Full-service carrier Vistara announced on Monday that it had reported a profit for the first time since its inception, in the three months ended December 2022. The airline, a joint venture between Tata Sons a Singapondre Airlines, which started operations on January 9, 2015, and currently has a fleet of 52 planes, did not disclose the exact profit figure. However, it did mention that it had crossed the $1 billion revenue mark and remained EBITDA positive in the current fiscal year.
EBITDA refers to Earnings Before Interest, Taxes, Depreciation and Amortisation. Vistara CEO Vinod Kannan said that with significant network and fleet expansion, and sustained growth over the last few months, 2022 has been a phenomenal year for Vistara in terms of operational and financial performance.
“Each member of the Vistara family is incredibly proud of our collective achievements in an extremely challenging business environment that included the third wave of pandemic and escalating costs. We are now aiming for higher goals as we enter the next phase of our growth journey,” he said.
The airline, which has more than 5,000 employees and operates close to 8,500 flights per month, had a domestic market share of 9.2% in December 2022. In November last year, Singapore Airlines announced that Vistara will be merged with Tata group-owned Air India.