Air India
Tata Group-owned Air India has reduced its loss by 60 per cent year-on-year to Rs 4,444.10 crore in the last financial year (2023-24). The annual report released by Tata Sons for 2023-24 said that the airline had incurred a loss of Rs 11,387.96 crore in the financial year 2022-23. According to the report, the turnover grew by 23.69 per cent to Rs 38,812 crore during the last financial year from Rs 31,377 in the financial year 2022-23.
Market share is increasing with mergers
The group is strengthening its aviation presence with the merger of AirAsia India (AEX Connect) with Air India Express and Vistara’s merger with Air India, the report said. Air India recorded its highest ever consolidated annual operating income of Rs 51,365 crore, up 24.5 per cent over FY2022-23, it said. According to the annual report, the passenger factor also saw an improvement to 85 per cent compared to 82 per cent in 2022-23. During 2023-24, 4.04 crore people travelled on 800 daily flights including 55 domestic and 44 international destinations, the report said.
Tata Group owns three airlines
The 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 November 11 and its operations will be merged with Air India on November 12. Also, Air India Express chief Alok Singh announced in an internal communication on Friday that AIX Connect will be merged with them on October 1.
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