 4

CLASSIFICATION OF DOMESTIC AIRLINE COMPANIES IN INDIA DURING THE STUDY PERIOD FROM 1999-2000 TO 2008-2009 ACCORDING TO PERFORMANCE

Sl.

No.

Efficiently Performing Companies

Sl.

No.

Less Efficiently Performing Companies

1

AIR INDIA LTD.

1

GUJARAT AIRWAYS LTD.

2

JET AIRWAYS LTD.

2

JAGSON AIRLINES LTD.

3

KINGFISHER AIRLINES LTD.

3

SPICEJET LTD.

Procedure of designation of the set of best know aparting variables [ step- wise inclusion and remotion of variables method ]

With the designation of less expeditiously executing companies and expeditiously executing companies, the procedure of designation of the set of the best differentiators begins. At the first phase, the group mean for every variable is found. To prove the single discriminating ability of variables, the ‘F ‘ trial is used. This trial relates the difference between the mean value of the ratios in each group to the variableness and spread of values of the ratios within each group. The inside informations are given in table 5.

Table 5

STEP-WISE INCLUSION AND REMOVAL OF VARIABLES

Sl.No.

Variable

( Ratio )

Mean

F value

Poor Performer

Good performing artist

1.00

WC

-86.4833

431.8167

4.249*

2.00

Chromium

0.7833

1.1733

1.357

3.00

QR

0.56

0.9867

2.36

4.00

ITR

10.7233

21.21

1.884

5.00

FATR

6.9267

4.5533

0.491

6.00

FANWR

3.2867

7.0033

0.137

7.00

RONR

-0.5533

-1.0467

0.077

8.00

Seta

8.6233

1.6933

2.58

9.00

Ro

-4.8592

-65.1967

0.739

10.00

ROA

1.54

-3.4467

0.224

11.00

Roe

-22.9233

42.1767

2.243

12.00

REC

-63.86

-6.5133

0.84

13.00

ROCE

12.2467

8.4933

0.112

14.00

DER

2.9667

11.07

1.557

15.00

DTCR

0.73

0.8167

0.037

16.00

IER

-14.4333

-19.2367

0.06

17.00

OR

9.38

70.3467

2.033

18.00

Cerium

7.8867

94.93

0.866

19.00

Tellurium

14.39

8.77

0.143

20.00

Maine

3.0633

126.5667

1.006

21.00

RMR

8.51

18.3333

0.323

22.00

MKT E

125.32

1.5867

0.994

23.00

R & A ; LRE

14.1333

10.3067

0.082

*Denotes the highest ‘F ‘ value

Table 5 reveals that the WC is important or less than one per cent degree. However, this important degree is computed utilizing the univariant analysis. Since this survey is concerned with taking into history all variables at the same clip, a multi-variate analysis and a step-wise inclusion and remotion method are performed. This is expressed in table 6.

Table 6

STEP-WISE INCLUSION AND REMOVAL OF VARIABLES

[ STEP 0 ]

Sl. No.

Variable in Set N

F value

1.00

WC

4.249*

2.00

Chromium

1.357

3.00

QR

2.36

4.00

ITR

1.884

5.00

FATR

0.491

6.00

FANWR

0.137

7.00

RONR

0.077

8.00

Seta

2.58

9.00

Ro

0.739

10.00

ROA

0.224

11.00

Roe

2.243

12.00

REC

0.84

13.00

ROCE

0.112

14.00

DER

1.557

15.00

DTCR

0.037

16.00

IER

0.06

17.00

OR

2.033

18.00

Cerium

0.866

19.00

Tellurium

0.143

20.00

Maine

1.006

21.00

RMR

0.323

22.00

MKT E

0.994

23.00

R & A ; LRE

0.082

*Denotes the highest ‘F ‘ value

The variables which fulfill all conditions of the ‘F ‘ trial have been included in the analysis, instead called Set S and variables which are non in the analysis are included in Set N.

In this measure, out of 20 three variables, merely one variable shows F values greater than 3.84. The WC has the highest ‘F ‘ value that is 4.249. Hence, it is treated as the “ Best differentiator ” in this measure and included in Set S. Table 7 shows the new ‘F ‘ values for the variables in Set S after measure 0.

Table 7

F VALUE OF THE VARIABLES IN SET S AFTER STEP 0

Sl.No.

