Reference Model

Indigo
Prepared By: Sumit Todi , Tushar Bhat
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 Aircraf 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
tcket revenue 23,260 33,910
Ancillary
revenue 2,765 4,357
operatng 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
Advertsement 10 12
Commission
Products and – –
Services 2765 4357

Lease Payments
Operatng Lease Expense
Finance Lease Interest Payment
Finance Lease Principal Payment 10% 10%
2010 2011
Aircraf
Cash andand engine rentals
non-cash 4,704 6,372
incentves -1,941 -2,274
Aircraf 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
operatng Lease
Capitalized Operatng 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 Distributon 955.07
Cost 3,119.38
Other Operatng 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 2023E
65500 78600 94319 113183 135820 162984
20% 20% 20% 20% 20% 20%
55,675 66,810 80,172 96,206 115,447 138,536
85.00% 85.00% 85.00% 85.00% 85.00% 85.00%
3.32 3.32 3.32 3.32 3.32 3.32
3.90 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%
160 171 205 246 295 354
29 11 34 41 49 59
22% 7% 20% 20% 20% 20%
460 460 460 460 460 460

217131 260557 312669 375203 450243 540292

29313 35175 40647 46900 56280 67536

13.50% 13.50% 13.00% 12.50% 12.50% 12.50%
1695 2190 2816 3604 4595 5838
0.78% 0.84% 0.90% 0.96% 1.02% 1.08%
6514 7817 9380 11256 13507 16209
3.00% 3.00% 3.00% 3.00% 3.00% 3.00%
254,653 305,740 365,512 436,963 524,626 629,875
 10.500%

6 7 8 9 10
689 689 689 689 689 10.50%
379 343 310 281 254 63161
6 7 8 9 10
2267 2267 2267 2267 2267 10.50%
72 84 96 108 120 660
 Year 2018E 2019E 2020E 2021E
RPK (in million) 55020 65238 77342 91678
ASK (in million) 65500 78600 94319 113183
Passenger Load Factor (%) 84% 83% 82% 81%
RASK (Rs.) 3.02 3.07 3.12 3.16
Yield (Rs.) 3.60 3.70 3.80 3.90
Passenger Ticket Revenue 198026 241327 293837 357472

0%

Capacity Growth Vs Efficiency

5

4.5

3.5

3
Axis Title

2.5
19%
2

3.00% 1.5

0.5

0
2011 2012 2013 2014 2015
2023E
460

Year 2018E 2019E

Number of Planes 160 171
ASK Per Plane 460 460

Year 2018E 2019E

Passenger Load Factor (%) 85.00% 85.00%
Yield (Rs.) 3.90 3.90
RASK (Rs.) 3.32 3.32

Year
Ancillary 2018E 2019E
revenue 29313 35175
operatng 13.50% 13.50%
revenue 1695 2190
0.78% 0.84%
Other Income 6514 7817
3.00% 3.00%
 2022E
108656
135820
80%
3.20
4.00
434536

