After decades of failed attempts, the Government of Pakistan has finally privatized the Pakistan International Airline (PIA) under intense pressure from the International Monetary Fund (IMF). Nonetheless, it is a deal that will give the national airline not only a chance to survive but to thrive in the long run. As part of structuring the sale for Rs. 135 billion, the government has assumed Rs. 654 billion in debt and pension obligations. The government gets only Rs. 10 billion in cash but it gives the new owners a clean balance sheet in return for a commitment to invest Rs. 125 billion of the Rs. 135 billion sale price in the carrier.
 |
| PIA Privatization Deal Structure. Source: Standard Capital Securities Pvt Ltd. |
Pakistani politicians have used state-owned enterprises like the PIA as a vehicle for doling out political patronage. They have given jobs, including top jobs, to political cronies who have neither the experience nor the inclination to run these PSUs like businesses. Their focus has been on extracting as much financial gains as possible, and sharing some of these gains with their political patrons.
Privatization will save Pakistan’s taxpayers tens of billions of rupees each year, and raise the prospect of the PIA becoming a contributor rather than a continuous drain on the national treasury. Prior experience with privatizations of state-owned units like banks and the telecom company has shown that this is a realistic expectation. Taxpayer money saved can be used to fund education, healthcare and critical infrastructure.
The PIA has a huge potential to succeed as an airline business. It has lucrative routes and landing rights which it is currently unable to fully utilize. It has a small aging fleet of 32 aircraft. Half of the fleet is out of service at any given time due to maintenance issues.
Arif Habib, the head of the buying consortium which was advised by New York-based Seabury Aviation Partners, has committed to hiring a professional management team to run the PIA as a business to serve its customers and shareholders. He has announced plans to grow the PIA fleet from around 15-18 operational aircraft to 38 in the first phase, then potentially reaching 64-65 aircraft within a few years, essential for reclaiming international routes and improving service by adding more planes and restoring operational strength.
Pakistan has the world's 6th largest diaspora. In addition, millions of Pakistanis travel for Hajj and Umrah pilgrimage to Saudi Arabia each year. Majority of the overseas Pakistanis and pilgrims would choose to travel by PIA if it offered convenient schedules and better service with direct flights to Pakistan.
A successful national airline can make a significant contribution to the nation's economy by improving connectivity for tourism, trade and investment in the country. Business people, in particular, value their time. Operating direct, non-stop flights to destinations in Pakistan from major international airports are essential for serving this customer base.
Related Links:
Haq's Musings
South Asia Investor Review
Pakistan Air Travel Market
Pakistan $20 Billion Tourism Industry Booming
Saving PIA, Railways and Education in Pakistan
Pakistan: Political Patronage Trumps Public Policy
Riaz Haq's Youtube Channel
25 comments:
Riaz Sb., good question. I guess we can look at record of previous privitization of KESC and MCB etc. to gauge if this privitization is going to be successful.
Zamir
Great news !! Based on Indian experience of Tatas acquiring Air India, the change is gradual but will be evident. Most of Air India domestic flights now have upgraded interiors and service . International sectors are still a struggle due to fierce competition and high expectations from flyers. https://www.aircraftinteriorsinternational.com/news/mro/air-india-completes-first-phase-of-legacy-a320neo-fleet-retrofit-programme.html
The airlines’ current debt is an obligation on PK government. Buyers are paying PK government Rs 135b, in part so PK could neutralize that debt. It is all about sliding numbers. Bottom line — Rs 135b to acquire the asset.
Buyers are not under obligation to keep the airline running. Its parts are far more valuable to keep it that way. Lucky group would do the same. Only Air Blue wouldn’t have. PK government did not have courage to shut it down.
Arif Habib is a stock trader. He is not known for long term investments. The government knows that. That’s what raise a large kickback scenario.
PIA restructuring was done prior to the privatization exercise.
Fiscal Year 2024 (Annual): PIA reported an operating profit of PKR 9.3 billion for the year ending December 31, 2024. This was its first operational profit in over 20 years following major restructuring and debt transfer to the government.
First Half 2025: For H1 2025 (Jan–Jun), PIA reported a pre-tax profit of PKR 11.5 billion and a net profit of PKR 6.8 billion.
The bidding has been done on this basis. To reiterate:
The understanding of Headline Value vs. Government Proceeds is critical to comprehend the deal.
