Sunday, September 8, 2024 Air India reduced its losses by 60% to ₹4,444.10 crore in FY24, compared to ₹11,387.96 crore in FY23, according to Tata Sons’ annual report for 2023-24.
The airline’s turnover surged by 23.69%, reaching ₹38,812 crore, up from ₹31,377 crore in the previous year. This marks a significant recovery as Air India continues its efforts to streamline operations and improve profitability under Tata Group’s ownership.
The report also highlighted Air India’s highest-ever consolidated annual operating revenues of ₹51,365 crore, representing a 24.5% increase over FY23. This growth was largely driven by an expansion in capacity, with available seat kilometers rising by 21% year-on-year.
The airline also saw an improvement in its passenger load factor, which rose to 85% from 82% in FY23, reflecting higher occupancy on flights. In FY24, Air India flew 40.45 million passengers, operating 800 daily flights to 55 domestic and 44 international destinations.
As part of its ongoing transformation, Tata Group is consolidating its aviation portfolio. This includes the merger of AirAsia India (AIX Connect) into Air India Express, set to take effect on October 1, 2024, and the merger of Vistara with Air India, scheduled for November 12, 2024. Vistara, a 51:49 joint venture between Tata Group and Singapore Airlines, will cease operations under its own banner on November 11, 2024, before fully integrating with Air India.
Air India Express Chief Aloke Singh con.