Vistara announces its first quarterly profit in Q3, with the profit amount not being revealed

Vistara, the airline company, achieved profitability for the first time in the quarter ending December 2022, due to an increase in both operations and revenue.

The airline company did not reveal the specific profit amount they generated during the quarter that ended in December 2022. However, they did mention that the profit figure did not take into account any unrealized losses from foreign exchange. Additionally, the company stated that compared to the same quarter the previous year, they saw a significant increase in both capacity and passenger traffic. Specifically, Vistara reported a 37% growth in capacity and a 47% growth in passenger traffic for the third quarter.

Vistara, the joint venture airline company owned by Tata and Singapore Airlines, announced that it had a successful year in 2022, reaching over $1 billion in revenue and remaining profitable in terms of EBITDA (earnings before interest, taxes, depreciation, and amortization) for the first nine months of the financial year 2023. This statement indicates that the company has been profitable in terms of EBITDA during this period.

Vistara’s growth in revenue and profitability was attributed to several factors, including an increase in the frequency of flights on domestic routes, the launch of new destinations such as Jeddah, Abu Dhabi, and Muscat, and an expansion of operations at Mumbai and Delhi airports. In 2022, the airline carried 11 million passengers, securing second place in domestic market share, behind IndiGo. Additionally, Vistara reported a significant growth in both international and domestic capacity, with an increase of 180% and 50% respectively. The airline also saw a rise in frequent flyer membership, which increased by 11%.

Vinod Kannan, the CEO of Vistara, said that the company has had a successful year in terms of both operation and financial performance, having expanded its network and fleet, and achieving sustained growth. He also mentioned that they have plans to set even higher goals and continue growing as they move forward in their journey.