ICRA – Indian airline industry to cut down losses in FY24

The Indian airline industry is likely to cut down its losses to about INR 50 billion in FY24, owing to healthy passenger traffic and the ability to shore up their yields, according to a recent report published by Investment, Information and Credit rating Agency (ICRA). Owing to an elevated aviation turbine fuel (ATF) price coupled with the depreciation of Indian rupee against the US dollar, the Indian airline industry reported a net loss of about INR 110-130 billion FY23, the report read. However, the loss figure is much lower than the net loss of about INR 235 billion in FY2022