Reference Model

Indigo
Prepared By: Sumit Todi , Tushar Bhati
Year 2017

http://proschoolonline.com
Email ID : mumbai@proschoolonline.com

Mumbai

IMS Proschool Pvt Ltd,

Maharashtra High School Complex,
Principal N.M Kale Marg, Off Gokhale Rd,
Dadar (W), Mumbai 400028
Tel. No. : 022-65285393/94
+91 9372895050
 2010 2011
ASK (in million) 9286 12491
Growth in ASK 35%
RPK (in million) 7429 10634
Passenger Load Factor (%) 80.00% 85.10%
RASK (Rs.) 2.84 3.1
Yield (Rs.) (passenger revenue in ₹ / revenue passenger kms) 3.13 3.19
Block Hours 93,487 125553
Block Hours Per Aircraft 3739 3924
3% 4.92%
RASK (Rs.) 4.25
CASK (Rs.) 2.3 2.53
RASK - CASK (Rs) 1.72
CASK ex-fuel (Rs.) 1.28

Number of Scheduled Passengers Carried (in thousands) 45,337,263 53,842,538

Growth in Passengers 19%
Number of Planes 25 39
14
371.44 56%
ASK Per Plane 371 320
Average Fare 3,548 3,582

Passenger
Passenger Revenue
ticket revenue 23,260 33,910
Ancillary
revenue 2,765 4,357
operating 11.89% 12.85%
revenue 30 68
0.13% 0.20%
Other Income 622 1107
2.67% 3.27%
Total Revenue 26,677 39,442
related
services
(b) Cargo 934 1508
services
(c) Tours and 1565 2451
packages – 1
In-flight sales 256 384
Advertisement 10 12
Commission
Products and – –
Services 2765 4357

Lease Payments
Operating Lease Expense
Finance Lease Interest Payment
Finance Lease Principal Payment 10% 10%
2010 2011
Aircraft
Cash andand engine rentals
non-cash 4,704 6,372
incentives -1,941 -2,274
Aircraft and engine rentals (net) 2,763 4,098
Finance lease charges (Interest) 88 300
Finance lease charges paid 81 302
Total Finance % 3% 9%
Total Lease Payment 4,872 6,975
Total Lease Payment ( Net of Incentive ) 2,931 4,701
Number of Planes 25 39
195 179
operating Lease
Capitalized Operating Lease 1 Year 1-5 Year
25603 54160

1 Year 1-5 Year

2993 11980

Landing fee and en-route 2011

charges 2,725.81
Maintenance Cost
Selling and Distribution 955.07
Cost 3,119.38
Other Operating Expenses 1,983.46
8,783.72
 2012 2013 2014 2015 2016 2017
18006 24977 29967 35,327 42,826 54,583
44% 39% 20% 18% 21% 27%
14826 20260 23136 28,177 35,968 46,288
82.30% 81.10% 77.20% 79.80% 84.00% 84.80%
3.1 3.7 3.72 3.95 3.78 3.44
3.36 4.08 4.29 4.36 3.91 3.50
179252 246140 297653 354276 436739 558567
3814 4068 4163 4144 4346 4694
-2.79% 6.67% 2.32% -0.47% 4.88% 8.01%
4.57 5.24 4.58 4.78 4.70 4.52
3.06 3.3 3.56 3.42 3.12 3.04
1.51 1.94 1.02 1.36 1.58 1.48
1.47 1.60 1.70 1.8 2.01 1.88

60,837,455 57,647,250 60,668,409 70,083,961 85,197,675 103,748,598

13% -5% 5% 16% 22% 22%
55 66 77 94 107 131
16 11 11 17 13 24
41% 20% 17% 22% 14% 22%
383 413 419 413 426 459
3,911 4,895 5,071 4882 4248

49,873 82,667 99,240 122939 140,624 161971

5,680 9,253 11,553 15,725 20,020 22668

11.39% 11.19% 11.64% 12.79% 14.24% 13.99%
93 111 373 590 755 1167
0.19% 0.13% 0.38% 0.48% 0.54% 0.72%
1440 2371 3155 3946 4614 7891
2.89% 2.87% 3.18% 3.21% 3.28% 4.87%
57,086 94,402 114,321 143,199 166,013 193,696

2075 3937 5395 7608 10465 11377

2904 4103 4860 6539 7577 8762
62 122 142 146 33 33
610 1022 1047 1290 1726 1596
23 62 107 139 219
900
6 8 3 3 0
5680 9253 11553 15725 20020 22668
 14% 14% 15% 14% 16% 16%
2012 2013 2014 2015 2016 2017
10,634 17,150 20,310 23,076 29,687 36,586
-2,627 -3,588 -3,607 -3,553 -3,566 -5,332
8,007 13,561 16,703 19,522 26,122 31,254
313 364 827 929 1,019 1,299
313 363 603 670 702 479
6% 4% 7% 6% 5% 5%
11,260 17,877 21,740 24,675 31,408 38,364
8,633 14,289 18,133 21,121 27,842 33,032
55 66 77 94 107 131
205 271 282 262 294 293

>5 Years 1 2 3 4 5
3446 25603 13540 13540 13540 13540
23171 11089 10035 9082 8219
>5 Years 1 2 3 4 5
11336 2993 2995 2995 2995 2995
12 24 36 48 60

2012 2013 2014

4,066.52 6,418.78 8,794.31
1,574.29 2,617.47 3,167.07
4,195.32 5,564.58 6,945.46
3,124.91 4,360.57 5,565.11
12,961.04 18,961.40 24,471.95 30,876.97 38,393.71 47,985.83
 2018E 2019E 2020E 2021E 2022E
65500 78600 94319 113183 135820
20% 20% 20% 20% 20%
55,675 66,810 80,172 96,206 115,447
85.00% 85.00% 85.00% 85.00% 85.00%
3.32 3.32 3.32 3.32 3.32
3.90 3.90 3.90 3.90 3.90
669155 742717 823245 963196 1126199
4599 4490 4380 4271 4161

4.67 4.67 4.65 4.63 4.64

3.05 3.10 3.07 3.07 3.07
1.62 1.57 1.58 1.57 1.56
1.70 1.71 1.76 1.75 1.76

117,235,916 133,648,944 152,359,796 175,213,766 201,495,830

13% 14% 14% 15% 15%
160 171 205 246 295
29 11 34 41 49
22% 7% 20% 20% 20%
460 460 460 460 460

217131 260557 312669 375203 450243

29313 35175 40647 46900 56280

13.50% 13.50% 13.00% 12.50% 12.50%
1695 2190 2816 3604 4595
0.78% 0.84% 0.90% 0.96% 1.02%
6514 7817 9380 11256 13507
3.00% 3.00% 3.00% 3.00% 3.00%
254,653 305,740 365,512 436,963 524,626
 10.500%

6 7 8 9 10
689 689 689 689 689
379 343 310 281 254
6 7 8 9 10
2267 2267 2267 2267 2267
72 84 96 108 120
 2023E
162984 Year 2018E 2019E
20% RPK (in million) 55020 65238
138,536 ASK (in million) 65500 78600
85.00% Passenger Load Factor (%) 84% 83%
3.32 RASK (Rs.) 3.02 3.07
3.90 Yield (Rs.) 3.60 3.70
Passenger Ticket Revenue 198026 241327

0%

Capacity Growth Vs Effi

5
354
59
4.5
20%
460
4

3.5
540292
3
67536
Axis Title

12.50% 2.5
5838 19%
1.08% 2
16209
3.00% 3.00% 1.5
629,875
1

0.5

0
2011 2012 2013 2014
 2023E
460

Year
Number of Planes
ASK Per Plane

Year
Passenger Load Factor (%)
Yield (Rs.)
RASK (Rs.)
10.50%
63161
Year
Ancillary
10.50% revenue
660 operating
revenue

Other Income
 2020E 2021E 2022E
77342 91678 108656
94319 113183 135820
82% 81% 80%
3.12 3.16 3.20
3.80 3.90 4.00
293837 357472 434536

pacity Growth Vs Efficiency

86.00%

84.00%

82.00%

80.00%

78.00%

76.00%

74.00%

72.00%
13 2014 2015 2016 2017
 354

2018E 2019E 2020E 2021E 2022E

160 171 205 246 295
460 460 460 460 460

2018E 2019E 2020E 2021E 2022E

85.00% 85.00% 85.00% 85.00% 85.00%
3.90 3.90 3.90 3.90 3.90
3.32 3.32 3.32 3.32 3.32

2018E 2019E 2020E 2021E 2022E

29313 35175 40647 46900 56280
13.50% 13.50% 13.00% 12.50% 12.50%
1695 2190 2816 3604 4595
0.78% 0.84% 0.90% 0.96% 1.02%
6514 7817 9380 11256 13507
3.00% 3.00% 3.00% 3.00% 3.00%
 Interglobe Aviation
Template
All Data in Millions INR, except per share
(Red=Assumption, Blue=Actual, Black=Calculation)
Date Mar/11 Mar/12 Mar/13 Mar/14 Mar/15
Year 2011-A 2012-A 2013-A 2014-A 2015-A
Revenue from operations 38,334 55,647 92,031 111,166 139,253
Other Income 1,107.37 1,439.60 2,371.04 3,155.34 3,945.83
Total Revenue 39,442 57,086 94,402 114,321 143,199
Purchase of stock in trade 191 342 560 590 817
Changes in inventories of stock in trade -1 -7 -19 7 -32
Employee benefits 2,930 5,119 6,905 9,211 11,887
Other expenses 8,784 12,961 18,961 24,472 30,877
Operating Expenses(Excluding fuel) 11904 18415 26407 34280 43549
EBITDAR(fuel) 27,538 38,672 67,995 80,041 99,650
Aircraft fuel expenses 15,213 28,736 43,126 55,134 57,485
EBITDAR 12,325 9,936 24,869 24,908 42,165
Aircraft and engine rentals 6,372 10,634 17,150 20,310 23,076
Less: Cash and non-cash incentives -2,274 -2,627 -3,588 -3,607 -3,553
Aircraft and engine rentals (net) 4,098 8,007 13,561 16,703 19,522
EBITDA 8,226 1,929 11,307 8,205 22,643
Depreciation and amortisation 629 665 856 2260 3022
EBIT 7,597 1,263 10,451 5,945 19,621
Finance costs 450 514 578 1226 1155
EBT 7148 749 9873 4719 18465
Tax -1,353 657 -2,040 14 -5,424
Effective Tax rate 19% -88% 21% 0% 29%
Current period -1,356 -78 -1,924 -926 -3,890
Less: MAT credit entitlement 612 78 1,087 926 2,015
Deferred tax credit / (charge) -608 657 -1,202 14 -3,549
EAT 5795 1406 7834 4733 13042
-19% -10% -19% -20% -21%
Earnings per equity share of face value
of Rs. 1000 each
Basic (Rs.) 18,875 4,580 25,517 15,418 42.48
Diluted (Rs.) 16,859 4,090 22,791 13,771 37.94
 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
2016-A 2017-A 2018-E 2019-E 2020-E 2021-E 2022-E
161,399 185,805 248139 297923 356131 425707 511118
4,613.93 7,890.70 6514 7817 9380 11256 13507
166,013 193,696 254,653 305,739 365,511 436,963 524,626
1148 1238 1,393 1,699 2,061 2,498 3,038
-11 -3
17,899 20,482 24,386 29,733 36,067 43,713 53,164
38,394 47,986 51,094 62,298 75,569 91,589 111,391
57429 69704 76874 93731 113698 137800 167593
108,584 123,992 177,779 212,009 251,814 299,163 357,032
47,793 63,415 88,047 109,130 123,623 148,477 178,059
60,790 60,577 89,732 102,879 128,191 150,686 178,973
29,687 36,586 41804 50122 59768 71190 85062
-3,566 -5,332 -7,098 -9,354 -7,388 -10,457 -13,471
26,122 31,254 34706 40768 52380 60733 71591
34,669 29,323 55,025 62,111 75,811 89,953 107,382
5031 4573 4,186 4,810 5,384 5,921 6,431
29,638 24,751 50,839 57,301 70,427 84,032 100,951
1349 3308 1,527 2,112 2,541 2,962 3,375
28290 21443 49311 55190 67886 81070 97576
-6,216 -4,852 -10602 -11866 -14596 -17430 -20979
22% 23% 21.50% 21.50% 21.50% 21.50% 21.50%
-7,304 -4,912
0 0
-1,088 -60
22074 16591 38709 43324 53291 63640 76597
-26% -23%

