Vistara turns a 'profit' for the first time since inception

The airline recorded the second highest on-time performance at four key metros and over 85 percent domestic load factor for most of the year in 2022.

Vistara, a joint venture of Tata Sons and Singapore Airlines, has reported a net profit (excluding unrealized foreign currency loss and non-operating income) for the quarter ending December 2022, the airline said in a statement on January 23.

Vistara carried 33.06 lakh passengers in the October-December quarter garnering a market share of 9.2 percent, according to data by the Directorate General of Civil Aviation.

The full-service carrier crossed the $1 billion revenue mark and remained EBITDA (earnings before interest, taxes, depreciation, and amortization) positive in the current fiscal year. The airline also reported break even for the first time in the given quarter, it said.

In Q3FY23, the airline grew its capacity by 37 percent and passengers by 47 percent compared to the same period last year.

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"With significant network and fleet expansion and sustained growth over the last few months, 2022 has been a phenomenal year for Vistara, in terms of our operational and financial performance," said Vinod Kannan, chief executive officer at Vistara.

Vistara also registered an 11 percent year-on-year growth in the member base for its frequent flyer program – Club Vistara.

Moreover, Vistara grew its international network by over 180 percent in 2022 by adding seven additional routes including three new destinations--Jeddah, Abu Dhabi and Muscat. It grew its domestic network by over 50 percent, by adding six new routes including two new destinations--Coimbatore and Jaipur.

The airline recorded the second highest on-time performance at four key metros and over 85 percent domestic load factor for most of the year in 2022.