AAI reports Rs 34 billion profit, rebounds with surging revenues
AVIATION & AIRPORTS

AAI reports Rs 34 billion profit, rebounds with surging revenues

The Airports Authority of India (AAI) has bounced back into profitability, reporting a profit of Rs 34 billion in the fiscal year 2022-23 ending in March, propelled by a surge in domestic air traffic. This marks the first profit for AAI since the COVID-19 pandemic severely impacted air travel and the aviation industry as a whole. In the previous two financial years, AAI had reported losses. In the fiscal year ending March 2022, the loss amounted to Rs 8.03 billion, while it stood at Rs 31.76 billion in the fiscal year ending March 2021. These figures exclude exceptional items and taxes.

According to an insider source, AAI's provisional figure for the 2022-23 financial year is a profit of Rs 34 billion, with the final audited results yet to be determined. The source attributes this positive performance to the substantial growth in domestic air traffic. In 2022, domestic air passenger traffic surged by 47.05%, reaching 12.32 crore compared to 8.38 crore in the previous year. Official data reveals that passenger numbers further soared by 51.70% in the first three months of this year, totaling 3.75 crore compared to 2.47 crore in the same period last year.

In the 2021-22 fiscal year, AAI recorded a modest profit of Rs 87.6 million, including exceptional items and taxes. In the fiscal year ending March 2022, the government waived the compulsory dividend payment requirement. AAI had sought this waiver as a result of the waiver granted to Air India before its sale to the Tata Group in January 2022. AAI manages a total of 137 airports, including 24 international and 80 domestic airports. It also provides Air Traffic Management Services (ATMS) across the entire Indian airspace and adjacent oceanic areas.

The Airports Authority of India (AAI) has bounced back into profitability, reporting a profit of Rs 34 billion in the fiscal year 2022-23 ending in March, propelled by a surge in domestic air traffic. This marks the first profit for AAI since the COVID-19 pandemic severely impacted air travel and the aviation industry as a whole. In the previous two financial years, AAI had reported losses. In the fiscal year ending March 2022, the loss amounted to Rs 8.03 billion, while it stood at Rs 31.76 billion in the fiscal year ending March 2021. These figures exclude exceptional items and taxes. According to an insider source, AAI's provisional figure for the 2022-23 financial year is a profit of Rs 34 billion, with the final audited results yet to be determined. The source attributes this positive performance to the substantial growth in domestic air traffic. In 2022, domestic air passenger traffic surged by 47.05%, reaching 12.32 crore compared to 8.38 crore in the previous year. Official data reveals that passenger numbers further soared by 51.70% in the first three months of this year, totaling 3.75 crore compared to 2.47 crore in the same period last year. In the 2021-22 fiscal year, AAI recorded a modest profit of Rs 87.6 million, including exceptional items and taxes. In the fiscal year ending March 2022, the government waived the compulsory dividend payment requirement. AAI had sought this waiver as a result of the waiver granted to Air India before its sale to the Tata Group in January 2022. AAI manages a total of 137 airports, including 24 international and 80 domestic airports. It also provides Air Traffic Management Services (ATMS) across the entire Indian airspace and adjacent oceanic areas.

Next Story
Products

Viva ACP Launches FR A1-Rated Honeycomb Panels for Fire Safety

Viva, Asia’s largest manufacturer and supplier of aluminium composite panels (ACP) introduced its FR A1-rated Honeycomb Panels, setting a new industry benchmark for fire safety and architectural excellence. Engineered to deliver exceptional performance, these panels combine advanced fire-resistance technology with aesthetic versatility, offering a revolutionary solution for safety-critical environments.The FR A1 rating represents the highest standard of fire resistance under the European Standard EN 13501-1, signifying non-combustibility and zero contribution to fire, smoke, or toxic emissio..

Next Story
Real Estate

Almal Real Estate Expands into Commercial, Global Markets

Almal Real Estate Development is soon to announce its upcoming expansion into new verticals and international markets as part of its strategic growth plans for 2030. The company, known for its innovative luxury residential and hospitality developments, is preparing to diversify into the commercial sector with the introduction of The Smart Space, a network of business centers in UAE featuring five-star amenities. Additionally, Almal is entering new markets in Bali and Thailand as a community developer, focusing on villa and townhouse projects.The expansion into the commercial real estate sector..

Next Story
Infrastructure Urban

NABARD Approves Rs 9.03 Billion for 127 Projects in Himachal

The Himachal Pradesh government has secured approval from the National Bank for Agriculture and Rural Development (NABARD) for 127 projects worth Rs 9.03 billion for the 2024-25 fiscal, Chief Minister Sukhvinder Singh Sukhu announced. During a meeting with MLAs from Kangra, Kullu, Kinnaur, Solan, Chamba, Bilaspur, and Lahaul-Spiti districts to discuss priorities for the 2025-26 budget, Sukhu said the approved projects include 50 MLA-priority schemes under the Public Works Department, valued at Rs 4.12 billion, and 23 MLA-priority schemes under the Jal Shakti Vibhag, costing Rs 1.79 billio..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?