58.17 45.94
56.49 45.85
 Interglobe Aviation
Template
All Data in Millions INR, except per share
(Red=Assumption, Blue=Actual, Black=Calculation)
Date Mar/11 Mar/12 Mar/13 Mar/14 Mar/15
Year 2011-A 2012-A 2013-A 2014-A 2015-A
Tangible assets
Opening Balance 39,407
Addition 10,777
Depreciation -2,942
Adjustments 1,422
Closing Balance 48,664

Addition to Aircaft 4
Gross Amount of addition 9860
Cost per aircraft 2465

Depreciation rate -6.6%

Intangible assets
Opening Balance 152
Addition 25
Amortisation -81
Adjustments 0
Closing Balance 96

Amortisation rate -49%

Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
2016-A 2017-A 2018-E 2019-E 2020-E 2021-E 2022-E

48,664 46,755 37,475 43,403 49,083 54,539 59,790

1,945 2,018 9,828 10,140 10,452 10,764 11,076
-4,914 -4,398 -3900 -4460 -4996 -5513 -6010
1,060
46,755 37,475 43,403 49,083 54,539 59,790 64,856 26

6 6 6 6 6
9828 10140 10452 10764 11076 800
1638 1690 1742 1794 1846 26
30.76923
-9.9% -9.2% -9.2% -9.2% -9.2% -9.2% -9.2%

96 200 464 615 703 754 783

220 438 438 438 438 438 438
-117 -174 -287 -350 -387 -408 -421
-0 -
200 464 615 703 754 783 800

-57% -42% -42% -42% -42% -42% -42%

 Interglobe Aviation
Template
All Data in Millions INR, except per share
(Red=Assumption, Blue=Actual, Black=Calculation)
Date Mar/11 Mar/12 Mar/13 Mar/14 Mar/15
Year 2011-A 2012-A 2013-A 2014-A 2015-A
Block hours 125,553 179,252 246,140 297,653 354,276
No of aircrafts 39 55 66 77 94
Block hours per aircraft 3814 4068 4163 4144
No of days 365 365 365 365
Block hours per day 10.7 10.4 11.1 11.4 11.4

Aircraft fuel expenses 15,213 28,736 43,126 55,134 57,485

Average fuel price 63.8 70.8 75.7 68.4
Fuel comsumption in million Lt 450 609 728 841

Fuel consumed per block hour 2513 2475 2447 2373

Growth -1.5% -1.1% -3.0%

Passenger
ticket revenue
Ancillary 33,910 49,873 82,667 99,240 122939
revenue
operating 4,357 5,680 9,253 11,553 15,725
revenue 68 93 111 373 590
Other Income 1107 1440 2371 3155 3946
Total Revenue 39,442 57,086 94,402 114,321 143,199
Aircraft fuel expenses 15,213 28,736 43,126 55,134 57,485
38.57% 50.34% 45.68% 48.23% 40.14%
Aircraft and engine rentals 6,372 10,634 17,150 20,310 23,076
16.16% 18.63% 18.17% 17.77% 16.11%
Incentives -2,274 -2,627 -3,588 -3,607 -3,553
-35.68% -24.71% -20.92% -17.76% -15.40%
Purchase of stock in trade 191 342 560 590 817
Change in inventories of 0.48% 0.60% 0.59% 0.52% 0.57%
stock in trade -1 -7 -19 7 -32
Employee benefits 2,930 5,119 6,905 9,211 11,887
7.43% 8.97% 7.31% 8.06% 8.30%
Finance costs 450 514 578 1,226 1,155
Depreciation and 1.14% 0.90% 0.61% 1.07% 0.81%
Amortization 629 665 856 2,260 3,022
1.59% 1.17% 0.91% 1.98% 2.11%
Other Expenses 8,784 12,961 18,961 24,472 30,877
22.27% 22.70% 20.09% 21.41% 21.56%
Total Expenses 32,294 56,337 84,529 109,602 124,734

Dividend Paid 0 4904 5486 0 13575

Dividend Tax 0 796 890 0 2553
Dividend Payout Ratio (Dividends paid) 0% 349% 70% 0% 104%
Dividend tax as a % of Dividends Paid 0% 16% 16% 0% 19%
 Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
2016-A 2017-A 2018-E 2019-E 2020-E 2021-E 2022-E
436,739 558,567 669155 742717 823245 963196 1126199
107 131 160 171 205 246 295
4346 4694 4599 4490 4380 4271 4161
365 365 365 365 365 365 365
11.9 12.9 12.6 12.3 12.0 11.7 11.4
4.24%
47,793 63,415 88047 109130 123623 148477 178059
47.3 50.9 61.10 70.04 72.19 74.35 76.50
1011 1247 1441 1558 1712 1997 2327
3.71%
2315 2232 2154 2098 2080 2073 2067
-2.5% -3.6% 3.50% 6% 6.80% 7.10% 7.40%
2.40%

140,624 161971 198026 241327 293837 357472 434536

20,020 22668 26734 32579 38199 44684 54317
755 1167 1546 2028 2646 3434 4434
4614 7891 5941 7240 8815 10724 13036
166,013 193,696 232247 283174 343497 416314 506324
47,793 63,415 88,047 109,130 123,623 148,477 178,059
28.79% 32.74% 37.91% 38.54% 35.99% 35.66% 35.17%
29,687 36,586 41,804 50,122 59,768 71,190 85,062
17.88% 18.89% 18.00% 17.70% 17.40% 17.10% 16.80%
-3,566 -5,332 -6,682 -5,277 -7,469 -9,622 -11,929
-12.01% -14.57% -2.88% -1.86% -2.17% -2.31% -2.36%
1,148 1,238 1,393 1,699 2,061 2,498 3,038
0.69% 0.64% 0.60% 0.60% 0.60% 0.60% 0.60%
-11 -3
17,899 20,482 24,386 29,733 36,067 43,713 53,164
10.78% 10.57% 10.50% 10.50% 10.50% 10.50% 10.50%
3,041 3,308 1,527 2,112 2,541 2,962 3,375
1.83% 1.71% 1.70% 1.70% 1.70% 1.70% 1.70%
5,055 4,573 5,806 7,079 8,587 10,408 12,658
3.04% 2.36% 2.50% 2.50% 2.50% 2.50% 2.50%
38,394 47,986 51,094 62,298 75,569 91,589 111,391
23.13% 24.77% 22.00% 22.00% 22.00% 22.00% 22.00%
139,440 172,252 207,377 256,896 300,748 361,214 434,819

11026 5422 12650 14158 17415 20797 25032

2245 1104 2575 2882 3545 4234 5096
50% 33% 33% 33% 33% 33% 33%
20% 20% 20% 20% 20% 20% 20%
 Year 2018 2019 2020 2021 2022
USD/INR E 63 65 67 69 71
Brent ($) E 67.5 75 75 75 75
USD/INR * Brent ($) 4252.5 4875 5025 5175 5325
Change (%) 3.58% 14.64% 3.08% 2.99% 2.90%
ATF Forecast Price 61095 70039 72194 74349 76504

