Jet Airways (India) Ltd, the country’s largest full-service airline, and SpiceJet Ltd, the second largest discount airline, are likely to report record losses for the fiscal year ended 31 March as higher fuel costs and the rupee’s depreciation took their toll, according to Capa Centre for Aviation.

State-owned Air India Ltd likely narrowed its loss and others may have earned profits, the consulting firm said in reply to a questionnaire by Mint ahead of earnings announcements expected in the coming days by Jet Airways andSpiceJet, India’s only two listed airlines.

Naresh Goyal-promoted Jet Airways, in which Etihad Airways PJSC of the United Arab Emirates bought a 24% stake last year for Rs.2,000 crore, is estimated by Capa to have posted a group loss of between Rs.2,100 crore and Rs.2,200 crore in the fiscal year gone by. The loss in the fourth quarter alone is pegged at Rs.500-600 crore.

“This loss (for the year) will be closer to the entire loss from FY07-FY13 combined and will almost wipe out the entire equity received from Etihad,” Capa said in reply to an emailed questionnaire.

The debt-laden airline industry has been piling up losses as it reels under high costs, especially of fuel that makes up half its operating expenses, and rising airport fees in the face of slower economic growth.

Kingfisher Airlines Ltd was grounded in October 2012 under the weight of heavy debt and accumulated losses, compounded by protests by unpaid employees.

Last year’s depreciation of the rupee by 11% against the US dollar, a currency in which most airline costs are denominated, added to the pain.

Kalanithi Maran-promoted SpiceJet’s loss in the last fiscal year is pegged at around Rs.1,000 crore by Capa, which estimated the loss in the fourth quarter alone at Rs.275-300 crore.

Air India is expected to report a loss of Rs.4,200-4,300 crore, “significantly lower” than the Rs.5,100 crore loss in 2012-13. The loss is nearly half the record loss of Rs.7,559 crore the airline posted in 2011-12.  Integration of Air India’s domestic and international network, greater focus on customer service and on-time arrivals and departures, the deployment of new aircraft like the Boeing 787 for international flights, and moderation of capacity on both domestic and overseas routes has benefited the airline, Capa said, adding that a real turnaround was still some distance away.

Wadia Group-promoted GoAir is also expected to make a “modest” profit. GoAir, too, is privately held.