India Aviation Outlook FY16

INDIA
CAPAIndia
AviationOutlookFY2014
TableofContents
&SampleExtracts
www.capaindia.com
www.centreforaviation.com
INDIA
Contents
ExecutiveSummary................................................................................................................................................1
Financial&TrafficOutlook....................................................................................................................................7
Policy&RegulatoryOutlook...............................................................................................................................14
AirlineOutlook.....................................................................................................................................................22
AirportandAncillaryAviationOutlook...............................................................................................................29
GlobalAviationOutlook......................................................................................................................................35
AirlineSectoralData&Analysis..........................................................................................................................50
OperatingPerformance....................................................................................................................................51
FinancialPerformance......................................................................................................................................54
Fleet,Network&Fuel......................................................................................................................................59
InternationalTraffic..........................................................................................................................................66
AirlinewiseData&Analysis................................................................................................................................75
JetAirways........................................................................................................................................................76
CompanyOverview......................................................................................................................................77
Operating&FinancialPerformanceDomestic..........................................................................................82
Operating&FinancialPerformanceInternational....................................................................................84
TrafficAnalysis.............................................................................................................................................87
JetKonnect.......................................................................................................................................................93
OperatingPerformance...............................................................................................................................95
FinancialPerformance.................................................................................................................................96
SpiceJet.............................................................................................................................................................98
Operating&FinancialPerformanceDomestic........................................................................................101
Operating&FinancialPerformanceInternational..................................................................................103
TrafficAnalysis...........................................................................................................................................106
IndiGo.............................................................................................................................................................111
CompanyOverview....................................................................................................................................112
AirIndia..........................................................................................................................................................125
INDIA
AirIndiaExpress.............................................................................................................................................141
OperatingPerformance.............................................................................................................................143
FinancialPerformance...............................................................................................................................144
AllianceAir......................................................................................................................................................146
GoAir..............................................................................................................................................................151
KingfisherAirlines...........................................................................................................................................158
Operating&FinancialPerformance..........................................................................................................160
AirportSectoralData&Analysis.......................................................................................................................162
OutlookforKeyAirportsinFY14....................................................................................................................163
OperatingPerformance..................................................................................................................................166
FinancialPerformance....................................................................................................................................170
KeyPerformanceIndicators...........................................................................................................................175
TrafficFlowAnalysis.......................................................................................................................................178
AirportwiseData&Analysis.............................................................................................................................184
DelhiAirport...................................................................................................................................................185
MumbaiAirport..............................................................................................................................................197
ChennaiAirport..............................................................................................................................................209
INDIA
BengaluruAirport...........................................................................................................................................220
KolkataAirport...............................................................................................................................................231
HyderabadAirport..........................................................................................................................................242
CochinAirport................................................................................................................................................253
AirportsAuthorityofIndia.............................................................................................................................264
AncillarySectors.................................................................................................................................................269
Maintenance,Repair&Overhaul...................................................................................................................270
GroundHandling............................................................................................................................................276
GeneralAviation.............................................................................................................................................283
AirCargo.........................................................................................................................................................289
AirTravelDistribution....................................................................................................................................293
Tourism...........................................................................................................................................................299
AirNavigationServices...................................................................................................................................305
Appendices.........................................................................................................................................................309
AppendixA:ApprovedGreenfieldAirports....................................................................................................310
AppendixB:AirportsProposedforConstructionbyAAI................................................................................311
AppendixC:AirportsRequestingInternationalStatus...................................................................................312
AppendixD:AirportsRequestingModernisation&Expansion......................................................................313
Financial&TrafficOutlook
INDIA
FinancialandTrafficOutlook
IndiancarrierslostUSD1.95bnonrevenueofUSD
9.5bninFY13,40%oflosswasgeneratedinQ4
CAPA estimates that Indias airlines posted a combined loss of USD1.95 billion in
FY13 (of which Air India and Kingfisher Airlines accounted for USD1.75 billion),
downfromapproximatelyUSD2.28billionthepreviousyear.Morethan40%ofthe
losswasincurredinthelastquarteralone,squanderingtheimprovedperformance
postedduringthefirstninemonthsoftheyear.
Kingfishers exit from the Indian aviation sector was one of the most significant
developmentsforthemarketinFY13.Ithighlightedthefragilityofthesectorwhen
anairlinethatwasthelargestinthecountrylessthantwoyearsearlierandwithan
excellentreputationamongstpassengers,couldfallfromgracesoswiftly.
Butwithitcameasilverliningfortheremainingcarriers.Asaresultoftheremoval
of Kingfishers seats, combined with modest capacity induction by other carriers
thedemand/supply dynamics in the market started to favour airlines for the first
timesince2004.Thiswasreflectedpositivelyintheaveragefareswhichincreased
by1520%yoy.
Indias airlines were showing signs of a recovery in financial performance during

the first three quarters of FY13, however the 4th quarter spoilt the party.
AggressivediscountingduringthetraditionallyweakJanuaryMarchperiodresulted
in losses of USD895 million during this quarter alone (close to USD500 million if
Kingfisherisexcluded).
Thecostenvironmentremainedhostilethroughouttheyearwiththeweaknessof
the Indian Rupee and continued high oil prices being the key challenges. Even
thoughBrentCrudelevelssoftenedtowardstheendoftheyear,thedepreciation
oftheRupeemeantthatcarriersdidnotseeanybenefitfromthis.
Over the 12 months to 31 March 2013, with carriers moving to fill the space
vacated by Kingfisher, all airlines except Jet Konnect saw an increase in their
domestic market share over the previous year, but none more so than IndiGo
whichsawa7percentagepointsimprovement.
IndiandomesticairlinemarketshareFY13v.FY12
DomesticMarketShare
30%
25%
20%
15%
10%
5%
0%
FY12
FY13
Source:CAPA,DGCA
CAPAIndiaAviationOutlookFY147
INDIA
PassengerLoadFactor
However,despitethemoderationincapacityinthemarket,thesteepincreasein
fares curtailed demand and meant that almost all carriers reported a slight
decreaseinaveragepassengerloadfactorsduringtheyear.Thesoleexceptionto
this was Air India which achieved a creditable 5 ppts improvement to 69%,
although it remained the lowest of all the carriers that are currently operating.
However,itsloadfactorsinEconomyclassweremuchhigher(asisthecaseforJet
Airways)withtheaveragebeingdepressedbytherelativelypoorperformanceof
businessclassondomesticroutes.IndiGowasonceagainthestandoutperformer
achievingsustainedloadfactorsofabove80%throughouttheyear.
AveragepassengerloadfactorsondomesticroutesFY13v.FY12
85%
80%
75%
70%
65%
60%
55%
50%
FY12
FY13
Source:CAPA,DGCA
EmiratesovertookAirIndiainFY13tobecomesecondlargestinternational
airline
On the international front Jet Airways remained the largest carrier to/from India,
although its share fell slightly as a result of consolidation of its route network,
droppingservicestopointssuchasNewYorkJFK,Milan,JohannesburgandKuala
Lumpur.EmiratesovertookAirIndiatobecomethesecondlargestairline.Emirates
isthelargestforeigncarrierbysomemargin,approximatelythreetimesthesizeof
the next largest, Qatar Airways. Air India, historically the market leader on
internationalrouteswasimpactedbythegroundingofits787sinQ4FY13.
AirlineMarketShareonInternationalRoutesto/fromIndiaFY13
JetAirways
Emirates
AirIndia
AIExpress
QatarAirways
AirArabia
SingaporeAirlines
ThaiAirways
SriLankan
0.0%
2.0%
4.0%
6.0%
8.0% 10.0% 12.0% 14.0%
Internationalmarketshare%
Source:CAPA,DGCA
INDIA
IndustrylostanestimatedUSD1.95bnonrevenueofUSD9.5bn,butIndiGowas
exceptionalwithestimatedUSD100110mnprofitonrevenueofUSD1.51.6bn
Indias airlines lost USD1.95 billion on total revenue of approximately USD9.5
billion. Despite the magnitude of the lossthere were yearonyear improvements
almostacrosstheboard.
Reported&EstimatedIndianCarrierRevenue/NetIncomeinFY12&FY13
FY12
FY12
Revenue
NetIncome
FY13
Revenue
FY13
NetIncome
AirIndia
USD2.6bn
(USD1.4bn)
USD3.0bn
(USD950mn)
GoAir
USD278mn
(USD24mn)
USD375400mn
(USD1416mn)
IndiGo
USD1.0bn
USD23mn
USD1.51.6bn
USD100110mn
JetAirways
USD2.7bn
(USD226mn)
USD3.0bn
(USD87mn)
JetKonnect USD340mn
(USD33mn)
USD387mn
(USD53mn)
Kingfisher
USD1.0bn
(USD423mn)
USD91mn
(USD795mn)
SpiceJet
USD720mn
(USD109mn)
USD1.0bn
(USD34mn)
Source:CAPAResearchandcompanyfilings.*DataforunlistedcarriersAirIndia,
GoAirandIndiGoareCAPAestimates.Finalresultsforthesecarriersmayvarydueto
oneoffaccountingadjustments.
FY13 losses with continuing serious structural challenges may impact investor
interestbutCAPAexpectstwofurthertransactionsinFY14
ThereisaneedforsignificantcapextoimplementthefuturegrowthplansofIndian
airlines but we are approaching a point where some Indian promoters may no
longerbeabletoprovidetherequiredfundingandwilllooktoinductanexternal
investor. However, continued losses, the further erosion of net worth and the
ongoingstructuralchallengesinthesectormaydriveagapbetweenpromoterand
investorexpectationswhenitcomestovaluations.
We believe that the most likely suitors for an Indian carrier are foreign airlines,
particularlyfromtheGulf,withastrategicinterestinthemarket.Forsuchairlines
the issue of market access in terms of bilateral entitlements, and the degree of
managementcontrolpermitted,willbeimportantconsiderations.
The Jet AirwaysEtihad deal will be test case on these matters which will be
carefullyobservedandifaddressedsatisfactorilycouldpavethewayforuptotwo
further transactions by strategic investors this year. Under the current
circumstancesweareunlikelytoseeaprivateequityinvestorinanairline.
Q4rewrotetheresultsforallcarriers,especiallyJetandSpiceJet
The sector generated losses of approximately USD895 million in the last quarter
(close to USD500 million excluding Kingfisher). Jet Airways, which had reported a
marginal profit of USD2 million over the first 9 months, ended the year with a
USD87millionlossduetooneoffcostsandincreasedmaintenanceexpenses.
WhileSpiceJetslossofunderUSD1millionforthefirstthreequartersfinishedup
asaUSD34millionfullyearlossduetomaintenancecostsbeingmorethanUSD30
millionhigherthanlastyear,coupledwithasignificantincreaseininterestexpense.
INDIA
IndiGo was earlier ontrack to achieve a higher fullyear profit but it too was
impactedbylowerthanexpectedyieldsinQ4.
AirIndiaslosseswereintensifiedasaresultoftheweakfaresenvironmentandthe
groundingofits787fleetduringacrucialperiod.
Industrydebtincreased89%inFY13toUSD14.5billion
IndiasairlineshaveanestimatedcombineddebtofapproximatelyUSD14.5billion
(with additional vendorrelated liabilities of around USD2 billion), compared with
anaveragecashpositionofjustUSD500550million.AirIndiaholdsjustover60%
of that debt, with full service carriers combined accounting for close to 90%,
although the Jet Airways Group reduced its debt position from USD2.62 bn to
USD2.25bnduringFY13.InthecaseofIndiGoandSpiceJetthemajorityofdebtis
aircraftrelated.
A key contributor to the overall debt has been the industrys accumulated losses
since 2007 which were approaching USD9.5 billion as at31March2013. This has
resulted in continued erosion of the net worth of Indias carriers which are
estimatedasfollows:
AirIndia(FY12):
(USD3billion)
GoAir(FY12):
(USD107million)
IndiGo(FY12):
USD69million
JetAirways:
(USD62million)
JetKonnect:
(USD311million)
SpiceJet:
(USD41million)
Source:CAPAResearchandcompanyfilings.*DataforunlistedcarriersAirIndia,
GoAirandIndiGoareCAPAestimates.
Internationalaccountsfor80%ofAirIndiaslosses,whiletheJetAirwaysGroupis
hurtingondomesticwhereitlostUSD210millioninFY13
AirIndiafaceskeystructuralviabilityissuesonitsinternationalroutesduetopoor
alignment between its fleet structure and route network, and weak commercial
capability, particularly in offshore markets. As a result international operations
accountfor80%ofitslosses.Theresumptionof787serviceswillhelptoimprove
thesituationbuthugelossesareexpectedtocontinue.
Jet Airways and JetKonnect combined reported losses of approximately USD210
million on domestic routes in FY13, whereas the international business was
profitabletothetuneofapproximatelyUSD70million.Thecarrierhasstruggledon
the domestic front as a result of its confused strategy with at one stage three
separate brands operating without a clear market proposition for each. With the
recentconsolidationdowntotwobrandsandthegreaterstrategicclarityafforded
bythepartnershipwithEtihadamorefocusedapproachcanbeexpected.
DomesticaviationinIndiawillnotbesustainableuntilAirIndiaandJetAirways
developcompetitivecoststructures
BothJetAirwaysandAirIndiaremainvulnerableondomesticroutes,especiallyas
they continue to operate with a full service cost structure in a market that has
shifted predominantly to low cost. Until both of these full service carriers have
developedacompetitivedomesticcoststructurethesectorwillremainunviable.
JetAirwaysandAirIndiahavebeenunwillingorunabletoextractapremiumfor
theirfullserviceproduct.WithAirIndiaandJetAirwaysofferingfullserviceatlow
fares,thisispushingLCCfaresevenlower,inacostenvironmentinwhichpricing
should demonstrate greater rationality. The discounting seen in Q2FY14 is
reflective of the tendency for the full service carriers to push the entire sector
downtounviablepricingduringlowseasons.
IndustryFinancialPerformanceProfitafterTax(PAT)
INDIA
DomesticPAT/(Losses)INRbn
Domestic Profits/Losses: At the

