New Delhi, India (Urban Transport News): Tata Group-owned Air India’s revenue rose 64% in fiscal 2022, but its net loss swelled by a third, showed latest regulatory filings by the airline.
The Air India reported net revenue of Rs 19,815.9 crore during the year to March 31, 2022, on a standalone basis, with a net loss of Rs 9,556.5 crore. In FY2020-21, it had reported a net loss of Rs 7,017.4 crore on revenue of Rs 12,104 crore.
The company, which was taken over by the Tata Group in January, said it introduced various measures in fiscal 2022 to minimise the financial impact arising out in these difficult times, and partially mitigate the impact of the pandemic. These steps include salary/allowance cuts across the board, suspension of all post-retirement contractual engagements, introduction of the concept of a shorter working week and encouraging employees to use its leave without pay scheme.
"The group also engaged its aircraft lessors in negotiations to secure cuts in lease payments, exercised strict control over vendor payments to ensure best possible use of funds," it stated in filings with the Registrar of Companies.
There is a gradual improvement in operations, especially on international routes, with a warning of the impact of Covid worldwide and removal of movement restrictions across the country, Air India said.
However, the company said, salary and allowance cuts were being slowly withdrawn and the group hoped for a reinstatement of pre-Covid operations level in the coming future.
During the year, Air India improved its load factor to 73.5%, while the number of passengers carried grew over 80% to 11.5 million. In comparison, Market leader IndiGo reported a 73.6% load factor and carried 50 million passengers.