Akasa Air's financial position is extremely strong, no shortage of pilots: CEO Vinay Dube

Akasa Airlines CEO Vinay Dube has said that the airline is at an extremely strong position from a cash perspective and expects to end FY2023-24 on a briliant growth trajectory. The airline has recently announced the launch of its international operations from March 28. Akasa will debut on the international route by starting direct flights to Doha in Qatar from Mumbai. 

Akasa Air has also won bilateral rights to start operations to Kuwait and Saudi Arabia. The airline is hoping to get international permissions for starting operations to Riyadh and Jeddah soon.

Talking about the finances, Dube, in an interview with CNBC TV18, said: "We can't give guidance on revenue; being a Private Limited company, that's one of the advantages you get. However, Akasa is in an extremely strong position from a cash perspective. Akasa has built a rock-solid foundation on the business model and cash. We expect to end FY24 on a growth trajectory that no one in the history of global aviation has ever seen. We will also end FY24 as India's most on-time airline."

Dube added Akasa is the only airlines to break all records by launching international operations within 19 months of starting operations.

He added: "Akasa is the most customer-centric airline in the country. We are the most punctual airline as per Directorate General of Civil Aviation (DGCA) data. As long as we continue to be customer-centric, there will be no problem in creating a name for us even in a crowded market."

Talking about the pilot shortage, Dube highlighted that there is no shortage of pilots as of now. "We have over 700 pilots. We are extremely pleased with the way we've been able to attract and retain pilots."

Last year, the airline was left in midst of confusion when around 43 pilots quit the airline without serving their notice, which led Akasa Air to cancel around 18 per cent of its 3,500 monthly flights – over 600 flights – in August. 

Later, it moved the Delhi High Court seeking a direction to the Directorate General of Civil Aviation (DGCA) to act against pilots who left the airline without serving their mandatory notice period.

The aviation regulator previously informed the Delhi HC that it lacks the authority to intervene in the employment agreements between pilots and airlines.

Later in a relief to Akasa, the Delhi High Court ruled that DGCA can act against pilots who have not complied with civil aviation requirements (CAR). It further held that there are no restrictions on the DGCA to take action against pilots in case of default.

The Bombay High Court also ruled that Akasa Air can proceed in Mumbai with its suit seeking contractual damages from pilots who had allegedly exited the company, without serving a notice period. Originally, Akasa Air had approached the High Court seeking compensation of Rs 21 crore from six pilots for allegedly leaving the carrier without a proper notice period.