profit after tax level, Indias
airlines combined saw a 19.9%
increase in losses on domestic
sectors to INR68.4 bn in FY13, up
fromINR57.0bninFY12.However
this was primarily due to the
INR43.0 bn loss reported by
KingfisherAirlines.
Excluding Kingfisher, domestic

industry losses declined by 43.6%
from INR44.9 bn in FY12 to
INR25.4bninFY13.AirIndiawasa
key
contributor
to
this
improvement.
FY12
FY13
YoY%
IndiGo
1.2 5.4
359.5%
JetAirways
(7.6) (8.7)
14.6%
SpiceJet
(6.1) (2.7)
(56.7%)
AirIndia
(28.1) (13.7)
(51.0%)
GoAir
(1.3) (0.8)
(43.9%)
JetKonnect
(1.8) (3.0)
60.4%
AirIndiaExpress
AllianceAir
(1.1) (1.9)
68.3%
Kingfisher
(12.1) (43.0)
255.3%
IndustryTotal
(57.0) (68.4)
19.9%
InternationalPAT/(Losses)INRbn
FY12
FY13
YoY%
IndiGo
0.1 1.0
International Profits/Losses: The

combined after tax loss on
internationalroutescontractedby
48.2%toINR36.0bninFY13,down
from INR69.5 bn in FY12, largely
due to the reduced losses by Air
IndiaandKingfisher.
JetAirways
(5.0) 3.8
SpiceJet
0.1 0.7
988.3%
AirIndia
(47.5) (38.2)
(19.6%)
GoAir
JetKonnect
AirIndiaExpress
(6.0) (3.3)
AllianceAir
Jet Airways reported a INR3.8 bn

profitsinFY13,aturnaroundfrom
aINR5.0bnlossinFY12.Thiswas
achievedasaresultofan1112%
increase in average international
fares and the termination of
severallossmakingroutes.
Kingfisher
(11.2)
IndustryTotal
(69.5) (36.0)
Industry Total Profits/Losses:

Overallindustrylossesdeclinedby
17.5% to INR104.4 bn in FY13,
down from INR126.6 bn in FY12.
This was achieved as a result of
the 1415% increase in average
fares outpacing the 45% increase
inaverageoperatingcosts.
757.8%
n/a
(45.5%)
(100.0%)
(48.2%)
TotalPAT/(Losses)INRbn
FY12
FY13
YoY%
IndiGo
1.3 6.3
394.8%
JetAirways
(12.6) (4.9)
(61.3%)
SpiceJet
(6.1) (1.9)
(68.5%)
AirIndia
(75.6) (52.0)
(31.2%)
GoAir
(1.3) (0.8)
(43.9%)
JetKonnect
(1.8) (3.0)
60.4%
AirIndiaExpress
(6.0) (3.3)
(45.5%)
AllianceAir
(1.1) (1.9)
68.3%
Kingfisher
(23.3) (43.0)
84.8%
IndustryTotal
(126.6) (104.4)
(17.5%)
Source:CAPAResearch,MinistryofCorporateAffairs&Companyfilings
Notes:FY13numbersforAirIndia,AirIndiaExpress,GoAirandIndiGoareCAPAestimates;Domesticand
InternationalbreakupofAirIndia,GoAir,IndiGo,KingfisherandSpiceJetforFY12andFY13areCAPA
estimates.
IndustryFinancialPerformanceNetWorth,Debt&CashPosition
INDIA
NetWorth(INRbn)
FY12
FY13
Change(%)
IndiGo
3.8
10.2
Industry Net Worth deteriorated

by 36.4% to a negative net worth
of INR333.5 bn, primarily on
account of INR104.4 bn of losses
reported by the industry during
FY13.KingfisherAirlinesaccounted
for INR78.4 bn of the
deterioration.
JetAirways
11.8
(3.4)
SpiceJet
(1.5) (2.2)
52.4%
AirIndia
(164.4) (156.4)
(4.9%)
GoAir
(5.9) (6.6)
12.8%
JetKonnect
(14.2) (17.1)
20.8%
AirIndiaExpress
(16.4) (19.7)
20.0%
AllianceAir
(7.0) (8.9)
27.7%
Kingfisher
(50.8) (129.2)
154.2%
IndustryTotal
(244.5) (333.5)
36.4%
165.2%
n/a
Debt(INRbn)
Industry Debt: A very high debt

burdencontinuedtoloomoverthe
sector. Total debt increased by
3.5% to INR776.4 bn in FY13. Full
service carriers accounted for
92.7%oftotalindustrydebtatthe
end of FY13, with Air India alone
accountingfor62.0%ofthetotal.
IndiGo
9.7
12.6
29.6%
JetAirways
131.2
110.2
(16.0%)
SpiceJet
10.1
18.5
83.7%
AirIndia
456.8
481.5
5.4%
GoAir
8.1
11.5
42.0%
JetKonnect
13.1
13.6
4.3%
AirIndiaExpress
33.6
34.8
3.7%
AllianceAir
0.1 0.1
8.0%
Kingfisher
87.2
93.5
7.2%
IndustryTotal
749.9
776.4
3.5%
FY12
FY13
Change(%)
Cash&CashEquivalents(INRbn)
IndiGo
13.1
Industry Cash: Cash and cash

equivalents increased by 6.1% to
INR29.1 bn at the end of FY13,
with most of this due to Jet
Airways.
JetAirways
5.0 8.4
68.1%
SpiceJet
2.4 2.2
(8.0%)
AirIndia
4.3 4.6
7.2%
GoAir
0.1 0.2
220.0%
JetKonnect
0.5 0.6
10.8%
NotablyLCCsaccountedfor53.7%
of the industrys total cash, with
IndiGo alone representing 43.6%
ofthetotal.
AirIndiaExpress
0.3 0.3
5.7%
AllianceAir*
0.0 0.0
4.5%
Kingfisher
1.8 0.2
(89.6%)
IndustryTotal
27.4
FY12
FY13
12.7
29.1
Change(%)
(3.0%)
6.1%
Source:CAPAResearchandCompanyfilings
*CashpositionattheendofFY12andFY13wasapproximatelyINR10million
Notes:FY13numbersforAirIndia,AirIndiaExpress,GoAir,IndiGo,andJetKonnectareCAPAestimates
IndustryFleetOverview
INDIA
ScheduledAirlinesFleetasat31May2013
RegionalAircraft
Industry Fleet: Indias scheduled

