New Delhi: Tata Group-owned air carrier Air India pared its losses by 60 per cent to Rs 4,444.10 crore in FY24 from Rs 11,387.96 crore in the year-ago period. The airline’s turnover surged by 23.69 per cent to Rs 38,812 crore during the period under consideration. The group shared an update regarding the merger of its 4 airlines by consolidating its portfolio. The company is nearing the merger of Vistar with Air India and eventually Air India Express and AIX, it said in a report.
Air India operating revenues at record highs
Air India reported a record rise in operating revenues to Rs 51,365 crore, up 24.5 per cent year-on-year led by capacity expansion to 1,059 million available seat kilometres. This figure also rose 21 per cent year-on-year for the Tata Group-owned air carrier.
The airline’s passenger factor inched up to 85 per cent from 82 per cent a year ago. This entails the airline’s capacity utilisation. The airline ferried 40.45 million passengers on 800 daily flights. These included 55 domestic destinations and and 44 international ones, according to the air carrier.
Airlines owned by Tata Group
Airlines owned by the Tata Group include:
Air India
Air India Express
AIX
Vistara is a Tata Group joint venture with Singapore Airlines which will be folded into Air India, the company in which Singapore Airlines will own a 25.1 per cent stake. Vistara will take its last flight on November 11, 2024, and emerge in the Air India livery on November 12, 2024. AIX Connect, the erstwhile Air Asia Express, will be folded into Air India Express on October 1, 2024, said the latter’s CEO Aloke Singh.
Air India has placed an order for 470 jets which includes aircraft from both Airbus and Boeing. Majority of these jets are narrowbodied with an eye on expanding domestic and East Asian connectivity, This was the largest ever jet order until IndiGo ordered 500 jets from Airbus with an option to expand the same to 800 jets.
Tata Group owned AIr India more than halved its losses to Rs 4,444 crore in FY24. The airline is also nearing the merger of its airlines Air India and Vistara as well as AIX and Air India Express. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
