Some airline sources, however, fear it will reduce overall yields
Civil Aviation Minister Jyotiraditya Scindia on Tuesday flew on SpiceJet's special flight between Delhi and Gwalior using Boeing's 737 Max plane that has been allowed to return to service after two and half years. All Max planes were grounded in India by the Directorate General of Civil Aviation (DGCA) on March 13, 2019, three days after the crash of an Ethiopian Airlines 737 Max plane near Addis Ababa, which had left 157 people, including four Indians, dead. Along with Scindia, SpiceJet CMD Ajay Singh and Boeing India president Salil Gupte were also present on the special flight on Tuesday.
The airfare hike will come into effect from October 14.
The airline dropped fares to gain customer load, but failed to cover the cost of its flights
The airline not to be put on cash and carry mode
SpiceJet has reported profit in Q1, it is trying its best to improve efficiencies in FY16.
Reliance Industries on Friday reported a 41.5 per cent jump in its third quarter net profit as oil, retail and telecom businesses fired on all cylinders. Net profit of Rs 18,549 crore in October-December compared with Rs 13,101 crore a year back, the company said in a stock exchange filing. Income from operations rose to Rs 1.91 lakh crore from Rs 1.28 lakh crore.
When the Tatas re-boarded Air India on January 27 last year, the price of aviation turbine fuel was at over Rs 80,000 per kilolitre. Rupee was trading at around Rs 74 to a US dollar. The Omicron variant of Covid-19 was in prevalence - barely a week earlier, India had reported over 340,000 cases on a single day. Seven-day home quarantine of international travellers was the norm.
Total revenue dropped to Rs 5,406 crore in the first quarter of the current financial year from Rs 5,508 crore in the same period a year ago
India's aviation industry could return to profitability in 2023-24 for the first time since the pandemic. The industry may pare aggregated net loss by 75-80 per cent year-on-year (YoY) to between Rs 3,500 crore and Rs 4,500 crore in 2022-23 (FY23), compared with Rs 17,500 crore of net losses in 2021-22 (FY22). A combination of recovery in passenger volumes and easing cost pressures due to stable fuel and foreign exchange (forex) costs could spark a turnaround. CRISIL says domestic and international passenger traffic recovered to 90 per cent and 98 per cent, respectively, of pre-pandemic traffic (2019-20, or FY20), in April-December 2022, compared with April-December 2019.
The domestic passenger traffic in July 2021 was 51 lakh, ICRA said in a release. Domestic passenger traffic on a year-on-year basis, however, spiked around 131 per cent over August 2020 traffic of 28.3 lakh, it said. The ratings agency said despite the continued recovery in the previous month, there is continued stress on demand, driven largely by the second wave of the pandemic, limiting travel to only necessary travel.
It is imperative that the government first decides who should assume ownership of running Air India.
The airline has said it isn't worried about competition in the domestic market, thanks to its spread across three passenger segments
They noted that the exercise had begun in 2011 and an Inter-Ministerial Group submitted its recommendations in 2012 after meeting for 10 times.
Vistara launched first flight from Hyderabad to New Delhi on Sunday.
The marine version of the French-made Rafale fighter jet has been successfully flight-tested at a shore-based facility in Goa where conditions similar to that on the indigenously-developed aircraft carrier INS Vikrant were simulated, a top diplomat said.
The airline's accounts are yet to be audited.
The airline is not convinced that it will have a sizeable passenger traffic to make wide body operations profitable
India and France on Monday inked an Inter-Governmental Agreement on the sale of 36 French fighter jets, Rafale, but were unable to sign the final deal due to some "financial" aspects, which are expected to be sorted out in "couple of days".
Announcing the launch of its Bangalore-Bangkok direct flight, SpiceJet on Friday said it will be adding 3 to 4 international destinations in the next year.
He has termed the deal 'a case of arbitrariness'.
Jet Airways, the country's largest private air-carrier, has posted a net loss of Rs 225.3 crore in the first quarter, compared to a profit of Rs 143.4 crore during the same period last year, following a drop in domestic load and lower yields.
The country's largest private air carrier Jet Airways today posted a net loss of Rs 101.22 crore (Rs 1.01 billion) for the third quarter of 2011-12 on account of rising prices of aviation turbine fuel and rupee depreciation.
The government has not taken any decision to privatise Air India, however, it was close to finalising a short-term strategy to strengthen the burgeoning civil aviation sector, including slashing taxes on jet fuel.
"The High Commission categorically denies baseless and speculative media reports that India facilitated the recent reported travel of @gotabayar @Realbrajapaksa out of Sri Lanka," the High Commission of India in Sri Lanka tweeted.
Delhi-based low-cost carrier SpiceJet reported a first quarter loss of Rs 129.2 crore from a profit of Rs 18 crore a year earlier.
Signs of financial stress were visible when the airline reported a loss of Rs 10.40 billion.
For any airline to be eligible for restructuring, the current ratio has to be equal to or higher than 0.4, while 'debt to Ebitda' has to be equal to or less than 5.5.
Sri Lankan Prime Minister Ranil Wickremesinghe was appointed as the country's acting president after President Gotabaya Rajapaksa fled to the Maldives on a military jet on Wednesday in the face of a public revolt against his government for mishandling the economy that has bankrupted the country.
Israel's ministry of defence and the Israel defence forces on Sunday said they are planning to evacuate another 14 communities close to the Lebanese border, The Times of Israel reported.
A senior DGCA official said that the flight has been grounded and a detailed probe has been ordered into the matter. All the passengers are safe.
Competition promotes innovation in the business model, creating sustainable value.
Following the incident, all flights at Stansted had to be temporarily grounded, according to British media reports.
The Organization of Petroleum Exporting Countries (OPEC) in its latest monthly oil market report projected the world's third-biggest energy consumer to add 0.39 million barrels per day (bpd) of crude oil demand in 2022. India's oil demand rose from 4.51 million barrels per day in 2020 to 4.76 million bpd in 2021, recording a 5.61 per cent growth.
Air India has leased a fleet of six Airbus A320 neo aircraft from CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co Limited, to boost the Tata Group-owned company's transformation journey, a statement said on Wednesday. The leasing agreement was signed on the sidelines of the Airline Economics Growth Frontiers Asia Pacific 2022 conference, said the CDB Asia statement. CDB Aviation is among the first aircraft leasing companies to secure the placement of Air India's additional A320 neo aircraft under the recently announced multi-stage transformation plan since the purchase of the airline by Tata group, which aims to increase the carrier's fleet and help it boost both domestic and international operations.
The secret behind Singh's success was that he mostly set about undoing all the mistakes made by the Marans, points out Anjuli Bhargava.
In their pre-budget expectations, they also asked the government to assess the option of developing unused airstrips located in various parts of the country to boost air connectivity.
LPG rates were last hiked on November 1 by Rs 2.05 per cylinder. Prior to that rate was hiked on October 28 by Rs 1.5 per cylinder on account of hike in commission paid to dealers.
The National Company Law Tribunal (NCLT) on Thursday reserved its order on crisis-hit airline Go First's plea seeking voluntary insolvency resolution proceedings and interim moratorium on financial obligations while aircraft lessors vehemently opposed the petition. Amid the airline facing severe financial crunch and cancelling flights, a two-member NCLT bench comprising Justice Ramalingam Sudhakar and Member L N Gupta heard the arguments for and against the petition for nearly four hours. As aircraft lessors opposed the plea, the counsels for Go First said the petition was not a malicious one to avoid payment of dues to its creditors but to save the company.
According to the data available on the Reserve Bank of India's website, net workers' remittances in April-June 2018 were $11.5 billion
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