Akasa Air, which started operations in August 2022, has posted revenue from operations of ₹698 crore as of March 31, 2023, whereas its expenses stood at ₹1,522 crore. The company’s average daily revenue is ₹1.91 crore. The low-cost carrier reported a net loss of ₹744 crore for the financial year.
According to government filings reviewed by businessline, Akasa’s total income stood at ₹777.8 crore. Its in-flight and passenger cost stood at ₹5 crore. As of March 31, 2023, the airline carried over 1 million revenue passengers. Its current lease liabilities for the fiscal is ₹334 crore and non current were ₹4,542 crore. The airline had then said that it had placed a firm order for 72 Boeing 737 MAX airplanes, powered by CFM fuel-efficient LEAP-1B engines. For the eight months of operations, the airline had a fuel expense of ₹433 crore.
airport charges
Its airport charges for the fiscal stood at ₹79 crore. “The company received delivery of its first aircraft on June 15, 2022, and started its commercial operations on August 7, 2022. As on March 31, 2023, the company has received delivery of 19 aircraft, and is operating 100+ daily flights connecting 14 domestic destinations,” it said in the filing.
The company had 2,339 permanent employees as on March 31, 2023. Its total employee expenses stood at ₹232 crore. The low-cost-carrier said it had established a wholly owned subsidiary on March 4, 2023, by the name of WingWorld Ground Services Private Limited (WingWorld) for ground handling and other allied services.
It further stated that Shonali Dube tendered her resignation from the position of Non-Executive Director of the Company with effect from May 22, 2023.
Akasa, which completed its first year of operations on August 7 said in a press statement that it had a fleet size of 20 new aircraft within 12 months of commercial operations. Further, the delivery of its 20th aircraft on 1 August 2023. The airline remains fully committed to placing a three-digit aircraft order by the end of 2023.
In its first year of commercial operations, Akasa Air served 4.3 million passengers with a network of 35 unique routes across 16 destinations. It has also carried over 25,000 tonnes of cargo across its network during this time.