Monday, May 27, 2024

Losses Doubled For Go First In FY22, Covid-19, Pratt & Whitney Blamed By The Company

By Staff Correspondent

Due to multiple waves of Covid-19 and US-based Pratt and Whitney’s (PW) delay in supplying engines which affected air travel, Go First said that their net loss more than doubled to Rs 1,807.91 crore in FY22.

While the airline’s fleet consists of around 54 aircraft and about 90 percent of them are A320neo aircraft with PW engines, sources indicate that due to delay in supply of engines, around 20 A320neo aircraft of Go First are currently grounded.

The company’s net loss raised from Rs 870.48 crore in FY21 to Rs 1,807.91 crore in FY22, which stood as the highest loss incurred by the carrier in at least the last eight years.

All aircraft should have modified engines on both the wings, as mandated by the Directorate General of Civil Aviation (DGCA) and for the same, PW had confirmed to both the DGCA and the airline modified engines would be provided by them within the time frame specified.

A total of Rs 1,320 crore of funds/bank facilities” have been arranged by the Wadia Group, Go First’s promoters and have continued to heavily back the company. Further, during FY22, the Wadia Group has infused equity of Rs 846 crore. 

In FY22, the company’s operating revenue increased by 92.64 per cent from Rs 2,171.75 crore in FY21 to Rs 4,183.77 crore.

Most Popular

Subscribe to our newsletter

To receive the latest news on Indian aviation and defence.