Air India’s accumulated losses climb to ₹77,953 cr1 min read . Updated: 15 Oct 2021, 09:52 PM IST
- Air India Ltd's standalone revenue for 2020-21 stood at ₹12,104.05 crore, down from ₹28,524.44 crore during the previous year
Listen to this article
NEW DELHI : Air India’s accumulated losses rose to ₹77,953 crore in the year ended 31 March 2021 from ₹70,820 crore in FY20, the airline said in a statement to BSE.
In FY21, the airline’s net liabilities exceeded its assets by ₹58,316.68 crore.
The national carrier has suffered losses every year since its merger with Indian Airlines in 2007-08.
The airline’s standalone net loss in FY21 reduced to ₹7,017.42 crore from a ₹7,765.73 crore loss in FY20, as expenses fell to ₹19,083.33 crore from ₹36,290.17 crore during the period, as the carrier’s operations remained limited during the pandemic.
It had recorded losses of ₹8,556.35 crore in FY19 and ₹5,348.18 crore in FY18.
Air India’s standalone revenue for FY21 stood at ₹12,104.05 crore, down from ₹28,524.44 crore in FY20.
Mint had reported in February that Air India is likely to incur a consolidated net loss of ₹9,500-10,000 crore in FY21, up from a ₹8,000 crore loss recorded in the previous year, citing a senior official of the national carrier.
Last week, the Tata group was named the winning bidder for Air India, ahead of a consortium led by SpiceJet Ltd chairman and MD Ajay Singh.
The government has issued a letter of intent to Tata group and hopes to sign a share purchase agreement with India’s largest conglomerate soon.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!