Indian airlines to report ₹21,000 crore losses during 2020-21
New Delhi: Indian airlines will post net losses of about ₹21,000 crore during the fiscal year(FY) 2021 following a raft of travel restrictions and amidst diminishing travel appetite due to rising covid-19 infections, and would require additional fundings to the tune of ₹37,000 crore over FY2021 to FY2023 to recover from losses and debt, credit rating agency Icra Limited said in a report on Thursday.
Icra added that the agency maintains a negative credit outlook on the Indian airline industry.
The profitability of the Indian airlines remains adversely impacted during FY2021 due to lower revenues and high fixed costs even though passenger traffic continues to improve sequentially.
