Tata Group-owned Air India shaved off its losses by 60% to ₹4,444.10 crore in FY24 over the previous year, according to the Tata Sons annual report for 2023-24.

The airline had reported a loss of ₹11,387.96 crore in FY23, the annual report said.

The turnover rose 23.69% to ₹38,812 crore during the reporting year as against a turnover of ₹31,377 crore, the report stated.

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

It also said that Air India has recorded its highest consolidated annual operating revenues of ₹51,365 crore, up 24.5% over FY23 driven by growth in capacity to 1,059-million available seat kilometres, which was 21% higher over the previous year, it said.

It also saw an improvement in passenger factor to 85% against 82% 2022-23, as per the annual report.

During the reporting year, 40.45 million passengers were flown by operating 800 daily flights, including 55 domestic and 44 international destinations, it said.

Tata Group fully 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.

Also, Air India Express Chief Aloke Singh on Friday in an internal communication announced that the AIX Connect will be merged with it on October 1.