Air India shows strong recovery, posts 60 per cent fall in losses at Rs 4,444 crore in FY24
Tata Group-owned Air India also saw an improvement in passenger factor to 85 per cent against 82 per cent 2022-23, as per the annual report.
The Tata Sons annual report for 2023-24 showed that Air India shaved off its losses by 60 per cent to Rs 4,444. 10 crore in FY24 over the previous year. Tata Group-owned airline had reported a loss of Rs 11,387.96 crore in FY23.
The annual report stated that the turnover rose 23.69 per cent to Rs 38,812 crore during the reporting year as against a turnover of Rs 31,377 crore.
Tata Group is consolidating its aviation presence with the merger of AirAsia India (AIX Connect) with Air India Express and the ongoing merger of Vistara with Air India, the statement said.
Air India has recorded its highest consolidated annual operating revenues of Rs 51,365 crore, up 24.5 per cent over FY23 driven by growth in capacity to 1,059-million available seat kilometres, which was 21 per cent higher over the previous year, it said.
Improvement in passenger factor
During the reporting year, 40.45 million passengers were flown by operating 800 daily flights, including 55 domestic and 44 international destinations, it said.
Tata Group fully owns three airlines -- Air India, Air India Express, and AIX -- while Vistara is a 51:49 joint venture between the group and Singapore Airlines.
It has already been announced that Vistara will operate its last flight under its banner on November 11 and its operations will be merged with Air India on November 12.
Also, Air India Express Chief Aloke Singh on Friday in an internal communication announced that the AIX Connect will be merged with it on October 1.
(With PTI inputs)