- Equity Purchase Price (PKR 10 billion): This is the actual amount the consortium will pay the Government of Pakistan for a majority stake (reportedly 75%) in PIA. This money enters the national exchequer.
- Capital Injection Commitment (PKR 125 billion): This is the amount the new owners have committed to invest into PIA itself after the acquisition. This capital will be used to recapitalize operations, and potentially fund fleet renewal. This money does not go to the government; it is an investment into an asset the consortium will then own.
The addition of these two figures creates the PKR 135 billion Total Transaction Value. While not an uncommon headline in global deals, the lack of persistent, clear differentiation in public messaging has led to a widespread misconception that the government is receiving PKR 135 billion.
From what I read, the buyer would pay the govt 10B cash and the rest would be invested back into the çompany. That’s strange!
Rashid: “ From what I read, the buyer would pay the govt 10B cash and the rest would be invested back into the çompany. That’s strange”
It ‘s mandatory investment as a condition of sale. I think it makes a lot of sense to ensure the airline gets significant injection of capital to survive and thrive. Not unusual at all for a troubled state owned airline privatisation.
The deal is what it is after multiple failed attempts to sell the PIA! The alternative was to continue the status quo. That was not acceptable to the government or the IMF, nor would it revive the airline or rebuild it.
I guess that was the only legal way to mandate Rs 125 billion investment in the airline!
Riaz Sahib, at these give away terms you and some other Bay Area Pakistanis could have been a part of Arif Habib consortium! 🙃
Rashid: “at these give away terms you and some other Bay Area Pakistanis could have been a part of Arif Habib consortium!”
Arif Habib and other members of the consortium are experienced businesspeople running successful businesses in Pakistan. They know how to turn around a business in Pakistan. I think they have a good chance of succeeding in making PIA a viable and profitable business to serve customers and shareholders alike.
400 million USD capital injection by Arif habib is a decent amount if the investors can actually pull this off. For reference Air India has 6x fleet size of PIA and approx 3B USD Tata/Singapore air consortium is injecting.. so 400million in is in same zone.
Indeed Airlines is not for faint hearted but Tatas have taken the big leap. With troubles for Indigo, Tatas have a small window to solidify their position. Airline market in India still has small room before high speed trains start saturating the travel market in another 10years time.
@Anon,
I'm not expecting "high-speed trains" to saturate travel market in India anytime soon. The Vande Bharat isn't exactly "high speed" or even "semi-high speed" when you consider their current operational speeds in the Indian rail network. As for the real "high-speed" trains that can compete with airlines in travel times, its likely to take India a couple of decades at least to build a high speed rail network that comes anywhere near as large as China's at present.
Semi high speed will actually make a big dent in <1000km sectors/traveller volume.. as flights have hassle of travel to airports+security which in itself adds to travel time..where as most train travel connects city centres directly .. you mentioned Vande bharat and just that platform can scale to semi high speed and 10years is a long time in life of a young nation if things are done right ..
1. PIA being KHI focused, it was sold. Like KESC. Same with Pak Steel, soon. But white elephants like WAPDA and Pakistan Railways and all Punjab based electrical power companies are not IMF worries ? Hogwash.
2. Fauji Fertilizer that had stepped off competition has suddenly been inducted into the buyer consortium upon “invitation” by Arif Habib himself. Saving his neck?
Shams: "PIA being KHI focused, it was sold. Like KESC. Same with Pak Steel, soon. But white elephants like WAPDA and Pakistan Railways and all Punjab based electrical power companies are not IMF worries ? "
I think Karachi will be a major beneficiary of PIA’s turnaround!
PIA privatisation drives PSX past 172k mark
KSE-100 climbs 0.58% Arif Habib-led consortium secures 75% stake in 135b deal
https://tribune.com.pk/story/2584069/pia-privatisation-drives-psx-gains
The KSE-100 Index posted a solid +0.58% gain on a week-on-week basis, closing the period on a positive note amid strong investor sentiment.
The primary catalyst was the landmark privatization of Pakistan International Airlines (PIA), finalized at Rs135 billion (approximately US$480 million), marking one of the largest and most significant privatization deals in Pakistan's history.
The successful auction, won by the Arif Habib-led consortium for a 75% stake, signals a major step toward reducing the government's burden from loss-making state-owned enterprises and boosting private sector confidence.
