Kathmandu: Buddha Air has collected Rs 3.83 billion in revenue in the first six months of fiscal year 2023/24. Buddha, a private sector airline, has been providing air services on trunk routes and has been flying from Kathmandu to Varanasi in India. The market share of Buhdha Air, which has recently been expanding by adding aircraft, has reached 67 percent. In the fiscal year 2022/23 it was 56 percent.
In the fiscal year 2022/23, Buddha Air recorded a total revenue of Rs 12.16 billion. Similarly, the company reported turnovers of Rs 10 billion in 2021/22, Rs 3.33 billion in 2020/21, and Rs 4.94 billion in 2019/20.
ICRA Nepal Limited (ICRA Nepal), the first Credit Rating Agency in Nepal, is a Subsidiary of ICRA Limited (ICRA) of India, an international credit rating Company that just completed Buddha Air’s credit rating audit as per the requirement of our Central Bank (NRB). Buddha Air have been accredited A2+ (short-term loans) and LA- (long-term loans) ratings, which are two ranks down from the topmost rating. We should have been rated one step above if the external scenario on the basis of the high financial risk of the airline industry globally and particularly in Nepal is negated.
We are very proud of our credit rating achievement, which we think is in the top 1% of the global scenario. We have achieved this due to the continuous hard work of all our employees and the good governance that we have instilled in Buddha Air from day one – 26 years ago. This also proves that we have invested as per the global standard in all our safety requirements.