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Air India reports loss of Rs 5,422.6 crore in April-September

Air India reports loss of Rs 5,422.6 crore in April-September

The airline's total revenue grew to Rs 5,524.23 crore during April-September 2021 from Rs 4,578.49 crore during the year-ago period.

Talace Private Limited -- a wholly-owned subsidiary of Tata Sons -- had won the bid to acquire Air India. Talace Private Limited -- a wholly-owned subsidiary of Tata Sons -- had won the bid to acquire Air India.

Air India, which will soon be taken over by the Tata Group, reported a net loss of Rs 5,422.6 crore during the first of half of financial year 2021-22 as against a loss of Rs 3,779.26 crore in the year-ago period.

The airline's total revenue grew to Rs 5,524.23 crore during April-September 2021 from Rs 4,578.49 crore during the year-ago period, as per an exchange filing.

Total expenses stood at Rs 10,946.83 crore during the period under review as compared with Rs 8,357.75 crore during April-September 2020.

The airline held its annual general meeting on December 30, 2021 under the chairmanship of its CMD Rajiv Bansal. Its board of directors  approved the unaudited financial results for the half year ended September 30, 2021.

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Air India had reported a net loss of Rs 7,017.42 crore during financial year 2020-21.

In October, the government had announced that the Tata Group had emerged as the highest bidder for divestment of its 100 per cent equity stake in Air India and Air India Express along with its 50 per cent stake in ground-handling company AISATS. Talace Private Limited -- a wholly-owned subsidiary of Tata Sons -- had won the bid to acquire the airline, which had a total debt of Rs 61,562 crore as of August 31. 

On October 25, the government signed the share purchase agreement with Tata Sons for the sale of Air India for Rs 18,000 crore. The Tata Group would pay Rs 2,700 crore cash and takeover Rs 15,300 crore of the airline's debt.

However, according to reports, the Tata Group's takeover of the airline is likely to be delayed by a month till January.

Also Read: Air India handover to Tata Group delayed by a month till January