In the most recent fiscal year, Air India's finances underwent significant changes, with revenues rising by more than 60% and losses increasing simultaneously. The carrier's new owners are making several changes to how things are done at the airline to get it back to profitability after years of neglect as a state carrier.
Revenue at Air India increased by 64% during the previous fiscal year. According to the most recent regulatory filings, the airline reported net revenue of about $2.5 billion for the fiscal year that ended on March 31st, 2022. A $1.5 billion profit was reported by the airline for FY 21.
The fiscal year in India begins on April 1 and ends on March 31 of the following year.
According to Air India, it made several adjustments last year to lessen the effects of the COVID pandemic, including general salary and allowance reductions, the suspension of all post-retirement contractual engagements, the introduction of the idea of a shorter workweek, and encouraging staff to take advantage of the company's leave without pay program.