{"id":73792,"date":"2024-11-06T12:43:28","date_gmt":"2024-11-06T07:13:28","guid":{"rendered":"https:\/\/aviationa2z.com\/?p=73792"},"modified":"2024-11-06T12:43:34","modified_gmt":"2024-11-06T07:13:34","slug":"akasa-air-fy24-financial-result","status":"publish","type":"post","link":"https:\/\/aviationa2z.com\/index.php\/2024\/11\/06\/akasa-air-fy24-financial-result\/","title":{"rendered":"Akasa Air 4X its Revenue to 3,144 Crore But Loss Widens 2X in FY24"},"content":{"rendered":"\n<p><strong>MUMBAI-<\/strong> Late Rakesh Jhunjhunwala backed <a href=\"https:\/\/aviationa2z.com\/index.php\/tag\/akasa-air\/\">Akasa Air (QP)<\/a> has reported a strong performance in the Financial year 2023-24 (FY24) as it generated revenue of <strong>3,144.80 crore INR<\/strong>.<\/p>\n\n\n\n<p>The Mumbai-headquartered carrier however posted <strong>a loss of 1,670 Crore INR<\/strong>, reported Tofler, which is a business intelligence platform.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/10\/f8uy3tvu-1024x576.webp\" alt=\"Akasa Air (QP) has reported a strong performance in the Financial year 2023-24 (FY24) as it generated revenue of 3,144.80 crore INR.\" class=\"wp-image-70614\" srcset=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/10\/f8uy3tvu-1024x576.webp 1024w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/10\/f8uy3tvu-300x169.webp 300w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/10\/f8uy3tvu-768x432.webp 768w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/10\/f8uy3tvu-50x28.webp 50w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/10\/f8uy3tvu-150x84.webp 150w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/10\/f8uy3tvu-450x253.webp 450w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/10\/f8uy3tvu-1200x675.webp 1200w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/10\/f8uy3tvu.webp 1440w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Photo:  Utkarsh Thakkar (Vimanspotter) <\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-akasa-air-fy24-revenue-and-loss\">Akasa Air FY24 Revenue and Loss<\/h2>\n\n\n\n<p>Vinay Dube led Akasa Air&#8217;s losses increased to Rs 1,670.06 crore in FY2024, more than doubling from Rs 744.53 crore in FY2023.<\/p>\n\n\n\n<p>The airline&#8217;s financial performance shows:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Total income rose to Rs 3,144.38 crore from Rs 777.84 crore<\/li>\n\n\n\n<li>Total expenditure increased to Rs 4,814.44 crore from Rs 1,522.27 crore<\/li>\n\n\n\n<li>Operating expenses drove cash burn while maintaining the net cash-positive position<\/li>\n<\/ul>\n\n\n\n<p><strong>Chief Financial Officer Ankur Goel <\/strong>stated: <em>&#8220;The foundational years of any airline are dedicated to investing in its people, fleet, training, operating infrastructure, and network, and hence no airline registers P&amp;L profits in these years.&#8221;<\/em><\/p>\n\n\n\n<p>Parent company SNV Aviation Pvt Ltd filed these results with the corporate affairs ministry, documenting the airline&#8217;s performance after two years of operations.<\/p>\n\n\n\n<p>Goel projects improved performance for the current fiscal year, emphasizing the airline&#8217;s focus on infrastructure development and network expansion.<\/p>\n\n\n\n<p>The financial results reflect Akasa Air&#8217;s investment phase, marked by:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Significant revenue growth<\/li>\n\n\n\n<li>Higher operational costs<\/li>\n\n\n\n<li>Continued infrastructure development<\/li>\n\n\n\n<li>Fleet expansion<\/li>\n\n\n\n<li>Network growth<\/li>\n\n\n\n<li>Personnel training investments<\/li>\n<\/ul>\n\n\n\n<p>These numbers demonstrate the typical growth pattern of a new airline focusing on market establishment and operational expansion.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/09\/rjxynbt5-1024x576.webp\" alt=\"Akasa Air (QP) has reported a strong performance in the Financial year 2023-24 (FY24) as it generated revenue of 3,144.80 crore INR.\" class=\"wp-image-69643\" srcset=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/09\/rjxynbt5-1024x576.webp 1024w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/09\/rjxynbt5-300x169.webp 300w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/09\/rjxynbt5-768x432.webp 768w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/09\/rjxynbt5-50x28.webp 50w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/09\/rjxynbt5-150x84.webp 150w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/09\/rjxynbt5-450x253.webp 450w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2024\/09\/rjxynbt5.webp 1080w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Akasa Air 25th Boeing 737 MAX 8-200 Aircraft | Photo: Akasa Air<\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-summary-of-financial-performance\">Summary of Financial Performance<\/h3>\n\n\n\n<p>Akasa Air&#8217;s CFO Ankur Goel confirms airlines require multiple years to achieve break-even operations.<\/p>\n\n\n\n<p>The airline&#8217;s FY2024 performance highlights:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Capacity tripled<\/strong> year-over-year<\/li>\n\n\n\n<li>Revenue per Available Seat Kilometre increased by <strong>10%<\/strong><\/li>\n\n\n\n<li>Accumulated losses reached Rs 2,444.46 crore<\/li>\n\n\n\n<li>Negative net worth of Rs 2,009.77 crore<\/li>\n\n\n\n<li>Current liabilities exceed assets by Rs 210.76 crore<\/li>\n<\/ul>\n\n\n\n<p>Goel outlined key strategies for achieving profitability:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Yield improvement initiatives<\/li>\n\n\n\n<li>Cost reduction measures<\/li>\n\n\n\n<li>Capacity expansion<\/li>\n\n\n\n<li>International route development<\/li>\n<\/ul>\n\n\n\n<p>The airline&#8217;s operational metrics as of March 2024:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Fleet size:<strong> 24 aircraft<\/strong><\/li>\n\n\n\n<li>Daily flights: Over 110<\/li>\n\n\n\n<li>Domestic operations started: August 7, 2022<\/li>\n\n\n\n<li>International operations launched: March 28, 2024<\/li>\n<\/ul>\n\n\n\n<p>Goel projects sequential performance improvements:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>FY2025 results to surpass FY2024<\/li>\n\n\n\n<li>FY2026 expected to outperform FY2025<\/li>\n<\/ul>\n\n\n\n<p>These projections reflect Akasa Air&#8217;s strategic growth plan, balancing expansion with financial sustainability goals.