Akasa Air Aircraft - India's aviation industry is expected to be back in black next fiscal for the first time since the onset of the pandemic. The industry is also likely to pare its net loss by 75-80% year-on-year to ₹3,500-4,500 crore this fiscal, compared with around ₹17,500 crore last fiscal, according to CRISIL Ratings.
“By the end of the year, we hope to be flying internationally”, Dube told Reuters. He also explained that the company's goal is to increase the size of its network and include destinations within reach of the 737 MAX in South Asia and the Middle East.
Akasa Air Aircraft
In the next one year, Akasa is going to hire 300 pilots, Dube said, adding "These 300 pilots will be trained on the latest generation aircraft. We have the aircraft of the latest generation. We are also offering our employees the skill sets of the future, which is also very exciting."
Fleet Growth An Objective For Akasa Air
"By the end of the year we will place a large order for aircraft. I'm not going to disclose the number but the order will be in three digits and it will be significant," Dube said at a press conference.
According to Vinay Dube, its CEO, it would be a “three digits” order to be finalized by the end of the year. While he would not disclose the figure, he said it would be a “significant” order.
In mid-February it was reported that the airline could place a “substantially” large order for new narrow-body aircraft. The news came just days after Air India ordered 220 aircraft from Boeing and another 250 airplanes from Airbus, and after it emerged that low-cost carrier IndiGo is negotiating to buy “several hundred aircraft” aircraft from the European manufacturer.
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In February, Air India placed the biggest aircraft order ever to buy 470 aircraft from Boeing and Airbus for a total value of $80 billion, with options for another 370 aircraft. The Tata Group-owned airline will buy 250 aircraft from Airbus — 40 wide- body A350 planes and 210 narrow-body aircraft. It will also purchase 220 Boeing planes for $34 billion.
"By the end of the year, we will place a large order for aircraft. I'm not going to disclose the number but the order will be in three digits and it will be significant," Dube said in a press conference here.
Strong recovery in passenger traffic and easing cost pressures are supporting this turnaround in operating performance of airlines, the ratings agency says. Domestic and international passenger traffic recovered to 90% and 98%, respectively, in the nine months through December this fiscal year, compared with the corresponding period of fiscal 2020.
"Business and leisure travel rebounded strongly, even as international scheduled services resumed. The festival season has accelerated recovery in the second half. This pace is likely to be maintained next fiscal year, as the Indian economy remains resilient in the face of global headwinds," CRISIL says, adding that the removal of fare caps is also helping airlines pass on cost increases.
According to him, Akasa Air will need at least 3,500 pilots in the next one decade. In the past four years, 3,200 pilots have applied for licenses and many of them are waiting to get jobs as they have not been accommodated yet, he said.
Akasa Air is going to place an order for a fleet of aircraft which will be in three digits by the year-end, the company said on Wednesday. The company's founder and Chief Executive Officer, Vinay Dube said it plans to go international by the year -end and intends to set up a learning academy in Bengaluru.
Akasa Air stated early on that it intended to increase the size of its fleet: it planned to have 18 aircraft in operation by March 2023 and to take delivery of up to 54 over the next four years.The company placed an initial order for 72 aircraft , including Boeing 737 MAX 8 and 737-8200 models.
While no further details are known about the new order, it would be a large order for new narrow-body aircraft. It is likely that Akasa Air will opt to add more Boeing 737 MAXs in order to have a more homogenous fleet.
"Next fiscal, we expect passenger traffic to cross the pre-pandemic level and pricing to remain higher by 20-25% over those levels. Consequently, airlines are expected to clock 25-30% revenue growth next fiscal vis-à-vis pre -pandemic. That, along with expected moderation in average aviation turbine fuel prices will drive a significant turnaround in operational performance of airlines, enabling them to become profitable next fiscal year," says Gautam Shahi, director, CRISIL Ratings.
In addition, he said Akasa Air plans to hire 300 pilots next year and open a crew training center in Bangalore, where the airline is already the second largest carrier in terms of operations. According to the company, it could need at least 3.500 new pilots over the next decade.
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