58985.5
 Year 2018 2019 2020 2021 2022
USD/INR E 63 65 67 69 71
Brent ($) E 67.5 75 75 75 75
USD/INR * Brent ($) 4252.5 4875 5025 5175 5325
Change (%) 3.58% 14.64% 3.08% 2.99% 2.90%
ATF Forecast Price 61095 70039 72194 74349 76504
 ATF Price
Date (Rs) USD/INR Brent ($)
April 01, 2010 44361.8 44.76 82.63
May 01, 2010 46016.4 4% 44.52 4% 88.09 7%
June 01, 2010 42951.23 -7% 46.5125 -7% 73.08 -17%
July 01, 2010 45016.69 5% 46.74 5% 71.73 -2%
August 01, 2010 44697.15 -1% 46.19 -1% 81.93 14%
September 01, 2010 43596.4 -2% 46.92 -2% 75.53 -8%
October 01, 2010 44195.27 1% 44.77 1% 82.69 9%
November 01, 2010 45777 4% 44.35 4% 84.06 2%
December 01, 2010 47892.12 5% 45.87 5% 88.56 5%
January 01, 2011 50576.88 6% 44.76 6% 95.82 8%
February 01, 2011 53872.27 7% 45.85 7% 100.4 5%
March 01, 2011 58021.29 8% 45.18 8% 113.34 13%
April 01, 2011 62458.1 8% 44.44 8% 118.63 5%
May 01, 2011 63967.75 2% 44.29 2% 121.55 2%
June 01, 2011 59747.97 -7% 44.985 -7% 115.09 -5%
July 01, 2011 59498.08 0% 44.65 0% 113.55 -1%
August 01, 2011 61142.5 3% 44.04 3% 113.74 0%
September 01, 2011 59492 -3% 45.98 -3% 117.5 3%
October 01, 2011 61886.75 4% 49.48 4% 104.38 -11%
November 01, 2011 64490.42 4% 48.83 4% 112.22 8%
December 01, 2011 68172.65 6% 51.85 6% 110.16 -2%
January 01, 2012 66600.06 -2% 53.3 -2% 111.07 1%
February 01, 2012 66407.39 0% 49.59 0% 116.86 5%
March 01, 2012 68179.9 3% 49.075 3% 125.37 7%
April 01, 2012 71514.1 5% 50.61 5% 121.89 -3%
May 01, 2012 71028.24 -1% 52.65 -1% 111.89 -8%
June 01, 2012 69315.5 -2% 56.24 -2% 98.6 -12%
July 01, 2012 64652 -7% 55.5 -7% 99.23 1%
August 01, 2012 68561.29 6% 55.65 6% 113.52 14%
September 01, 2012 75263.34 10% 55.525 10% 114.86 1%
October 01, 2012 73406.57 -2% 52.995 -2% 114.32 0%
November 01, 2012 71455.93 -3% 53.805 -3% 108.61 -5%
December 01, 2012 70760.79 -1% 54.265 -1% 107.6 -1%
January 01, 2013 70473.55 0% 54.84 0% 112.97 5%
February 01, 2013 71872.72 2% 53.225 2% 118.29 5%
March 01, 2013 74502.55 4% 54.355 4% 108.64 -8%
April 01, 2013 70671.51 -5% 54.285 -5% 104.08 -4%
May 01, 2013 66995.1 -5% 53.805 -5% 103.59 0%
June 01, 2013 66745.17 0% 56.51 0% 101.5 -2%
July 01, 2013 70506.75 6% 59.385 6% 108.43 7%
August 01, 2013 74827.65 6% 60.41 6% 108.49 0%
September 01, 2013 80012.24 7% 65.75 7% 112.37 4%
October 01, 2013 82073.54 3% 62.6 3% 109.02 -3%
November 01, 2013 78427.93 -4% 61.51 -4% 105.76 -3%
December 01, 2013 79031.94 1% 62.35 1% 108.91 3%
January 01, 2014 81109.53 3% 61.8 3% 106.44 -2%
February 01, 2014 78878.31 -3% 62.7 -3% 110.18 4%
March 01, 2014 79712.86 1% 61.95 1% 108.27 -2%
April 01, 2014 76610.86 -4% 59.85 -4% 105.83 -2%
May 01, 2014 75796.83 -1% 60.22 -1% 108.19 2%
June 01, 2014 74401.78 -2% 59.27 -2% 109.21 1%
July 01, 2014 74794.07 1% 60.1 1% 107.65 -1%
August 01, 2014 74690.47 0% 60.75 0% 104.02 -3%
September 01, 2014 74248.5 -1% 60.5 -1% 99.53 -4%
October 01, 2014 72071.15 -3% 61.95 -3% 90.9 -9%
November 01, 2014 66899.8 -7% 61.5 -7% 83.2 -8%
December 01, 2014 64145 -4% 62.25 -4% 68 -18%
January 01, 2015 56316.75 -12% 63.17 -12% 49.43 -27%
February 01, 2015 50207.86 -11% 62 -11% 57 15%
March 01, 2015 54223 8% 61.9 8% 59.15 4%
April 01, 2015 53280.5 -2% 62.04 -2% 57.55 -3%
May 01, 2015 53589.18 1% 63.54 1% 64.93 13%
June 01, 2015 57433.28 7% 63.8 7% 60.36 -7%
July 01, 2015 55291.01 -4% 63.66 -4% 54.72 -9%
August 01, 2015 50204.43 -9% 64.01 -9% 47.54 -13%
September 01, 2015 44388.06 -12% 66.45 -12% 46.42 -2%
October 01, 2015 46716.48 5% 65.58 5% 51.66 11%
November 01, 2015 46493.61 0% 65.38 0% 46.09 -11%
December 01, 2015 46406.12 0% 66.52 0% 39.69 -14%
January 01, 2016 41922.23 -10% 66.18 -10% 33.57 -15%
February 01,2016 37121.79 -11% 67.77 -11% 32.76 -2%
March 01,2016 41439.27 12% 68.27 12% 37.61 15%
April 01,2016 43960.29 6% 66.3 6% 37.77 0%
May 01,2016 44362.04 1% 66.41 1% 44.39 18%
June 01,2016 48331.8 9% 67.24 9% 48.94 10%
July 01,2016 50958.7 5% 67.5 5% 45.7 -7%
August 01,2016 48882.44 -4% 66.8 -4% 40.45 -11%
September 01,2016 47050.97 -4% 66.85 -4% 46.72 16%
October 01,2016 48442.31 3% 66.54 3% 49.57 6%
November 01,2016 51901.2 7% 66.72 7% 43.06 -13%
December 01,2016 49998.03 -4% 68.52 -4% 52.31 21%
January 01, 2017 54213.92 8% 67.95 8% 55.9 7%
February 01,2017 55817.39 3% 67.62 3% 55.92 0%
March 01,2017 56104.9 1% 66.7275 1% 54.16 -3%
April 01, 2017 53242.5 -5% 64.805 -5% 53.08 -2%
May 01, 2017 53435.25 0% 64.185 0% 49.31 -7%
June 01, 2017 51442.25 -4% 64.485 -4% 50.41 2%
July 01, 2017 48646.25 -5% 64.685 -5% 49.13 -3%
August 01, 2017 50259.33 3% 64.105 3% 51.99 6%
September 01,2017 51639.75 3% 63.94 3% 52.69 1%
October 01,2017 54617.5 6% 65.62 6% 58.8 12%
November 01,2017 55746.25 2% 64.715 2% 60.65 3%
December 01,2017 58985.5 6% 64.595 6% 63.56 5%
2018 61095.2 4% 63 68 6%
2019 63280.3 7% 65 70
2020 65543.5 3% 67 70
2021 67887.7 3% 69 70
2022 70315.8 3% 71 70

Year USD/INR E Brent ($) E

2018 63 67.5
2019 65 70
2020 67 70
2021 69 70
2022 71 70
 ATF Price
MCX US Oil ($) Date (Rs) Brent ($)
3699 84.53 April 01, 2010 100 100
3922 6% 86.19 2% May 01, 2010 103.7298 106.6078
3399 -13% 72.7 -16% June 01, 2010 96.8203 88.44245
3353 -1% 72.95 0% July 01, 2010 101.4762 86.80867
3784 13% 81.25 11% August 01, 2010 100.7559 99.15285
3544 -6% 73.97 -9% September 01, 2010 98.27464 91.40748
3702 4% 81.57 10% October 01, 2010 99.6246 100.0726
3728 1% 82.94 2% November 01, 2010 103.1901 101.7306
4062 9% 86.75 5% December 01, 2010 107.958 107.1766
4289 6% 91.59 6% January 01, 2011 114.01 115.9627
4603 7% 89.54 -2% February 01, 2011 121.4384 121.5055
5121 11% 99.63 11% March 01, 2011 130.7911 137.1657
5272 3% 107.55 8% April 01, 2011 140.7925 143.5677
5383 2% 113.03 5% May 01, 2011 144.1956 147.1015
5177 -4% 100.3 -11% June 01, 2011 134.6834 139.2836
5070 -2% 94.81 -5% July 01, 2011 134.1201 137.4198
5009 -1% 94.98 0% August 01, 2011 137.8269 137.6498
5403 8% 88.93 -6% September 01, 2011 134.1064 142.2002
5165 -4% 77.34 -13% October 01, 2011 139.5046 126.3222
5480 6% 92.19 19% November 01, 2011 145.3737 135.8102
5712 4% 100.2 9% December 01, 2011 153.6742 133.3172
5920 4% 102.96 3% January 01, 2012 150.1293 134.4185
5795 -2% 97.63 -5% February 01, 2012 149.695 141.4256
6153 6% 108.76 11% March 01, 2012 153.6906 151.7246
6169 0% 105.25 -3% April 01, 2012 161.2065 147.513
5891 -5% 106.17 1% May 01, 2012 160.1113 135.4109
5545 -6% 83.17 -22% June 01, 2012 156.2504 119.3271
5507 -1% 83.72 1% July 01, 2012 145.738 120.0896
6317 15% 88.99 6% August 01, 2012 154.5503 137.3835
6378 1% 95.34 7% September 01, 2012 169.658 139.0052
6058 -5% 92.44 -3% October 01, 2012 165.4725 138.3517
5844 -4% 87.05 -6% November 01, 2012 161.0754 131.4414
5839 0% 88.69 2% December 01, 2012 159.5084 130.219
6195 6% 93.14 5% January 01, 2013 158.8609 136.7179
6296 2% 97.46 5% February 01, 2013 162.0149 143.1562
5905 -6% 90.71 -7% March 01, 2013 167.943 131.4777
5650 -4% 97.1 7% April 01, 2013 159.3071 125.9591
5574 -1% 90.74 -7% May 01, 2013 151.0198 125.3661
5736 3% 93.41 3% June 01, 2013 150.4564 122.8367
6439 12% 97.94 5% July 01, 2013 158.9357 131.2235
6554 2% 107.93 10% August 01, 2013 168.6758 131.2961
7388 13% 108.67 1% September 01, 2013 180.3629 135.9918
6825 -8% 102.09 -6% October 01, 2013 185.0095 131.9376
6505 -5% 94.56 -7% November 01, 2013 176.7916 127.9923
6791 4% 93.61 -1% December 01, 2013 178.1531 131.8044
6578 -3% 95.14 2% January 01, 2014 182.8364 128.8152
6908 5% 96.44 1% February 01, 2014 177.8068 133.3414
6707 -3% 105.34 9% March 01, 2014 179.6881 131.0299
6334 -6% 99.69 -5% April 01, 2014 172.6956 128.077
6515 3% 99.69 0% May 01, 2014 170.8606 130.9331
6473 -1% 103.07 3% June 01, 2014 167.7159 132.1675
6470 0% 106.06 3% July 01, 2014 168.6002 130.2796
6319 -2% 97.86 -8% August 01, 2014 168.3666 125.8865
6022 -5% 92.92 -5% September 01, 2014 167.3703 120.4526
5631 -6% 90.74 -2% October 01, 2014 162.4622 110.0085
5117 -9% 78.77 -13% November 01, 2014 150.805 100.6898
4233 -17% 68.98 -12% December 01, 2014 144.5951 82.29457
3122 -26% 53.45 -23% January 01, 2015 126.9487 59.82089
3534 13% 49.25 -8% February 01, 2015 113.1781 68.98221
3661 4% 49.59 1% March 01, 2015 122.229 71.58417
3570 -2% 50.12 1% April 01, 2015 120.1045 69.64783
4126 16% 59.1 18% May 01, 2015 120.8003 78.57921
3851 -7% 60.24 2% June 01, 2015 129.4656 73.04853
3483 -10% 56.94 -5% July 01, 2015 124.6365 66.22292
3043 -13% 45.25 -21% August 01, 2015 113.1704 57.53358
3085 1% 45.38 0% September 01, 2015 100.0592 56.17814
3388 10% 44.75 -1% October 01, 2015 105.3079 62.51967
3013 -11% 46.12 3% November 01, 2015 104.8055 55.77877
2640 -12% 40.58 -12% December 01, 2015 104.6083 48.0334
2222 -16% 37.13 -9% January 01, 2016 94.50074 40.62689
2220 0% 31.62 -15% February 01,2016 83.67963 39.64662
2568 16% 34.39 9% March 01,2016 93.41204 45.51616
2504 -2% 35.36 3% April 01,2016 99.09491 45.70979
2948 18% 44.75 27% May 01,2016 100.0005 53.72141
3291 12% 49.07 10% June 01,2016 108.9491 59.22788
3085 -6% 49.02 0% July 01,2016 114.8707 55.30679
2702 -12% 40.05 -18% August 01,2016 110.1904 48.95316
3123 16% 43.17 8% September 01,2016 106.0619 56.54121
3298 6% 48.8 13% October 01,2016 109.1982 59.99032
2873 -13% 46.66 -4% November 01,2016 116.9953 52.11182
3584 25% 51.08 9% December 01,2016 112.7051 63.30631
3798 6% 52.36 3% January 01, 2017 122.2086 67.65097
3781 0% 53.9 3% February 01,2017 125.8231 67.67518
3614 -4% 53.82 0% March 01,2017 126.4712 65.5452
3440 -5% 50.25 -7% April 01, 2017 120.0188 64.23817
3165 -8% 48.83 -3% May 01, 2017 120.4533 59.67566
3251 3% 48.32 -1% June 01, 2017 115.9607 61.0069
3178 -2% 46.02 -5% July 01, 2017 109.658 59.45782
3333 5% 49.19 7% August 01, 2017 113.2942 62.91904
3369 1% 47.32 -4% September 01,2017 116.4059 63.76619
3858 15% 50.59 7% October 01,2017 123.1183 71.1606
3925 2% 54.32 7% November 01,2017 125.6627 73.39949
4106 5% 58.35 7% December 01,2017 132.9646 76.92122
4253 4% 60.3 3%
 4550 7%
4690 3%
4830 3%
4970 3%

