Airports Authority of India (AAI) is back in the black, raking in a profit of Rs 3,400 crore in the fiscal ended March as surging domestic air traffic boosted its financial performance, according to a source.
AAI has reported a profit for the first time after the coronavirus pandemic that had significantly impacted air traffic and the aviation sector as a whole.
In the financial years -- 2021-22 and 2020-21 -- AAI had reported a loss.
While the loss was Rs 803.72 crore in the fiscal ended March 2022, the same stood at Rs 3,176.12 crore in the financial year ended March 2021.
These figures excluded exceptional and extraordinary items and tax.
The source in the know told PTI that AAI has recorded a profit of Rs 3,400 crore for the 2022-23 financial year.
Also Read
This is a provisional figure and the final figure will be known after the audit of the financial results.
The source also said the good performance was mainly due to the high growth in domestic air traffic.
In 2022, domestic air passenger traffic surged 47.05 per cent to 12.32 crore compared to 8.38 crore in the year-ago period.
Further, the passenger numbers soared 51.70 per cent to 3.75 crore in the first three months of this year as against 2.47 crore in the same period a year ago, as per official data.
In 2021-22, AAI had a meagre profit of Rs 8.76 crore, including exceptional items and tax.
Meanwhile, in the fiscal ended March 2022, the government had waived compulsory dividend payment requirement. AAI had requested the waiver in lieu of waiving Air India's that was done prior to the sale of the loss-making carrier by the government to the Tata Group in January 2022.
AAI manages 137 airports, including 24 international and 80 domestic airports. It also provides Air Traffic Management Services (ATMS) over entire Indian airspace and adjoining oceanic areas.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
