AAI back on track to profitability; reports profit of Rs 3,400 crore in FY22-23

Airports Authority of India returns to profitability, earns Rs 3,400 crore profit in fiscal year ended March

New Delhi: Airports Authority of India (AAI) returned to profitability, posting a profit of 34 billion rupees in the financial year ended March, as surging domestic air traffic boosted its financial performance, sources said.

AAI reported profit for the first time after the coronavirus pandemic had a major impact on air traffic and the airline industry as a whole.

For the 2021-22 and 2020-21 financial years, AAI reported a loss.

While the loss for the financial year ending March 2022 was Rs 8,037.2 crore, the loss for the financial year ending March 2021 was Rs 3,176.12 crore.

These figures exclude special and extraordinary items and taxes.

AAI’s profit for the fiscal year 2022-23 is Rs 3,400 crore, sources familiar with the matter told PTI.

This is a provisional figure and final figures will be announced following the audit of financial results.
The source also said that the good performance was mainly due to the rapid growth of domestic air traffic.

In 2022, domestic air passenger traffic will surge by 47.05% to 12.32 million from 8.38 million in the same period last year.

Furthermore, the number of passengers in the first three months of the year jumped by 51.70% to 37.5 million, compared to 24.7 million in the same period last year, according to official data.

In 2021-22, AAI’s slim profit of Rs 8.76 lakh including exceptional items and taxes.

Meanwhile, the government has waived the mandatory dividend payment requirement for the financial year ending March 2022. AAI has requested a waiver instead of waiving Air India’s waiver ahead of the government’s sale of the loss-making airline to the Tata group in January 2022.

AAI manages 137 airports, including 24 international and 80 domestic. It also provides air traffic management services (ATMS) throughout Indian airspace and the adjacent sea.