In a spectacular comeback, the Airports Authority of India (AAI) has not only weathered the storm of the coronavirus pandemic but has also emerged with flying colors. According to sources cited by NDTV, AAI has soared back into the black, recording a remarkable profit of ₹3,400 crores for the fiscal year that ended in March. This achievement marks the first time AAI has reported profits since the onset of the pandemic, which had significantly impacted air traffic and the aviation sector as a whole.

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During the preceding two fiscal years, AAI faced challenging times, reporting losses that raised concerns about the authority's financial health. However, AAI's resilience and strategic measures have borne fruit, leading to this exceptional turnaround.

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Excluding exceptional and extraordinary items and tax, AAI reported a loss of ₹803.72 crores in the fiscal year ending in March 2022. The loss was even more significant in the previous financial year, amounting to ₹3,176.12 crore. These figures highlight the magnitude of the struggle faced by the authority during the height of the pandemic.

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The source, privy to the matter, informed PTI that AAI's remarkable performance for the 2022-23 financial year had propelled the authority back into profitability. While ₹3,400 crore is the provisional figure, the final audited results will accurately depict the authority's financial success.

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Surge in Domestic Demand Fuels Profits

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The key driver behind AAI's resurgence has been the impressive growth in domestic air traffic. In 2022, domestic air passenger traffic witnessed a remarkable surge of 47.05 percent, with the numbers reaching an astounding 12.32 crore compared to the 8.38 crore passengers in the previous year.&nbsp;

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This growth trend continued unabated in the first quarter of 2023, where passenger numbers soared by a staggering 51.70 percent to 3.75 crores, as per official data. This surge in domestic air travel has undeniably played a pivotal role in AAI's financial renaissance.

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It is worth noting that despite the challenging circumstances, AAI managed to scrape together a meager profit of ₹8.76 crore in the fiscal year ending March 2022. This figure includes exceptional items and taxes.

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The government waived AAI's compulsory dividend payment requirement in the fiscal year ending March 2022. This decision was made considering the government's decision to waive Air India's debt before selling the struggling carrier to the Tata Group in January 2022. This decision further eased the financial burden on AAI and allowed the authority to focus on its recovery and growth initiatives.

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AAI, responsible for managing a vast network of 137 airports, including 24 international and 80 domestic airports, holds a significant position in India's aviation landscape. Beyond airports, AAI also provides crucial Air Traffic Management Services (ATMS) across the entire Indian airspace and adjoining oceanic areas. With this remarkable financial turnaround, AAI is poised to substantially impact the aviation sector's resurgence and contribute to the country's economic recovery.

 
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Inputs from NDTV)

In a spectacular comeback, the Airports Authority of India (AAI) has not only weathered the storm of the coronavirus pandemic but has also emerged with flying colors.

In a spectacular comeback, the Airports Authority of India (AAI) has not only weathered the storm of the coronavirus pandemic but has also emerged with flying colors. According to sources cited by NDTV, AAI has soared back into the black, recording a remarkable profit of ₹3,400 crores for the fiscal year that ended in March. This achievement marks the first time AAI has reported profits since the onset of the pandemic, which had significantly impacted air traffic and the aviation sector as a whole. During the preceding two fiscal years, AAI faced challenging times, reporting losses that raised concerns about the authority's financial health. However, AAI's resilience and strategic measures have borne fruit, leading to this exceptional turnaround. Excluding exceptional and extraordinary items and tax, AAI reported a loss of ₹803.72 crores in the fiscal year ending in March 2022. The loss was even more significant in the previous financial year, amounting to ₹3,176.12 crore. These figures highlight the magnitude of the struggle faced by the authority during the height of the pandemic. The source, privy to the matter, informed PTI that AAI's remarkable performance for the 2022-23 financial year had propelled the authority back into profitability. While ₹3,400 crore is the provisional figure, the final audited results will accurately depict the authority's financial success. Surge in Domestic Demand Fuels Profits The key driver behind AAI's resurgence has been the impressive growth in domestic air traffic. In 2022, domestic air passenger traffic witnessed a remarkable surge of 47.05 percent, with the numbers reaching an astounding 12.32 crore compared to the 8.38 crore passengers in the previous year. This growth trend continued unabated in the first quarter of 2023, where passenger numbers soared by a staggering 51.70 percent to 3.75 crores, as per official data. This surge in domestic air travel has undeniably played a pivotal role in AAI's financial renaissance. It is worth noting that despite the challenging circumstances, AAI managed to scrape together a meager profit of ₹8.76 crore in the fiscal year ending March 2022. This figure includes exceptional items and taxes. The government waived AAI's compulsory dividend payment requirement in the fiscal year ending March 2022. This decision was made considering the government's decision to waive Air India's debt before selling the struggling carrier to the Tata Group in January 2022. This decision further eased the financial burden on AAI and allowed the authority to focus on its recovery and growth initiatives. AAI, responsible for managing a vast network of 137 airports, including 24 international and 80 domestic airports, holds a significant position in India's aviation landscape. Beyond airports, AAI also provides crucial Air Traffic Management Services (ATMS) across the entire Indian airspace and adjoining oceanic areas. With this remarkable financial turnaround, AAI is poised to substantially impact the aviation sector's resurgence and contribute to the country's economic recovery. Inputs from NDTV)

