India’s Vistara reports first quarterly profit

INDIAN full-service carrier Vistara – a joint venture between Tata Sons and Singapore Airlines – on Monday (Jan 23) reported a quarterly profit, its first since starting operations in January 2015, as air travel soared.

The privately held airline said its revenue crossed US$1 billion; and it clocked a net profit, excluding foreign currency loss and non-operating income, in the October-December quarter.

However, the carrier did not disclose a profit number.

Vistara has turned profitable at a time when the Tata group is looking to boost its aviation business by consolidating its three brands – Vistara; low-cost carrier Air Asia; and former state-run airline, Air India.

Tata is also set to place an order for some 495 new planes for Air India as it looks to revamp the airline and merge it with Vistara to create a bigger full-service carrier to take on Middle Eastern rivals such as Emirates.

Vistara said its international network grew by more than 180 per cent in 2022 and its domestic network by more than 50 per cent as it added new destinations and routes amid a rebound in travel post Covid-19. REUTERS