fleetisdominatedbynarrowbody
aircraft from the A320 and 737
families, which comprise 73% of
thetotalfleet.
Industry Fleet Induction: The

composition of the current fleet
and of the aircraft scheduled for
delivery in FY14 mean that Indian
carriers will largely be focused on
domestic routes and international
routesupto45hoursinduration.
OEMMarketShare(31May2013)
SG
G8
AI
IX
CD
Total
ATR72
18 18
CRJ700
4 4
Q400
15 15
Total
18 15 11 44
9W
S2
6E
SG
G8
AI
IX
CD
Total
A319
24 24
A320
66 15 24 105
A321
20 20
737700
7 7 14
737800
47 6 31 21 105
737900
4 2 6 12
Total
58 15 66 37 15 68 21 280
9W
S2
6E
SG
G8
AI
IX
CD
Total
A330
14 2 16
777200
8 8
777300
10 12 22
787
6 6
747
5 5
Total
24 33 57
Total/Average
6E
7 7
WideBody
S2
ATR42
NarrowBody
Thelimitedwidebodyfleet,which
accountsforjust15%ofthetotal,
actsasaconstraintonthenumber
of long haul destinations served
direct by Indian carriers. As a
result foreign airlines continue to
carry large volumes of sixth
freedom traffic across their
networks.
9W
9W
S2
6E
SG
G8
AI
IX
CD
GrandTotal
100 15 66 52 15 101 21 11 381
AvgAge(Years)
5.5 8.6 2.3 4.3 3.1 9.0 5.7 15.1
n/a
Note:IntheabovetablewehavenotincludedKingfishersfleetastheregistrationofseveralaircraftis
indisputebetweentheairlineandlessors.However,accordingtotheDGCA,Kingfisherhad18aircraft
registeredasat31May2013
7%
ScheduledAirlinesOutstandingAircraftOrdersasat31May2013
5%
AircraftType
45%
43%
9W
6E
SG
G8
AI
Total
A320200
48
53
A320200Neo
150
72
222
46
30
76
A330200
787800
10
21
31
61
198
30
77
24
390
737800NG
Boeing
ATR
Airbus
Bombardier
777300ER
Note: The above market shares exclude

Kingfishersfleet
GrandTotal
Source:CAPAResearch&DGCA
Note:Fleetordersforwhollyownedsubsidiariesi.e.JetKonnect,AirIndiaExpressandAllianceAir,ifany,
havebeenincludedintheirparentsdata.
Source:CAPAResearch&DGCA
AirlinesNetworkUpdatesDomestic
INDIA
TotalDomesticOperationalRoutesLastEightQuarters
455
Operational Routes: In FY13 an

average of 439 domestic routes
were operated, compared with
435inFY12.Q3istraditionallythe
strongest quarter for domestic
traffic and in the last two years
this quarter has also seen the
highest number of routes
operated,reaching450inQ3FY13.
450
445
440
435
430
444
425
420
450
447
434
435
Q4FY12
Q4FY13
432
428
425
415
410
Q1FY12
Q1FY13
Q2FY12
Q2FY13
Q3FY12
Q3FY13
Note:Calculatedfrompointofdeparturee.g.MumbaiDelhiandDelhiMumbaiarecalculatedastwo
routes
RegionwiseDistributionofOperationalRoutes
RegionwiseDistribution:Interms
of the distribution of routes the
South, West and North are very
closelymatchedwithbetween26
28% each. The North and
Northeast combined is the
smallest region at 20% and has
seenitssharedeclineoverthelast
coupleofyearsfrom23%.
Q4FY13
26%
8%
12%
27%
28%
Q3FY13
25%
11%
11%
25%
29%
Q2FY13
25%
11%
10%
26%
28%
Q1FY13
24%
11%
11%
27%
26%
Q4FY12
24%
11%
12%
26%
27%
Q3FY12
25%
11%
12%
26%
27%
Q2FY12
25%
12%
11%
26%
27%
Q1FY12
24%
12%
11%
27%
26%
0%
20%
40%
60%
80%
100%
North
NorthEast
East
West
South
NumberofRoutesOperatedbyFSCsandLCCs
400
LCCsvs.FSCsRoutes:Thegrowing
presence of LCCs is evident from
the 47% increase over the last
eight quarters in the number of
routes. In contrast the number of
routesonwhichFSCscanbefound
has been declining since Q3FY12.
In Q3FY13 LCCs overtook FSCs for
the first time in terms of the
numberofroutesserved.
380
LCC
388
368
372
363
360
349
343
340
314
320
300
279
280
FSC
330
329
324
316
286
265
260
240
232
220
220
200
Q1FY12 Q2FY12 Q3FY12 Q4FY12 Q1FY13 Q2FY13 Q3FY13 Q4FY13
Source:CAPAResearch&OAG
AviationTurbineFuel(ATF)
INDIA
CrudeOilPrice&ATFPriceIndex
ATF Price Comparison: The
inIndia
variation in taxexclusive ATF
prices between leading Indian
180
airports
and other major airports
160
inAsiaandtheGulfisonly45%in
140
120
most
cases. However the final
100
price
is
3235% higher due to the
80
60
highsalestaxinIndia.
TaxExclusiveATFPricesUSD/KilolitreduringsecondweekofMay2013
1200
1057
938
1000
919
919
903
900
900
892
600
400
200
0
200809
200910
201011
201112
201213
CrudePriceIndex(IndiaBasket)
ATFPriceIndex(WithoutsalesTax)
Source:CAPAResearch,Shell,IndianOilCorporation&CeylonPetroleumCorporation
Note:Graphshowsindicativeprices
Source:CAPAResearch,PPAC&HPCL
ATF Sales Tax Rates at the 10
largestairportsinIndia
Airport
TaxInclusiveATFpricesatSixMetroAirportson31May2013
1040
1000
TAxExclusiveATFPrice(USD/Kl)
1,000
980
960
29%
940
938 919 919 903 900 900 892

885 875
28%
920
Mumbai
400
25%
900
200
Kolkata
25%
Kochi
25%
Pune
25%
Trivandrum
25%
Bengaluru
800
600
1017
1020
ATFSalesTax
Coimbatore
1,200 1,057
941
927
916
880
860
840
Delhi
Mumbai
Chennai
Kolkata
Hyderabad
USD/Kl
Note:GraphshowsIndicativePrices
IndianCrudeOilBasketPriceIndexvisavisIndianATFPriceIndexLast5Years
160
TaxInclusiveATFpricesatFour
ATF
Price Comparison: During
MetroAirports11May2013
FY13, the Indian ATF price index
(with
FY09 as the base) reached
145,comparedwith130forBrent
1,350.0
1,323.2
Crude,
primarily due to the 12.7%
1,300.0
depreciation of the INR visvis

theUSDinFY13.
145
Bengaluru
Source:CAPAResearch&HindustanPetroleumCorporationLimited(HPCL)
Source: CAPA Research & Indian Oil
Corporation
918
906
Source:CAPAResearch,Shell,IOCL&
Delhi
20%
Ceylon.
Ahmedabad
30%
ATFPriceComparison:Pricesasof
11May2013
Chennai
29%
875
800
40
20
0
885
145
130
130
136
130
115
100
99
100
100
82
85
102
82
70
200809
200910
BrentCrude(Indexed)
201011
201112
201213
IndiaATFPrice(Indexed)
Source:CAPAResearch,PetroleumPlanningandAnalysisCell(PPAC)&HindustanPetroleum
IndiGo
INDIA
CompanyDescription
IndiGo is Indias largest domestic airline with a market share of 29.5% for the
monthofMay2013.Itoperatesto33domesticandfiveinternationaldestinations.
International services commenced in September 2011 and the airlines network
nowextendstoBangkok,Dubai,Kathmandu,MuscatandSingapore.
Asat31May2013,thecompanysfleetconsistedof66aircraftallA320s,withan
averageageofjust2.3years.Thecompanysheadcountwasapproximately6,140
attheendofFY13.
FleetSummaryasat31May2013
Typeof
Aircraft
No.of
Aircraft
Average
Age(yrs)
A320200
66
2.3
Total/Average
66
2.3
Source:CAPAResearchandCompanyfilings
KeyHighlights
Strongfleetexpansion:Overthelasttwoyears,IndiGosfleetgrewby57%to66
aircraftinMay2013,upfrom42aircraftattheendofFY11.Theairlineplanstoadd
afurther28A320sbytheendof2014.Ofthese,16aircraftwilljoinIndiGosfleet
during2013andtheremaining12in2014.
Lowleverage:IndiGoisvirtuallyadebtfreecompany.Itstotaloutstandingdebtof
INR9.7bnwaslessthanitstotalcashandcashequivalentsofINR13.1bnattheend
of FY12. By CAPA estimates, IndiGo continued to maintain the lowest leverage
amongst Indian carriers at the end of FY13, which places it favourably to take
advantageofsuitablemarketopportunitiesandtofundfutureexpansionthrough
debtifrequired.
Youngestfleet:IndiGohastheyoungestfleetinIndiawithanaverageaircraftage
of 2.3 years as at 31 May 2013. This together with the deployment of a single
aircraft type helps the airline to keep its maintenance costs low. For the last five
yearsIndiGosmaintenancecostasapercentageoftotaloperatingcosthasbeenin
therangeof2.02.5%ascomparedtotheindustryaverageof7.07.5%.
Onlyprofitableairlineforthelastfourconsecutiveyears:IndiGoistheonlyairline
inIndiawhichhasbeenconsistentlyprofitableforeachofthelastfourconsecutive
years. This is primarily due to its competitive cost structure; the carrier has the
lowest maintenance, lease rentals, and interest expenses in the market, and
achieves high aircraft utilisation. The contribution of income from saleand
leasebackofaircraftandengineshasalsohelpedtheairlinetoremainprofitable.
KeyConcerns
AirAsiaentry:InFebruary2013,Asiaslargestlowcostcarrier,AirAsia,announced
its planned entry into India in a joint venture with Tata Sons and Arun Bhatia of
Telestra Tradeplace. AirAsia is recognised for having one of the lowest cost
structuresintheworldandwellhonedefficientprocesses,combinedwithastrong
brand. IndiGo may therefore face stiff competition on routes where AirAsia
operatesonceitlaunchesinmostlikelythelatterhalfofFY14.
IndiGo
INDIA
Outlook for FY14