Profit-Takeoff: Domestic Demand Fuels Airport Authority of India's Profits

The Airports Authority of India, known as AAI, has defied all odds and made an extraordinary financial recovery. The remarkable resurgence of AAI can be attributed to the surge in domestic air traffic. In 2022, domestic air passenger numbers witnessed a staggering increase of 47.05%, reaching a total of 12.32 crore passengers compared to the previous year. This trend continued into the first three months of 2023, with a remarkable surge of 51.70%. During this period, 3.75 crore passengers took to the skies.

Indian Airports on profitability runway

The Central Bureau of Investigation (CBI) has booked the GVK Group Chairmna,&nbsp;Gunupati Venkata Krishna Reddy, for a scam related to Mumbai airport.

Allegedly, GVK Chairman, Airport Authority of India (AAI) and few others participated in a fraud in the development of Mumbai's international airport, Chhatrapati Shivaji Maharaj International Airport.&nbsp;

The fraud has apparently incurred the government of India a loss of more than&nbsp;$92 million.

CBI filed a criminal case against GVK Chairman Reddy, his son, AAI and few other individuals in late hours of Wednesday.

<a href="https://www.wionews.com/india-news/mumbai-airport-gears-up-to-restart-operations-with-safety-measures-in-place-294771">Also read:&nbsp;Mumbai airport gears up to restart operations with safety measures in place</a>

GVK Group, which has multiple investments and projects formed a joint venture with AAI in 2006 to modernise, repair, and take care of the day-tot-day activities of Mumbai International Airport.

According to the charges alleged by the&nbsp;CBI, the accused generated fake work contracts during the financial year 2017-18. The CBI has also accused the organisations of issuing funds to several companies which were, in the end, not executed.

Misusing airport's reserves and resources has also been mentioned in the chargesheet, along with inflating its expenditure and underreporting revenue.

GVK and AAI have not yet commented on the charges.&nbsp;

GVK&nbsp;is also developing another airport near Mumbai.

The Central Bureau of Investigation (CBI) has booked the GVK Group Chairmna, Gunupati Venkata Krishna Reddy, for a scam related to Mumbai airport. Allegedly, GVK Chairman, Airport Authority of India (AAI) and few others participated in a fraud in the development of Mumbai's international airport, Chhatrapati Shivaji Maharaj International Airport.

The Central Bureau of Investigation (CBI) has booked the GVK Group Chairmna, Gunupati Venkata Krishna Reddy, for a scam related to Mumbai airport. Allegedly, GVK Chairman, Airport Authority of India (AAI) and few others participated in a fraud in the development of Mumbai's international airport, Chhatrapati Shivaji Maharaj International Airport. The fraud has apparently incurred the government of India a loss of more than $92 million. CBI filed a criminal case against GVK Chairman Reddy, his son, AAI and few other individuals in late hours of Wednesday. Also read: Mumbai airport gears up to restart operations with safety measures in place GVK Group, which has multiple investments and projects formed a joint venture with AAI in 2006 to modernise, repair, and take care of the day-tot-day activities of Mumbai International Airport. According to the charges alleged by the CBI, the accused generated fake work contracts during the financial year 2017-18. The CBI has also accused the organisations of issuing funds to several companies which were, in the end, not executed. Misusing airport's reserves and resources has also been mentioned in the chargesheet, along with inflating its expenditure and underreporting revenue. GVK and AAI have not yet commented on the charges. GVK is also developing another airport near Mumbai.

