Akasa Air’s financial performance for the fiscal year ending March 2024 showed a significant increase in losses, reaching Rs 1,670.06 crore. This occurred despite a rise in total income to Rs 3,144.38 crore during the same period. The airline, operational for over two years, had previously reported a loss after tax of Rs 744.53 crore for the 2022-23 fiscal year, according to Tofler data.

By March 2024, Akasa Air had expanded its fleet to 24 aircraft and was conducting over 110 flights daily. On a standalone basis, the airline’s total income for FY 2024 was Rs 31,443.83 million, compared to Rs 7,778.48 million in the previous year. SNV Aviation Pvt Ltd, Akasa Air’s parent company, disclosed these figures in a filing with the corporate affairs ministry.

Financial Challenges and Expenditure

The airline’s total expenditure surged to Rs 4,814.44 crore during the 2023-24 period, up from Rs 1,522.27 crore in the prior year. As of March 31, 2024, accumulated losses amounted to Rs 24,444.66 million. This resulted in a negative net worth of Rs 20,097.71 million and current liabilities exceeding current assets by Rs 2,107.67 million.

Akasa Air began its operations on August 7, 2022. It launched international services on March 28, 2024. Despite these expansions and increased income, the financial challenges remain significant for the airline.

The company’s net loss for FY 2024 was reported at Rs 16,700.66 million compared to a net loss of Rs 7,444.27 million in the previous fiscal year. These figures highlight the growing financial strain on Akasa Air as it navigates its operational and expansion efforts.

Akasa Air continues to face financial hurdles despite its growth in operations and revenue. The airline’s ongoing efforts to expand its services have yet to translate into profitability.