NEW DELHI: Tata Group-owned Air India reported 60% fall in losses to Rs 4,444.10 crore in FY24 over the previous year, as per Tata Sons annual report for FY24.
The airline had reported a loss of Rs 11,387.96 crore in FY23. The turnover grew 23.69% to Rs 38,812 crore during the reporting year as against a turnover of Rs 31,377 crore, the report stated.
It said the 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 airline also said Air India has recorded its highest consolidated annual operating revenues of Rs 51,365 crore, up 24.5% over FY23 driven by growth in capacity to 1,059 million available seat kilometres, which was 21% higher over the previous year, it said.
It saw an improvement in passenger factor to 85% against 82% 2022-23. 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 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.