Air India, owned by Tata Group, reduced its losses by 60% to Rs 4,444.10 crore in the financial year 2023-24, down from Rs 11,387.96 crore the previous year, according to Tata Sons’ annual report for 2023-24.
The airline's turnover grew by 23.69% to Rs 38,812 crore, up from Rs 31,377 crore in the previous year.
Air India also recorded its highest-ever consolidated annual operating revenues of Rs 51,365 crore, a 24.5% increase over FY23, driven by a 21% rise in capacity to 1,059 million available seat kilometres.
The report highlighted the group's efforts to consolidate its aviation interests through mergers. AirAsia India (AIX Connect) is set to merge with Air India Express, and Vistara will merge with Air India on November 12, following its last flight under the Vistara banner on November 11.
Air India saw its passenger load factor rise to 85% from 82% in FY23. The airline carried 40.45 million passengers during the reporting year, operating 800 daily flights across 55 domestic and 44 international destinations.
Tata Group owns Air India, Air India Express, and AIX, while Vistara is a joint venture with Singapore Airlines. Air India Express Chief Aloke Singh announced that AIX Connect will merge with Air India Express on October 1.
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