<\/p>\n\n\n\n<p>According to DGCA India data, Akasa Air is consistently holding 4-5% of the total market share in the domestic market.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"588\" src=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/image-4-1024x588.png\" alt=\"India's youngest and greenest carrier, Akasa Air (QP), welcomes the country's first Boeing 737 MAX 8-200 type aircraft Today, August 1, 2023.\" class=\"wp-image-40507\" srcset=\"https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/image-4-1024x588.png 1024w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/image-4-300x172.png 300w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/image-4-768x441.png 768w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/image-4-1536x882.png 1536w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/image-4-750x431.png 750w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/image-4-1140x655.png 1140w, https:\/\/aviationa2z.com\/wp-content\/uploads\/2023\/08\/image-4.png 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Photo: Akasa Air<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-raising-1-billion\">Raising $1 Billion<\/h2>\n\n\n\n<p>India&#8217;s youngest and greenest carrier <a href=\"https:\/\/aviationa2z.com\/index.php\/2024\/08\/26\/akasa-air-to-raise-1-billion-expects-737-max-10-in-2027-and-more\/\">plans to raise $1 billion (Over 8,400 Crore INR)<\/a> in debt and equity over the next three years to expand its fleet and market share.<\/p>\n\n\n\n<p>Akasa Air plans will receive over <strong>50 new aircraft within the coming 2-3 years<\/strong> and will expand its domestic and international network rapidly. The airline\u2019s management estimates that $1 billion will be needed to support this growth.<\/p>\n\n\n\n<p>The Jhunjhunwala family, along with Co-Founder and CEO Vinay Dube, owns <strong>over 65% of the airline<\/strong>, with the family holding a 40% stake and they are the biggest stakeholder.<\/p>\n\n\n\n<p>A consortium led by Premji Invest and Claypond Capital is in progressive talks to invest about $125 million (Approx 1,053 crore INR) in Akasa Air, according to a report from the ET.<\/p>\n\n\n\n<p>Feature Image by <a href=\"https:\/\/www.instagram.com\/atc.spotter\/\" rel=\"nofollow\">Sandeep (@atc.spotter)<\/a><\/p>\n\n\n\n<p>Stay tuned with us. Further, follow us on social media for the latest updates.<\/p>\n\n\n\n<p>Join us on\u00a0<a href=\"https:\/\/t.me\/s\/aviationa2z\" rel=\"nofollow\">Telegram Group\u00a0<\/a>for the Latest Aviation Updates. Subsequently, follow us on\u00a0<a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMPLdrgsw_-jGAw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\">Google News<\/a><\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-wp-embed is-provider-aviation-a-2-z wp-block-embed-aviation-a-2-z\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"wp-embedded-content\" data-secret=\"UgQwC2Cldz\"><a href=\"https:\/\/aviationa2z.com\/index.php\/2024\/09\/09\/akasa-air-25th-737-max-doubling-gulf-flights-new-destinations\/\">Akasa Air Receives 25th 737 MAX, Doubling Gulf Flights, New Destinations and More<\/a><\/blockquote><iframe class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Akasa Air Receives 25th 737 MAX, Doubling Gulf Flights, New Destinations and More&#8221; &#8212; Aviation A2Z\" src=\"https:\/\/aviationa2z.com\/index.php\/2024\/09\/09\/akasa-air-25th-737-max-doubling-gulf-flights-new-destinations\/embed\/#?secret=nvij1hl59e#?secret=UgQwC2Cldz\" data-secret=\"UgQwC2Cldz\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Akasa Air (QP) has reported a strong performance in the Financial year 2023-24 (FY24) as it generated revenue of 3,144.80 crore INR.<\/p>\n","protected":false},"author":1,"featured_media":48198,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[8704,10298,6761],"tags":[246,6422,7565,18735,11318,9576,396],"class_list":{"0":"post-73792","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-akasa-air","8":"category-finance","9":"category-news","10":"tag-akasa-air","11":"tag-akasa-air-ceo","12":"tag-akasa-air-ceo-vinay-dube","13":"tag-akasa-air-financial","14":"tag-akasa-air-financial-report","15":"tag-akasa-air-news","16":"tag-indian-aviation-news"},"_links":{"self":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/73792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/comments?post=73792"}],"version-history":[{"count":2,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/73792\/revisions"}],"predecessor-version":[{"id":73795,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/posts\/73792\/revisions\/73795"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/media\/48198"}],"wp:attachment":[{"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/media?parent=73792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/categories?post=73792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/aviationa2z.com\/index.php\/wp-json\/wp\/v2\/tags?post=73792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}