A positive session was observed at the exchange, as the index gained to close at an all-time high of 172,400 level (up by +0.92%).
Top positive contributions to the index came from ENGROH, PPL, SYS, NBP, and MLCF, as they cumulatively added +774 points to the index, according to Topline Securities. Traded value-wise, BOP (Rs3.1b), NBP (Rs2.94b), SEARL (Rs2.05b), PPL (Rs2.03b), PTC (Rs1.51b), and MLCF (Rs1.35b) dominated the trading activity. Traded value and volume for the day stood at 797 million shares and Rs38b, respectively.
This positive momentum was further supported by the State Bank of Pakistan's (SBP) recent 50 basis points policy rate cut to 10.5%, which continued to encourage investment in equities by lowering borrowing costs and improving liquidity. Trading activity remained robust, with average daily volumes at 736 million shares and a value of Rs31.5b.
Analysts view this as a turning point for market reforms, with the PIA deal expected to pave the way for more divestments and enhanced economic efficiency.
Why Pakistan sold PIA — and why the deal is controversial
By André Orban
https://www.aviation24.be/airlines/pakistan-international-airlines/why-pakistan-sold-pia-and-why-the-deal-is-controversial/
Pakistan’s government sold a 75% stake in Pakistan International Airlines (PIA) for $482 million to a private consortium led by financier Arif Habib to halt mounting losses and meet conditions tied to a $7 billion IMF bailout.
Once a flagship national carrier, PIA had become a heavily indebted state-owned enterprise, burdened with more than $2.3 billion in long-term liabilities, a shrinking market share, an ageing fleet, and years of operational mismanagement. Repeated privatisation efforts had failed until the government restructured the airline by carving out its debts, offering tax relief and policy guarantees, and staging a transparent, live-broadcast auction to attract credible investors.
The winning consortium committed to reinvesting about 92.5% of the purchase price back into PIA to revive operations, while the government retained a 25% stake. Officials argue this approach was aimed less at maximising sale proceeds than at stopping further fiscal drain and restoring the airline’s viability under private management.
The controversy stems from both the structure of the deal and the participants involved. Opposition parties claim the airline was effectively sold too cheaply, arguing that only a small portion of the bid flows directly to the state, while most funds benefit the airline now controlled by private owners. More sensitive still is the post-auction entry of Fauji Fertilizer Company, a military-linked conglomerate, into the consortium. Critics see this as extending the military’s economic influence and question whether PIA has truly moved out of state control or merely shifted from civilian to military-associated ownership. Supporters counter that the military-linked partner offers stability and investor confidence in Pakistan’s volatile policy environment.
@Anon,
- "you mentioned Vande bharat and just that platform can scale to semi high speed and 10years is a long time in life of a young nation if things are done right"
The bottleneck here is not the "platform" but the infrastructure. As Vande Bharat's sub-optimal operating speeds on most routes show, the primary challenge in achieving high speed or semi-high speed rail travel in India isn't the building of trainsets. That's actually the easy part. The real challenge is in modernizing the track and signalling infrastructure to safely support such speeds - upgrading the rails and joints, straightening curves, fencing the routes to prevent trespassing, in-cab signalling for loco pilots etc. Even if the govt gets serious about these things and start addressing them I do not expect sustained semi high-speed (160 km/h) travel to materialize across most inter-city routes in 10 years. Things here just doesn't happen at the pace they do in China.
PIA’s new owners in Arif Habib Consortium used the services of Seabury Aviation Partners Consulting. New York based Seabury advises clients on airline valuation, restructuring and financing:
Fleet and Balance Sheet Restructuring ~ Business Planning ~ Operations Restructuring ~ Liquidity and Cash Management, Liability Management
Debt & Equity Capital Raising ~ M&A ~ Restructuring ~ Capital Structure Optimization ~ Liability Management ~ Board Advisory
New Aircraft and Engine Evaluations ~ New Aircraft and Engine Negotiations ~ New vs Used Aircraft Analysis ~ Engine Lifecycle Costs ~ Aircraft Leasing and Financing
Commercial Strategy: Network & Revenue ~ Fleet Strategy ~ Partnering & M&A strategy ~ Cost / Operations Optimization: Maintenance, Cargo, Labor / Workforce, Ancillary Businesses ~ Business Planning
Carnegie Hall Tower, 53rd Floor
152 West 57th Street
New York, NY 10019
https://seaburyaviation.com/
—————————
Watch Consortium Member Gohar Ejaz talk about the process
https://youtu.be/KVIWR3dT1Lg?si=C5Y44ocvenX1pG2V
Pakistan International Airlines has officially entered a new chapter after being sold in one of the most consequential privatisation deals in Pakistan’s history.
