NEW DELHI: Before its merger with Air India Group, Vistara, a joint venture between Tata Sons and Singapore Airlines, on Monday for the first time since inception, clocked quarterly net profit (excluding unrealised foreign currency loss and non-operating income) for the quarter ending December 2022.
Vistara was established in 2013. The airline, however, didn’t disclose how much profit it made for the quarter ending December 2022, but said it crossed the $1 billion revenue mark, remained EBITDA positive in the current fiscal year (FY22-23) and reported break-even for the first time in the quarter ended December 2022.
This announcement by Vistara comes after its two stakeholders- Tata Sons and Singapore Airlines- in November 2022 had announced the merger of Air India and Vistara. This merger, which will bring together two Tata Group run full service carriers, is expected to be complete by March 2024, subject to regulatory approvals. Post this, brand Vistara will cease to exist.
Vistara said it achieved the highest ever domestic market share of 10.4% in July 2022 and maintained its position as the second largest domestic airline in India since then, flying more than 11 million passengers in the calendar year 2022. Vistara grew its international network by over 180% in 2022.