Indian budget airline Akasa Air has released figures reporting its financial performance for the financial year 2024 (FY24) which ended on March 31, 2024. The new airline, which took its first flight in August 2022, saw an impressive increase in passenger revenue, although profitability appears to remain. that’s a long way for the airline. Parent company SNV Aviation has filed its latest results with India’s Ministry of Corporate Affairs, recording the airline’s performance after two years of operations.

In terms of revenue, the airline is reported to have earned 3,144 crore ($421 million) in FY24 compared to 777.84 crore ($103.7 million) in FY23. However, the airline reported a loss of 1,670 Crore ($225 million). This number is more than double from the FY23 figure of 744.53 Crore ($100.4 million). The total expenditure increased from 1,522.27 Crore ($205.4 million) to 4,814.44 Crore ($564.8 million). The airline said that although operating expenses resulted in faster-than-expected cash burn, the carrier continued to maintain a positive net cash position thanks to the strong increase in revenue.

“The core years of any airline are spent investing in its people, fleet, training, operating infrastructure and network, and therefore no airline records P&L profits during these years” , said CFO Ankur Goel, defending the airline’s performance.