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Go First losses exceed combined profit of listed Wadia group firms

Accumulated losses at Go First go beyond net worth of other group firms

Krishna Kant Mumbai

flights, aircraft, airlines, passengers, aviation

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3 min read Last Updated : May 03 2023 | 8:10 PM IST

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The mounting losses at Go Airlines (Go First) have become financially unsustainable for the Mumbai-based Nusli Wadia group. In 2021-22, for the first time, the net loss of the air carrier exceeded the combined net profit of listed firms in the group.

Go First reported a net loss of Rs 1,804 crore in FY22. In comparison, the group’s four listed companies --Britannia Industries, Bombay Dyeing, Bombay Burmah Trading Corporation, and National Peroxide -- together reported a combined net profit of Rs 1,305 crore. As a result, the five key group firms together reported a net loss of Rs 499 crore in FY22, against a net profit of Rs 506 crore a year ago.

In fact, the continued losses at Go Airlines had also started to hurt the balance sheets of group companies. In FY22, accumulated losses at Go First exceeded the combined net worth of other group firms.