AAI Reports Rs 3,400 Crore Profit in 2022-23 Fiscal
The Airports Authority of India (AAI) has made a remarkable comeback, achieving a profit of Rs 3,400 crore in the fiscal year ending March 2023. This positive financial performance can be attributed to the significant increase in domestic air traffic following the impact of the COVID-19 pandemic on the aviation sector.
In the previous two financial years, namely 2020-21 and 2021-22, AAI had reported losses. The loss for the fiscal year ending March 2022 amounted to Rs 803.72 crore, while it stood at Rs 3,176.12 crore for the financial year ending March 2021. It is worth noting that these figures exclude exceptional and extraordinary items as well as tax.
AAI
According to a reliable source familiar with the matter, AAI’s provisional profit for the 2022-23 financial year is Rs 3,400 crore. The audit of the financial results will confirm the final figure.
According to the source, the substantial growth in domestic air traffic largely contributed to the impressive performance. In 2022, domestic air passenger traffic witnessed a surge of 47.05%, reaching 12.32 crore passengers compared to 8.38 crore in the previous year. Official data indicates that in the first three months of 2023, passenger numbers soared by 51.70% to 3.75 crore, compared to 2.47 crore during the same period in the previous year.
In the financial year 2021-22, AAI managed to secure a modest profit of Rs 8.76 crore, including exceptional items and tax.
Furthermore, it is worth mentioning that in the fiscal year ending March 2022, the government waived the mandatory dividend payment requirement. Prior to the government’s sale of the loss-making carrier to the Tata Group in January 2022, AAI had requested the waiver in exchange for waiving Air India’s dividend payment.
AAI, which oversees a total of 137 airports, including 24 international and 80 domestic airports, also provides Air Traffic Management Services (ATMS) across the entire Indian airspace and adjacent oceanic areas. The authority’s ability to navigate through the challenges posed by the pandemic and achieve profitability signifies a positive turnaround for the organization and reflects the recovery and growth of the aviation industry in India.
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