Air India Express, which has been posting profits for the past four consecutive years since 2015-16, expects to achieve a record profit of over ₹500 crore during the current financial year, its Chief Executive Officer K.Shyam Sundar said here on Thursday.
The low cost carrier, a subsidiary of Air India, also expects to cross ₹5,000 crore in operating revenue, for the first time since inception, during the current fiscal.
“The airline’s revenue in the first six months of 2019-20 stood at ₹3,124.34 crore and this is a phenomenal growth of 40% over the same period over the previous financial year. The half-yearly net profit of the current fiscal was ₹679.8 crore against the ₹177.3 crore registered during the same period the previous year,” Mr.Shyam Sundar said wihle announcing the launch of flights to Doha, Abu Dhabi and New Delhi from Tiruchi.
The airline’s revenue in the third quarter was also excellent and the operating revenue increased to ₹4,235 crore by the end of December 2019. During 2018-19, the airline’s revenue was ₹4,171.5 crore and the net profit, ₹168.5 crore.
Air India Express, he said, was catering to a niche market and was always looking to expand operations from Tier II or III cities such as Tiruchi and connect them with foreign destinations abroad. “We are here to seize every market opportunity subject to availability of capacity. We are identifying potential routes,” he said.
Answering a query, he said that any fleet augmentation plans could be finalised only after the disinvestment process was over. The airline currently operates with a fleet of 25 Boeing 737-800 aircrafts with a seating capacity of 186 -189.
Stating that Tiruchi was the top destination for the airline in Tamil Nadu, Mr.S hyam Sundar announced the launch of direct flights from the city to Doha and Adu Dhabi and to New Delhi in its summer schedule, effective March 28.