Monday, October 22, 2018

Vistara pares losses as sales rise 54% in FY18

Mumbai: Premium carrier Vistara’s annual net loss shrunk to Rs 431 crore in FY18 from Rs 518 crore a year ago on improved performance but the airline is some distance from profitability, and macroeconomic pressures building for India’s aviation industry do not sound promising.
The airline, a joint venture between Tata Sons and Singapore Airlines, posted a 54% rise in revenues to Rs 2,137 crore during the year, according to numbers from Tata Sons’ annual accounts filed with the Registrar of Companies under the Ministry of Corporate Affairs.
The numbers show a marked improvement in performance. In FY17, Vistara’s net loss widened to Rs 518 crore from Rs 400 crore in FY16. Its revenue doubled to Rs 1,390 crore.
During FY18, the airline added 6 planes to make it a fleet of 19 A320s. Currently, Vistara operates 22 aircraft. Its total number of flights grew to 104 from 76 as of March 2018. Now, it operates 112 flights. It flew 4.4 million passengers during the year.
22/10/18 Anirban Chowdhury, Sagar Malviya/Economic Times