OPEN APP
Home / Companies / News /  Air India’s accumulated losses climb to 77,953 cr
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.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout