Project Cost (Capex)

Percentage of Projected Cost

Facilities 430000000 43%
Civil works 360000000 36%
Equipment and Systems 170000000 17%
Resurfacing 20000000 2%
Parking 20000000 2%

Total Capital Investment 1000000000 100%

 O&M Cost (Yearly Break out) Opex
Amout
Airport Operator Personnel 75000000
Airport Support Cost 12500000
Purchased Services 75000000
Maintenance 25000000
Material utilities 10000000
Insurance 25000000
Marketing and Advertisements 2500000
Rescue Fire Fighting 20000000
Other Operating Expenses 5000000
Total Opex 250000000
 Revenue Parameters

City Ranchi
Average Passenger Per Annum 1,000,000.00
Increase in the rate of Passenger 5%
Revenue Per Passenger
Passenger Service Fees (PSF) 150
User Development Fees 120
Common Infrastructure Charges (CIC) 90
Airport Landing Charges 95

Other Charges (IT, Airside Operations, Airport

Entry Pass Processing Charges, and Security
Charges) 45
Total Revenue Per Passenger 500

Year No 1 2 3 4
Year 4/1/2021 4/1/2022 4/1/2023 4/1/2024
Revenue from Passenger
Passenger Service Fees (PSF) 0.00 0.00 1500.00 1575.00
User Development Fees 0.00 0.00 1200.00 1260.00
Common Infrastructure Charges (CIC) 0.00 0.00 900.00 945.00
Airport Landing Charges 0.00 0.00 950.00 997.50
Other Charges (IT, Airside Operations, Airport
Entry Pass Processing Charges, and Security
Charges) 0.00 0.00 450.00 472.50

Total Revenue in Lacs' 0.00 0.00 5000.00 5250.00

 5 6 7 8 9 10 11
4/1/2025 4/1/2026 4/1/2027 4/1/2028 4/1/2029 4/1/2030 4/1/2031

1653.75 1736.44 1823.26 1914.42 2010.14 2110.65 2216.18

1323.00 1389.15 1458.61 1531.54 1608.11 1688.52 1772.95
992.25 1041.86 1093.96 1148.65 1206.09 1266.39 1329.71
1047.38 1099.74 1154.73 1212.47 1273.09 1336.75 1403.58

496.13 520.93 546.98 574.33 603.04 633.20 664.85

5512.50 5788.13 6077.53 6381.41 6700.48 7035.50 7387.28

 12 13 14 15 16 17 18
4/1/2032 4/1/2033 4/1/2034 4/1/2035 4/1/2036 4/1/2037 4/1/2038

2326.99 2443.34 2565.51 2693.78 2828.47 2969.90 3118.39

1861.59 1954.67 2052.41 2155.03 2262.78 2375.92 2494.71
1396.20 1466.01 1539.31 1616.27 1697.08 1781.94 1871.04
1473.76 1547.45 1624.82 1706.06 1791.37 1880.94 1974.98

698.10 733.00 769.65 808.14 848.54 890.97 935.52

7756.64 8144.47 8551.70 8979.28 9428.25 9899.66 10394.64

 19 20
4/1/2039 4/1/2040

3274.31 3438.03
2619.45 2750.42
1964.59 2062.82
2073.73 2177.42

982.29 1031.41

10914.37 11460.09
 All the Numbers are in INR Lacs' Blue Colored Cells are Inputs

Project Details As
Total Project Cost 10000 Inflation 5% Debt Rate

Equity 30% 3000 DDT 0.00% Moratorium

Debt 70% 7000 Tax Holiday 0 Debt Tenure

Year 1 Year 2
Draw Down of Debt 3500 3500
Debt Service Resv(DSR) 0.25 Tax Rate 30% Depreciation

Year No 1 2 3 4 5
Year 4/1/2021 4/1/2022 4/1/2023 4/1/2024 4/1/2025
Revenue Collection
Passenger Service Fees (PSF) 0.00 0.00 1500.00 1575.00 1653.75
User Development Fees 0.00 0.00 1200.00 1260.00 1323.00
Common Infrastructure Charges (CIC) 0.00 0.00 900.00 945.00 992.25
Airport Landing Charges 0.00 0.00 950.00 997.50 1047.38

Other Charges (IT, Airside Operations,

Airport Entry Pass Processing
Charges, and Security Charges) 0.00 0.00 450.00 472.50 496.13