Overthelast1218monthsIndiGohasfocusedongrowingitsdomesticoperations
asaresultoftheimprovedcompetitivedynamics.Weexpectstrongandcontinued
expansion over the next two years, perhaps more than the airline had originally
planned.ThecarrierislikelytodevelopitsnetworkfromMumbai(subjecttoslot
availability) and in South India. It may seek to strengthen its position in Chennai
priortoAirAsiadevelopingscaleinthatmarket.
International operations have largely focused on connecting Dubai to six Indian

cities.AsimilarplantohavemultipleroutestoSingaporewasenvisaged,however
servicesfromDelhiandMumbai(whichhaverelativelylongblocktimesforanLCC
atgreaterthanfivehours)wereterminatedearlierthisyear,leavingjustaChennai
Singaporeserviceinoperationtoday.GoingforwardCAPAexpectsthatIndiGowill
concentrate on international routes up to four hours in duration hence a
resumptionofDelhi/MumbaiSingaporeservicesareunlikelyinthenearterm.
The airline continues to be profitable, partially supported by saleandleaseback

incomeanditsFY14resultsmayexceedCAPAsestimatefornetprofitofUSD100
110million.IndiGohaslimiteddebt,mostofwhichisaircraftrelated.International
operations, which commenced in 2011, contributed modestly to profitability in
FY13, but should report an improved performance this year as a result of the
terminationofunprofitableservicesbetweenDelhi/MumbaiandSingapore.
We expect IndiGo to own a higher proportion of its fleet from this year, which
signals a change in strategy. At present it owns around 56 aircraft on its books,
withthebalanceonlease.Overthenext23yearsweexpecttheshareofowned
aircrafttoincreaseto30%reflectingincreasedconfidenceintheirbusinessmodel
andwhichwillalsohelptoreducetheircoststructure.IndiGosfirmorderfor100
aircraft placed back in 2005 has provided the airline with certainty in equipment
deliverieswhichhasenabledittogrowinlinewithaclearbusinessplan.
Although the carrier has established a strong reputation for service and
punctuality, the carriers fast growth has placed pressure on service delivery at
airports, with particular challenges encountered during peak hours, especially at
DelhiandMumbai.Inflightservicehasalsoseenadipinstandardsonfullflights
duringpeakseason.
Following the announcement by the DGCA to permit unbundling of fares, we

expect IndiGo to be one of the most aggressive carriers in developing ancillary
revenueopportunities.
With Jet Airways set to enter into a partnership with Etihad, Air Indias alliance
future uncertain and Kingfisher grounded, there is an opportunity for an Indian
carrier to become the domestic partner of choice for foreign airlines, in a similar
roletothatplayedbyJetBlueintheUnitedStates.IndiGoisapotentiallyattractive
partnerandseveralcarriershaveapproacheditwithitslargedomesticnetwork
and a respected product. However, interlining and codesharing would require a
change to its business model and not insignificant costs in transitioning to a new
technology platform. With plenty of growth remaining in the domestic market
using the existing model, CAPA does not expect IndiGo to join an alliance or
commencecodesharingintheshortterm.
IndiGos promoters may explore the possibility of setting up crossborder JVs in

othermarkets,especiallyinAfrica.
CAPA expects IndiGo to consider either an IPO in FY15 or partdilution by one of

theexistingpromoters.
IndiGoOperatingPerformanceAnalysisDomestic
INDIA
DataPerPassenger(Pax)
FY12
FY13
YoY(%)
Domestic Passenger Numbers:

Increased by 27.1% to 15.7 mn in
FY13, up from 12.3 mn in FY12,
driven by a 26.9% increase in the
sizeoftheaverageoperatingfleet.
PassengerNumbers(mn)
12.3
15.7
27.1%
3,997 4,747
18.7%
(A)PassengerRevenue/Pax(INR)
(B)OtherOperatingRevenue/Pax(INR)
Revenue/Pax: Increased by 18.7%

toINR4,747/paxinFY13,largelyin
linewithoverallindustrytrends.
Other Operating Revenue per
passenger, which includes income
fromfreight,holidaypackages,in
flight sales etc, increased
marginallyby6.1%toINR291/pax
in FY13, up from INR274/pax in
FY12.
291
6.1%
TotalOperatingRevenue/Pax(INR)(A+B)
4,271 5,037
17.9%
OperatingCost/Pax(INR)
4,256 4,754
11.7%
OperatingProfit/Pax(INR)
15
284
1740.0%
KeyTrafficParameters
FY12
FY13
YoY(%)
Departures('000)
95.6
123.2
28.9%
BlockHours('000)
167.8
214.8
28.0%
FY12
FY13
YoY(%)
16,661 21,262
27.6%
DataPerASK
ASK(mn)
Departures and Block Hours:

Increased by 2829%, largely in
linewiththeoverallincreaseinthe
sizeoftheaverageoperatingfleet.
274
Revenue/ASK(INR)
3.16
3.71
17.4%
Cost/ASK(INR)
3.15
3.51
11.2%
DataPerRPK
FY12
FY13
YoY(%)
RPK(mn)
13,719 17,176
25.2%
Revenue/RPK(INR)
3.8 4.6
19.7%
PassengerLoadFactor:Inspiteof
an 18.7% increase in average
fares, IndiGos PLF declined
marginally by just 1.5 ppts,
indicating strong underlying
demand.
BreakEvenSeatFactor:Improved
by 5.9 ppts primarily due to the
18.7% increase in average fares
compared with an 11.9% increase
inaveragecostperpassenger.
Fuel Cost per Block Hour:

Increasedby8.3%onayoybasis
largely consistent with the
increase in ATF prices during the
sameperiod.
PLF&BreakEvenSeatFactor
FY12
FY13
Change
PassengerLoadFactor(PLF)
82.3%
80.8%
(1.5ppts)
BreakEvenSeatFactor
82.0%
76.2%
(5.9ppts)
KeyPerformanceIndicators
FY12
FY13
YoY(%)
FuelCost/BlockHour(INR'000)
164.1
177.8
8.3%
AircraftUtilisation(Hours/Day)
10.7
11.2
3.9%
Employees/AircraftRatio
92.2
94.1
2.0%
Source:CAPAResearch,DGCA&Companyfilings
Note1:Revenue/Pax,Cost/Pax,Revenue/ASK,Cost/ASK,Revenue/RPK,Cost/RPK,Breakevenseatfactor
andKeyPerformanceIndicatorsareCAPAestimates
IndiGoFinancialPerformanceAnalysisInternational
INDIA
InternationalPassengerRevenue:
Increased by 256.1% on a yoy
basis,primarilydueto:
IncomeStatement(INRmn)
FY12
FY13
YoY(%)
2,632.1
9,506.4
261.2%
OtherOperatingRevenue
197.4
570.4
188.9%
TotalOperatingRevenue
2,829.5
10,076.8
256.1%
AircraftFuelExpenses
(1,196.2)
(3,572.4)
198.6%
StaffExpenses
(344.9)
(960.5)
178.5%
AircraftLeaseRentals
(433.8)
(1,371.0)
216.1%
Selling&Distribution(S&D)
(225.0)
(929.6)
313.1%
Maintenance&Overhaul
(85.2)
(229.8)
169.6%
OtherOperatingExpenses
(574.8)
(2,132.0)
270.9%
TotalOperatingExpenses
(2,860.0)
(9,195.4)
221.5%
EBITDA
(30.5)
881.4
DepreciationandAmortisation
(26.2)
(97.6)
EBIT
(56.7)
783.8
NetInterestExpenses
(34.0)
(80.1)
135.5%
NonOperatingIncome
165.7
266.7
61.0%
75.0
970.4
1194.5%
PassengerRevenue
a 189.9% increase in
passengerscarriedto1.2mnin
FY13,upfrom0.4mninFY12.
a 24.3% increase in average
revenue per passenger to
INR7,829/paxinFY13,upfrom
INR6,298/paxinFY12.
Aircraft Fuel Expenses: Increased

by 198.6% on a yoy basis
primarilydueto:
a6.57.5%effectiveincreasein
ATF prices for international
operations
for
domestic
carriers.
a 173.1% increase in block

hours to 31,317 in FY13, up
from 11,468 block hours in
FY12.
EBT
Taxes
PAT
38.16
NA
272.2%
NA
(100.0%)
113.1
970.4
757.8%
CostStructureAnalysis
FY12
FY13
Change
FuelCost(%ofOperatingCost)
41.8%
38.8%
(3.0ppts)
StaffCost(%ofOperatingCost)
12.1%
10.4%
(1.6ppts)
LeaseRentals(%ofOperatingCost)
15.2%
14.9%
(0.3ppts)
S&DCost(%ofRevenue)
8.0%
9.2%
1.3ppts
MaintenanceCost(%ofOperatingCost)
3.0%
2.5%
(0.5ppts)
OtherOperatingCosts(%ofRevenue)
20.1%
23.2%
3.1ppts
KeyProfitabilityRatios
FY12
FY13
Change
EBITDARMargin(%)
14.3%
22.4%
8.1ppts
EBITMargin(%)
(2.0%)
7.8%
9.8ppts
EBTMargin(%)
2.6%
9.6%
7.0ppts
PATMargin(%)
4.0%
9.6%
5.6ppts
Operating
Cost
Structure
Analysis:Allkeycostssuchasfuel,
staff, lease rentals, maintenance,
selling and distribution and other
operating costs etc. increased in
proportion with the overall
increaseinthesizeofinternational
operations.
Key Profitability Ratios: All key

profitabilityratiosincreasedinthe
range of 510 ppts in FY13 over
FY12, primarily supported by a
24.3% increase in average fares
compared with an 11.7% increase
inaveragecostperpassengerona
yoybasis.
Source:CAPAResearch,DGCA,MinistryofCorporateAffairs&Companyfilings
Note1:Allfinancialnumbers,coststructurecalculationsandkeyprofitabilityratiosareCAPAestimates
IndiGoBalanceSheetAnalysis
INDIA
Net Worth: At the end of FY12,

