Air India posts 60 pc fall in losses at INR 4,444 cr in FY24: Tata Group, BA

Tata Group-owned Air India reduced its losses by 60% to INR 4,444.10 crore in FY24 compared to the previous year, as per the Tata Sons annual report for 2023-24. The airline had reported a loss of INR 11,387.96 crore in FY23, with a turnover increase of 23.69% to INR 38,812 crore during the reporting year.

The report highlighted the consolidation of the group’s aviation presence through the merger of AirAsia India with Air India Express and the ongoing merger of Vistara with Air India. Air India achieved its highest consolidated annual operating revenues of INR 51,365 crore, a 24.5% increase over FY23, driven by capacity growth and improved passenger factor.

During the reporting year, Air India flew 40.45 million passengers across 800 daily flights to domestic and international destinations. The Tata Group fully owns three airlines – Air India, Air India Express, and AIX – with Vistara being a joint venture with Singapore Airlines.

In an internal communication, Air India Express Chief Aloke Singh announced the merger of AIX Connect with the airline on October 1. Vistara will operate its final flight under its banner on November 11, following the merger of its operations with Air India on November 12.