Air India’s (AI) historic turnaround under chairman and managing director Ashwani Lohani has found a mention in Prime Minister Narendra Modi’s Independence Day speech.
AI is expecting an operating profit of over Rs 100 crore in fiscal 2015-16. This would be the first time in close to a decade that the airline will post an operating profit. It also hopes to make an Rs 700 crore profit in FY17.
In his Independence Day address from the ramparts of Red Fort, the Prime Minister, while speaking on the turnaround of major PSUs, said, “Today I can say with complete satisfaction that Air India, which used to be notoriously known for incurring losses, has improved its operations leading it to log operational profits.”
While the 2015-16 figures are still being audited and finalised, senior officials said, “We are sure to cross Rs 100 crore worth of operating profits in the last fiscal, largely due to low fuel prices as well as improved performance. In the current financial year, we are projecting that this figure will jump to Rs 700-800 crore.”