Vinod Kannan, CEO, Vistara Airlines
').insertAfter(".article-content__img");$(".article-content__img div").find('div').remove();
Vistara Cash Flow Sufficient, Won't Need Fund Infusion For 6 Months: CEO
Tata-Singapore Airlines joint venture made its first net profit in December-end quarter
Topics
Vistara | Vistara CEO | Cash Flow
Vistara's cash flow is sufficient and it will not need fresh funding from promoters for another six months, said the airline's chief executive officer Vinod Kannan on Tuesday.
Vistara, a joint venture of the Tata-Singapore Airlines, made its first net profit in the December-end quarter on the back of capacity expansion, higher fares and revenue growth. The airline launched operations in 2015.
"We can manage on our own," Kannan said while responding to a question on funding.
Fuel price has reduced since December and the rupee has strengthened against the US dollar. Demand and yield are expected to soften, however, as January-March is traditionally a weak quarter for air travel. Vistara’s management hopes fuel price will remain benign and expects to remain profitable on earning before interest, taxes, depreciation, amortisation and rental (EBITDAR) basis for the quarter and for full year basis.
The airline has 53 aircraft and will add seven more in 2023. This will include both Boeing 787 and Airbus A320 type aircraft. By 2024 end the airline will have a fleet size of 70 planes.
Vistara is increasing capacity from Mumbai from where it has more than 50 daily departures. Expansion is planned on international routes including to destinations in West Asia. The airline is also considering connecting its European destinations from Mumbai.
Subscribe to Business Standard Premium
Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!
First Published: Tue, January 24 2023. 19:45 IST
RECENT NEWS
The Battle For Depositors: US Lenders Ramp Up Efforts Amidst Rate Uncertainty
In the competitive landscape of the US banking sector, retaining depositors is paramount for lenders seeking to maintain... Read more
Beyond Capital: Unveiling The Complexities Of Bank Failure Prediction
In the realm of banking, the ability to predict and prevent failures is paramount for financial stability and consumer c... Read more
Central Banks And The Economic Horizon: Steering Through Uncertaintie
In the evolving landscape of global financial markets, the strategic role of central banks has come under intense scruti... Read more
Transforming Financial Operations With Robotic Process Automation
Author: Ricardo Goulart ... Read more
The Role Of Machine Learning In Fraud Detection
Author: Gerardine Lucero  ... Read more
Principles Of Islamic Banking And Finance
When it comes to banking, a significant new contender has entered the ring. The principles of Islamic banking and financ... Read more