h Vs Efficiency
86.00%

84.00%

82.00%

80.00%

78.00%

76.00%

74.00%

72.00%
14 2015 2016 2017
 354

2020E 2021E 2022E

205 246 295
460 460 460

2020E 2021E 2022E

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

2020E 2021E 2022E

40647 46900 56280
13.00% 12.50% 12.50%
2816 3604 4595
0.90% 0.96% 1.02%
9380 11256 13507
3.00% 3.00% 3.00%
 Interglobe Aviaton
Template
All Data in Millions INR, except per share
(Red=Assumpton, Blue=Actual, Black=Calculaton)
Date Mar/11 Mar/12 Mar/13 Mar/14 Mar/15
Year 2011-A 2012-A 2013-A 2014-A 2015-A
Revenue from operatons 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
Operatng Expenses(Excluding fuel) 11904 18415 26407 34280 43549
EBITDAR(fuel) 27,538 38,672 67,995 80,041 99,650
Aircraf fuel expenses 15,213 28,736 43,126 55,134 57,485
EBITDAR 12,325 9,936 24,869 24,908 42,165
Aircraf and engine rentals 6,372 10,634 17,150 20,310 23,076
Less: Cash and non-cash incentves -2,274 -2,627 -3,588 -3,607 -3,553
Aircraf 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
Depreciaton and amortsaton 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
Effectve Tax rate 19% -88% 21% 0% 29%
Current period -1,356 -78 -1,924 -926 -3,890
Less: MAT credit enttlement 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 2019 2020 2021 2022
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 Aviaton
Template
All Data in Millions INR, except per share
(Red=Assumpton, Blue=Actual, Black=Calculaton)
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
Tangible assets
Opening Balance 39,407 48,664
Additon 10,777 1,945
Depreciaton -2,942 -4,914
Adjustments 1,422 1,060
Closing Balance 48,664 46,755

Additon to Aircaf 4
Gross Amount of additon 9860
Cost per aircraf 2465

Depreciaton rate -6.6% -9.9%

Intangible assets
Opening Balance 152 96
Additon 25 220
Amortsaton -81 -117
Adjustments 0 -0
Closing Balance 96 200

Amortsaton rate -49% -57%

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

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

2,018 9,828 10,140 10,452 10,764 11,076
-4,398 -3900 -4460 -4996 -5513 -6010

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
-9.2% -9.2% -9.2% -9.2% -9.2% -9.2%

200 464 615 703 754 783

438 438 438 438 438 438
-174 -287 -350 -387 -408 -421
-
464 615 703 754 783 800

-42% -42% -42% -42% -42% -42%

 Interglobe Aviaton
Template
All Data in Millions INR, except per share
(Red=Assumpton, Blue=Actual, Black=Calculaton)
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 aircrafs 39 55 66 77 94
Block hours per aircraf 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