CBI books GVK Chairman for a Mumbai airport scam of $92 million

As the nation starts lockdown 4.0 from Monday, announcements on resuming of domestic air&nbsp;travel are still awaited.

Keeping that possibility in mind, Airport Authority of India (AAI) has issued a brief guideline on Friday for passengers who will be travelling once the flights resume.

<a href="https://www.wionews.com/india-news/operation-samudra-setu-indian-navy-ship-jalashwa-leaves-maldives-for-kochi-298919">Also read:&nbsp;Operation Samudra Setu: Indian Navy ship Jalashwa leaves Maldives for Kochi</a>

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With the possibility of resumption of domestic flights soon, <a href="https://twitter.com/hashtag/AAI?src=hash&amp;ref_src=twsrc%5Etfw">#AAI</a> has released some steps that must be followed so passengers are fully geared up while travelling. Wear a mask, carry a hand sanitizer, keep docs handy &amp; register on <a href="https://twitter.com/hashtag/AarogyaSetuApp?src=hash&amp;ref_src=twsrc%5Etfw">#AarogyaSetuApp</a>. <a href="https://twitter.com/hashtag/AAICares?src=hash&amp;ref_src=twsrc%5Etfw">#AAICares</a> <a href="https://t.co/N6ooZIoOsc">pic.twitter.com/N6ooZIoOsc</a>
— Airports Authority of India (@AAI_Official) <a href="https://twitter.com/AAI_Official/status/1261264185486274560?ref_src=twsrc%5Etfw">May 15, 2020</a></blockquote>
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As per the guidelines, the first thing to take care of for passengers is the compulsory registration on Aarogya Setu app. Every passenger will have to download and register on the app, as it will help the authorities determine if the passenger is travelling from a green zone or a red zone.

Wearing masks and carrying a hand sanitizer will be compulsory. No passenger without masks, gloves and hand sanitizer will be permitted to enter the airport premises. Hand sanitizers, which were earlier not permitted in cabin baggage, have now been allowed upto 350ml.

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Since sanitizing hands frequently is one of the measures against <a href="https://twitter.com/hashtag/COVID19?src=hash&amp;ref_src=twsrc%5Etfw">#COVID19</a> virus, the Bureau of Civil Aviation Security has allowed passengers boarding an aircraft to carry hand sanitizer up to 350ml in their cabin baggage. This is to be implemented with immediate effect. <a href="https://twitter.com/hashtag/AAI?src=hash&amp;ref_src=twsrc%5Etfw">#AAI</a> <a href="https://t.co/pYKXjfLMxT">pic.twitter.com/pYKXjfLMxT</a>
— Airports Authority of India (@AAI_Official) <a href="https://twitter.com/AAI_Official/status/1260930168069083136?ref_src=twsrc%5Etfw">May 14, 2020</a></blockquote>
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All passengers will only be able to book tickets through online or telephonic portals. Passengers will also have to do a web check-in and carry a printed version of their boarding pass. There will be no stamping of boarding passes too, till further notice. This will help the authorities reduce physical contact, thus limiting the spread of the coronavirus.

Earlier, the Ministry of Civil Aviation (MoCA) had&nbsp;issued standard operating procedure (SOP) for all airlines and airport operators. This set of guidelines has followed that first draft.

Air India, in the meanwhile, has been bringing back Indian nationals stuck abroad in the biggest repatriation operation of the country, called Vande Bharat mission.

Indian Railways, too, resumed special 25 trains to help domestic travellers return back to their hometown. Railways is also operating 'shramik trains' for migrant workers who had been stuck away from home due to the nationwide lockdown.

As the nation starts lockdown 4.0 from Monday, announcements on resuming of domestic air travel are still awaited. Keeping that possibility in mind, Airport Authority of India (AAI) has issued a brief guideline on Friday for passengers who will be travelling once the flights resume.