IndiGos net worth increased by
58.0% to INR3,827 mn, up from
INR2,548 mn at the end of FY11,
on account of INR1,278 mn of
profitsbookedforFY12.
BalanceSheet(INRmillion)
FY11
FY12
YoY(%)
ShareCapital
343.7
343.7
0.0%
ReservesandSurplus
2,204.3
3,483.1
58.0%
TotalShareholders'Funds
2,548.1
3,826.8
50.2%
LongTermDebt
8,069.8
9,055.5
12.2%
ShortTermDebt
1,334.9
669.9
(49.8%)
TotalDebt
9,404.6
9,725.3
3.4%
133.8
158.3
18.3%
Debt: In FY12, IndiGos total debt

increased marginally by 3.4% to
INR9,725 mn, up from INR9,405
mn at the end of FY11. The debt
was raised primarily to fund the
purchases of ground support
vehiclesandequipment.
OtherLongTermLiabilities
5,692.8
11,542.2
102.8%
TotalNonCurrentLiabilities
5,826.6
11,700.5
100.8%
TradePayables
1,205.5
1,793.4
48.8%
OtherCurrentLiabilities
6,029.8
10,840.1
79.8%
ShortTermProvisions
5,797.4
153.2
(97.4%)
TotalCurrentLiabilities
13,032.6
12,786.7
(1.9%)
Other Current Liabilities: At the

end of FY12, other long term
liabilities increased by 79.8% to
INR10,840 mn, up from INR6,030
mnattheendofFY11,mainlydue
toanincreaseintheproportionof
forward sales and supplementary
rentals.
TotalLiablities
30,811.8
38,039.4
23.5%
GrossBlock
9,527.9
10,741.9
12.7%
Less:Accu.Depreciation
1,216.5
1,881.7
54.7%
NetBlock
8,311.4
8,860.1
6.6%
25.4
665.1
2520.6%
2,859.5
4,541.8
58.8%
119.0
885.3
644.3%
3,003.8
6,092.2
102.8%
166.6
389.2
133.6%
7,756.9
13,088.3
68.7%
Inventories
446.7
373.9
(16.3%)
OtherCurrentAssets
612.6
822.0
34.2%
CurrentInvestments(MFs)
8,022.4
5,234.2
(34.8%)
Loans&Advances
2,491.3
3,179.5
27.6%
LongTermProvisions
NetDeferredTaxAssets
LongTermLoanandAdvances
OtherNonCurrentAssets
TotalOtherNonCurrentAssets
Fixed Assets: At the end of FY12,

IndiGos gross block increased by
12.7% to INR10,742 mn, up from
INR9,528 mn at the end of FY11,
primarily due to an increase in
aircraft spares and a restatement
of capital asset valuations as a
result of changes in the exchange
rate.
SundryDebtors
TotalCurrentAssets
19,496.6
23,087.0
18.4%
TotalAssets
30,811.8
38,039.4
23.5%
FY11
FY12
Change
CurrentRatio(X)
1.50
1.81
0.31
Debt/Equity(X)
3.69
2.54
(1.1)
39.3%
n/a
n/a
CashandCashEquivalents
Current Ratio: Notably, while

other
airlines
witnessed
deterioration in their current
ratios,IndiGoscurrentratiosawa
sharpimprovementinFY12.
KeyBalanceSheetRatios
NetDebt/NetCapitalisation
Source:CAPAResearch,MinistryofCorporateAffairs&Companyfilings
Note1:AllbalancesheetnumbersandkeybalancesheetratiosareCAPAestimates
IndiGoTrafficAnalysisDelhiAirport
INDIA
IndiGoTopTenDomesticandInternationalRoutes
759
TopTen(O&D)Routes Domestic
Routes,Yield& LoadFactor International
700
532
500
406
400
374
333
276
300
223 201
177 154
200
LoadFactor%
Pax('000)
600
100
84%
0.04
82%
0.03
80%
0.03
78%
0.02
76%
0.02
74%
0.01
72%
0.01
70%
0
BOM BLR
HYD CCU MAA LKO AMD GOI
BBI
0.00
DXB
PAT
TotalPax
International:
On
IndiGos
international routes from Delhi,
Dubai had the highest average
load factor at 82%, while other
routes to Bangkok, Kathmandu
andSingaporeaveraged75%.
Yield$
800
BKK
SIN
LF%
KTM
Yield($)
TransferTrafficByDirectionality
DomestictoInternational
Origin
Pax
Dest.
InternationaltoDomestic
Pax
Origin
Pax
Dest.
Pax
BLR
3,307
DXB
39,149
DXB
31,845
BOM
5,637
MAA
3,201
BKK
574
BKK
7,063
IXJ
3,309
However, the yield on all four

international routes was very low
at between 2 and 3 US cents per
RPK, possibly due to strong
competition.
HYD
3,030
Others 1,299
KTM
3,093
LKO
3,195
CCU
2,902
Others
1,726
GAU
2,832
BBI
2,861
HYD
2,747
NAG
2,810
MAA
2,698
LKO
2,652
SXR
2,460
BDQ
2,631
AMD
2,372
SXR
2,588
BDQ
2,271
Others
15,040
Others
16,206
Total
41,022
Total
43,727
Transfer Traffic: Over 70% of

IndiGos DI and ID transfer
passengers
are
connecting
to/fromtheDubaiservice.
Total
41,022
Total
43,727
IndiGo handles significant DD

transfer mainly connecting Tier II
cities in north India such as
Srinagar, Lucknow and Patna to
themajormetrocities.
DomestictoDomestic
Origin
Pax
Dest.
Pax
SXR
39,413
LKO
37,477
LKO
32,552
SXR
31,798
CCU
23,660
BOM
31,163
AMD
23,613
CCU
27,803
BOM
21,453
BLR
27,679
PAT
18,944
AMD
23,212
BLR
18,889
PAT
19,415
GAU
18,385
PNQ
16,136
IXJ
17,217
HYD
12,838
Others
82,421
Others
69,026
Total
296,547
Total
296,547
International to International
transferflowisinsignificant.
Source:CAPAResearch,AirportIS,noteabovedataisfor10monthsofFY2013
INDIA
ScheduledAirports
AirportsIndustryReview
OutlookforKeyAirportsinFY14
OperatingPerformanceReview
PassengerTrafficReview
CargoVolumesReview
ATM(AircraftMovements)Review
FinancialPerformanceReview
IndustryRevenue,EBITDAandProfitafterTax(PAT)
IndustryRevenueAnalysis
IndustryRevenueShareAnalysis
IndustryNetWorth,DebtandCashPositionAnalysis
IndustryKeyPerformanceandEfficiencyIndicators(KPI)
AeroRevenue/Pax(INR)
NonAeroRevenue/Pax(INR)
CargoRevenue/Tonne(INR)
CapacityUtilisation
TrafficFlowAnalysis
OverviewandCurrentScenario
TrafficLeakagetoCompetinghubs
DeterminationofTrafficLeakagefromIndia
LeadingAirports%ShareinIndiasTrafficLeakage
TopIndianAirportsvisavisCompetingHubAirports
UnServedInternationalDestinationsfromIndia
PassengerTrafficReviewIndustry
INDIA
Domestic Passenger Traffic: After

threeconsecutiveyearsofdouble
digit growth, domestic passenger
traffic declined by 4.3% in FY13,
primarily due to an 1819%
increase in average fares in FY13
versusFY12.
DomesticPassengers(millions)
FY12
FY13
YoY%
Delhi
25.1
22.8
(9.3%)
Mumbai
21.0
20.3
(3.6%)
Chennai
8.6
8.3
(3.5%)
10.3
9.5
(8.3%)
Bengaluru
Kolkata
8.7
8.4
(3.6%)
Allmetroairportssawadeclinein
traffic during the year, however a
few nonmetro airports such as
Calicut,
Srinagar,
Amritsar,
Bhopal, Bhubaneswar, Jodhpur,
Mangalore,PortBlairandTirupati
reported doubledigit growth in
FY13.
Hyderabad
6.5
6.2
(5.6%)
Cochin
2.1
2.0
(8.0%)
39.0
38.9
(0.3%)
121.5
116.3
(4.3%)
AAI*
IndustryTotal
Source:CAPAResearch,Companyfilings&AAI
Note:AAIdataexcludesChennaiandKolkatatrafficwhichisreportedseparatelyabove
InternationalPassengers(millions)
FY12
FY13
YoY%
10.8
11.6
7.6%
Mumbai
9.7
9.9
2.3%
Chennai
4.3
4.5
3.6%
Bengaluru
2.4
2.5
6.4%
International Passenger Traffic:

International
traffic
growth
however, remained in positive
territory, albeit at a lower rate of
5.5% compared with a CAGR of
8.9%betweenFY10andFY12.
Delhi
Kolkata
1.6
1.6
5.0%
Hyderabad
1.9
2.1
11.3%
Cochin
2.6
2.9
12.9%
AAI*
7.6
7.8
3.3%
40.8
43.0
5.5%
International traffic growth at

