Air India Cuts Losses by 60% in FY24, Sees Revenue Growth

Indian airline carrier Air India has cut down its losses this year by 60 per cent. As per Tata Sons annual report, Air India brought its losses down to Rs 4,444.10 crore in FY24 comapred to the previous year.

Air India reported a loss of Rs 11,387.96 crore in FY23, according to the report.

Its turnover also rose to Rs 38,812 crore, up 23.69 per cent during 2023-24 over the previous year’s turnover of Rs 31,377 crore, the report noted.

The report also suggested that Air India is in the process of establishing itself as a strong entity in the aviation sector. This includes the merger of AirAsia India (AIX Connect) with Air India Express, as well as the ongoing merger of Vistara with Air India.

Air India has registered its highest consolidated annual operating revenues as it rose 24.5 per cent to Rs 51,365 crore, compared to FY23.

The rise in the revenue was propelled by growth in capacity to 1,059 million available seat kilometers, up 21 per cent, compared to the previous year, the report stated.

This was coupled with an 85 per cent improvement in passengers, while in 2022-23, it was only 82 per cent.

In FT24, Air India flew a total of 40.45 million passengers by operating 800 daily flights. The airline served 55 domestic destinations and 44 international destinations.

Tata Group currently owns Air India, Air India Express, and AIX. It also operates another airline carrier Vistara, a 51:49 joint venture between Air India and Singapore Airlines. Vistara will be merged with Air India on November 12.

Likewise, Air India Express will be merged with the AIX Connect on October 1.