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

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

Fuel consumed per block hour 2513 2475 2447 2373

Growth -1.5% -1.1% -3.0%

Passenger
tcket revenue
Ancillary 33,910 49,873 82,667 99,240 122939
revenue
operatng 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
Aircraf fuel expenses 15,213 28,736 43,126 55,134 57,485
38.57% 50.34% 45.68% 48.23% 40.14%
Aircraf and engine rentals 6,372 10,634 17,150 20,310 23,076
16.16% 18.63% 18.17% 17.77% 16.11%
Incentves -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
Depreciaton and 1.14% 0.90% 0.61% 1.07% 0.81%
Amortzaton 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 Rato (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 2019 2020 2021 2022
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 ($) MCX
April 01, 2010 44361.8 44.76 82.63 3699
May 01, 2010 46016.4 4% 44.52 4% 88.09 7% 3922
June 01, 2010 42951.23 -7% 46.5125 -7% 73.08 -17% 3399
July 01, 2010 45016.69 5% 46.74 5% 71.73 -2% 3353
August 01, 2010 44697.15 -1% 46.19 -1% 81.93 14% 3784
September 01, 2010 43596.4 -2% 46.92 -2% 75.53 -8% 3544
October 01, 2010 44195.27 1% 44.77 1% 82.69 9% 3702
November 01, 2010 45777 4% 44.35 4% 84.06 2% 3728
December 01, 2010 47892.12 5% 45.87 5% 88.56 5% 4062
January 01, 2011 50576.88 6% 44.76 6% 95.82 8% 4289
February 01, 2011 53872.27 7% 45.85 7% 100.4 5% 4603
March 01, 2011 58021.29 8% 45.18 8% 113.34 13% 5121
April 01, 2011 62458.1 8% 44.44 8% 118.63 5% 5272
May 01, 2011 63967.75 2% 44.29 2% 121.55 2% 5383
June 01, 2011 59747.97 -7% 44.985 -7% 115.09 -5% 5177
July 01, 2011 59498.08 0% 44.65 0% 113.55 -1% 5070
August 01, 2011 61142.5 3% 44.04 3% 113.74 0% 5009
September 01, 2011 59492 -3% 45.98 -3% 117.5 3% 5403
October 01, 2011 61886.75 4% 49.48 4% 104.38 -11% 5165
November 01, 2011 64490.42 4% 48.83 4% 112.22 8% 5480
December 01, 2011 68172.65 6% 51.85 6% 110.16 -2% 5712
January 01, 2012 66600.06 -2% 53.3 -2% 111.07 1% 5920
February 01, 2012 66407.39 0% 49.59 0% 116.86 5% 5795
March 01, 2012 68179.9 3% 49.075 3% 125.37 7% 6153
April 01, 2012 71514.1 5% 50.61 5% 121.89 -3% 6169
May 01, 2012 71028.24 -1% 52.65 -1% 111.89 -8% 5891
June 01, 2012 69315.5 -2% 56.24 -2% 98.6 -12% 5545
July 01, 2012 64652 -7% 55.5 -7% 99.23 1% 5507
August 01, 2012 68561.29 6% 55.65 6% 113.52 14% 6317
September 01, 2012 75263.34 10% 55.525 10% 114.86 1% 6378
October 01, 2012 73406.57 -2% 52.995 -2% 114.32 0% 6058
November 01, 2012 71455.93 -3% 53.805 -3% 108.61 -5% 5844
December 01, 2012 70760.79 -1% 54.265 -1% 107.6 -1% 5839
January 01, 2013 70473.55 0% 54.84 0% 112.97 5% 6195
February 01, 2013 71872.72 2% 53.225 2% 118.29 5% 6296
March 01, 2013 74502.55 4% 54.355 4% 108.64 -8% 5905
April 01, 2013 70671.51 -5% 54.285 -5% 104.08 -4% 5650
May 01, 2013 66995.1 -5% 53.805 -5% 103.59 0% 5574
June 01, 2013 66745.17 0% 56.51 0% 101.5 -2% 5736
July 01, 2013 70506.75 6% 59.385 6% 108.43 7% 6439
August 01, 2013 74827.65 6% 60.41 6% 108.49 0% 6554
September 01, 2013 80012.24 7% 65.75 7% 112.37 4% 7388
October 01, 2013 82073.54 3% 62.6 3% 109.02 -3% 6825
November 01, 2013 78427.93 -4% 61.51 -4% 105.76 -3% 6505
December 01, 2013 79031.94 1% 62.35 1% 108.91 3% 6791
January 01, 2014 81109.53 3% 61.8 3% 106.44 -2% 6578
