NEW DELHI: Air India Express has recorded its highest ever annual profit of Rs 413 crore in fiscal 2019-20. Founded in 2005 and currently in the process of being privatised with parent AI, the low cost airline has been reporting net profits in last five years, with 2018-19 profit being Rs 169 crore.
AI Express CEO K Shyam Sundar said, “Efficient utilisation of assets in terms of aircraft, manpower and materials and enhanced operational efficiency in key areas have significantly contributed to the record profits.”
While Q4 (January-March) was severely impacted by Covid, the airline’s operating revenues grew 25% from Rs 4,172 crore in FY19 to Rs 5,219 crore in FY20. “The credit for this significant financial achievement goes to each and every employee of Air India Express (and) … the support of our esteemed customers,” Shyam Sundar added.
The number of passengers flown by Air India Express increased 11% from 43.6 lakh in FY 19 to 48.4 lakh in FY 20.
“About 46.6 lakh of them traveled on international sectors, taking the airline’s share of traffic to and from India from 6.5% in FY19 to 7.1% in FY 20. The year also witnessed 6% increase in capacity offered and 5% growth in passenger load factor,” the airline said in a statement.