USD/INR * Brent ($) Change (%) ATF Forecast Price

4252.5 3.58% 61095
4550 7.00% 63280
4690 3.08% 65544
4830 2.99% 67888
4970 2.90% 70316
US Oil ($) MCX Premium
100 100 0.0%
101.9638 106.0361 -2.7%
86.00497 91.90526 9.5%
86.30072 90.64873 16.9% 250
96.11972 102.3206 1.6%
87.50739 95.81856 7.5%
96.49828 100.095 -0.4%
200
98.11901 100.7988 1.4%
102.6263 109.8344 0.7%
108.3521 115.9627 -1.7%
105.9269 124.4644 -0.1% 150
117.8635 138.4528 -4.6%
127.2329 142.5413 -1.9%
133.7158 145.5569 -2.0% 100
118.6561 139.9837 -3.3%
112.1614 137.0821 -2.4%
112.3625 135.4356 0.1% 50
105.2053 146.076 -5.7%
91.49414 139.643 10.4%
109.0619 148.1594 7.0%
118.5378 154.4347 15.3% 0
121.8029 160.0649 11.7% 10 1 0 1 0 1 0 10 1 1 1 1 1 1 1 1 1 1 1 1 1 2 1 2 1 2 1 2 1 2 12 1 3 1 3 1 3 1 3
, 2 0 , 2 0 , 2 0 , 2 0 , 2 0 , 2 0 , 2 0 , 20 , 2 0 , 2 0 , 2 0 , 2 0 , 2 0 , 2 0 , 2 0 , 2 0 , 2 0 , 2 0 , 2 0 , 20 , 2 0 , 2 0
115.4975 156.6867 5.8% 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
r il 0 ne 0 st 0 er 0 er 0 ry 0 ril 0 ne 0 st 0 er 0 er 0 ry 0 ril 0 ne 0 st 0 er 0 er 0 ry 0 ril 0 ne 0 st 0 er 0 er 0
u u u u
128.6644 166.3513 1.3% Ap Ju ug ctob emb rua Ap Ju ug ctob emb rua Ap Ju ug ctob emb rua Ap Ju ug ctob emb r
124.512 166.7925 9.3% A O ec eb A O ec eb A O ec eb A O ec eb
D F D F D F D F
125.6004 159.2802 18.2%
98.3911 149.932 30.9%
99.04176 148.9046 21.4%
105.2762 170.8086 12.5%
112.7884 172.4366 22.1%
109.3576 163.8058 19.6%
102.9812 158.0027 22.5%
104.9213 157.8717 22.5%
110.1857 167.5069 16.2%
115.2963 170.2299 13.2%
107.311 159.6619 27.7%
114.8705 152.7634 26.5%
107.3465 150.6998 20.5%
110.5051 155.0828 22.5%
115.8642 174.0998 21.1%
127.6825 177.2029 28.5%
128.5579 199.7645 32.6%
120.7737 184.5239 40.2%
111.8656 175.8893 38.1%
110.7417 183.6016 35.2%
112.5518 177.8548 41.9%
114.0897 186.7852 33.3%
124.6185 181.3517 37.1%
117.9345 171.2557 34.8%
117.9345 176.1571 30.5%
121.933 175.0127 26.9%
125.4702 174.9285 29.4%
115.7695 170.858 33.7%
109.9255 162.8102 39.0%
107.3465 152.257 47.7%
93.18585 138.3473 49.8%
81.60416 114.4512 75.7%
63.23199 84.4255 112.2%
58.26334 95.55177 64.1%
58.66556 98.99598 70.7%
59.29256 96.536 72.4%
69.91601 111.5488 53.7%
71.26464 104.1219 77.2%
67.3607 94.18568 88.2%
53.53129 82.27714 96.7%
53.68508 83.4012 78.1%
52.93978 91.60053 68.4%
54.56051 81.47489 87.9%
48.00662 71.38476 117.8%
43.92523 60.06898 132.6%
37.40684 60.02795 111.1%
40.68378 69.42332 105.2%
41.8313 67.70686 116.8%
52.93978 79.70596 86.1%
58.0504 88.97415 83.9%
57.99125 83.40501 107.7%
47.37963 73.0579 125.1%
51.07063 84.44548 87.6%
57.73098 89.18132 82.0%
55.19934 77.67875 124.5%
60.42825 96.91126 78.0%
61.94251 102.7007 80.6%
63.76434 102.2385 85.9%
63.6697 97.71375 93.0%
59.44635 93.00614 86.8%
57.76647 85.57378 101.8%
57.16314 87.89164 90.1%
54.44221 85.92559 84.4%
58.19236 90.11226 80.1%
55.98013 91.09048 82.6%
59.84857 104.3244 73.0%
64.26121 106.1226 71.2%
69.02875 111.0082 72.9%
 1 2 1 2 12 1 3 1 3 1 3 1 3 13 1 3 1 4 1 4 1 4 14 1 4 14 1 5 15 1 5 1 5 1 5 15 1 6 1 6 1 6 1 6 1 6 1 6 1 7 1 7 1 7 17 1 7 1 7
20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 ,20 ,20 ,20 ,20 ,20 ,20 ,20 , 20 , 20 , 20 ,20 ,20
1 1 1 1 1 1 1 1 1
01 01 0 1 0 1 01 0 1 01 0 1 01 0 1 01 01 01 01 01 01 01 0 1 01 01 0 l 0 0 t 0 0 0 0 0 1 01 01 0 0
er ber ary pril une ust ber ber ary pril une ust ber ber ary pril une ust ber ber ary pri une gus ber ber ary pril une ust ber ber
m ru A J Aug cto em bru A J Aug cto em bru A J Aug cto em bru A J Au cto cem bru A J Aug cto cem
ce Feb O ec Fe O ec Fe O ec Fe O e Fe O e
D D D D D
 Q2 Q1
O 64.685 64.805
C 65.28 64.575
1000 1000
-0.595 0.23 900
-595 230 270
460000000 346000000 630
-773109.24 1504347.83

23.2664473

ATF Price (Rs)

Brent ($)
US Oil ($)
MCX

1 7 0 17 0 1 7 01 7
, 2 1,2 1,2
01 r 0 r 0
be be
to em
c
De
 48

13.125
 Interglobe Aviation
Template
All Data in Millions INR, except per share
(Red=Assumption, Blue=Actual, Black=Calculation)
Date Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16
Year 2011-A 2012-A 2013-A 2014-A 2015-A 2016-A
Equity and Liabilities
Share capital 344 344 344 344 344 3,604
Reserves and surplus 684 2090 3547 3863 3863 14,739
Shareholders’ funds 1027 2433 3890 4206 4207 18343

Deferred tax liabilities (net) 0 0 537 523 4,091 5,180

Long-term borrowings 8,070 9,055 16173 30807 35,884 29,499
Other long-term liabilities 1,015 2,794 7235 12958 20,170 24,722
Long-term provisions 134 158 232 368 523 811
Deferred incentives 4,678 8,748 11678 13654 13,317 11,778
Non-current liabilities 13896 20756 35854 58311 73985 71990
-2,274 -2,627 -3,588 -3,607 -3,553 -3,566
-49% -30% -31% -26% -27% -30%
Short-term borrowings 540 306 814 0 0 0
Trade payables 1076 1585 2648 3,844 4755 7412
Other current liabilities 4625 8149 11383 16,149 19008 21509
Short-term provision 5809 187 308 4,645 1529 6883
Deferred incentives 2221 3055 3627 3,878 4199 4054
Current liabilities 14271 13281 18780 28517 29490 39859
Total 29195 36471 58525 91034 107682 130191

Tangible fixed assets 8,310 8,813 17,548 39,407 48,664 46,755

Intangible fixed assets 1 47 97 152 96 200
Capital work in progress 0 0 68 0 5 237
Intangible assets under development 0 0 0 0 0 82
Fixed assets 8,311 8,860 17,713 39,560 48,765 47,275

Non-current investments 0 0 0.35 0.47 0.46 0.25

Deferred tax asset (net) 8 665 0 0 0 0
Long-term loans and advances 1269 2,973 5,247 8,012 11,181 11,931
Other non-current assets 119 885 4,858 14,315 16,056 14,978
Non-current assets 1396 4523 10105 22328 27237 26909

Current investments 8,022 5,234 11,383 12,715 5,168 9,741

Inventories 447 374 523 673 1,306 1,267
Trade receivables 167 389 685 891 1,046 1,571
Cash and bank balances 7,757 13,088 13,406 11,015 19,994 37,187
Short-term loans and advances 2,491 3,179 3,587 2,231 1,556 2,249
Other current assets 603 822 1,123 1,621 2,612 3,993
Current assets 19,487 23,087 30,707 29,147 31,680 56,008
Total 29,195 36,471 58,525 91,034 107,682 130,191
Checksum 0 0 0 0 0 0

Payable as a % of cost 3.97% 3.36% 3.81% 4.30% 4.71% 7.04%

other current liabilities as a % of operating c 38.85% 44.25% 43.11% 47.11% 43.65% 37.45%
Short term provisions as a % of operating cos 48.80% 1.01% 1.17% 13.55% 3.51% 11.99%
Inventory as % of total expenses 1.65% 0.79% 0.75% 0.75% 1.29% 1.20%
Trade receivable as a % of Revenue 0.43% 0.70% 0.74% 0.80% 0.75% 0.97%
Short term loans and advances as a %pf sales 6.50% 5.71% 3.90% 2.01% 1.12% 1.39%
Other current Assets as a % of sales 1.57% 1.48% 1.22% 1.46% 1.88% 2.47%
Other long term liabilities as a % of Rental 15.92% 26.27% 42.19% 63.80% 87.41% 83.28%
Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
2017-A 2018-E 2019-E 2020-E 2021-E 2022-E

3,615 3,615 3,615 3,615 3,615 3,615

34,177 57,661 83,945 116,275 154,884 201,353
37792 61276 87559 119890 158498 204968

