MUMBAI Mumbai: Tata Group-owned Air India reduced its losses by 60 per cent to Rs 4,444.10 crore in FY24 as compared to the previous year, according to the 2023-24 annual report of Tata Sons. The airline had posted a loss of Rs 11,387.96 crore in FY23, the annual report said. During the year under review, turnover grew 23.69 per cent to Rs 38,812 crore as against turnover of Rs 31,377 crore, the report said.

The group is strengthening its aviation presence with the merger of AirAsia India (AIX Connect) with Air India Express and the ongoing merger of Vistara with Air India, the report said.

It also said Air India recorded its highest ever consolidated annual operating revenue of Rs 51,365 crore, up 24.5 per cent over FY23, led by an increase in capacity to 1,059 million available seat kilometres, which was 21 per cent higher than the previous year. According to the annual report, it also saw an improvement in the passenger factor to 85 per cent in 2022-23 as against 82 per cent.

During the reporting year, 40.45 million passengers were flown by operating 800 daily flights, including to 55 domestic and 44 international destinations. The Tata Group wholly owns three airlines – Air India, Air India Express and AIX – while Vistara is a 51:49 joint venture between the group 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. Moreover, Air India Express chief Alok Singh announced in an internal communication on Friday that AIX Connect will be merged with it on October 1.