The airline, which hopes to end FY15 with profits of close to Rs 100 crore, has also confirmed that it is in talks with a foreign airline for a strategic partnership but said an announcement will take time.
We are not under pressure to finalise any agreement. It must deliver value to our shareholders and to our partner.
Giorgio De Roni
CEO
GoAir
The airline, which hopes to end FY15 with profits of close to Rs 100 crore, has also confirmed that it is in talks with a foreign airline for a strategic partnership but said an announcement will take time.
Below is the interview of Giorgio De Roni with CNBC-TV18's Shereen Bhan
Q: Your plans…
A: Delivery of aircraft number 20 is expected in October. It will be deployed on the domestic sector. In fact we think that there is a huge potential for growth of the airline business within India. With the phasing of aircraft number 20 we will be entitled to apply for international traffic rights and definitely we will apply for international traffic right and we envisage to start our first international route in the next financial year.
Q: Let me now talk to you about the domestic plans and there has been a fair amount of surprise on the profitability number that is being reported. I understand that you hope to close FY15 with Rs 100 crore in profit, is that accurate?
A: We are not a listed company and we do not share this data. Our financial performance up to March 2013 are available on the web and I can confirm that in the year end March 2013 we achieved more than Rs 100 crore profit.
Q: So, where do you hope to close March 2015 at?
A: I certainly have a plan to achieve a profit inline with what we have achieved in 2012-13 and based on the performances we have been able to deliver in Q1 I think that we are well on track.
Q: I also want to now talk to you about bringing a strategic partner onboard. I know that this is a question that has been asked of GoAir for the longest time ever since the government allowed that relaxation in the FDI cap, where do things currently stand? Are you in conversation with anybody, do you have suitors trying to woo you, where do things stand as far as your quest to find a strategic partner or a strategic investors are concerned?
A: The management has been working in the last year on this project. The government approved the new FDI environment in September 2012 and since then we have been working on this project. We are looking for a strategic partner to strengthen our position in the domestic market. We want to play a key role I would say in the development of India that is expected to become the third largest market in the world in terms of aviation. So, this project might take time. We are not under pressure to finalise any agreement. It must deliver value to our shareholders and to our partner.
Also Read: GoAir posts FY14 profit: Why slow is the way to grow
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