NEW DELHI: Air India reduced its losses by 60 per cent to Rs 4,444.10 crore in FY24 against a loss of Rs 11, 387.96 crore in FY23, according to the Tata Sons annual report for 2023-24.
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, the report stated.
Additionally, the report highlighted that the group is strengthening its aviation presence 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 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.
It also saw an improvement in passenger factor to 85 per cent against 82 per cent 2022-23, as per the annual report.
During the reporting year, the airline catered to 40.45 million passengers by operating 800 daily flights, including 55 domestic and 44 international destinations.
In an internal communication on Friday, Air India Express Chief Aloke Singh announced that the AIX Connect will be merged with it on October 1.
Tata Group owns three airlines — Air India, Air India Express, and AIX while Vistara is a 51:49 joint venture with Singapore Airlines.
It has already been declared that Vistara will be operating the last flight under its name on November 11 and its operations will be merged with Air India on November 12.
Republished. Link to Original Article: https://timesofindia.indiatimes.com/business/india-business/air-india-reports-a-60-per-cent-reduction-in-losses-in-fy24-turnover-increased-by-23-69-per-cent/articleshow/113160625.cms