The Tata Sons annual report for 2023-24 confirmed that Air India shaved off its losses by 60 per cent to Rs 4,444. 10 crore in FY24 over the earlier 12 months. Tata Group-owned airline had reported a lack of Rs 11,387.96 crore in FY23.
The annual report acknowledged that the turnover rose 23.69 per cent to Rs 38,812 crore throughout the reporting 12 months as in opposition to a turnover of Rs 31,377 crore.
Tata Group is consolidating its aviation presence with the merger of AirAsia India (AIX Join) with Air India Specific and the continued merger of Vistara with Air India, the assertion mentioned.
Air India has recorded its highest consolidated annual working revenues of Rs 51,365 crore, up 24.5 per cent over FY23 pushed by progress in capability to 1,059-million obtainable seat kilometres, which was 21 per cent larger over the earlier 12 months, it mentioned.
Enchancment in passenger issue
In the course of the reporting 12 months, 40.45 million passengers had been flown by working 800 every day flights, together with 55 home and 44 worldwide locations, it mentioned.
Tata Group totally owns three airways — Air India, Air India Specific, and AIX — whereas Vistara is a 51:49 three way partnership between the group and Singapore Airways.
It has already been introduced that Vistara will function its final flight beneath its banner on November 11 and its operations will likely be merged with Air India on November 12.
Additionally, Air India Specific Chief Aloke Singh on Friday in an inside communication introduced that the AIX Join will likely be merged with it on October 1.
(With PTI inputs)