Tata Aviation Annual report shows Tata Group's aviation business more than halves loss in FY24
Mumbai/IBNS: Tata Sons FY24 annual report revealed that the Tata Group's aviation business narrowed losses to Rs 6,337 crore from Rs 15,414 crore in the previous fiscal year.
Tata's aviation business includes Air India, Air India Express, Tata SIA Airlines, or Vistara, and AIX Connect (formerly AirAsia India).
The annual report showed the Tata group's digital and electronics business grew 148 percent to Rs 1,612 crore, with net losses widening to Rs 2,223 crore from Rs 1,723 crore.
Tata Group-owned Air India recorded its highest consolidated operating revenue at Rs 51,365 crore powered by growth in capacity, according to the Tata Sons annual report.
The revenue of Air India was 24.5 percent higher compared to the last financial year, as per the report.
The annual report showed that Tata Digital recorded its portfolio’s user base growing to 20.76 million transacting customers, providing an aggregate merchandise value of Rs 37,355 crore.
Tata Group's board of directors have recommended a dividend of Rs 35,000 double the amount of Rs 17,500 paid in FY23, which will involve a cash outflow of Rs 1,415 crore (from Rs 707 crore in FY23) if approved by the shareholders, reports Business Today.
The directors of the Mumbai-headquartered company have also recommended dividend on the Cumulative Redeemable Preference Shares (CRPS) amounting to Rs 19.78 crore compared to Rs 20.22 crore last year.
The board at its meeting held on June 3 approved the dividend on CRPS for the period from April 1, till the date of redemption of CRPS, according to reports.
Meanwhile, Tata Sons chairman N Chandrasekaran's remuneration went up 19.8 percent to Rs 135.3 crore in 2023-24, as per the company's annual report.
According to Tata Sons annual report, Chandrasekaran earned Rs 121.5 crore in commissions while the rest was his salary and perquisites, while the remuneration of all Tata Sons directors rose 16 percent with the company paying Rs 200 crore to the top tier compared to Rs 172.5 crore in 2022-23.
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