You are here: Home » Companies » News
Gautam Adani's $2.5 bn share sale faces crucial day after rout in stocks
icon-arrow-left
Adani group hits back at Hindenburg, insists made full disclosure
Business Standard

Air India likely to post consolidated profit in current fiscal: Report

Air India had been ailing for a long time, before the Tata Group took it over on January 27 last year

Topics
Air India | Tata group | Aviation

BS Web Team  |  New Delhi 



Photo: Bloomberg
Photo: Bloomberg

is expected to post a consolidated profit this year (FY23), making a turnaround from a standalone loss of Rs 7,000 crore in FY22, a report by The Economic Times said. Along with Air India, its subsidiary Express is also likely to post a consolidated profit.

According to the report, higher demand in international routes and better management of cost may result in profits for the company, which is also expected to post the first positive earnings before interest, tax, depreciation and amortisation (EBITDA) in FY23.

"Revenue performance for the airline has improved significantly. While before privatisation was earning Rs 70 crore per day, it earns Rs 100 per day now even with a lower capacity," a person aware of the matter told ET.

This would also mean that the will be able to make the airline, which was ailing for a long time, profitable in just one year since its takeover on January 27, 2022. Last week, Air India's CEO Campbell Wilson said that the company's progress has been "nothing short of stunning" in the past year.

Campbell also said that while working on improvements, the airline has not shied away from other ambitious actions such as merging with Air Asia, Vistara with Air India, or kicking off the establishment of a new InfoTech Centre, or an academy.

"And that's not to mention our much talked-about short- and-medium term fleet expansion," he said in a communication to the employees.

"Taken together, the progress over the last 12 months has been nothing short of stunning, even if so much of what we have been working on has been behind the scenes, building platforms and capabilities so that our future ambitions can take flight," he added.

"There is of course much more that needs to be done, and everyone internally and externally - is hungry for us to do it," Campbell said.


Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Mon, January 30 2023. 08:21 IST

RECOMMENDED FOR YOU

.