Total Revenue in Lacs' 0.00 0.00 5000.00 5250.00 5512.50

Operating Expenses
Airport Operator Personnel 0 0 750.00 787.50 826.88
Airport Support Cost 0 0 125.00 131.25 137.81
Purchased Services 0 0 750.00 787.50 826.88
Maintenance 0 0 250.00 262.50 275.63
Material utilities 0 0 100.00 105.00 110.25
Insurance 0 0 250.00 262.50 275.63
Marketing and Advertisements 0 0 25.00 26.25 27.56
Annual Lease Rental 40.00 42.00 44.10 46.31 48.62
Rescue Fire Fighting 0 0 200.00 210.00 220.50
Other Operating Expenses 0 0 50.00 52.50 55.13
Total Opex 40 42 2544.10 2671.31 2804.87

EBITDA -40 -42 2455.90 2578.70 2707.63

Non Operating Expenses

Interest on Loan -765.68 -728.73 -687.95
Depreciation -420.00 -390.60 -363.26
Total Non Operating Expenses -1185.68 -1119.33 -1051.20
Income Before Taxes 1270.22 1459.36 1656.43
Tax -381.07 -437.81 -496.93
Net Income 889.16 1021.56 1159.50

Cashflow
Equity 3000

Net Income 889.16 1021.56 1159.50

Add Back depreciation 420.00 390.60 363.26
Principal Payment(-) -355.91 -392.86 -433.64
CSR (0.50% of Net Income) -6.55 -7.06 -7.61
Final Project Cashflow (Equity) -3040 -42 946.70 1012.24 1081.50

DSCR 1.85 1.91 1.97

Final Project Cashflow -6540 -3542 946.70 1012.24 1081.50

e Colored Cells are Inputs

Assumptions
Construction
10% USD/INR 70 4/1/2020
Start Date
Construction End
0.25 Discount 10% 4/1/2022
Date
12.00 Construction 2 Years

7% MAT 18.50%

6 7 8 9 10 11
4/1/2026 4/1/2027 4/1/2028 4/1/2029 4/1/2030 4/1/2031

1736.44 1823.26 1914.42 2010.14 2110.65 2216.18

1389.15 1458.61 1531.54 1608.11 1688.52 1772.95
1041.86 1093.96 1148.65 1206.09 1266.39 1329.71
1099.74 1154.73 1212.47 1273.09 1336.75 1403.58

520.93 546.98 574.33 603.04 633.20 664.85

5788.13 6077.53 6381.41 6700.48 7035.50 7387.28

868.22 911.63 957.21 1005.07 1055.33 1108.09

144.70 151.94 159.54 167.51 175.89 184.68
868.22 911.63 957.21 1005.07 1055.33 1108.09
289.41 303.88 319.07 335.02 351.78 369.36
115.76 121.55 127.63 134.01 140.71 147.75
289.41 303.88 319.07 335.02 351.78 369.36
28.94 30.39 31.91 33.50 35.18 36.94
51.05 53.60 56.28 59.10 62.05 65.16
231.53 243.10 255.26 268.02 281.42 295.49
57.88 60.78 63.81 67.00 70.36 73.87
2945.11 3092.37 3246.99 3409.34 3579.80 3758.79

2843.01 2985.16 3134.42 3291.14 3455.70 3628.48

-642.93 -593.24 -538.39 -477.85 -411.02 -337.25

-337.83 -314.18 -292.19 -271.74 -252.71 -235.02
-980.76 -907.42 -830.58 -749.58 -663.73 -572.27
1862.25 2077.74 2303.84 2541.56 2791.97 3056.21
-558.68 -623.32 -691.15 -762.47 -837.59 -916.86
1303.58 1454.42 1612.69 1779.09 1954.38 2139.35

1303.58 1454.42 1612.69 1779.09 1954.38 2139.35

337.83 314.18 292.19 271.74 252.71 235.02
-478.66 -528.35 -583.20 -643.74 -710.57 -784.34
-8.21 -8.84 -9.52 -10.25 -11.04 -11.87
1154.54 1231.41 1312.16 1396.83 1485.49 1578.16

