Air India’s fortunes changed after coming into the hands of Tata, loss reduced by 60% to Rs 4,444 crore
Tata Group-owned Air India has reduced its loss by 60 percent year-on-year to Rs 4,444.10 crore in the last financial year (2023-24). Tata Sons’ annual report released for 2023-24 states that the airline had suffered a loss of Rs 11,387.96 crore in the financial year 2022-23. According to the report, the turnover increased by 23.69 percent to Rs 38,812 crore during the last financial year from Rs 31,377 crore in the financial year 2022-23.
Market share increasing with merger
The group is strengthening its aviation presence with the merger of AirAsia India (AEX Connect) with Air India Express and Vistara with Air India, the report said. It said Air India has recorded its highest ever integrated annual operating income of Rs 51,365 crore, up 24.5 per cent compared to FY 2022-23. According to the annual report, the passenger factor also saw an improvement to 85 per cent compared to 82 per cent in 2022-23. The report said that during 2023-24, 4.04 crore people traveled on the company’s 800 daily flights including 55 domestic and 44 international destinations.
Tata Group owns three airlines
Tata Group wholly owns three airlines – Air India, Air India Express and AIX, while Vistara is a 51:49 joint venture between it and Singapore Airlines. It has already been announced that Vistara will operate its last flight under its banner on 11 November and its operations will be merged with Air India on 12 November. Additionally, Air India Express chief Alok Singh announced in an internal communication on Friday that AIX Connect will be merged with them on October 1.