1,618 1,618 1,618 1,618 1,618 1,618

23,957 31,580 38,807 45,895 52,845 59,657
22,760 31008 37177 44332 52804 63093
1,224 1,224 1,224 1,224 1,224 1,224
16,900 22272 17591 24898 32074 39763
66459 87702 96417 117967 140565 165356
-5,332
-32%
0 0 0 0 0 0
7,746 9598 11806 13812 16661 20117
34,496 33,375 40,694 49,363 59,827 72,762
667 738 900 1091 1323 1609
4,938 7098 9354 7388 10457 13471
47847 50810 62755 71655 88268 107959
152098 199788 246731 309511 387331 478283

37,475 43,403 49,083 54,539 59,790 64,856

464 615 703 754 783 800
233 233 233 233 233 233
19 19 19 19 19 19
38,190 44,270 50,038 55,544 60,825 65,908

0.18 0.18 0.18 0.18 0.18 0.18

98 98 98 98 98 98
5,440 5,440 5,440 5,440 5,440 5,440
13,905 13,905 13,905 13,905 13,905 13,905
19443 19443 19443 19443 19443 19443

37,134 37,134 37,134 37,134 37,134 37,134

1,632 1806 2222 2599 3135 3786
1,587 1,864 2,238 2,675 3,198 3,840
46,325 90170 129532 184794 254845 337666
40 50 60 71 85 102
7,746 5051 6064 7249 8665 10404
94,464 136,074 177,249 234,523 307,063 392,932
152,097 199,787 246,730 309,511 387,331 478,283
 0 0 0 0 0 0

5.82% 5.82% 5.82% 5.82% 5.82% 5.82%

49.49% 43.42% 43.42% 43.42% 43.42% 43.42%
0.96% 0.96% 0.96% 0.96% 0.96% 0.96%
1.23% 1.10% 1.10% 1.10% 1.10% 1.10%
0.85% 0.75% 0.75% 0.75% 0.75% 0.75%
0.02% 0.02% 0.02% 0.02% 0.02% 0.02%
4.17% 2.04% 2.04% 2.04% 2.04% 2.04%
62.21% 74.17% 74.17% 74.17% 74.17% 74.17%
 Interglobe Aviation
Template
All Data in Millions INR, except per share
(Red=Assumption, Blue=Actual, Black=Calculation)
Date Mar/11 Mar/12 Mar/13 Mar/14 Mar/15
Year 2011-A 2012-A 2013-A 2014-A 2015-A
Passenger ticket revenue 33,910 49,873 82,667 99,240 122,939
Ancillary Revenue 4,357 5,680 9,253 11,553 15,725
Other operating revenue 68 93 111 373 589
Other Income 622 1107 1440 2371 3155
Revenue from operations 38,334 55,647 92,031 111,166 139,253

ASK (millions) 12,491 18,006 24,977 29,967 35,327

No of aircrafts 39 55 66 77 94
ASK per aircraft 383 413 419 413
41% 20% 17% 22%
RPK (millions) 10,634 14,826 20,260 23,136 28,177
Load Factor 85% 82% 81% 77% 80%
Yields (Rs) 3.19 3.36 4.08 4.29 4.36
Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
2016-A 2017-A 2018-E 2019-E 2020-E 2021-E 2022-E
140,624 161,971 217,131 260,557 312,669 375,203 450,243
20,020 22,668 29,313 35,175 40,647 46,900 56,280
755 1167 1695 2190 2816 3604 4595
3946 4614 7891 6514 7817 9380 11256
161,399 185,805 248,139 297,923 356,131 425,707 511,118

42,826 54,583 65500 78600 94319 113183 135820

107 131 160 171 205 246 295
426 459 460 460 460 460 460
14% 22% 22% 7% 20% 20% 20%
35,968 46,288 55675 66810 80172 96206 115447
84% 85% 85% 85% 85% 85% 85%
3.91 3.50 3.90 3.90 3.90 3.90 3.90
 0% 85.00
100% 100
100
 Interglobe Aviation
Template
All Data in Millions INR, except per share
(Red=Assumption, Blue=Actual, Black=Calculation)
Date Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16
Year 2011-A 2012-A 2013-A 2014-A 2015-A 2016-A
Opening Balance 6,603 8,070 9,055 16,173 30,807 35,884
Addition
Repayment
Closing Balance 8,070 9,055 16,173 30,807 35,884 29,499

Finance cost 450 514 578 1,226 1,155 1,349

Interest Rate 6.1% 6.0% 4.6% 5.2% 3.5% 4.1%
Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
2017-A 2018-E 2019-E 2020-E 2021-E 2022-E
29,499 23,957 31,580 38,807 45,895 52,845
9,828 10,140 10,452 10,764 11,076
-2205 -2914 -3364 -3814 -4264
23,957 31,580 38,807 45,895 52,845 59,657

1,349 1527 2112 2541 2962 3375

5.0% 5.5% 6.0% 6.0% 6.0% 6.0%
 Interglobe Aviation
Template
All Data in Millions INR, except per share
(Red=Assumption, Blue=Actual, Black=Calculation)
Date Mar/11 Mar/12 Mar/13 Mar/14 Mar/15 Mar/16
Year 2011-A 2012-A 2013-A 2014-A 2015-A 2016-A
Long-term deferred incentives 4,678 8,748 11678 13654 13,317 11,778
Short-term deferred incentives 2221 3055 3627 3,878 4199 4054

Additional Aircraft 16 11 11 17 13

Additional incentive 7,126 6,556 5,855 3,862 2,515

Incentive per aircraft 445 596 532 227 193

Short -term as a % of Long term 65% 41% 33% 31% 30%

Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
2017-A 2018-E 2019-E 2020-E 2021-E 2022-E
16,900 22272 17591 24898 32074 39763
4,938 7098 9354 7388 10457 13471

24 29 11 34 41 49

10,060 12,470 4,673 14,695 17,634 21,160

419 430 430 430 430 430

42% 42% 42% 42% 42% 42%

 Interglobe Aviation
Template
All Data in Millions INR, except per share
(Red=Assumption, Blue=Actual, Black=Calculation)
Date Mar/11 Mar/12 Mar/13 Mar/14 Mar/15
Year 2011-A 2012-A 2013-A 2014-A 2015-A
Cash flows from operating activities
Net profit before tax 7,148 749 9,873 4,719 18,465
Adjustments for:
Depreciation and amortisation 629 665 856 2,260 3,022
Provisions 68 55 129 87 156
Loss / (profit) on sale of fixed asset (net) -222 1 1 -1 0
Interest expense 143 144 179 193 107
Finance lease charges 300 313 364 827 929
Interest income on fixed deposits -333 -804 -1,420 -1,869 -2,704
Net gain on sale of current investments -11 -18 -258 -639 -1036
Dividend from current investments -383 -384 -329 -356 0
Others 104 72 172 591 1084
Operating profit before working capital changes 7442 793 9568 5812 20025
Adjustment for:
(Increase)/decrease in trade receivables 14 -221 -296 -210 -225
(Increase)/decrease in inventories -144 61 -220 -174 -654
(Increase)/decrease in loans and advances and other as -496 -1744 -1314 391 2
Increase/(decrease) in trade payables, other liabilities 2108 5597 8157 9004 8607
Increase/(decrease) in deferred incentives 1119 4842 3369 2208 35
Cash generated from operating activities 10042 9328 19265 17030 27790
Taxes paid -1322 -371 -1852 -1075 -3951
Net cash generated from operating activities 8720 8957 17413 15955 23839
Change in Working Capital 2600 8535 9696 11219 7765
Cash flows from investing activities
Purchase of fixed assets (including capital advances), ne -2133 -332 -9156 -23242 -10171
Proceeds from sale of fixed assets 1657 1 3 5 2
Purchase/Sale of investment -6190 -1177 -11181 -7548 -539
Interest received 201 657 1108 1292 1303
Dividend received 383 384 329 356 0
Net cash (used) in investing activities -6083 -467 -18897 -29138 -9405

Cash flows from financing activities

Proceeds/Repayment from Loans -262 -219 7270 13637 3817
Interest paid -143 -144 -169 -186 -100
Change in other long term liabilities
Finance lease charges paid -302 -313 -363 -603 -670
Proceed from Share issue 0 0 0 0 0
Securities Premium 0 0 0 0 0
Repayment of share capital -2012 0 0 0 0
Dividend paid 0 -4904 -5486 0 -13575
Tax paid on dividends 0 -796 -890 0 -2553
Net cash generated from / (used in) financing activities -2721 -6376 361 12848 -13081

Net increase / (decrease) in cash and cash equivalents -84 2114 -1123 -334 1353

Effect of exchange rate difference on cash and cash equi 0 4 -6 -5 8

Opening Balance 540 456 2575 1446 1106

Closing Balance 456 2575 1446 1106 2467

Deposits
Mar/16 Mar/17 Mar/18 Mar/19 Mar/20 Mar/21 Mar/22
2016-A 2017-A 2018-E 2019-E 2020-E 2021-E 2022-E

28,290 21,443 49,311 55,190 67,886 81,070 97,576

5,031 4,573 4186 4810 5384 5921 6431

114 1,957 - - - - -
0 -25 - - - - -
138 180 1527 2112 2541 2962 3375
1,019 1,299 - - - - -
-3,687 -4,401 - - - - -
-372 -1221 - - - - -
0 -546 - - - - -
2724 -2332 5372 -4681 7306 7177 7689
33255 20926 60397 57430 83117 97130 115071

-531 -21 -277 -374 -437 -523 -642

7 -869 -175 -416 -377 -536 -650
-3014 -2432 2685 -1023 -1196 -1430 -1756
8843 17339 803 9689 10866 13545 16677
-1808 7119 2160 2256 -1966 3069 3014
36752 42062 65594 67562 90006 111255 131715
-5761 -4241 -10602 -11866 -14596 -17430 -20979
30991 37821 54992 55697 75411 93825 110736
3497 21135 5197 10132 6889 14125 16643

-2320 -2372 -10266 -10578 -10890 -11202 -11514

2 6132 - - - - -
-14229 -37599 - - - - -
3286 3460 - - - - -
0 0 - - - - -
-13262 -30379 -10266 -10578 -10890 -11202 -11514

-10241 -6850 7623 7226 7088 6950 6812

-124 -169 -1527 -2112 -2541 -2962 -3375
8247 6169 7155 8471 10290
-702 -479 - - - - -
166 11 - - - - -
11972 0 - - - - -
0 0 - - - - -
-11026 -5422 -12650 -14158 -17415 -20797 -25032
-2245 -1104 -2575 -2882 -3545 -4234 -5096
-12200 -14012 -882 -5757 -9258 -12572 -16401