Ahmedabad,
Bagdogra,
Bengaluru, Cochin, Coimbatore,
Delhi, Gaya, Goa, Hyderabad,
Lucknow, Nagpur and Varanasi
exceeded the allIndia growth
averageof5.5%.
Total Passenger Traffic: Declined

by 1.9% to 159.3 million in FY13,
comparedwithapositiveCAGRof
14.2% in the previous three
financialyearsi.e.FY10FY12.
Cochin is the only airport among
thetop7airports,whichreported
overall positive growth at 3.5% in
FY13, supported by robust
internationaltraffic.
IndustryTotal
TotalPassengers(millions)
FY12
FY13
YoY%
Delhi
35.9
34.4
(4.2%)
Mumbai
30.7
30.2
(1.8%)
Chennai
12.9
12.8
(1.1%)
Bengaluru
12.7
12.0
(5.5%)
Kolkata
10.3
10.1
(2.3%)
Hyderabad
8.4
8.3
(1.7%)
Cochin
4.7
4.9
3.5%
46.6
46.7
0.2%
162.3
159.3
(1.9%)
AAI*
IndustryTotal
CargoVolumesReviewIndustry
INDIA
DomesticCargoVolumes('000Tones)
FY12
FY13
YoY%
Delhi
200.5
188.2
(6.2%)
Mumbai
190.3
182.4
(4.1%)
Chennai
84.7
78.8
(7.0%)
Bengaluru
83.3
82.5
(0.9%)
Kolkata
81.7
80.7
(1.3%)
Hyderabad
34.5
32.7
(5.0%)
Cochin
8.5
8.9
4.0%
AAI*
128.6
130.2
1.3%
IndustryTotal
812.1
784.4
(3.4%)
Domestic
Cargo
Volumes:
Declined by 3.4% to 784,399
tonnes in FY13, down from
812,091 tonnes in FY12, primarily
duetodeclinesinvolumeatDelhi,
Mumbai, Chennai and Hyderabad
airports.
Notably,afewnonmetroairports
such as Ahmedabad, Calicut,
Srinagar,
Visakhapatnam,
Varanasi, Jammu, Madurai and
Bhubaneswar reported double
digit growth in domestic cargo
volumesinFY13overFY12.
InternationalCargoVolumes('000Tones)
FY12
FY13
YoY%
Delhi
367.8
358.1
(2.6%)
Mumbai
467.2
452.7
(3.1%)
International Cargo Volumes:

Declined by 4.2% to 1,406,792
tonnes in FY13, down from
1,467,896 tonnes in FY12,
primarily because of continued
weakness in Euro zone economies
which are major markets for air
freightedconsumergoods.
Chennai
272.5
237.1
(13.0%)
Bengaluru
141.7
144.0
1.6%
Kolkata
43.9
42.8
(2.4%)
Hyderabad
43.6
46.5
6.6%
Cochin
34.2
38.0
11.3%
AAI*
97.0
87.5
(9.9%)
IndustryTotal
1,467.9
1,406.8
(4.2%)
Notably, few airports like Goa,

Hyderabad,Lucknow,Coimbatore,
Visakhapatnam
and
Gaya
remained on growth trajectory
andwitnesseddoubledigitgrowth
in international cargo volumes in
FY13overFY12.
TotalCargoVolumes:Declinedby
3.9%to2,191,191tonnesinFY13,
down from 2,279,987 tonnes in
FY12, primarily due to the decline
in volumes at Delhi, Mumbai and
Chennaiairports.
TotalCargoVolumes('000Tones)
FY12
FY13
YoY%
Delhi
568.4
546.3
(3.9%)
Mumbai
657.5
635.2
(3.4%)
Chennai
357.2
315.9
(11.6%)
Bengaluru
224.9
226.5
0.7%
Kolkata
125.6
123.5
(1.7%)
Hyderabad
78.1
79.2
1.5%
Cochin
42.7
46.9
9.8%
225.6
217.7
(3.5%)
2,280.0
2,191.2
(3.9%)
AAI*
IndustryTotal
AircraftMovementsReviewIndustry
INDIA
DomesticATMs('000)
FY12
FY13
YoY%
Delhi
218.6
200.3
(8.3%)
Mumbai
179.3
173.3
(3.4%)
Chennai
86.6
83.3
(3.8%)
100.8
86.3
(14.4%)
Kolkata
84.3
79.9
(5.2%)
Hyderabad
84.9
74.8
(11.9%)
Cochin
21.9
19.9
(9.2%)
459.0
447.8
(2.5%)
1,235.4
1,165.5
(5.7%)
InternationalATMs('000)
FY12
FY13
YoY%
Delhi
76.9
80.4
4.5%
A few airports such as Calicut,

Srinagar, Amritsar, Port Blair,
Chandigarh, Gaya, Rajkot and
Tirupati reported double digit
growthinFY13versusFY12.
Mumbai
72.2
71.2
(1.3%)
Chennai
33.5
34.1
1.7%
Bengaluru
17.6
18.3
4.0%
Kolkata
15.5
13.7
(11.7%)
Hyderabad
14.1
15.4
8.8%
Cochin
18.3
20.3
10.8%
AAI*
61.0
60.4
(1.1%)
309.3
313.8
1.5%
TotalATMs('000)
FY12
FY13
YoY%
Delhi
295.5
280.7
(5.0%)
Mumbai
251.5
244.5
(2.8%)
Chennai
120.1
117.4
(2.3%)
Bengaluru
118.4
104.6
(11.6%)
Kolkata
99.8
93.6
(6.2%)
Hyderabad
99.0
90.2
(9.0%)
Cochin
40.2
40.2
(0.1%)
520.1
508.2
(2.3%)
1,544.6
1,479.3
(4.2%)
Domestic Air Traffic Movements

(ATMs): After three consecutive
years of growth (CAGR of 6.1%
duringFY10FY12),domesticATMs
declined by 5.7% in FY13, mainly
duetoKingfisherscontractionand
grounding, increased airport
charges and the rise in domestic
fares, which put together
impacted passenger and cargo
trafficduringtheyear.
However, the above decline was

partially offset by a remarkable
growth in aircraft movements by
bothIndiGoandSpiceJet.
Bengaluru
AAI*
IndustryTotal
Note:AAInumbersexcludeChennaiandKolkatanumbers
International ATMs: Due to the

continued growth in international
traffic, aircraft movements also
remained in positive territory at
1.5%fortheyear.
AirportssuchasBagdogra,Cochin,
Madurai and Varanasi reported
doubledigitgrowthinFY13.
IndustryTotal
Total ATMs: Declined by 4.2% to

1,479,328 movements in FY13,
down from 1,544,646 in FY12.
Amongthemetros,Bengalurusaw
the sharpest decline at 11.6% as
the airport was particularly
severely impacted by Kingfishers
exit.
AAI*
IndustryTotal
INDIA
FinancialPerformanceReviewIndustry
IndustryTotalRevenue:Increased
by23.8%toINR110billioninFY13,
primarily due to a 118% increase
in Delhis revenue as a result of a
346% increase in aero charges
w.e.f15May152012.
Other airports such as Mumbai,
KolkataandChennaialsoreceived
AERA approval for an increase in
aerochargesfromQ4FY13.
AERA Approved increases in

AeroCharges
Airport
%
Increase
Effective
Date
Mumbai
154%
1Feb13
Chennai
141%
1Mar13
53%
1Apr13
219%
16Feb13
52%
1Apr13
Airport/TotalRevenue(INRBillion)
FY12
FY13
YoY%
Delhi
14.9
32.6
118.3%
Mumbai
13.1
14.6
11.7%
Chennai
6.6
6.8
2.4%
Bengaluru
6.1
6.1
0.9%
Kolkata
3.7
4.6
23.5%
Hyderabad
6.0
7.0
17.0%
Cochin
2.6
3.1
17.7%
AAI*
35.9
35.3
(1.8%)
Total
88.9
110.1
23.8%
FY12
FY13
Delhi
1.6
10.6
Mumbai
4.7
4.5
(5.9%)
Chennai
4.0
3.9
(4.1%)
Bengaluru
4.0
3.4
(15.8%)
Kolkata
2.2
2.9
32.1%
Industry EBITDA: Increased by

30.1% to INR53 billion in FY13,
slightly ahead of the overall
increaseintopline.
Hyderabad
3.6
4.5
26.5%
Cochin
1.4
1.5
4.7%
AAI*
19.2
21.8
13.4%
Total
40.7
53.0
30.1%
Kolkata
Industry PAT: Increased by 4.7

times to INR12 billion in FY13,
primarily due to Delhis improved
performance,whichreportedanet
profit of INR0.7 billion in FY13
compared with a net loss of
INR10.9billioninFY12
Notably, Bengaluru witnessed a

33.6%declineinnetprofitsinFY13
as the airport operator wroteoff
INR450 mn in receivables from
KingfisherAirlinesduringQ4FY13.
*AAI numbers exclude Chennai and Kolkata numbers and income from leasing of PPP airports. If
included,theAAIstotalrevenueforFY12andFY13wouldbeINR58.6bnandINR68.3bnrespectively.
Airport/EBITDA(INRBillion)
YoY%
564.7%
*AAInumbersexcludeChennaiandKolkatanumbers.
Airport/PAT(INRBillion)
FY12
FY13
YoY%
(10.9)
0.7
n/a
Mumbai
1.8
1.5
(15.8%)
Chennai**
2.2
1.8
(16.7%)
Bengaluru
1.8
1.2
(33.6%)
Kolkata**
1.2
1.7
47.6%
Hyderabad
0.2
1.1
534.5%
Cochin
1.0
1.1
8.4%
AAI*
5.2
3.0
(43.3%)
Total
2.5
12.1
376.9%
Delhi
*AAInumbersexcludeChennaiandKolkatanumbers.**RepresentsEBTEarningsbeforeTax
Note:Inallabovetables,dataforChennai,Kolkata,CochinandAAIareCAPAestimates.
INDIA
NetWorth,Debt&CashPositionIndustry
NetWorth(INRbn)
FY11
FY12
YoY%
Industry Net Worth: In spite of a

greater than 50% (or INR10.8
billion)declineinthenetworthof
Delhi airport in FY12, the sectors
overall net worth improved by
3.9% due to sharp increases at
Mumbai, Chennai and Kolkata
airports.
Delhi
20.8
10.0
(52.1%)
Mumbai
14.2
20.0
41.2%
Chennai
9.1
16.6
83.7%
Bengaluru
4.4
6.0
37.2%
11.8
17.3
46.2%
Hyderabad
3.2
3.4
5.2%
Mumbais net worth increased by

