Air India cuts losses by 60% to Rs 4,444 crore in FY24

Tata Group-owned Air India, which was privatised in 2022, saw its losses narrow by 60%. The airline’s loss in FY24 narrowed to ₹4,444.10 crores as compared to ₹11,387 crore more than the previous year, according to Tata Sons’ annual report for 2023-24.

Air India’s revenue increased by 23.69% at ₹38,812 crores during the reporting period against a turnover of Rs 31,377 croreThe report says. The Tata group is consolidating its aviation businesses by merging AirAsia India (AIX Connect) and Air India Express and Vistara with Air India.

Also read: Vistara to fly till November 11; Air India’s unified operations to begin after that

Air India reported its highest annual consolidated revenue ever ₹51,365 crore, up 24.5 per cent over FY23, driven by capacity growth to 1,059 million available seat kilometres, 21 per cent higher than the previous year.

Air India’s load factor increased to 85 per cent in fiscal 2024 from 82 per cent in fiscal 2023, according to the annual report. The airline carried over 40 million passengers on 800 daily flights, including 55 domestic and 44 international destinations, the report said.

The Air India-Vistara merger is almost complete and Vistara will operate its last flight on November 11 and will merge all its operations with Air India from November. Air India Express Managing Director Aloke Singh announced in an internal communication on Friday that AIX Connect operations will be merged with it from October 1.

Also read: Air India announces new check-in deadline for international flights from Delhi. Details here