5529 -6570 43844 39362 55263 70051 82821

57 47

2467 8054 1531 45375 84737 140000 210051

8054 1531 45375 84737 140000 210051 292872

44794 44794 44794 44794 44794 44794

Month Delhi Kolkata Mumbai Chennai Average
December 01,2017 57,349 61,699 56,636 60,258 58985.5
November 01,2017 54,143 58,478 53,430 56,934 55746.25
October 01,2017 53,045 57,337 52,318 55,770 54617.5
September 01,2017 50,020 54,416 49,383 52,740 51639.75
August 01, 2017 48,110 .00 52,535 47,459 50,784 50259.3333333333
July 01, 2017 47,013 51,491 46,376 49,705 48646.25
June 01, 2017 49,730 54,463 49,115 52,461 51442.25
May 01, 2017 51,696 56,430 51,110 54,505 53435.25
April 01, 2017 51,482 56,268 50,896 54,324 53242.5
March 01,2017 54,293 59,179 53,664 57,284 56104.9
February 01,2017 54,080 58,823 53,407 56,960 55817.3925
January 01, 2017 52,541 57,216 51,777 55,323 54213.9175
December 01,2016 48,380 53,012 47,602 50,999 49998.025
November 01,2016 50,261 54,921 49,483 52,940 51901.2025
October 01,2016 46,826 51,562 45,933 49,447 48442.3075
September 01,2016 45,411 50,266 44,418 48,109 47050.97
August 01,2016 47,207 52,090 46,242 49,991 48882.4375
July 01,2016 49,287 54,114 48,323 52,111 50958.6975
June 01,2016 46,729 51,492 45,701 49,405 48331.7975
May 01,2016 42,784 47,561 41,756 45,347 44362.0425
April 09,2016 - - 41,172 - 41171.91
April 01,2016 42,157 47,094 41,769 44,821 43960.29
March 10,2016 38,785 43,894 38,426 41,459 40641.055
March 01,2016 39,301 46,038 38,426 41,992 41439.265
February 01,2016 35,127 41,482 34,284 37,594 37121.7925
January 01, 2016 39,892 46,369 39,009 42,419 41922.23
December 01, 2015 44,320 50,837 43,451 47,016 46406.12
November 16, 2015 44,847 51,404 43,977 47,587 46953.9225
November 01, 2015 43,042 51,392 43,966 47,574 46493.61
October 01, 2015 43,184 51,681 44,142 47,859 46716.475
September 01, 2015 40,938 49,319 41,847 45,448 44388.0575
August 01, 2015 46,407 55,677 47,517 51,216 50204.425
July 01, 2015 51,267 60,782 52,593 56,522 55291.0
June 01, 2015 53,354 62,928 54,727 58,723 57433.275
May 01, 2015 49,610 59,123 50,844 54,780 53589.1825
April 01, 2015 49,338 58,614 50,713 54,457 53280.5
March 01, 2015 50,363 59,479 51,704 55,346 54223
February 01, 2015 46,513 55,444 47,692 51,182 50207.86
January 01, 2015 52,423 61,525 53,862 57,457 56316.75
December 01, 2014 59,943 69,386 61,695 65,556 64145
November 01, 2014 62,538 72,214 64,415 68,432 66899.7975
October 01, 2014 67,526 77,373 69,611 73,776 72071.15
September 01, 2014 69,603 79,537 71,829 76,024 74248.495
August 01, 2014 70,045 79,957 72,289 76,471 74690.465
July 01, 2014 70,162 80,076 72,411 76,527 74794.07
June 25, 2014 69,780 79,869 71,940 76,050 74409.76
June 01, 2014 69,748 79,869 71,940 76,050 74401.7775
May 01, 2014 71,034 81,317 73,307 77,530 75796.8275
April 01, 2014 71,800 82,162 74,105 78,376 76610.8625
March 01, 2014 74,826 85,252 77,323 81,451 79712.8625
February 01, 2014 74,072 84,359 76,524 80,558 78878.305
January 01, 2014 76,241 86,559 78,784 82,854 81109.5325
December 01, 2013 74,205 84,517 76,658 80,748 79031.935
November 01, 2013 73,607 83,935 76,036 80,134 78427.93
October 01, 2013 77,089 87,580 79,716 83,909 82073.5375
September 01, 2013 75,031 85,645 77,632 81,740 80012.24
August 01, 2013 70,203 80,317 72,478 76,313 74827.645
July 01, 2013 66,034 75,994 68,148 71,851 70506.75
June 01, 2013 62,416 72,257 64,381 67,926 66745.1725
May 01, 2013 62,650 72,514 64,625 68,192 66995.0975
April 01, 2013 66,196 76,172 68,332 71,986 70671.505
March 01, 2013 70080.87 79238.07 72451.8 76239.45 74502.5475
February 01, 2013 67561.04 76586.2 69826.98 73516.67 71872.7225
January 01, 2013 66236.2 75154.01 68446.91 72057.08 70473.55
December 01, 2012 67709.12 75166.19 68392.8 71775.03 70760.785
November 01, 2012 68397.52 75842.69 69096.36 72487.15 71455.93
October 16, 2012 68398.79 75490.91 68731.05 72119.54 71185.0725
October 01, 2012 70515.97 77736.89 70949.97 74423.43 73406.565
September 16, 2012 73710.69 81119.39 74332.47 77914.17 76769.18
September 01, 2012 72281.92 79590.5 72830.64 76350.31 75263.3425
August 16, 2012 67135.76 75566.68 68103.26 72256.37 70765.5175
August 01, 2012 65005.59 73374.82 65884.34 69980.41 68561.29
July 16, 2012 62208.18 70506.46 63002.45 67020.26 65684.3375
July 01, 2012 61169.08 69532.3 61933.58 65973.04 64652
June 16, 2012 62409.95 70777.06 63178.34 67257.63 65905.745
June 01, 2012 65670.14 74213.68 66587.9 70790.26 69315.495
May 16, 2012 67046.95 75634.33 68022.08 72270.34 70743.425
May 01, 2012 67319.71 75909.53 68306.21 72577.5 71028.2375
April 16, 2012 67631.45 76220.72 68630.93 72912.62 71348.93
April 01, 2012 67800.3 76383.08 68806.82 73066.21 71514.1025
March 16, 2012 65949.34 74415.95 66989.74 71025.41 69595.11
March 07, 2012 64650.46 72941.18 65636.74 69545.33 68193.4275
March 01, 2012 64596.36 72941.18 65636.74 69545.33 68179.9025
February 16, 2012 62557.12 70816.98 63499 67339.19 66053.0725
February 01, 2012 62907.82 71155.22 63864.31 67702.21 66407.39
January 16, 2012 64882.11 73238.84 65920.87 69838.56 68470.095
January 01, 2012 63076.67 71358.17 64053.73 67911.66 66600.0575
December 16, 2011 63739.10 72021.14 64730.23 68595.85 67271.58
December 01, 2011 64622.34 72900.59 65650.27 69517.4 68172.65
November 16, 2011 62310.33 70465.19 63228.4 67018.04 65755.49
November 01, 2011 61115.36 69157.14 61983.64 65705.52 64490.415
October 16, 2011 58270.81 66207.6 59020.57 62646.67 61536.4125
October 15, 2011 58595.53 66586.00 59359.00 63024.00 61891.13
October 01, 2011 58578.00 66586.00 59359.00 63024.00 61886.75
September 16, 2011 57688.62 65666.40 58452.31 62074.19 60970.38
September 01, 2011 56260.00 64178.00 56978.00 60552.00 59492.00
August 16, 2011 56688.00 64625.00 57424.00 61013.00 59937.50
August 01, 2011 57844.00 65842.00 58628.00 62256.00 61142.50
July 16, 2011 56324.79 64256.87 57031.66 60621.03 59558.59
July 01, 2011 56246.86 64216.28 56964.01 60565.18 59498.08
June 16, 2011 57842.92 65934.59 58601.14 62338.48 61179.28
June 01, 2011 56466.11 64500.41 57166.96 60858.41 59747.97
May 16, 2011 58794.00 66909.00 59602.00 63358.00 62165.75
May 01, 2011 60560.00 68681.00 61429.00 65201.00 63967.75
April 16, 2011 60404.00 68451.00 61199.00 64964.00 63754.50
April 01, 2011 59157.32 67151.98 59900.02 63623.07 62458.10
March 16, 2011 58310.45 66202.18 59031.39 62627.5 61542.88
March 01, 2011 54933.36 62654.61 55500.06 58997.14 58021.2925
February 16, 2011 53063 60720 53538 56986 56076.75
February 01, 2011 50958.79 58500.9 51332.82 54696.55 53872.265
January 16, 2011 48764 56186 49046 52323 51579.75
January 01, 2011 47815.5 55158.14 48058.56 51275.32 50576.88
December 16, 2010 46880.3 54183.98 47084.4 50270 49604.67
December 01, 2010 45240 52452.14 45379.62 48496.7 47892.115
November 16, 2010 44603.54 20051802.7 44716.65 47812.51 47233.85
November 01, 2010 42276 50653 43553 46626 45777
180
October 16, 2010 41936 50302 43242 46296 45444
October 01, 2010 40728.52 160
49057.15 41983.59 45011.81 44195.2675
September 16, 2010 40800.49 49165.39
140 42091.83 45123.52 44295.3075
September 01, 2010 40138.06 48461.83 41388.27 44397.44 43596.4
August 16, 2010 41852.58 120
50261.32 43187.76 46254.51 45389.0425
August 01, 2010 41177.17 49584.82
100 42484.2 45542.4 44697.1475
July 16, 2010 40099.1 48460.47 41361.21 44333.83 43563.6525
80
July 01, 2010 41488.9 49927.12 42808.92 45841.83 45016.6925
June 16, 2010 40191.96 60
48574.12 41469.45 44459.49 43673.755
June 01, 2010 39503.56 4047843.5 40752.36 43705.5 42951.23
May 16, 2010 42556 51010 43932 46973 46117.75
20
May 01, 2010 42452.01 50914.81 43823.67 46875.09 46016.395
April 16, 2010 42179 0 50634 43540 46548 45725.25
April 01, 2010 40841.4 10 1 0 1 0
49294.36 1 1 1 1
42159.48
1 1 1 1 45151.97
1 2 1 2 1 2 1 2 1 3 13 1 3 1 3 1 4 1 4 1
44361.8025
2 0 , 20 , 20 ,
2 0 2 0 2 0 2 0 2 0 2 0 2 0 2 0 20 2 0 2 0 2 0 2 0 2 0 2 0
01
, 1 1 1 1, 1, 1, 1 , 1, 1, 1, 1 , 1, 1, 1, 1, 1, 1,
r il ly 0 er 0 ry 0 ril 0 ly 0 er 0 ry 0 ril 0 ly 0 er 0 ry 0 ril 0 ly 0 er 0 ry 0 ril 0 ly 0 er 0
Ap Ju tob ua Ap Ju tob ua Ap Ju tob ua Ap Ju tob ua Ap Ju tob
c n c n c n c n
O Ja O Ja O Ja O Ja Oc Ja
ATF Price
Date (Rs) Brent ($) US Oil ($) Date
April 01, 2010 44361.8025 82.63 84.53 April 01, 2010
May 01, 2010 46016.395 88.09 86.19 May 01, 2010
June 01, 2010 42951.23 73.08 72.7 June 01, 2010
July 01, 2010 45016.6925 71.73 72.95 July 01, 2010
August 01, 2010 44697.1475 81.93 81.25 August 01, 2010
September 01, 43596.4 75.53 73.97 September 01, 2010
October 01, 201 44195.2675 82.69 81.57 October 01, 2010
November 01, 2 45777 84.06 82.94 November 01, 2010
December 01, 2 47892.115 88.56 86.75 December 01, 2010
January 01, 201 50576.88 95.82 91.59 January 01, 2011
February 01, 20 53872.265 100.4 89.54 February 01, 2011
March 01, 2011 58021.2925 113.34 99.63 March 01, 2011
April 01, 2011 62458.0975 118.63 107.55 April 01, 2011
May 01, 2011 63967.75 121.55 113.03 May 01, 2011
June 01, 2011 59747.9725 115.09 100.3 June 01, 2011
July 01, 2011 59498.0825 113.55 94.81 July 01, 2011
August 01, 2011 61142.5 113.74 94.98 August 01, 2011
September 01, 59492 117.5 88.93 September 01, 2011
October 01, 201 61886.75 104.38 77.34 October 01, 2011
November 01, 2 64490.415 112.22 92.19 November 01, 2011
December 01, 2 68172.65 110.16 100.2 December 01, 2011
January 01, 201 66600.0575 111.07 102.96 January 01, 2012
February 01, 20 66407.39 116.86 97.63 February 01, 2012
March 01, 2012 68179.9025 125.37 108.76 March 01, 2012
April 01, 2012 71514.1025 121.89 105.25 April 01, 2012
May 01, 2012 71028.2375 111.89 106.17 May 01, 2012
June 01, 2012 69315.495 98.6 83.17 June 01, 2012
July 01, 2012 64652 99.23 83.72 July 01, 2012
August 01, 2012 68561.29 113.52 88.99 August 01, 2012
September 01, 75263.3425 114.86 95.34 September 01, 2012
October 01, 201 73406.565 114.32 92.44 October 01, 2012
November 01, 2 71455.93 108.61 87.05 November 01, 2012
December 01, 2 70760.785 107.6 88.69 December 01, 2012
January 01, 201 70473.55 112.97 93.14 January 01, 2013
February 01, 20 71872.7225 118.29 97.46 February 01, 2013
March 01, 2013 74502.5475 108.64 90.71 March 01, 2013
April 01, 2013 70671.505 104.08 97.1 April 01, 2013
May 01, 2013 66995.0975 103.59 90.74 May 01, 2013
June 01, 2013 66745.1725 101.5 93.41 June 01, 2013
July 01, 2013 70506.75 108.43 97.94 July 01, 2013
August 01, 2013 74827.645 108.49 107.93 August 01, 2013
September 01, 80012.24 112.37 108.67 September 01, 2013
October 01, 201 82073.5375 109.02 102.09 October 01, 2013
November 01, 2 78427.93 105.76 94.56 November 01, 2013
December 01, 2 79031.935 108.91 93.61 December 01, 2013
January 01, 201 81109.5325 106.44 95.14 January 01, 2014
February 01, 20 78878.305 110.18 96.44 February 01, 2014
March 01, 2014 79712.8625 108.27 105.34 March 01, 2014
April 01, 2014 76610.8625 105.83 99.69 April 01, 2014
May 01, 2014 75796.8275 108.19 99.69 May 01, 2014
June 01, 2014 74401.7775 109.21 103.07 June 01, 2014
July 01, 2014 74794.07 107.65 106.06 July 01, 2014
August 01, 2014 74690.465 104.02 97.86 August 01, 2014
September 01, 74248.495 99.53 92.92 September 01, 2014
