Hyderabad, Jul 12 (GCBusiness) Hyderabad-based Turbo Megha Airways Private Limited, operating under the name Trujet has entered into agreements which will enable the airline to double its fleet to 10 ATR-72 aircraft by the end of 2019.
Announcing this at a press conference here on the occasion of its 4th Anniversary, Turbo Megha Airways Private Limited Director K V Pradeep, CCO Sudheer Raghavan and CFO K G Vishwanath said that the TrueJet has started its journey with two ATR-72 aircraft in July 2015, now operates 5 ATR-72 aircraft in its fleet and connects 20 destinations across the country.
They said that the new ART-72 aircrafts which would be inducted by October end this year will fly to six new destinations including four North-East cities—Rupsi, Cooch Behar, Banput with based point of Guwahati –and four other existing destinations frequencies would be increased.
Stating that that the Trujet was the first airline in India to have started operations to all the routes under UDAN 1 and 2, Mr Vishwanath said the Company has plans to start in more routes which were allotted under UDAN 3 and added that the aircrafts utilization hours were also increased upto 11 hours per day.
Stating that the company is profitable operationally during the last six-seven moths, Mr Vishwanath said that it had posted a Revenue of Rs 165 crore ( in top line) with a loss of Rs 84 crore (bottom line) in 2017-18, expecting 50 per cent growth in top line in 2018-19 (figures not disclosed due to auditing) with fraction reduction of losses (bottom line) and hoped it would be profitable during 2019-20.
Stating that the Truejet has fulfilled the dream of close to 1.9 million passengers in the last four years , Mr Vishwanath said it has 700 employees and 200-300 employees would inducted during the next six months.
Mr Vishwanath said the present Indian aviation growth was 12-15 per cent. The Truejet which has zero point five per cent market share is eyeing to achieve the same growth in 2019-20.
The company will go for public issue after two years, he added.