41.2%primarilyduetoINR4bnof
additionalequityandINR1.8bnof
profitsreportedinFY12.
Cochin
4.4
5.0
13.0%
AAI*
59.7
54.2
(9.2%)
Total
127.6
132.5
3.9%
Debt(INRbn)
FY11
FY12
YoY%
Delhi
58.3
66.0
13.2%
Mumbai
29.8
45.7
53.0%
Chennai
2.3
3.8
65.7%
14.4
12.7
(11.3%)
2.2
3.2
44.9%
23.5
23.4
(0.0%)
Cochin
0.0
0.0
(100.0%)
AAI*
7.7
14.4
86.2%
Total
138.2
169.2
22.4%
Kolkata
IndustryDebt:Increasedby22.4%
to INR169 bn at the end of FY12
primarily due to a 53.0% increase
in MIALs debt to INR45.7 bn, up
from INR29.8 bn at the end of
FY11. The debt was used to fund
development works related to
terminal construction and airside
facilities.
Bengaluru
Kolkata
Hyderabad
Cash&CashEquivalents(INRbn)
Industry Cash: Industry total cash

increasedby2.9%toINR13.6bnat
the end of FY12, up from INR13.3
bn at the end of FY11, primarily
duetogreaterthan100%increase
inthecashpositionatMIAL.
FY11
FY12
YoY%
Delhi
2.9
3.1
6.7%
Mumbai
2.3
4.8
108.9%
Chennai
0.2
0.1
(38.0%)
Bengaluru
4.3
2.0
(53.3%)
Kolkata
0.1
0.1
3.0%
Hyderabad
0.7
0.6
(23.6%)
Cochin
1.9
2.0
4.3%
AAI*
0.8
0.9
16.3%
Total
13.3
13.6
2.9%
Note:1.Inallthreetablesabove,AAIdataexcludesChennaiandKolkata
2:Inalloftheabovetables,dataforChennai,Kolkata,CochinandAAIareCAPAestimates.
INDIA
KeyPerformanceIndicatorsIndustry
FY12
FY13
Delhi
134.6
620.0
360.7%
Mumbai
137.8
172.3
25.0%
Chennai
196.5
219.9
11.9%
Bengaluru
291.4
299.4
2.8%
Kolkata
184.2
271.6
47.5%
Hyderabad
414.8
510.0
22.9%
Cochin
119.3
125.4
5.1%
AAI*
206.9
216.9
4.9%
IndustryAverage
215.8
416.7
93.1%
FY12
FY13
YoY%
Delhi
245.4
290.4
18.4%
Mumbai
231.7
255.7
10.4%
Chennai
189.5
200.8
6.0%
Bengaluru
163.2
187.7
15.0%
Kolkata
140.3
149.3
6.4%
Hyderabad
282.0
321.8
14.1%
Cochin
400.6
467.1
16.6%
AAI*
106.3
108.2
1.8%
IndustryAverage
222.9
257.0
15.3%
Aero Revenue/Pax: In FY13, the

industry average increased by
93.1% to INR417/pax, up from
INR216/paxinFY12,primarilydue
to the large 360.7% increase at
Delhi.
YoY%
Non Aero Revenue/Pax: In FY13,

the industry average increased by
15.3% to INR257/pax, up from
INR223/pax in FY12, primarily
supported by doubledigit growth
at Delhi, Mumbai, Bengaluru,
HyderabadandCochinairports,all
of which are PPP airports. Retail
and duty free growth was the
leadingdriveroftheincrease.
FY12
FY13
Cargo Revenue/Tonne: In FY13,

the industry average declined by
1.6% to INR3,043/tonne, down
fromINR3,094/tonneinFY12.
YoY%
Delhi
2,276.8
2,368.6
4.0%
Mumbai
2,588.9
2,643.3
2.1%
Chennai
4,636.2
4,515.6
(2.6%)
Bengaluru
1,263.0
1,194.0
(5.5%)
Despite considerable discounts

andconcessionsinpricingatmost
oftheairports,theweakeconomic
conditions meant that the decline
in cargo volumes could not be
stemmed.
Kolkata
3,161.8
3,098.6
(2.0%)
Hyderabad
1,370.1
1,350.4
(1.4%)
Cochin
3,395.3
3,565.1
5.0%
AAI*
3,080.0
3,117.8
1.2%
IndustryAverage
3,094.1
3,043.4
(1.6%)
Note:Inalloftheabovetables,AAIdataexcludesChennaiandKolkatadata
Note:Inalloftheabovetables,dataforChennai,Kolkata,CochinandAAIareCAPAestimates.
MumbaiInternationalAirportLtd.(MIAL)
INDIA
CompanyDescription
Shareholdingasat31March2013
Mumbai Airport is the 2nd largest airport in India; it handled 30.2 mn passengers
and635,163tonnesofcargoinFY13.Attheendoftheyeartheairportspassenger
andcargocapacitywas30mnpassengersand1.5mntonnesrespectively,with2
runways,4terminals,18aerobridges,100parkingbaysand309checkincounters.
GVKGroup
26.0%
50.5%
BidServices
DivisionLtd.
ACSAGlobal
10.0%
AAI
13.5%
Source:CAPAResearch&Companyfilings
KeyHighlights
TotalPassengersHandled(mn)
35
30
25
20
23.4
8.1
30.7
9.1
9.7
9.9
20.0
21.0
20.3
FY11
Intl.
FY12
FY13
Total
25.6
AERA approved User Development Fee (UDF): On 16 January 2013, MIAL

announced that it would collect INR346 per domestic and INR692 per
international embarking passenger w.e.f 1 February 2013. However during FY14
passengers would pay a lower UDF of INR274 for domestic and INR548 for
international departures respectively. CAPA estimates the UDF will increase
MIALsrevenuebyroughlyINR5.5bninFY14.
30.2
29.1
8.2
15
10
5
15.3
17.4
0
FY09
FY10
Dom.
Source:CAPAResearch&AAI
TotalCargoHandled(000Tonnes)
800
600
400
670.2
657.5
635.2
470.4
467.2
452.7
174.2
199.8
190.3
182.4
FY09
FY10
Dom.
FY11
Intl.
FY12
529.8
378.5
584.3
410.1
NewT2tobecomeoperationalbyendof2013:MIALsT2terminalisexpectedto
become operational by end of 2013 and 2014 for international and domestic
operations respectively and will increase total annual capacity to 40 million
passengersbytheendof2014.MIALcanfurtherenhancetheterminalcapacityto
45millionbyutilisingthecurrentterminalinfrastructure,butairsideandparking
bayconstraintsmightrestrictthecapacityto40million.
FY13
Total
Hike in airport charges: On 28 January 2013, AERA approved a 154% in aero

chargesatMumbaiairportw.e.f.1February2013,insteadofthe660%soughtby
MIAL. The increase in charges should help MIAL generate additional revenue of
approximatelyINR6.3bn6.6bninFY14.
200
151.3
As at 31 May 2013, 53 scheduled airlines were operating at Mumbai airport.

There are 3 ground handling firms i.e. Air India Air Transport Services Limited
(AIATSL), elebiNAS and Cambata Aviation and two cargo handling firms i.e.
AIATSLandMIAL.AttheendofFY13,MIALstotalheadcountwas1,366.
CargorevenuetobetreatedasNonAerorevenueatMIAL:On15January2013
AERA stated that revenue from cargo and ground handling services at Delhi and
Mumbaiairportswillbetreatedasnonaerorevenuefortheairportoperators.
KeyConcerns
Capacityconstraints:Mumbaiairportalreadyoperatesatclosetothemaximum
runwaycapacityofaround35hourlymovementsfor1617hoursaday.Continued
delays with land acquisition for the Navi Mumbai International Airport (NMIA)
project suggest that the first phase of NMIA is now unlikely to open before
2018/19,bywhichtimethecurrentairportisexpectedtobesaturated.
TotalAircraftMovements(000)
300
250
200
227.5
65.6
HourlyAircraftMovements(ason14June2013)
229.8
242.7
251.5
244.5
40
65.2
68.7
72.2
71.2
30
174.0
179.3
20
150
100
161.9
164.6
10
173.3
50
0
FY09
FY10
Dom.
FY11
Intl.
FY12
FY13
Total
Departing
Arriving
Source:CAPAResearch&Innovata
OperatingPerformanceReviewMumbaiAirport
INDIA
Passengers(mn)
FY12
FY13
YoY(%)
21.0
20.3
(3.6%)
9.7
9.9
2.3%
TotalPassengers
30.7
30.2
(1.8%)
ATMs(in000)
FY12
FY13
YoY(%)
Domestic
179.3
173.3
(3.4%)
Domesticpassengers:Declinedby
3.6% in line with overall industry
decline as airlines increased fares
byanaverageof1819%.
International
72.2
71.2
(1.3%)
TotalATMs
251.5
244.5
(2.8%)
Cargo(in000tonnes)
FY12
FY13
YoY(%)
Domestic
190.3
182.4
(4.1%)
Aero Revenue/Pax: Increased

25.0% on a yoy basis, primarily
due to a 154% increase in aero
charges and the introduction of
UDFatMumbaiairportw.e.f.from
1Feb2013.
International
467.2
452.7
(3.1%)
TotalCargo
657.5
635.2
(3.4%)
KeyOperatingParameters
FY12
FY13
YoY(%)
137.8 172.3
25.0%
231.7 255.7
10.4%
2,588.9 2,643.3
2.1%
Total Passengers: Declined by

1.8%inFY13duetoa3.6%decline
in domestic passengers, partly
offset by a 2.3% increase in
internationalpassengers.
Domestic
International
Domestic Services: In FY13,