Variable In Set S

F value

1

WC

4.249

In measure one, the removing of the 22 variables expect the WCR is used. Their ‘F ‘ values are given in Table 8

Table 8

STEP-WISE INCLUSION AND REMOVAL OF VARIABLES

[ STEP 1 ]

Sl.No.

Variable in set N

F value

1.00

Chromium

0.153

2.00

QR

0.784

3.00

ITR

42.328*

4.00

FATR

5.376

5.00

FANWR

0.049

6.00

RONR

0.291

7.00

Seta

0.928

8.00

Ro

9.004

9.00

ROA

1.524

10.00

Roe

0.538

11.00

REC

0.015

12.00

ROCE

0.04

13.00

DER

0.224

14.00

DTCR

0.026

15.00

IER

5.494

16.00

Praseodymium

15.406

17.00

Cerium

9.77

18.00

Tellurium

0.001

19.00

Maine

9.877

20.00

RMR

0.534

21.00

MKTE

0.033

22.00

RLRE

0.003

*Denotes the highest ‘F ‘ value

Table 8 explains that there are seven variables with ‘F ‘ values greater than 3.84. Out of the seven variables the ITR has the higher ‘F ‘ value of 42.328. Hence, the ITR has been included in Set S.

Now, Set S contains the WC and the ITR. The ‘F ‘ values are calculated for the two variables. Table 9 shows the new ‘F ‘ values for the variables in Set S after measure 1.

Table 9

F VALUE OF THE VARIABLES IN SET S AFTER STEP 1

Sl.No.

Variable In Set S

F value

1

WC

4.249

2

ITR

42.328

Table 9 exhibits the ‘F ‘ values are greater than 2.17. In the first measure, for the staying 21 variables, new ‘F ‘ values are found for each variable in Set N and it is shown in Table 10

Table 10

STEP-WISE INCLUSION AND REMOVAL OF VARIABLES

[ STEP 2 ]

Sl.No.

Variable in set N

F value

1

Chromium

2.54

2

QR

2.317

3

FATR

3.376

4

FANWR

0.021

5

RONR

3.228

6

Seta

0.14

7

Ro

0.11

8

ROA

1.1

9

Roe

3.919

10

REC

0.248

11

ROCE

0.223

12

DER

1.121

13

DTCR

3.939*

14

IER

0.497

15

Praseodymium

0.001

16

Cerium

0.007

17

Tellurium

0.094

18

Maine

0.003

19

RMR

0.534

20

MKTE

0.267

21

RLRE

0.475

*Denotes the highest ‘F ‘ value

Table 10 reveals that there are two variables with ‘F ‘ values greater than 3.84. Out of the two variables the DTCR has the higher ‘F ‘ value of 3.939. Hence, the DTCR has been included in Set S.

Now, Set S contains the WC, ITR and DTCR. The ‘F ‘ values are calculated for the three variables. Table 11 shows the new ‘F ‘ value for the variables in Set S after Step 2.

Table 11

F VALUE OF THE VARIABLES IN SET S AFTER STEP 2

Sl.No.

Variable In Set S

F value

1

WC

4.249

2

ITR

42.328

3

DTCR

3.939

In the measure two, the removing of the 20 variables except WC, ITR and DTCR is used. Their ‘F ‘ values are given in table 12

Table 12

STEP-WISE INCLUSION AND REMOVAL OF VARIABLES

[ STEP 3 ]

Sl.No.

Variable in set N

F value

1

Chromium

0.586

2

QR

1.33

3

FATR

5.376

4

FANWR

2.653

5

RONR

1.083

6

Seta

0.14

7

Ro

0.002

8

ROA

0.484

9

Roe

5.68*

10

REC

0.134

11

ROCE

1.351

12

DER

0.365

13

IER

0.05

14

Praseodymium

0.014

15

Cerium

0.001

16

Tellurium

2.122

17

Maine

0

18

RMR

0.534

19

MKTE

0.24

20

RLRE

0.826

*Denotes the highest ‘F ‘ value

Table 12 shows that there are two variables with ‘F ‘ values greater than 3.84. Out of the two variables ROE has the higher ‘F ‘ value of 5.68. Hence, the ROE has been included in Set S.