As the nation starts lockdown 4.0 from Monday, announcements on resuming of domestic air travel are still awaited. Keeping that possibility in mind, Airport Authority of India (AAI) has issued a brief guideline on Friday for passengers who will be travelling once the flights resume. Also read: Operation Samudra Setu: Indian Navy ship Jalashwa leaves Maldives for Kochi With the possibility of resumption of domestic flights soon, #AAI has released some steps that must be followed so passengers are fully geared up while travelling. Wear a mask, carry a hand sanitizer, keep docs handy & register on #AarogyaSetuApp. #AAICares pic.twitter.com/N6ooZIoOsc — Airports Authority of India (@AAI_Official) May 15, 2020 × As per the guidelines, the first thing to take care of for passengers is the compulsory registration on Aarogya Setu app. Every passenger will have to download and register on the app, as it will help the authorities determine if the passenger is travelling from a green zone or a red zone. Wearing masks and carrying a hand sanitizer will be compulsory. No passenger without masks, gloves and hand sanitizer will be permitted to enter the airport premises. Hand sanitizers, which were earlier not permitted in cabin baggage, have now been allowed upto 350ml. Since sanitizing hands frequently is one of the measures against #COVID19 virus, the Bureau of Civil Aviation Security has allowed passengers boarding an aircraft to carry hand sanitizer up to 350ml in their cabin baggage. This is to be implemented with immediate effect. #AAI pic.twitter.com/pYKXjfLMxT — Airports Authority of India (@AAI_Official) May 14, 2020 × All passengers will only be able to book tickets through online or telephonic portals. Passengers will also have to do a web check-in and carry a printed version of their boarding pass. There will be no stamping of boarding passes too, till further notice. This will help the authorities reduce physical contact, thus limiting the spread of the coronavirus. Earlier, the Ministry of Civil Aviation (MoCA) had issued standard operating procedure (SOP) for all airlines and airport operators. This set of guidelines has followed that first draft. Air India, in the meanwhile, has been bringing back Indian nationals stuck abroad in the biggest repatriation operation of the country, called Vande Bharat mission. Indian Railways, too, resumed special 25 trains to help domestic travellers return back to their hometown. Railways is also operating 'shramik trains' for migrant workers who had been stuck away from home due to the nationwide lockdown.

Masks, sanitizers and Aarogya Setu app compulsory: Airport Authority of India

A day after Jammu and Kashmir government issued a security advisory for tourists, the Airport Authority of India (AAI) on Saturday said that over 6,200 passengers were transported out of the Valley through civilian and military aircraft.While 5,829 passengers travelled through 32 scheduled flights, 387 passengers were transported through the Indian Airforce Force (IAF) aircraft.

"Further to an advisory issued by J and K government, 6216 passengers reported at Srinagar International Airport today for travelling back out of the Valley. Out of this, total 5,829 passengers travelled by 32 scheduled flights. Remaining 387 passengers were accommodated in 04 no of IAF aircraft and flown to various destination like Jammu, Pathankot, and Hindon," the AAI said in a statement.

The authority said it extended all possible support to the passengers at Srinagar airport by "ensuring safety and security of the passengers".

"All passengers were flown out of the Valley in a planned and systematic manner," it said.

The operation to vacate tourists was conducted by AAI officials in close coordination with the IAF, the state police, the Central Reserve Police Force (CRPF), the Border Security Force (BSF), and the airlines authorities.

Airfares for flights from Srinagar this weekend have shot up to abnormally after the advisory.

For a one-way direct flight from Srinagar to Delhi, even low-cost airlines such as IndiGo, SpiceJet, GoAir and AirAsia are charging between Rs 10,000 to Rs 22,000, according to travel portals.

The normal rates generally hover around Rs 3,000.Similarly, from Srinagar to Jammu, the current flight rates are around Rs 16,000. Other places like Amritsar, Chandigarh, and Jaipur also witnessed a jump in airfares ranging between Rs 10,000 to Rs 19,000.

Governor Satyapal Malik issued an advisory on Friday urging pilgrims to curtail their Amarnath Yatra and return as soon as possible.&nbsp; 
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A day after Jammu and Kashmir government issued a security advisory for tourists, the Airport Authority of India (AAI) on Saturday said that over 6,200 passengers were transported out of the Valley through civilian and military aircraft.

