Air India writes-off INR 70bn in FY 2022-23

Air India incurred write-offs amounting to an estimated INR 70bn during the FY 2022-23. The airline attributes this to issues faulty aircraft and engines, as well as losses incurred by low-cost airline AirAsia India, Economic Times reports. As per sources, Air India Group achieved EBITDAR positivity and neared breakeven after meeting lease rental obligations in the first year. AirAsia India accounted for most of the losses, with the net loss for the year estimated to be slightly over INR 25bn. In FY 2021-22 the airline had incurred a loss amounting to INR 195.56 bn. This year’s loss is seen as a relative