Tata Sons Reports 74% Surge In Net Profit For FY24, Air India Revenue Jumps 24%

For FY24, the firm's total revenue reached Rs 43,893 crore, up 25 per cent from Rs 35,058.47 crore in the previous year. Total expenses amounted to Rs 2,776.49 crore, a 27 per cent decrease from FY23

Tata Sons, the parent company of the Tata Group, reported a 74 per cent increase in consolidated net profit for FY24, reaching Rs 49,000 crore, according to its annual report released on Friday. This strong performance was primarily driven by growth in sectors such as information technology, financial services, and airlines.

The company's consolidated revenue for FY24 surged by 15 per cent to Rs 4.77 lakh crore, up from the previous year's figures. Shareholder profit more than doubled, reaching Rs 34,625 crore compared to Rs 16,847.79 crore in FY23. Additionally, consolidated revenue experienced a notable increase of 14.64 per cent to Rs 4.76 lakh crore.

For FY24, the company's total revenue reached Rs 43,893 crore, up 25 per cent from Rs 35,058.47 crore in the previous year. Total expenses amounted to Rs 2,776.49 crore, a 27 per cent decrease compared to Rs 3,794.70 crore in FY23.

The company achieved a 57 per cent increase in profit after tax (PAT), which stood at Rs 34,653.98 crore—up by Rs 12,521.60 crore compared to FY23. During the fiscal year, the company repaid all borrowings except for Non-Convertible Debentures and preference shares, which totalled Rs 363 crore.

As of March 31, 2024, the company reported a net cash position of Rs 2,679.19 crore, a significant turnaround from the net debt of Rs 20,642.47 crore reported a year earlier.

The market value of Tata Sons' listed investments rose by 35.7 per cent, reaching Rs 15,20,560.60 crore as of March 31, 2024, compared to Rs 11,20,545.24 crore the previous year. Additionally, the group's combined market capitalisation grew by 47 per cent, reaching Rs 30,36,905 crore from Rs 20,71,467 crore in the prior year.

The group’s aviation sector, which includes Air India, Air India Express, Tata SIA Airlines (Vistara), and AIX Connect (formerly AirAsia India), reduced its losses to Rs 6,337 crore from Rs 15,414 crore in FY23. In the digital and electronics sector, revenue surged by 148 per cent to Rs 1,612 crore, though net losses widened to Rs 2,223 crore from Rs 1,723 crore. Air India achieved its highest-ever consolidated operating revenue of Rs 51,365 crore, marking a 24.5 per cent increase over the previous financial year, driven by growth in capacity.

According to the annual report, Tata Digital's portfolio expanded to 20.76 million transacting customers, generating a total merchandise value of Rs 37,355 crore.