October 01, 201 72071.15 90.9 90.74 October 01, 2014
November 01, 2 66899.7975 83.2 78.77 November 01, 2014
December 01, 2 64145 68 68.98 December 01, 2014
January 01, 201 56316.75 49.43 53.45 January 01, 2015
February 01, 20 50207.86 57 49.25 February 01, 2015
March 01, 2015 54223 59.15 49.59 March 01, 2015
April 01, 2015 53280.5 57.55 50.12 April 01, 2015
May 01, 2015 53589.1825 64.93 59.1 May 01, 2015
June 01, 2015 57433.275 60.36 60.24 June 01, 2015
July 01, 2015 55291.01 54.72 56.94 July 01, 2015
August 01, 2015 50204.425 47.54 45.25 August 01, 2015
September 01, 44388.0575 46.42 45.38 September 01, 2015
October 01, 201 46716.475 51.66 44.75 October 01, 2015
November 01, 2 46493.61 46.09 46.12 November 01, 2015
December 01, 2 46406.12 39.69 40.58 December 01, 2015
January 01, 201 41922.23 33.57 37.13 January 01, 2016
February 01,201 37121.7925 32.76 31.62 February 01,2016
March 01,2016 41439.265 37.61 34.39 March 01,2016
April 01,2016 43960.29 37.77 35.36 April 01,2016
May 01,2016 44362.0425 44.39 44.75 May 01,2016
June 01,2016 48331.7975 48.94 49.07 June 01,2016
July 01,2016 50958.6975 45.7 49.02 July 01,2016
August 01,2016 48882.4375 40.45 40.05 August 01,2016
September 01,2 47050.97 46.72 43.17 September 01,2016
October 01,201 48442.3075 49.57 48.8 October 01,2016
November 01,2 51901.2025 43.06 46.66 November 01,2016
December 01,20 49998.025 52.31 51.08 December 01,2016
January 01, 201 54213.9175 55.9 52.36 January 01, 2017
February 01,201 55817.3925 55.92 53.9 February 01,2017
March 01,2017 56104.9 54.16 53.82 March 01,2017
April 01, 2017 53242.5 53.08 50.25 April 01, 2017
May 01, 2017 53435.25 49.31 48.83 May 01, 2017
June 01, 2017 51442.25 50.41 48.32 June 01, 2017
July 01, 2017 48646.25 49.13 46.02 July 01, 2017
August 01, 2017 50259.33333 51.99 49.19 August 01, 2017
September 01,2 51639.75 52.69 47.32 September 01,2017
October 01,201 54617.5 58.8 50.59 October 01,2017
November 01,2 55746.25 60.65 54.32 November 01,2017
December 01,20 58985.5 63.56 58.35 December 01,2017
 ATF Price (Rs)Brent ($) US Oil ($)
131 April 01, 2010 44,362 82.63 84.53 50,873.00 2017 50.87
130 May 01, 2010 46,016 88.09 86.19 47,277.21 2016 47.28
129 June 01, 2010 42,951 73.08 72.7 68370.45 2015 68.37
128 July 01, 2010 45,017 71.73 72.95 75749.38 2014 75.75
127 August 01, 2010 44,697 81.93 81.25 70800.46 2013 70.80
126 September 01, 2010 43,596 75.53 73.97 63783.69 2012 63.78
125 October 01, 2010 44,195 82.69 81.57 47800.88 2011 47.80
124 November 01, 2010 45,777 84.06 82.94
123 December 01, 2010 47,892 88.56 86.75
122 January 01, 2011 50,577 95.82 91.59
121 February 01, 2011 53,872 100.4 89.54
120 March 01, 2011 58,021 113.34 99.63
119 April 01, 2011 62,458 118.63 107.55
118 May 01, 2011 63,968 121.55 113.03
117 June 01, 2011 59,748 115.09 100.3
116 July 01, 2011 59,498 113.55 94.81
115 August 01, 2011 61,143 113.74 94.98
114 September 01, 2011 59,492 117.5 88.93
113 October 01, 2011 61,887 104.38 77.34
112 November 01, 2011 64,490 112.22 92.19
111 December 01, 2011 68,173 110.16 100.2
110 January 01, 2012 66,600 111.07 102.96
109 February 01, 2012 66,407 116.86 97.63
108 March 01, 2012 68,180 125.37 108.76
107 April 01, 2012 71,514 121.89 105.25
106 May 01, 2012 71,028 111.89 106.17
105 June 01, 2012 69,315 98.6 83.17
104 July 01, 2012 64,652 99.23 83.72
103 August 01, 2012 68,561 113.52 88.99
102 September 01, 2012 75,263 114.86 95.34
101 October 01, 2012 73,407 114.32 92.44
100 November 01, 2012 71,456 108.61 87.05
99 December 01, 2012 70,761 107.6 88.69
98 January 01, 2013 70,474 112.97 93.14
97 February 01, 2013 71,873 118.29 97.46
96 March 01, 2013 74,503 108.64 90.71
95 April 01, 2013 70,672 104.08 97.1
94 May 01, 2013 66,995 103.59 90.74
93 June 01, 2013 66,745 101.5 93.41
92 July 01, 2013 70,507 108.43 97.94
91 August 01, 2013 74,828 108.49 107.93
90 September 01, 2013 80,012 112.37 108.67
89 October 01, 2013 82,074 109.02 102.09
88 November 01, 2013 78,428 105.76 94.56
87 December 01, 2013 79,032 108.91 93.61
86 January 01, 2014 81,110 106.44 95.14
85 February 01, 2014 78,878 110.18 96.44
84 March 01, 2014 79,713 108.27 105.34
83 April 01, 2014 76,611 105.83 99.69
82 May 01, 2014 75,797 108.19 99.69
81 June 01, 2014 74,402 109.21 103.07
80 July 01, 2014 74,794 107.65 106.06
79 August 01, 2014 74,690 104.02 97.86
78 September 01, 2014 74,248 99.53 92.92
77 October 01, 2014 72,071 90.9 90.74
76 November 01, 2014 66,900 83.2 78.77
75 December 01, 2014 64,145 68 68.98
74 January 01, 2015 56,317 49.43 53.45
73 February 01, 2015 50,208 57 49.25
72 March 01, 2015 54,223 59.15 49.59
71 April 01, 2015 53,281 57.55 50.12
70 May 01, 2015 53,589 64.93 59.1
69 June 01, 2015 57,433 60.36 60.24
68 July 01, 2015 55,291 54.72 56.94
67 August 01, 2015 50,204 47.54 45.25
66 September 01, 2015 44,388 46.42 45.38
65 October 01, 2015 46,716 51.66 44.75
64 November 01, 2015 46,494 46.09 46.12
63 December 01, 2015 46,406 39.69 40.58
62 January 01, 2016 41,922 33.57 37.13
61 February 01,2016 37,122 32.76 31.62
60 March 01,2016 41,439 37.61 34.39
59 April 01,2016 43,960 37.77 35.36
58 May 01,2016 44,362 44.39 44.75
57 June 01,2016 48,332 48.94 49.07
56 July 01,2016 50,959 45.7 49.02
55 August 01,2016 48,882 40.45 40.05
54 September 01,2016 47,051 46.72 43.17
53 October 01,2016 48,442 49.57 48.8
52 November 01,2016 51,901 43.06 46.66
51 December 01,2016 49,998 52.31 51.08
50 January 01, 2017 54,214 55.9 52.36
49 February 01,2017 55,817 55.92 53.9
48 March 01,2017 56,105 54.16 53.82
47 April 01, 2017 53,243 53.08 50.25
46 May 01, 2017 53,435 49.31 48.83
45 June 01, 2017 51,442 50.41 48.32
44 July 01, 2017 48,646 49.13 46.02
43 August 01, 2017 50,259 51.99 49.19
42 September 01,2017 51,640 52.69 47.32
41 October 01,2017 54,618 58.8 50.59
40 November 01,2017 55,746 60.65 54.32
39 December 01,2017 58,986 63.56 58.35
38
37
 36
35
34
33
32
31
30
29
28
27
26
25
24
23
22
21
20
19
18
17
16
15
14
13
12
11
10
9
ATF Price (Rs)
8
Brent ($)
7
US Oil ($)
6
5
4
3
1 3 1 3 1 3 1 4 1 2 1 4 14 1 5 15 1 5 1 5 1 6 1 6 1 6 1 6 1 7 17 1 7 1 7
4
20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 , 20 ,20 ,20 ,20 , 20 , 20 , 20 ,20
1 1 1 1 1 1 1 1 1 1 1 0 1 01 01 1 1 1 01
ly 0 er 0 ry 0 ril 0 ly 0 er 0 ry 0 ril 0 ly 0 er 0 ry 0 pril uly ber ry 0 ril 0 ly 0 ber
u b a u a u a J ua u
to anu Ap J b
to anu Ap J b
to anu A to Ap J to
O c J O c J O c J Oc Jan Oc
ATF Price
(Rs) Brent ($) US Oil ($) Premium
100 100 100 0.0%
103.7298 106.607769575215 101.9637998 -2.7%
96.8203 88.4424543144137 86.00496865 9.5%
101.4762 86.8086651337287 86.30072164 16.9%
100.7559 99.1528500544597 96.11972081 1.6%
98.27464 91.407479123805 87.50739382 7.5%
99.6246 100.072612852475 96.49828463 -0.4%
103.1901 101.730606317318 98.119011 1.4%
107.958 107.176570252935 102.6262865 0.7%
114.01 115.962725402396 108.3520644 -1.7%
121.4384 121.505506474646 105.9268899 -0.1%
130.7911 137.165678325064 117.8634804 -4.6%
140.7925 143.567711484933 127.2329351 -1.9%
144.1956 147.101536972044 133.7158405 -2.0%
134.6834 139.283553188915 118.6560984 -3.3%
134.1201 137.419823308726 112.1613628 -2.4%
137.8269 137.64976400823 112.3624749 0.1%
134.1064 142.200169429989 105.2052526 -5.7%
139.5046 126.322159022147 91.49414409 10.4%
145.3737 135.810238412199 109.0618715 7.0%
153.6742 133.317197143895 118.5377972 15.3%
150.1293 134.418492073097 121.8029102 11.7%
149.695 141.425632336924 115.4974565 5.8%
153.6906 151.724555246279 128.6643795 1.3%
161.2065 147.513009802735 124.5120076 9.3%
160.1113 135.410867723587 125.6003786 18.2%
156.2504 119.327120900399 98.39110375 30.9%
145.738 120.089555851386 99.04176032 21.4%
154.5503 137.383516882488 105.2762333 12.5%
169.658 139.005203921094 112.7883592 22.1%
165.4725 138.35168824882 109.3576245 19.6%
161.0754 131.441365121627 102.9811901 22.5%
159.5084 130.219048771633 104.9213297 22.5%
158.8609 136.717899068135 110.1857329 16.2%
162.0149 143.156238654242 115.2963445 13.2%
167.943 131.477671547864 107.3110138 27.7%
159.3071 125.959094759773 114.8704602 26.5%
151.0198 125.366089797894 107.3465042 20.5%
150.4564 122.836742103352 110.5051461 22.5%
158.9357 131.223526564202 115.8641902 21.1%
168.6758 131.296139416677 127.6824796 28.5%
180.3629 135.991770543386 128.5579084 32.6%
185.0095 131.937552946872 120.7736898 40.2%
176.7916 127.992254629069 111.8656098 38.1%
178.1531 131.804429384001 110.7417485 35.2%
182.8364 128.815200290452 112.5517568 41.9%
177.8068 133.341401428053 114.0896723 33.3%
179.6881 131.029892290936 124.6184786 37.1%
172.6956 128.076969623624 117.9344611 34.8%
170.8606 130.933075154302 117.9344611 30.5%
167.7159 132.167493646376 121.9330415 26.9%
168.6002 130.279559482028 125.4702472 29.4%
168.3666 125.886481907298 115.7695493 33.7%
167.3703 120.45262011376 109.9254702 39.0%
162.4622 110.008471499456 107.3465042 47.7%
150.805 100.689822098512 93.18585118 49.8%
144.5951 82.2945661382065 81.6041642 75.7%
126.9487 59.8208882972287 63.23198864 112.2%
113.1781 68.9822098511437 58.26333846 64.1%
122.229 71.5841703981606 58.66556252 70.7%
120.1045 69.6478276654969 59.29255885 72.4%
120.8003 78.5792085199081 69.91600615 53.7%
129.4656 73.0485295897375 71.26463977 77.2%
124.6365 66.222921457098 67.36070034 88.2%
113.1704 57.5335834442697 53.53129067 96.7%
100.0592 56.1781435314051 53.68508222 78.1%
105.3079 62.5196659808787 52.93978469 68.4%
104.8055 55.7787728427932 54.56051106 87.9%
104.6083 48.0334019121385 48.00662487 117.8%
94.50074 40.6268909596999 43.92523364 132.6%
83.67963 39.6466174512889 37.40683781 111.1%
93.41204 45.5161563596757 40.68378091 105.2%
99.09491 45.7097906329421 41.8313025 116.8%
100.0005 53.7214086893381 52.93978469 86.1%
108.9491 59.2278833353504 58.05039631 83.9%
114.8707 55.3067893017065 57.99124571 107.7%
110.1904 48.9531647101538 47.37962853 125.1%
106.0619 56.5412077937796 51.07062581 87.6%
109.1982 59.9903182863368 57.73098308 82.0%
116.9953 52.1118237928114 55.19933751 124.5%
112.7051 63.3063052160233 60.42825033 78.0%
122.2086 67.6509742224375 61.94250562 80.6%
125.8231 67.6751785065958 63.76434402 85.9%
126.4712 65.5452015006657 63.66970306 93.0%
120.0188 64.2381701561177 59.44635041 86.8%
120.4533 59.6756625922789 57.76647344 101.8%
115.9607 61.0068982209852 57.16313735 90.1%
109.658 59.4578240348543 54.44220987 84.4%
113.2942 62.9190366694906 58.19235774 80.1%
116.4059 63.766186615031 55.9801254 82.6%
123.1183 71.1605954253904 59.84857447 73.0%
125.6627 73.3994917100328 64.26120904 71.2%
132.9646 76.9212150550649 69.02874719 72.9%
50,873
 Interglobe Aviation
BOTTOM-UP BETA COST OF DEBT
Marginal Tax Rate 34.61% Earnings before interest and taxes
Mean Beta for Sector 0.93 current interest expenses
Mean D/E for Sector 0.73 Interest coverage ratio
Unlevered beta For Sector 0.63 Estimated Bond Rating
Debt to Equity of Indigo 0.23 Country Risk Free Rate
Levered Bottom Up Beta for IndiGo 0.72 Company Default Spread
Country Default Spread
WEIGHTED AVERAGE COST Cost of Debt
Number of Shares 383,678,176
Market Value of Equity 456,064
Market Value of Debt 105,324
Equity Weightage 81.24%
Debt Weightage 18.76%
WACC 11.70%

