NEW DELHI: Vistara, which started flying in January 2015, has finally reported its first profitable quarter in the October-December 2022 period and revenue for this fiscal have already crossed the $1 billion mark. The turnaround comes ahead of Vistara’s impending merger with Air India in the next 14 months thanks to the rebound in air travel seen this winter and the leadership provided by the high-flying airline’s down-to-earth CEO Vinod Kannan, an industry veteran. All eyes are now on what role Kannan gets in the merged AI-Vistara entity. In calendar year 2022, full service Vistara was the second largest airline with about 10% domestic market share — next to IndiGo’s massive 56% share.
A joint venture of Tata Sons and Singapore Airlines, Vistara’s first ever quarterly net profit this Q3 is excluding unrealised foreign currency loss and non-operating income. The airline crossed the $1 billion revenue mark and remained EBITDA positive in the current fiscal year and reported break even for the first time in the quarter ended December 2022.