2.04 2.11 2.18 2.25 2.33 2.42

1154.54 1231.41 1312.16 1396.83 1485.49 1578.16

 Results

Equity IRR 30.36%

Min DSCR 1.85

Avg DSCR 2.24

Project IRR 12.68%

12 13 14 15 16 17
4/1/2032 4/1/2033 4/1/2034 4/1/2035 4/1/2036 4/1/2037

2326.99 2443.34 2565.51 2693.78 2828.47 2969.90

1861.59 1954.67 2052.41 2155.03 2262.78 2375.92
1396.20 1466.01 1539.31 1616.27 1697.08 1781.94
1473.76 1547.45 1624.82 1706.06 1791.37 1880.94

698.10 733.00 769.65 808.14 848.54 890.97

7756.64 8144.47 8551.70 8979.28 9428.25 9899.66

1163.50 1221.67 1282.75 1346.89 1414.24 1484.95

193.92 203.61 213.79 224.48 235.71 247.49
1163.50 1221.67 1282.75 1346.89 1414.24 1484.95
387.83 407.22 427.58 448.96 471.41 494.98
155.13 162.89 171.03 179.59 188.56 197.99
387.83 407.22 427.58 448.96 471.41 494.98
38.78 40.72 42.76 44.90 47.14 49.50
68.41 71.83 75.43 79.20 83.16 87.31
310.27 325.78 342.07 359.17 377.13 395.99
77.57 81.44 85.52 89.79 94.28 99.00
3946.73 4144.07 4351.27 4568.84 4797.28 5037.14

3809.91 4000.40 4200.42 4410.44 4630.97 4862.51

-255.83 -165.95 -66.74 0.00 0.00 0.00

-218.57 -203.27 -189.04 -175.81 -163.50 -152.06
-474.40 -369.22 -255.79 -175.81 -163.50 -152.06
3335.51 3631.18 3944.64 4234.63 4467.46 4710.46
-1000.65 -1089.35 -1183.39 -1270.39 -1340.24 -1413.14
2334.86 2541.83 2761.25 2964.24 3127.22 3297.32

2334.86 2541.83 2761.25 2964.24 3127.22 3297.32

218.57 203.27 189.04 175.81 163.50 152.06
-865.76 -955.64 -1054.85 0.00 0.00 0.00
-12.77 -13.73 -14.75 -15.70 -16.45 -17.25
1674.90 1775.74 1880.69 3124.35 3274.27 3432.13

2.50 2.60 2.69

1674.90 1775.74 1880.69 3124.35 3274.27 3432.13

 18 19 20
4/1/2038 4/1/2039 4/1/2040

3118.39 3274.31 3438.03

2494.71 2619.45 2750.42
1871.04 1964.59 2062.82
1974.98 2073.73 2177.42

935.52 982.29 1031.41

10394.64 10914.37 11460.09

1559.20 1637.16 1719.01

259.87 272.86 286.50
1559.20 1637.16 1719.01
519.73 545.72 573.00
207.89 218.29 229.20
519.73 545.72 573.00
51.97 54.57 57.30
91.68 96.26 101.08
415.79 436.57 458.40
103.95 109.14 114.60
5289.00 5553.45 5831.12

5105.64 5360.92 5628.97

0.00 0.00 0.00

-141.41 -131.52 -122.31
-141.41 -131.52 -122.31
4964.23 5229.41 5506.66
-1489.27 -1568.82 -1652.00
3474.96 3660.58 3854.66