In this exclusive episode of On My Radar, Kamran Khan is joined by Gohar Ejaz, Chairman Lake City Holdings, former Commerce and Industries Minister, and a core member of the Arif Habib Consortium that secured PIA with a landmark Rs135 billion bid.
Speaking directly from the inside, Gohar Ejaz shares never-heard-before details of how the winning consortium built its strategy, how it decisively defeated the powerful Lucky Group, and what the future holds for Pakistan’s national airline.
The conversation dives deep into the vision for reviving PIA, investor confidence, operational reforms, and why this privatisation could reshape Pakistan’s aviation sector for decades.
AI Overview
Muhammad Ali, the Prime Minister's Adviser on Privatisation, is the key government figure publicly advising on Pakistan International Airlines (PIA) privatization, while a consortium led by Ernst & Young (including Bauer Aviation Advisory, Haidermota & Co, Freshfield Bruckhaus Deringer, Nutshell, and Knight Frank) serves as the lead financial advisor for the entire process. The government is selling 51% of PIA to a consortium led by Arif Habib Corporation, aiming to complete the transition by April 2026, after years of stalled attempts.
Key Advisors & Figures
Muhammad Ali: PM's Adviser on Privatisation, handling public communication and strategy.
Ernst & Young-led Consortium: The main advisor guiding the transaction structure, legal separation, and valuation.
Abdul Aleem Khan: Federal Minister for Privatisation, overseeing the process.
The Deal & Process
A consortium led by Arif Habib Corporation won the bid for a 75% stake in PIA.
The government retains a 25% stake, with assets like the NYC & Paris hotels excluded from the sale.
The privatization aims to turn around the loss-making airline, with new owners expected to take over by April.
Key Financials
The government expects to receive approximately PKR 55 billion in value, not just the initial cash injection.
This effort marks a significant step in Pakistan's privatization drive, following failed attempts in the past.
AI Overview
Yes, the Lucky Group, as part of a consortium bidding for Pakistan International Airlines (PIA), engaged Pegasus Airlines (Turkey's low-cost carrier) as their technical aviation advisor to help with the complex privatization process, alongside other bidders like the Arif Habib consortium who used Seabury Aviation Partners, highlighting a move towards expert consultation in the sale of the struggling national airline.
Key Details:
Role of Pegasus Airlines: Pegasus provided technical guidance and expertise on aviation strategy and operations, helping the Lucky Group navigate the PIA privatization bid.
Part of a Bidding War: The Lucky Group was a serious contender alongside the Arif Habib consortium in the race to acquire PIA, with both groups leveraging international aviation consultants.
Government Goal: This privatization is part of Pakistan's economic reforms, aiming to revive PIA, which has faced decades of financial struggles, noted The Telegraph and Reuters.
Outcome: Ultimately, the Arif Habib Consortium won the bid in December 2025, acquiring a 75% stake in PIA.
@Asad_Ashah
This analysis by @AtifRMian overlooks three fundamental realities.
First, the past cannot be undone. As Oscar Wilde observed, “No man is rich enough to buy back his past.” Decades of accumulated losses are sunk costs and were never saleable to investors. Public policy must be judged on future value creation, not on attempts to recover irrecoverable history.
Second, it ignores what has materially changed. The financial hemorrhage has been arrested, and total liabilities—widely reported to be around Rs 800bn—have been structurally rationalised. Approximately Rs 600–620bn of legacy obligations have been ring-fenced in a holding company, leaving the operating airline to be transferred with residual liabilities of roughly Rs 180bn and a far cleaner balance sheet. Media reports also suggest that part of the ring-fenced liability may unwind further, potentially reducing overall public-sector exposure to around Rs 565bn. These figures are indicative rather than precise, but the direction is unambiguous: legacy burdens have been isolated and the operating entity stabilised.
