Air India reported Rs 7,017.42 crore loss during the financial year 2020-21, which was marred by travel restrictions and flight bans due to the COVID-19 pandemic.
However, Air India still fared better than it did in FY20 as its losses during the last fiscal were down from Rs 7,765.73 crore during FY20, an Air India filing said on Thursday.
Air India's Board of Directors had met on Thursday to approve the audited financial results of the firm.
Air India reported fewer losses in FY21 as its expenses dropped significantly compared to the previous fiscal year. The national airline's expenses were down to Rs 19,083.33 crore in 2020-21 from Rs 36,290.17 crore in 2019-20, as per the statement.
The national carrier's revenue also fell during the previous fiscal compared to FY20. Its total revenue dropped from Rs 28,524.44 crore in FY20 to Rs 12,104.05 crore during the previous fiscal.
Meanwhile, on October 8, Secretary, DIPAM, Tuhin Kanta Pandey had announced the Tata Group had finally won the bid to take back the reins of state-owned Air India after 67 years. "Talace Pvt Ltd of Tata Sons is the winning bidder at Rs 18,000 crore. The transaction is expected to close by the end of December 2021," Pandey had said.
The government decided to sell 100 per cent stake in Air India, which had a total debt of Rs 61,562 crore as of August 31.
The conglomerate, which outbid consortia led by SpiceJet founder Ajay Singh, emerged as the front-runner on the reserve price fixed by a panel of government secretaries.
The loss-making airline will be taken over by one of India's biggest business houses with deep financial power.
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today