Tata Group-owned Air India has cut its losses by 60 percent to INR 4,444.10 crore in FY24, according to Tata Sons’ annual report for 2023-2024. The airline had reported a loss of INR 11,387.96 crore in FY23, the annual report said. Revenue rose 23.69 percent to INR 38,812 crore during the year under review against revenue of INR 31,377 crore, the report said.
According to the report, the group is consolidating its presence in aviation with the merger of AirAsia India (AIX Connect) with Air India Express and the ongoing merger of Vistara with Air India. It also said that Air India has recorded the highest consolidated annual operating revenue of INR 51,365 crore, up 24.5 percent from FY23, driven by capacity growth to 1,059 million available seat kilometers, which was 21 percent higher than the previous year. said.
It also saw an improvement in passenger factor to 85 percent, up from 82 percent in 2022-23, according to the annual report. During the year under review, 40.45 million passengers were flown on 800 daily flights, including 55 domestic and 44 international destinations, the report said. Tata Group wholly 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 flag on November 11 and its operations will be merged with Air India on November 12.
Air India Express chief Aloke Singh also announced in an internal statement on Friday that the AIX Connect will be merged with it on October 1.