Third, the upside is materially underestimated. A viable airline is being created with over Rs 135bn of fresh equity capital, improved capital structure, and clear competitive advantages over domestic and regional peers. In present-value terms, the future tax revenues and economic spillovers from a successful airline can reasonably exceed the residual legacy burden.
The correct benchmark is not the illusory goal of “recovering past losses,” from investors but whether this structure converts a perpetual fiscal drain into a long-term generator of value and tax revenue. Judged on that basis, this is a brilliant transaction that has the potential of turning a huge burden on the public into a major asset for the country.
https://x.com/asad_ashah/status/2004782743318921468?s=61&t=mgTxrmITUbpo9NntN5677Q
————
How good is PIA's Privatization?
what the government gets, and doesn't get
ATIF MIAN
https://www.atifmian.com/p/how-good-is-pias-privatization?utm_medium=android&r=2eczvt
Hope to see PIA here soon.. https://www.youtube.com/watch?v=J69gI2Xz-6k
Pakistan plans up to $5 billion joint venture to redevelop Roosevelt Hotel in New York
https://www.arabnews.com/node/2628089/pakistan
The hotel, a century-old Manhattan property owned by Pakistan International Airlines, has been closed since 2020
The PM’s privatization adviser says the plan will boost the value of Pakistan’s stake even as its ownership share falls
KARACHI: Pakistan plans to redevelop its Roosevelt Hotel in New York into a high-rise building through a joint venture (JV) that could involve up to $5 billion in equity and debt financing, Prime Minister Shehbaz Sharif’s aide on privatization Muhammad Ali told Arab News on Friday.
The hotel, a century-old Manhattan property near Grand Central Terminal and Times Square, is one of Pakistan’s most valuable overseas assets and is owned by the state through Pakistan International Airlines.
Closed since 2020 due to losses, the hotel has been under review for years as successive governments have weighed whether to sell, lease or redevelop it while pursuing state-owned enterprise reforms linked to International Monetary Fund bailouts.
“The redevelopment project would require up to $5 billion equity and debt capital,” said Ali, who also chairs the Privatization Commission of Pakistan.
Ali said the government had decided against an outright sale of the property after a detailed study conducted last year showed the site could support a significantly larger structure, potentially rising to 60 stories.
“The redevelopment under the JV privatization model is expected to increase value of the property and thus Pakistan’s stake by more than 200 percent [in terms of value],” he continued.
Under the proposed joint venture structure, the government would contribute the land while a private partner would inject equity, with the remaining financing raised through debt, Ali said
He added that that while Pakistan’s economic interest in the project would rise, its ownership share would be reduced to about 50 percent once the transaction is completed.
He said a range of international players, including commercial banks and technology firms, had expressed interest in developing their own premises at the site, though he declined to identify potential partners.
Ownership of the hotel was recently transferred to PIA Holding Company Limited, the parent company of Pakistan International Airlines Corporation Limited, which the government privatized last month, with the airline now owned by a consortium led by the Arif Habib Group.
ADVISER RESIGNATION
Pakistan’s plans for the Roosevelt Hotel have faced repeated delays in recent years as authorities weighed competing options, including demolition, amid shifts in government policy.
On Dec. 24, a day after the PIA privatization, Defense Minister Khawaja Asif said the government was working on structuring a transaction for the New York property.
Meanwhile, a privatization ministry official said on condition of anonymity that the country’s financial adviser for the hotel’s sale, Jones Lang LaSalle Americas Inc. (JLL), has resigned due to a “conflict of interest.”
The official said JLL stepped down after the transaction structure was approved by the federal cabinet and the Competition Commission of Pakistan in July.
“The Privatization Commission will finalize the new adviser in the next four to six weeks,” he said, adding that expressions of interest will be issued after the new appointment is made.
Asked about the development, Ali said the new adviser would engage with potential joint venture partners on behalf of the government.
Pakistan launches privatization process for five power distributors under IMF reforms
https://www.arabnews.pk/node/2628327/pakistan
Power-sector losses have pushed circular debt above $9 billion, official documents show
Move is tied to IMF and World Bank conditions aimed at cutting subsidies and fiscal risk
KARACHI: Pakistan has appointed financial advisers and launched sell-side due diligence for the privatization of five electricity distribution companies, marking a long-awaited step in power-sector reforms tied to International Monetary Fund (IMF) and World Bank programs, according to official documents shared with media on Monday.
