Air India brought down its net loss to Rs 4,444 crore in its first full year under the Tata banner. This amount is more than half of what the airline had reported in FY2023, when the airline's loss was INR 11,388 crore. 

Air India was fully acquired by the TATA Group in January 2022.

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The airline reported an increase of 24% to Rs 38,812 crore from Rs 31,377 crore in FY2023 in standalone revenue. The airline reported its highest consolidated annual operating revenues of Rs 51,365 crore, up 25% driven by growth in capacity to 105,059 million ASKM (available seat kilometers).

The Air India group, which includes Vistara and Air India Express (merged with AIX Connect), carried 40.45 million passengers during FY24, operating about 800 daily flights to 55 domestic and 44 international destinations.

In March 2024, the board of directors of Air India issued and allotted 7.12% preference shares of Rs 10 each through preferential allotment on a private placement basis, aggregating Rs 3,800 crore for cash to Tata Sons.

Vistara, too, trimmed its losses during FY24. The airline reported a net loss of Rs 581 crore from INR 1,393 crore in FY2023. Tata Group's low-cost carrier -- Air India Express -- posted a loss of Rs 163 crore compared to Rs 117 crore profit posted in FY23.

AIX Connect (formerly AirAsia India) also cut down its losses substantially. The airline, which was once jointly owned by Tata Sons with AirAsia, posted a net loss of Rs 1,149 crore as compared to Rs 2,750 crore loss posted in FY23.

Just recently, the Tata Group received a FDI nod of approval for the proposed merger between Vistara and Air India. Vistara will cease operations on November 11 following the FDI approval for investment of Rs 2,059 crore by Singapore Airlines.