In its first year of operations, Akasa Air has posted an operating loss of Rs 602.84 crore, the civil aviation ministry said in a parliamentary response on Thursday. The airline, which has a domestic market share of 1.4 per cent, reported operating revenue of Rs 777.85 crore and operating expenses of about Rs 1,400 crore.
Meanwhile, other airlines that reported losses in financial year (FY) 2023 include Air India (Rs 2,297 crore), Air Asia (Rs 2,302.67 crore) and Vistara (Rs 264 crore).
India’s largest airline Indigo reported a profit of Rs 4,363.25 crore, a significant jump from the loss of Rs 3,581.34 reported in FY22. This was followed by SpiceJet at Rs 858.50 crore in FY23 after reporting losses worth Rs 2,216.74 crores in FY22.
Indigo winning market share
Indigo continued to lead both the domestic and international market shares with 56.4 per cent and 35.8 per cent respectively in FY23 from 55.4 per cent and 31 per cent in FY22. Vistara followed the lead in the domestic market with a 9.2 per cent share, while Air India captured a 28.3 per cent share in the international market.
While most airlines showed a positive trend in terms of domestic market share, Go First and Spicejet deviated, reporting a drop in market share - 8.4 per cent in FY23 from 9.5 per cent in FY22 and 7.9 per cent in FY23 from 10 per cent in FY22, respectively.