Akasa Air's Loss Widens To Rs 1,670.06 Crore In Fiscal 2023-24

Akasa Air saw its loss widen to Rs 1,670.06 crore in the financial year ended March 2024 even as the airline's total income jumped to Rs 3,144.38 crore during the same period. The airline, which has been flying for over two years, had a loss after tax of Rs 744.53 crore in 2022-23, according to data accessed by business intelligence platform Tofler.

At the end of March 2024, the carrier had a fleet of 24 planes and operated more than 110 flights daily.

"On a standalone basis, the company achieved a total income of Rs 31,443.83 million for FY 2024 against previous year's total income of Rs 7,778.48 million."

"The company reported a net loss of Rs 16,700.66 million for FY 2024 against a net loss of Rs 7,444.27 million for the previous year," SNV Aviation Pvt Ltd. said in a filing to the corporate affairs ministry. SNV Aviation is the parent of Akasa Air.

During 2023-24, the carrier's total expenditure climbed to Rs 4,814.44 crore as against Rs 1,522.27 crore in the same period a year ago.

"As at 31 March 2024, the company has accumulated losses aggregated to Rs 24,444.66 million which has resulted in negative net worth of Rs 20,097.71 million and current liabilities of the company exceed its current assets by Rs 2,107.67 million," as per the filing.

Akasa Air commenced operations on Aug. 7, 2022 and started international services on March 28, 2024.