Wednesday, October 5, 2022
HomeBusiness NewsAirports Authority of India seeks waiver of annual dividend cost for 2021-22...

Airports Authority of India seeks waiver of annual dividend cost for 2021-22 fiscal

- Advertisement -

Underneath present norms, AAI has to pay an annual dividend amounting to five% of its internet value or 30% of its annual revenue, whichever is greater.

Underneath present norms, AAI has to pay an annual dividend amounting to five% of its internet value or 30% of its annual revenue, whichever is greater.

Airports Authority of India (AAI) has requested the federal government to waive the obligatory dividend cost requirement for the monetary yr ended March 2022, in lieu of the waiver of Air India’s dues performed previous to the sale of the service.

State-owned AAI, which is within the purple primarily after the impression of the coronavirus pandemic, is predicted to submit a lack of ₹800-900 crore in 2021-22 fiscal.

AAI Chairman Sanjeev Kumar stated it has recovered “good floor” and is anticipated to decrease the loss within the final monetary yr. The monetary outcomes for 2021-22 will likely be finalised within the coming months. In accordance with him, AAI had settled Air India’s dues value round ₹2,000 crore when it was underneath the possession of the federal government. Underneath the settlement, 50% of the full dues had been waived.

An quantity of ₹1,000 crore was acquired by AAI as a part of the settlement. Air India was acquired by Tatas within the final monetary yr. “AAI in lieu of waiving of dues of Air India has requested the federal government to waive the obligatory dividend that needs to be paid yearly. DIPAM (Division of Funding and Public Asset Administration) has given us the in-principle approval for the proposal,” Mr. Kumar informed PTI in an interview.

ALSO READ :-   Govt. kickstarts sale course of of two subsidiaries of erstwhile nationwide provider Air India

Underneath present norms, AAI has to pay an annual dividend amounting to five% of its internet value or 30% of its annual revenue, whichever is greater.

For the reason that State-owned entity will likely be within the purple, it must shell out an quantity equal to five% of the online value for the final fiscal. AAI has requested the federal government to waive this dividend quantity in lieu of the waiver of the dues of Air India when it was owned by the federal government.

In 2019-20, which was additionally when AAI recorded an annual loss for the primary time since its inception, it had paid a dividend of ₹671.70 crore to the federal government.

AAI has recovered “good floor” and is predicted to decrease its loss in 2021-22. “We count on to report a lack of ₹800-900 crore within the monetary yr 2021-22. The monetary outcomes will likely be finalised within the coming months,” Mr. Kumar stated.

For the fiscal ended March 2021, AAI had reported a lack of ₹1,962.06 crore, whereas the full income stood at ₹4,867.04 crore. It had a revenue after tax of ₹1,985.09 crore on a complete income of ₹12,837.44 crore in 2019-20.

Mr. Kumar stated that for the present monetary yr ending March 31, 2023, AAI hopes to “attain no less than 80% of the pre-COVID stage by way of monetary efficiency”.

“AAI manages 137 airports, together with 80 home airports. It additionally supplies Air Site visitors Administration Providers over complete Indian airspace and adjoining oceanic areas with floor installations in any respect airports and 25 different places to make sure security of plane operations,” as per its web site.

ALSO READ :-   Air India contemplating procuring over 200 new planes

By- The Hindu

RELATED ARTICLES
- Advertisment -

Most Popular

- Advertisment -