Mumbai: Air India made one crore profit a day under Y C Deveshwar's chairpersonship in fiscal 1993 making it the sixth most profitable airline in the world that year.
Deveshwar, who is stepping down as executive chairperson of ITC from next February, held the post of Air India chairperson during 1991-94. He was appointed by then civil aviation minister Madhavrao Scindia and succeeded Subhash Gupte who held officiating charge at that time.
Deveshwar's tenure in Air India was marked by improved profits and good management practices. He framed policies on succession planning and tried to bring focus on increasing corporate sales, say retired airline executives.
While Air India had been a profitable airline during the 1980s, its net profit doubled to Rs 333 crore in 1992-93 over the previous year. The following year also the airline clock a profit of Rs 201 crore, according to a parliamentary standing committee report on transport & tourism of 1999. “ He announced Air India was making one crore profit a day during the airline's golden jubilee celebrations,” recalls Jitender Bhargava, airline's former executive director.
The Rs 333 crore profit achieved in 1992-93 remains the highest ever achieved by the airline. In dollar terms Air India's profit ( $ 100 million) was the sixth best amongst all global airlines that year, according to the airline's annual report of 1992-93.
The profit was achieved despite two adverse factors. Inbound tourist arrivals fell 10 per cent between December 1992-March 1993 following the demolition of Babri Masjid. Also two month long flight engineer association strike had impacted flights.
23/06/16 Aneesh Phadnis/Business Standard
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Deveshwar, who is stepping down as executive chairperson of ITC from next February, held the post of Air India chairperson during 1991-94. He was appointed by then civil aviation minister Madhavrao Scindia and succeeded Subhash Gupte who held officiating charge at that time.
Deveshwar's tenure in Air India was marked by improved profits and good management practices. He framed policies on succession planning and tried to bring focus on increasing corporate sales, say retired airline executives.
While Air India had been a profitable airline during the 1980s, its net profit doubled to Rs 333 crore in 1992-93 over the previous year. The following year also the airline clock a profit of Rs 201 crore, according to a parliamentary standing committee report on transport & tourism of 1999. “ He announced Air India was making one crore profit a day during the airline's golden jubilee celebrations,” recalls Jitender Bhargava, airline's former executive director.
The Rs 333 crore profit achieved in 1992-93 remains the highest ever achieved by the airline. In dollar terms Air India's profit ( $ 100 million) was the sixth best amongst all global airlines that year, according to the airline's annual report of 1992-93.
The profit was achieved despite two adverse factors. Inbound tourist arrivals fell 10 per cent between December 1992-March 1993 following the demolition of Babri Masjid. Also two month long flight engineer association strike had impacted flights.
23/06/16 Aneesh Phadnis/Business Standard
