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AAI's profit flies 30% to Rs 2,537 crore in FY16

Airports Authority of India (AAI) saw its profit after tax jump nearly 30 per cent to Rs 2,537.36 crore last fiscal, on the back of higher passenger numbers and increased revenues. Minister of State for Civil Aviation Jayant Sinha informed the Lok Sabha on Thursday that AAI recorded a total revenue of Rs 10,824.50 crore in 2015-16 compared to Rs 9,284.98 crore in the year-ago period.

In the last financial year, AAI's profit after tax stood at Rs 2,537.36 crore, higher than Rs 1,959.22 crore in 2014-15. "Increase in passenger numbers, marginal increase of User Development Fee (UDF) charges in AAI airports, Passenger Service Fee (Facilitation Component) and increase in lease revenue from Delhi and Mumbai airports have contributed to the increase in AAI revenues," Sinha said in a written reply. According to him, there was an 18 per cent rise in passenger traffic, 11 per cent increase in aircraft movements and 16.23 per cent jump in airport lease revenue during 2015-16. State-owned AAI manages 125 airports, including 11 international aerodromes and 25 civil enclaves. It also provides air traffic management services.

In a separate written reply, Civil Aviation Minister Ashok Gajapathi Raju said there has been very good air traffic growth in the last two years due to overall economic growth and resilience in the aviation sector. "As per traffic data, 223.62 million passengers were handled in the year 2015-16 against the available capacity of 270 million passengers per annum," Raju said. 

IndiGo company scrip dives for day 3, down 4%
Falling for the third straight session on Thursday, shares of InterGlobe Aviation, which owns budget carrier IndiGo, lost over 4 per cent after a decline in quarterly profit. The scrip fell 4.33 per cent to settle at Rs 825.35 on BSE. During the day, it tanked 4.82 per cent to Rs 821.10. At NSE, it declined 4.1 per cent to end at Rs 827.45. For the last three days, the scrip has lost over 15 per cent, wiping out Rs 5,367 crore in its market valuation. The company on Monday had reported around 7.4 per cent decline in net profit at Rs 591.77 crore for the first quarter ended June, saying it was due to competitive ticket pricing. 
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