PUBLISHER: The Load Star (www.theloadstar.com)
India’s airlines are finding themselves deep in the red after the dual headwinds of Covid disruption and high fuel prices sent the industry into a tailspin.
According to a study by market research firm CRISIL, the three top Indian carriers, IndiGo, SpiceJet and Air India, are expected to see a combined net loss of over Rs200bn (US$2.7bn) – the worst ever – in the fiscal year ending 31 March.
This is 44% worse than the Rs138.53bn ($1.86bn) they collectively bled in the previous fiscal year.
The trio commands about 75% of the domestic passenger market, but SpiceJet and Indigo have added much-needed cargo capacity into the under-served domestic Indian network – SpiceJet offers some 600 tons on a daily basis and also has five 737 freighters.