Friday, November 30, 2018

AirAsia India revenue grows 91% last fiscal

Revenues of budget carrier AirAsia India grew 91% in FY18 to Rs 1,817 crore, according to the company’s filings with the Registrar of Companies in the Ministry of Corporate Affairs. The airline’s losses during the fiscal narrowed to Rs 125 crore from Rs 140 crore in FY17. Its negative EBITDA also narrowed to Rs 115 crore in FY18 from Rs 132 crore in FY17. Accumulated losses went up to Rs 506 crore from Rs 485 crore in FY17, while the paid-up equity remained the same at Rs 426 crore.
AirAsia India is a joint venture of the Tata Group and Malaysian entrepreneur Tony Fernandes, and is headquartered in Bengaluru. The airline with a market share of 4.5% in March 2018 added capacity during FY18 to scale up operations by adding more planes to reach the goal of 20 aircraft by the end of calendar year 2018 so as to be able to fly to overseas destinations. The company recently announced Sunil Bhaskaran as its new CEO after nearly five months of leadership vacuum.
30/11/18 Financial Express

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