3474.96 3660.58 3854.66

141.41 131.52 122.31
0.00 0.00 0.00
-18.08 -18.96 -19.88
3598.29 3773.14 3957.09

3598.29 3773.14 3957.09

 Assumptions

Debt Amount 7787.5 Period No. Date (EOQ) Year Payment Interest
Debt Rate 10% 1 7/1/2022 2022 280.40 194.69
Moratorium 0.25 2 9/30/2022 2022 280.40 192.54
Term 12 3 12/31/2022 2022 280.40 190.35
Payment Periods 48 4 3/31/2023 2023 280.40 188.10
Development Durat 2 5 6/30/2023 2023 280.40 185.79
6 9/30/2023 2023 280.40 183.42
One Period is One Quarter (90Days) 7 12/31/2023 2023 280.40 181.00
8 3/31/2024 2024 280.40 178.52
Starting of Develo 4/1/2020 9 6/30/2024 2024 280.40 175.97
End of Developmen 3/31/2022 10 9/30/2024 2024 280.40 173.36
COD Date 4/1/2022 11 12/31/2024 2024 280.40 170.68
First Period or Qua 7/1/2022 12 3/31/2025 2025 280.40 167.94
13 6/30/2025 2025 280.40 165.13
14 9/30/2025 2025 280.40 162.25
15 12/31/2025 2025 280.40 159.29
16 3/31/2026 2026 280.40 156.26
17 6/30/2026 2026 280.40 153.16
18 9/30/2026 2026 280.40 149.98
19 12/31/2026 2026 280.40 146.72
20 3/31/2027 2027 280.40 143.38
21 6/30/2027 2027 280.40 139.95
22 9/30/2027 2027 280.40 136.44
23 12/31/2027 2027 280.40 132.84
24 3/31/2028 2028 280.40 129.15
25 6/30/2028 2028 280.40 125.37
26 9/30/2028 2028 280.40 121.50
27 12/31/2028 2028 280.40 117.52
28 3/31/2029 2029 280.40 113.45
29 6/30/2029 2029 280.40 109.28
30 9/30/2029 2029 280.40 105.00
31 12/31/2029 2029 280.40 100.62
32 3/31/2030 2030 280.40 96.12
33 6/30/2030 2030 280.40 91.51
34 9/30/2030 2030 280.40 86.79
35 12/31/2030 2030 280.40 81.95
36 3/31/2031 2031 280.40 76.99
37 6/30/2031 2031 280.40 71.91
38 9/30/2031 2031 280.40 66.69
39 12/31/2031 2031 280.40 61.35
40 3/31/2032 2032 280.40 55.88
41 6/30/2032 2032 280.40 50.26
42 9/30/2032 2032 280.40 44.51
43 12/31/2032 2032 280.40 38.61
 44 3/31/2033 2033 280.40 32.57
45 6/30/2033 2033 280.40 26.37
46 9/30/2033 2033 280.40 20.02
47 12/31/2033 2033 280.40 13.51
48 3/31/2034 2034 280.40 6.84
`
Debt Residual Date (EOQ) Int. Pmt Prin Pmt. Total Pmt
85.71 7,701.79 3/31/2023 765.68 355.91 1,121.59
87.85 7,613.94 3/31/2024 728.73 392.86 1,121.59
90.05 7,523.89 3/31/2025 687.95 433.64 1,121.59
92.30 7,431.59 3/31/2026 642.93 478.66 1,121.59
94.61 7,336.98 3/31/2027 593.24 528.35 1,121.59
96.97 7,240.01 3/31/2028 538.39 583.20 1,121.59
99.40 7,140.62 3/31/2029 477.85 643.74 1,121.59
101.88 7,038.73 3/31/2030 411.02 710.57 1,121.59
104.43 6,934.31 3/31/2031 337.25 784.34 1,121.59
107.04 6,827.27 3/31/2032 255.83 865.76 1,121.59
109.71 6,717.55 3/31/2033 165.95 955.64 1,121.59
112.46 6,605.09 3/31/2034 66.74 1,054.85 1,121.59
115.27 6,489.83
118.15 6,371.67
121.10 6,250.57
124.13 6,126.44
127.24 5,999.20
130.42 5,868.78
133.68 5,735.11
137.02 5,598.09
140.44 5,457.64
143.96 5,313.69
147.55 5,166.13
151.24 5,014.89
155.02 4,859.87
158.90 4,700.97
162.87 4,538.09
166.94 4,371.15
171.12 4,200.03
175.40 4,024.64
179.78 3,844.85
184.28 3,660.58
188.88 3,471.70
193.60 3,278.09
198.44 3,079.65
203.41 2,876.24
208.49 2,667.75
213.70 2,454.05
219.05 2,235.00
224.52 2,010.48
230.13 1,780.35
235.89 1,544.46
241.79 1,302.67
247.83 1,054.85
254.03 800.82
260.38 540.44
266.89 273.56
273.56 0.00
Total Market Value of Land 200000000
Lease Rental 2%
Increase in Land Value 5%
Lease Rental Calculation

Year 1 2 3 4 5 6 7
Annual Lease Rental 40 42 44.1 46.305 48.62025 51.05126 53.60383
 8 9 10 11 12 13 14 15 16 17
56.28402 59.09822 62.05313 65.15579 68.41357 71.83425 75.42597 79.19726 83.15713 87.31498
 18 19 20
91.68073 96.26477 101.078