Now, Set S contains the WC, ITR, DTCR and ROE. The ‘F ‘ values are calculated for the four variables in Set S after Step 3.

Table 13

F VALUE OF THE VARIABLES IN SET S AFTER STEP 3

Sl. No.

Variable In Set S

F value

1

WC

4.249

2

ITR

42.328

3

DTCR

3.939

4

Roe

5.68

Since, ‘F ‘ values are greater than 2.71 none is removed from table 6.11 in the 3rd measure.

In the 4th measure, for the staying 19 variables, new ‘F ‘ values are found for each variable in Set N and it is shown in table 14.

Table 14

STEP-WISE INCLUSION AND REMOVAL OF VARIABLES

[ STEP 4 ]

Sl.No.

Variable in set N

F value

1

Chromium

0.007

2

QR

0.005

3

FATR

.00

4

FANWR

0.003

5

RONR

0.005

6

Seta

0.03

7

Ro

0.011

8

ROA

0.007

9

REC

0.01

10

ROCE

0.005

11

DER

0.008

12

IER

0.01

13

Praseodymium

0.011

14

Cerium

0.011

15

Tellurium

0.003

16

Maine

0.011

17

RMR

.00

18

MKTE

0.009

19

RLRE

0.006

Table 14 indicates that none of the variables have ‘F ‘ value greater than 3.84. Hence, these are non included in Set S.

Since the ‘F ‘ values for all the staying 19 variables are less than 3.84, no variables is selected for inclusion in Set S. Hence, this procedure of choice is stopped and the concluding sets of know aparting variables are found to be the WC, ITR, DTCR and ROE.

THE CANONICAL DISCRIMINANT FUNCTION

Table 15 explains the discriminate co-efficient of variable,

Table 15

DISCRIMINANT CO-EFFICIENT OF VARIABLE

Function

Discriminant

Co-efficient ( Eigen value )

Wilk ‘s Lambda

Sig.

Canonic Correlation

1

617.104

0.002

0.012

0.999

Table 15 observed a discriminate analysis conducted to find whether two predictors-efficiently executing companies and less expeditiously executing companies could foretell the behavior of the Domestic Airline Companies in India. The overall Wilk ‘s Lambda was important ( 0.002 ) . Hence the group means are different and there is relationship between the discriminant mark and groups.

Structure Matrix

Table 16 presents the group correlativity of construction matrix,

Table 16

Variables ARE HIGHLY INFLUNCED WITHIN GROUP CORRELATION

Variables

Within Group Correlation

MKTE

0.916

QR

0.75

Chromium

0.748

DER

0.567

Ro

0.35

RMR

0.225

Seta

0.181

FANWR

0.146

FATR

0.13

WCR

0.041

Roe

0.03

ITR

0.028

DTCR

0.004

Table 16 shows the construction matrix that finds the utility of each variable in the discriminant map. The variables transporting values below positive 0.3 are RMR, SETA, FANWR, FATR, WC, ROE, ITR and DTCR. These variables are extremely influential in the discriminant map.

Categorization OF RESULTS

The categorization consequences of the discriminant map are shown in table 17.

Table 17

Categorization OF RESULTS

Group

Predicted Group Membership

Entire

Good Performer

Poor Performer

Original*

Count

Good Performer

3

0

3

Poor Performer

0

3

3

%

Good Performer

100.0

.0

100.0

Poor Performer

.0

100.0

100.0

Cross-validated*

Count

Good Performer

3

0

3

Poor Performer

0

3

3

% Good Performer

100.0

.0

100.0

Poor Performer

.0

100.0

100.0* 100 % of original sorted instances right classified.

Table 17 indicates how good the categorization maps in the sample. The right classified instances appear on the diagonal of the categorization table 6.15 ; hence of the 3 companies in the expeditiously executing group, 3 ( 100 % ) were predicted right and of the 3 companies in the less efficient executing group, 3 ( 100 % ) were predicted right. Overall 100 per cent of the instances were right classified.

Decision

On the footing of above analysis it is concluded that the six Domestic Airline Companies were classified into 2 groups. The Air India Ltd, Jet Airways Ltd. and Kingfisher Airlines Ltd. these are the three Efficiently Performing Companies under group 1, whereas SpiceJet Ltd. Jagson Airline Ltd. and Gujarat Airways Ltd. are less Efficiently Performing companies under group 2.

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