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Air India Express posted a record net profit of Rs 412.77 crore for the financial year ending March 2020, it said on October 28.
The airline announced the results in a tweet, saying: "Air India Express has reported its highest ever net profit of Rs 412.77 crore in the financial year 2019-20 as per the audited accounts approved by the Airline’s Board of Directors on October 27, 2020."Highest ever net profit for Air India Express!
Air India Express has reported its highest ever net profit of Rs 412.77 Crore in the financial year 2019-20 as per the audited accounts approved by the Airline’s Board of Directors on 27 October 2020. pic.twitter.com/e1NGsh2CqL
— Air India Express (@FlyWithIX) October 28, 2020
"Efficient utilisation of assets in terms of aircraft, manpower, and materials and enhanced operational efficiency in key areas have significantly contributed to the record profits," K Shyam Sunder, the chief executive of Air India Express, said.
The airline had started operations in 2005 as an Air India subsidiary for shorter routes within the country. It posted a profit of Rs 169 crore in FY19, the Hindu reported.
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