Wednesday, October 20, 2021

Vistara’s losses down by 11% at ₹1,612 crore in FY21

Mumbai: Tata Sia Airlines Limited, which runs the airline Vistara, has reported a net loss of ₹1,612 crore in 2020-21. This is an 11 per cent decrease, compared with the previous financial year. The airline reported a revenue of ₹2,731 crore, a 44 per cent fall since the last financial year.

According to data accessed by business intelligence platform Tofler and reviewed by BusinessLine, the airline’s networth rose to ₹1,566 crore, compared with ₹842 crore the previous year.

The full-service carrier’s expenses for the fiscal were reported as ₹4,342 crore.

The company, like all other airlines, has faced severe headwinds due to the Covid-19 pandemic.

Vistara informed its stakeholders that “the business has been severely impacted during the year on account of Covid-19. The company witnessed softer revenues due to the lockdown imposed during the first six months of the financial year 2020-2021, and domestic and international flights for significant routes of the company were suspended.”

Tata Group plans to bring all three airlines under one wing.

It further said that during the second half of FY2020-21, with the unlocking of restrictions, the company resumed its domestic operations, which gradually improved across networks, and there were signs of demand recovery, especially for leisure travel.

“Whilst there has been a second wave of the Covid-19 pandemic in the last month of the financial year 2020-2021, there has also been increased vaccination drive by the Government and the company continues to closely monitor the situation,” it said.

To tide over the pandemic, Vistara raised funds from its parent company and external credit borrowings (ECB) during the past one and a half years.

20/10/21 Business Line

To Read the News in full at Source, Click the Headline


Post a Comment