The five companies, namely Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO), Gujranwala Electric Power Company (GEPCO), Hyderabad Electric Supply Company (HESCO) and Sukkur Electric Power Company (SEPCO), supply electricity to tens of millions of customers and have long been a major source of financial losses for the state.
Pakistan’s power sector has accumulated more than Rs2.6 trillion (about $9.3 billion) in circular debt as of mid-2025, driven largely by distribution losses, electricity theft and weak bill recovery, according to official government data cited in the documents. The shortfall has repeatedly forced the government to provide subsidies, adding pressure to public finances in an economy under IMF supervision.
“The objective is to reduce losses, improve efficiency and limit the government’s fiscal exposure by transferring electricity distribution operations to the private sector,” the documents said, adding that sell-side due diligence for five distribution companies is under way as a prerequisite for investor engagement.
Two utilities, the Quetta Electric Supply Company and Tribal Areas Electric Supply Company, are excluded from the current privatization phase due to security and structural constraints, the documents said.
Power-sector reform is a central pillar of Pakistan’s IMF bailout program, under which Islamabad has committed to restructuring state-owned enterprises, improving governance and reducing budgetary support. The World Bank has also linked future energy-sector financing to progress on structural reforms.
Electricity distribution companies in Pakistan routinely report losses exceeding 20 percent of supplied power, far above international benchmarks, according to official figures. These inefficiencies have been a persistent obstacle to economic growth, investment and reliable power supply.
Previous attempts to privatize power distributors have stalled amid political resistance, labor union opposition and concerns over tariff increases. While officials have not announced a timeline for completing transactions, the launch of due diligence marks the most concrete step taken in years. International lenders and investors will now be closely watching whether Pakistan can translate this phase into completed sales, a key test of its ability to deliver on IMF-backed reforms.
In a related development in Pakistan’s privatization agenda, the government last month concluded the long-delayed sale of a 75 percent stake in national flag carrier Pakistan International Airlines (PIA) in a publicly televised auction. A consortium led by the Arif Habib Group emerged as the highest bidder with a Rs135 billion ($482 million) offer for the controlling stake, in a transaction officials have said will end decades of state-funded bailouts and inject fresh capital into the loss-making airline.
Fund backs sale of national airline as key step in divesting loss-making state firms
IMF has long urged Islamabad to reduce fiscal burden posed by state-owned entities
https://www.arabnews.com/node/2628901/pakistan
KARACHI: The International Monetary Fund (IMF) on Saturday welcomed Pakistan’s privatization efforts, describing the sale of the country’s national airline to a private consortium last month as a milestone that could help advance the divestment of loss-making state-owned enterprises (SOEs).
The comments follow the government’s sale of a 75 percent stake in Pakistan International Airlines (PIA) to a consortium led by the Arif Habib Group for Rs 135 billion ($486 million) after several rounds of bidding in a competitive process, marking Islamabad’s second attempt to privatize the carrier after a failed effort a year earlier.
Between the two privatization attempts, PIA resumed flight operations to several international destinations after aviation authorities in the European Union and Britain lifted restrictions nearly five years after the airline was grounded following a deadly Airbus A320 crash in Karachi in 2020 that killed 97 people.
“We welcome the authorities’ privatization efforts and the completion of the PIA privatization process, which was a commitment under the EFF,” Mahir Binici, the IMF’s resident representative in Pakistan, said in response to an Arab News query, referring to the $7 billion Extended Fund Facility.
“This privatization represents a milestone within the authorities’ reform agenda, aimed at decreasing governmental involvement in commercial sectors and attracting investments to promote economic growth in Pakistan,” he added.
The IMF has long urged Islamabad to reduce the fiscal burden posed by loss-making state firms, which have weighed public finances for years and required repeated government bailouts. Beyond PIA, the government has signaled plans to restructure or sell stakes in additional SOEs as part of broader reforms under the IMF program.
Privatization also remains politically sensitive in Pakistan, with critics warning of job losses and concerns over national assets, while supporters argue private sector management could improve efficiency and service delivery in chronically underperforming entities.
Pakistan’s Cabinet Committee on State-Owned Enterprises said on Friday that SOEs recorded a net loss of Rs 122.9 billion ($442 million) in the 2024–25 fiscal year, compared with a net loss of Rs 30.6 billion ($110 million) in the previous year.
Post a Comment