Date Mar/11 Mar/12

Year 2011-A 2012-A

Revenues 39,442 57,086

EBITDAR 12,325 9,936
EBITDA 8,226 1,929
EBIT 7,597 1,263
Tax Expense -1,353 657
Net Operating Profit After Tax (NOPAT) 5795 1406
Depreciation & Amortisation 629 665
Working Capital Change 2600 8535
Operating Cash Flow 9023 10606
Interest 450 514
Capex -2133 -332
FCFF 7185 10611
PV of FCFF

Terminal Value
Sum of PV of Cash Flows 214,275
Perpetual Value of Growth 3.00%
Present Value of Terminal Value 353,748
Book Value of Debt 50,779
Enterprise Value 702,262
Value of Non-Operating Assets 83,460
Equity Value 651,483
Value Per Share 1,698
 1

COST OF EQUITY
s before interest and taxes 24,751 Rf 7.55%
interest expenses 3,308.00 Bottom Up Beta 0.72
coverage ratio 7.48 Rm 14.82%
ed Bond Rating Aa2/AA Rm - Rf 7.27%
y Risk Free Rate 7.55% Cost Of Equity 12.82%
ny Default Spread 1.00%
y Default Spread 1.95%
10.50%

Mar/13 Mar/14 Mar/15 Mar/16 Mar/17 Mar/18

2013-A 2014-A 2015-A 2016-A 2017-A 2018-E

94,402 114,321 143,199 166,013 193,696 254,653

24,869 24,908 42,165 60,790 60,577 89,732
11,307 8,205 22,643 34,669 29,323 55,025
10,451 5,945 19,621 29,638 24,751 50,839
-2,040 14 -5,424 -6,216 -4,852 -10,602
7834 4733 13042 22074 16591 38709
856 2260 3022 5031 4573 4186
9696 11219 7765 3497 21135 5197
18386 18212 23829 30602 42299 48093
578 1226 1155 1349 3308 1527
-9156 -23242 -10171 -2320 -2372 -10266
9608 -4228 14413 29164 42090 38825
34758
1
 2 3 4 5

DEBT CALCULATION Loan Type Amount

Capitalized Operating Leases 63,161 Foreign Currency Term Loan 4604
Book Value of Debt (Sept 17) 50,779 Foreign Currency Term Loan 4035
Interest Expense 3,308 Foreign Currency Term Loan 3000
Weighted Avg Maturity of Debt 5.93 Finance Lease 2993
Market Value of Debt 42,163 Finance Lease 2995
Adjusted Market Value of Debt 105,324 Finance Lease 2995
Finance Lease 2995
Finance Lease 2995
Finance Lease 2267
Finance Lease 2267
Finance Lease 2267
Finance Lease 2267
Finance Lease 2267
Sum Total 37948

Mar/19 Mar/20 Mar/21 Mar/22

2019-E 2020-E 2021-E 2022-E

305,740 365,512 436,963 524,626

102,879 128,191 150,686 178,973
62,111 75,811 89,953 107,382
57,301 70,427 84,032 100,951
-11,866 -14,596 -17,430 -20,979
43324 53291 63640 76597 WACC
4810 5384 5921 6431
10132 6889 14125 16643
58266 65563 83686 99672
2112 2541 2962 3375
-10578 -10890 -11202 -11514
49069 56335 74421 90365
39327 40421 47804 51965
2 3 4 5
Interest Maturity Weights
4.18% 82 377528
4.18% 94 379290
4.18% 106 318000
3.60% 12 35916
3.60% 24 71880
3.60% 36 107820
3.60% 48 143760
3.60% 60 179700
3.60% 72 163238
3.60% 84 190445
3.60% 96 217651
3.60% 108 244858
3.60% 120 272064
2702150

Terminal Growth Rate %

1,698 2.00% 2.50% 3.00% 3.50% 4.00% 4.50% 5.00% 5.50% 6.00%
11.0%
11.7%
12.2%
12.7%
13.2%
13.7%
14.2%
14.7%
15.2%
15.7%
16.2%
16.7%
17.2%
17.7%
6.50% 7.00%
 2018 2019 2020 2021 2022
Revenues 254653 305740 365512 436963 524626
EBITDAR 89732 102879 128191 150686 178973
Net Operati 38709 43324 53291 63640 76597
Operating 48093 58266 65563 83686 99672
FCFF 38825 49069 56335 74421 90365
PV of FCFF 34758 39327 40421 47804 51965