A day after Jammu and Kashmir government issued a security advisory for tourists, the Airport Authority of India (AAI) on Saturday said that over 6,200 passengers were transported out of the Valley through civilian and military aircraft.While 5,829 passengers travelled through 32 scheduled flights, 387 passengers were transported through the Indian Airforce Force (IAF) aircraft. "Further to an advisory issued by J and K government, 6216 passengers reported at Srinagar International Airport today for travelling back out of the Valley. Out of this, total 5,829 passengers travelled by 32 scheduled flights. Remaining 387 passengers were accommodated in 04 no of IAF aircraft and flown to various destination like Jammu, Pathankot, and Hindon," the AAI said in a statement. The authority said it extended all possible support to the passengers at Srinagar airport by "ensuring safety and security of the passengers". "All passengers were flown out of the Valley in a planned and systematic manner," it said. The operation to vacate tourists was conducted by AAI officials in close coordination with the IAF, the state police, the Central Reserve Police Force (CRPF), the Border Security Force (BSF), and the airlines authorities. Airfares for flights from Srinagar this weekend have shot up to abnormally after the advisory. For a one-way direct flight from Srinagar to Delhi, even low-cost airlines such as IndiGo, SpiceJet, GoAir and AirAsia are charging between Rs 10,000 to Rs 22,000, according to travel portals. The normal rates generally hover around Rs 3,000.Similarly, from Srinagar to Jammu, the current flight rates are around Rs 16,000. Other places like Amritsar, Chandigarh, and Jaipur also witnessed a jump in airfares ranging between Rs 10,000 to Rs 19,000. Governor Satyapal Malik issued an advisory on Friday urging pilgrims to curtail their Amarnath Yatra and return as soon as possible.

Over 6,200 transported out of Kashmir Valley after issuance of J&K security advisory: AAI

Finance Minister Arun Jaitley&#39;s announcement on airport capacity increase over five times in his budget speech has been hailed by chairman and managing director Spicejet&nbsp;Ajay Singh. Singh said that the initiative has the potential to transform the Indian aviation sector and make India a global aviation &#39;&#39;superpower&#39;&#39;.

&quot;The initiative will help to connect smaller towns and cities and increase tourism and economic activity like never before,&quot; he added.

Seeking to provide a big push to the country&#39;s civil aviation sector, the finance minister announced an ambitious scheme, Nabh Nirman, to expand airport capacity by five times to 1 billion trips a year.&nbsp;

Jaitley further said that in the last three years, the domestic air passenger traffic grew at 18 per cent per annum and our airline companies placed orders for more than 900 aircrafts. &nbsp;

Regional connectivity scheme of UDAN (Ude Desh ka Aam Nagrik) initiated by the government last year shall connect 56 unserved airports and 31 unserved helipads across the country.

Operations have already started at 16 such airports. Jaitley said and added that due to these initiatives people wearing slippers are travelling by air.

Jaitley further added, &quot;Airport Authority of India (AAI) has 124 airports. We propose to expand our airport capacity more than five times to handle a billion trips a year under a new initiative - NABH Nirman. The balance sheet of Airport Authority of India shall be leveraged to raise more resources for funding this expansion.&quot;

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Arun Jaitley further announced that in the last three years, the domestic air passenger traffic grew at 18% per annum and our airline companies placed orders for more than 900 aircrafts

Finance Minister Arun Jaitley's announcement on airport capacity increase over five times in his budget speech has been hailed by chairman and managing director Spicejet Ajay Singh. Singh said that the initiative has the potential to transform the Indian aviation sector and make India a global aviation ''superpower''. "The initiative will help to connect smaller towns and cities and increase tourism and economic activity like never before," he added. Seeking to provide a big push to the country's civil aviation sector, the finance minister announced an ambitious scheme, Nabh Nirman, to expand airport capacity by five times to 1 billion trips a year. Jaitley further said that in the last three years, the domestic air passenger traffic grew at 18 per cent per annum and our airline companies placed orders for more than 900 aircrafts. Regional connectivity scheme of UDAN (Ude Desh ka Aam Nagrik) initiated by the government last year shall connect 56 unserved airports and 31 unserved helipads across the country. Operations have already started at 16 such airports. Jaitley said and added that due to these initiatives people wearing slippers are travelling by air. Jaitley further added, "Airport Authority of India (AAI) has 124 airports. We propose to expand our airport capacity more than five times to handle a billion trips a year under a new initiative - NABH Nirman. The balance sheet of Airport Authority of India shall be leveraged to raise more resources for funding this expansion."

Budget 2018: Spicejet hails Jaitley, says it will benefit Indian aviation sector