IndiGo, GoAir and SpiceJet
increased their share of domestic
traffic at the airport by 7.1 ppts,
1.7pptsand1.5pptsrespectively,
asKingfisherssharedecreasedby
12.0ppts.
AirlineShareofPassengerTrafficatMumbaiAirportDomesticServices
FY12
8.6%
26.0%
17.6%
27.0%
10.3%
IndiGo
14.8%
AirIndia
Kingfisher
IndiGo
6.6%
JetKonnect
JetKonnect
GoAir
19.2%
21.9%
SpiceJet
14.9%
JetAirways
12.2%
AirIndia
Kingfisher
7.5%
FY13
JetAirways
10.7%
International
Services:
Jet
Airways, Air India, Emirates and
Singapore Airlines remained the
largest carriers in terms of
international market. However
IndiGo quickly established itself in
fifthpositionreplacingKingfisher
with a 3.7% share within one
year of commencement of
internationaloperations.
Source:CAPAResearch,AAI&Companyfilings
SpiceJet
2.9%
GoAir
AirlineShareofPassengerTrafficatMumbaiAirportInternationalServices
JetAirways
FY12
FY13
JetAirways
AirIndia
46.5%
24.4%
12.1%
4.5% 9.1%
3.3%
AirIndia
25.6%
45.4%
Emirates
Singapore
Airlines
Kingfisher
11.2%
3.7%
Others
9.7%
4.4%
Emirates
Singapore
Airlines
IndiGo
Others
Source:CAPAResearch&AirportIS
IncomeStatementReviewMumbaiAirport
INDIA
IncomeStatement(INRmn)
FY13
YoY(%)
AeroRevenue
4,242.2 5,203.9
22.7%
NonAeroRevenue
7,133.0 7,723.9
8.3%
CargoRevenue/RevenueShare
1,702.1 1,678.9
(1.4%)
GrossRevenue
13,077.3 14,606.7
11.7%
Less:AAIRevenueShare
(5,086.5) (5,669.4)
11.5%
NetRevenue
7,990.8 8,937.3
11.8%
TotalExpenditure
(3,259.7) (4,486.5)
37.6%
EBITDA
4,731.1 4,450.8
(5.9%)
Depreciation
(1,420.8) (1,665.1)
17.2%
Notes:Figuresabovethebarrepresent
totalrevenueforthatparticularyearinINR
billions.
InterestandFinanceCharges
(650.8) (666.2)
2.4%
OtherIncome
66.2 179.1
170.6%
EBT
2,725.7 2,298.6
(15.7%)
LessTaxes:
(888.1) (751.6)
(15.4%)
EBITDAandMargin(FY09FY13)
PAT
1,837.6 1,547.0
(15.8%)
RevenueBreakup(FY09FY13)
100%
9.46
9.91
11.75
13.08
14.61
12%
13%
13%
13%
11%
48%
46%
40%
41%
80%
60%
55%
53%
35%
32%
36%
FY11
FY12
52%
40%
20%
0%
FY09
FY10
Aero
NonAero
FY13
Cargo
FY12
5.0
39.4%
36.2%
4.0
31.6%
3.0
4.6
2.0
1.5
4.5
4.7
2.5
20.4%
FY12
FY13
Change
EBITDAMargin
36.2%
30.5%
(5.7ppts)
40
NetProfitMargin
14.1%
10.6%
(3.5ppts)
35
InterestCoverageRatio(X)
7.27 6.68
(0.59)
30.5%
4.5
3.5
ProfitabilityRatios
45
3.1
30
25
RevenueBreakup
FY12
FY13
Change
20
AeroRevenueShare(%)
32.4%
35.6%
3.2ppts
NonAeroRevenueShare(%)
54.5%
52.9%
(1.7ppts)
CargoRevenueShare(%)
13.0%
11.5%
(1.5ppts)
1.9
1.0
FY09
FY10
FY11
EBITDA(INRbn)
FY12
FY13
EBITDAMargin
PATandMargin(FY09FY13)
2.50
2.00
1
1
14.1%
10.6% 1
1
13.4%
1.50
9.1%
1.97
1.84
1.33
0.86
2
0.00
0
FY09
FY10
PAT(INRbn)
FY11
FY12
FY13
NetProfitMargin
8
1.55
AeroRevenue:Increasedby22.7%toINR5,204mn,upfromINR4,242mninFY12,
primarily due to a 154.0% increase in aero charges and the introduction of UDF
chargesfrom1February2013.
NonAeroRevenue:Increasedby8.3%toINR7,724mninFY13,upfromINR7,133
mn in FY12, primarily due to a 1518% increase in revenue share from retail
operations,partlyoffsetbya56%declineinrevenuesharefromthefuelfarm.
1.00
0.50
FinancialAnalysis(FY13vs.FY12)
2
16.8%
TotalExpenses:Increasedby37.6%toINR4,487mninFY13,upfromINR3,260mn
inFY12,primarilyduetoexceptionalchargesduringQ4FY13,whichincluded,
INR407mnchargefornonagriculturetaxfortheperiodF07toF13;
INR200 mn disallowed by MoCA for use of passenger service fees for private
securitydeployedatairport;
INR151mnforreceivablesfromKingfisherAirlineswrittenoff.
BalanceSheetReviewMumbaiAirport
INDIA
BalanceSheet(INRmn)
FY11
FY12
YoY(%)
Sharecapital
8,000.0
10,000.0
25.0%
Reservesandsurplus
6,161.1
9,998.9
62.3%
Shareholdersfunds(A)
14,161.1
19,998.9
41.2%
Longtermborrowings
27,347.0
37,551.7
37.3%
Shorttermborrowings
2,500.0
8,104.5
224.2%
29,847.0
45,656.2
53.0%
DefferedTaxLiabilities
2,179.8
2,526.2
15.9%
Otherlongtermliabilities
1,316.0
1,798.2
36.6%
26.3
44.8
70.3%
TotalOtherlongtermliabilities(C)
3,522.1
4,369.2
24.1%
TradePayables
1,723.3
1,346.7
(21.9%)
Othercurrentliabilities
5,260.9
4,852.9
(7.8%)
Shorttermprovisions
87.5
142.8
63.2%
Currentliabilities(D)
7,071.7
6,342.4
(10.3%)
TotalLiabilities(A+B+C+D)
54,601.9
76,366.7
39.9%
Tangibleassets
17,661.1
21,558.1
22.1%
Intangibleassets
3,795.6
4,408.1
16.1%
Other long term liabilities:

Increased 36.6% due to an
increase
in
retirement
compensation payable to the AAI
under
the
Operation,
Management & Development
Agreement.
Capitalworkinprogress
20,555.0
36,268.7
76.4%
3,119.3
3,716.6
19.1%
518.7
95.6
(81.6%)
TotalFixedAssets(A)
45,649.7
66,047.1
44.7%
Currentinvestments
1,908.7
n/a
45.2
36.4
(19.5%)
Net Worth: Increased by 41.2%

primarily on account of INR4,000
mn of fresh equity and INR1,838
mnofprofitsbookedforFY12.Out
of INR4,000 mn equity, an
allotment of INR2,000 mn was
pendingatendofFY12.
TotalDebt(B)
Longtermprovisions
TotalDebt:Increasedby53.0%as
MIAL raised debt to fund various
development works during FY12.
Major work included construction
of airside facilities as well as
terminalprojectsatT1andT2.
Longtermloansandadvances
Othernoncurrentassets
Inventories
Tradereceivables
3,070.1
3,748.7
22.1%
Cashandbankbalances
2,314.2
4,834.6
108.9%
Shorttermloansandadvances
1,514.6
1,618.0
6.8%
Othercurrentassets
99.4
81.9
(17.6%)
CurrentRatio:AttheendofFY12,
MIALs current ratio declined to
0.71from0.94attheendofFY11.
Currentassets(B)
8,952.2
10,319.6
15.3%
TotalAssets(A+B)
54,601.9
76,366.7
39.9%
FY11
FY12
Change
KeyBalanceSheetRatios
0.94
0.71 (0.22)
Debt/Equity(X)
2.11
2.28
0.18
66.0%
67.1%
1.1ppts
Rating
NetDebt/NetCapitalisation(%)
Credit Rating: In February 2013,

Fitch awarded a BBB+ rating to
MIALs credit facilities, which
represents a moderate degree of
creditrisk.
CurrentRatio(X)
CreditRatingUpdateFitch
Feb13
Rating
LongTermLoans
42,310
BBB+ 42,310
BBB+
FundBasedFacilities
420
BBB+ 1,000
BBB+
NonFundBasedFacilities
3,100
BBB+ 3,550
BBB+
FiguresinINRmillions
Jun11
.Source:CAPAResearch&Companyfilings

India Aviation Outlook FY16

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India Aviation Outlook FY16

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INDIA

Indias airlines were showing signs of a recovery in financial performance during

8.0% 10.0% 12.0% 14.0%

Domestic Profits/Losses: At the

Excluding Kingfisher, domestic

International Profits/Losses: The

Jet Airways reported a INR3.8 bn

Industry Total Profits/Losses:

Industry Net Worth deteriorated

Industry Debt: A very high debt

Industry Cash: Cash and cash

Industry Fleet: Indias scheduled

Industry Fleet Induction: The

100 15 66 52 15 101 21 11 381

5.5 8.6 2.3 4.3 3.1 9.0 5.7 15.1

Note: The above market shares exclude

Operational Routes: In FY13 an

ATF Sales Tax Rates at the 10

938 919 919 903 900 900 892

depreciation of the INR visvis

Source: CAPA Research & Indian Oil

Outlook for FY14

International operations have largely focused on connecting Dubai to six Indian

The airline continues to be profitable, partially supported by saleandleaseback

Following the announcement by the DGCA to permit unbundling of fares, we

IndiGos promoters may explore the possibility of setting up crossborder JVs in

CAPA expects IndiGo to consider either an IPO in FY15 or partdilution by one of

Domestic Passenger Numbers:

Revenue/Pax: Increased by 18.7%

Departures and Block Hours:

Fuel Cost per Block Hour:

Aircraft Fuel Expenses: Increased

a 173.1% increase in block

Key Profitability Ratios: All key

Net Worth: At the end of FY12,

Debt: In FY12, IndiGos total debt

Other Current Liabilities: At the

Fixed Assets: At the end of FY12,

Current Ratio: Notably, while

Routes,Yield& LoadFactor International

HYD CCU MAA LKO AMD GOI

However, the yield on all four

Transfer Traffic: Over 70% of

IndiGo handles significant DD

Domestic Passenger Traffic: After

International Passenger Traffic:

International traffic growth at

Total Passenger Traffic: Declined

International Cargo Volumes:

Notably, few airports like Goa,

A few airports such as Calicut,

Domestic Air Traffic Movements

However, the above decline was

International ATMs: Due to the

Total ATMs: Declined by 4.2% to

AERA Approved increases in

Industry EBITDA: Increased by

Industry PAT: Increased by 4.7

Notably, Bengaluru witnessed a

Industry Net Worth: In spite of a

Mumbais net worth increased by

Industry Cash: Industry total cash

Aero Revenue/Pax: In FY13, the

Non Aero Revenue/Pax: In FY13,