February 01, 2014 78878.31 -3% 62.7 -3% 110.18 4% 6908
March 01, 2014 79712.86 1% 61.95 1% 108.27 -2% 6707
April 01, 2014 76610.86 -4% 59.85 -4% 105.83 -2% 6334
May 01, 2014 75796.83 -1% 60.22 -1% 108.19 2% 6515
June 01, 2014 74401.78 -2% 59.27 -2% 109.21 1% 6473
July 01, 2014 74794.07 1% 60.1 1% 107.65 -1% 6470
August 01, 2014 74690.47 0% 60.75 0% 104.02 -3% 6319
September 01, 2014 74248.5 -1% 60.5 -1% 99.53 -4% 6022
October 01, 2014 72071.15 -3% 61.95 -3% 90.9 -9% 5631
November 01, 2014 66899.8 -7% 61.5 -7% 83.2 -8% 5117
December 01, 2014 64145 -4% 62.25 -4% 68 -18% 4233
January 01, 2015 56316.75 -12% 63.17 -12% 49.43 -27% 3122
February 01, 2015 50207.86 -11% 62 -11% 57 15% 3534
March 01, 2015 54223 8% 61.9 8% 59.15 4% 3661
April 01, 2015 53280.5 -2% 62.04 -2% 57.55 -3% 3570
May 01, 2015 53589.18 1% 63.54 1% 64.93 13% 4126
June 01, 2015 57433.28 7% 63.8 7% 60.36 -7% 3851
July 01, 2015 55291.01 -4% 63.66 -4% 54.72 -9% 3483
August 01, 2015 50204.43 -9% 64.01 -9% 47.54 -13% 3043
September 01, 2015 44388.06 -12% 66.45 -12% 46.42 -2% 3085
October 01, 2015 46716.48 5% 65.58 5% 51.66 11% 3388
November 01, 2015 46493.61 0% 65.38 0% 46.09 -11% 3013
December 01, 2015 46406.12 0% 66.52 0% 39.69 -14% 2640
January 01, 2016 41922.23 -10% 66.18 -10% 33.57 -15% 2222
February 01,2016 37121.79 -11% 67.77 -11% 32.76 -2% 2220
March 01,2016 41439.27 12% 68.27 12% 37.61 15% 2568
April 01,2016 43960.29 6% 66.3 6% 37.77 0% 2504
May 01,2016 44362.04 1% 66.41 1% 44.39 18% 2948
June 01,2016 48331.8 9% 67.24 9% 48.94 10% 3291
July 01,2016 50958.7 5% 67.5 5% 45.7 -7% 3085
August 01,2016 48882.44 -4% 66.8 -4% 40.45 -11% 2702
September 01,2016 47050.97 -4% 66.85 -4% 46.72 16% 3123
October 01,2016 48442.31 3% 66.54 3% 49.57 6% 3298
November 01,2016 51901.2 7% 66.72 7% 43.06 -13% 2873
December 01,2016 49998.03 -4% 68.52 -4% 52.31 21% 3584
January 01, 2017 54213.92 8% 67.95 8% 55.9 7% 3798
February 01,2017 55817.39 3% 67.62 3% 55.92 0% 3781
March 01,2017 56104.9 1% 66.7275 1% 54.16 -3% 3614
April 01, 2017 53242.5 -5% 64.805 -5% 53.08 -2% 3440
May 01, 2017 53435.25 0% 64.185 0% 49.31 -7% 3165
June 01, 2017 51442.25 -4% 64.485 -4% 50.41 2% 3251
July 01, 2017 48646.25 -5% 64.685 -5% 49.13 -3% 3178
August 01, 2017 50259.33 3% 64.105 3% 51.99 6% 3333
September 01,2017 51639.75 3% 63.94 3% 52.69 1% 3369
October 01,2017 54617.5 6% 65.62 6% 58.8 12% 3858
November 01,2017 55746.25 2% 64.715 2% 60.65 3% 3925
December 01,2017 58985.5 6% 64.595 6% 63.56 5% 4106
2018 61095.2 4% 63 68 6% 4253
2019 63280.3 7% 65 70 4550
2020 65543.5 3% 67 70 4690
2021 67887.7 3% 69 70 4830
2022 70315.8 3% 71 70 4970

Year USD/INR E Brent ($) E USD/INR * Brent ($)

2018 63 67.5 4252.5
2019 65 70 4550
2020 67 70 4690
2021 69 70 4830
2022 71 70 4970
 ATF Price
US Oil ($) Date (Rs) Brent ($) US Oil ($) MCX
84.53 April 01, 2010 100 100 100 100
6% 86.19 2% May 01, 2010 103.7298 106.6078 101.9638 106.0361
-13% 72.7 -16% June 01, 2010 96.8203 88.44245 86.00497 91.90526
-1% 72.95 0% July 01, 2010 101.4762 86.80867 86.30072 90.64873
13% 81.25 11% August 01, 2010 100.7559 99.15285 96.11972 102.3206
-6% 73.97 -9% September 01, 2010 98.27464 91.40748 87.50739 95.81856
4% 81.57 10% October 01, 2010 99.6246 100.0726 96.49828 100.095
1% 82.94 2% November 01, 2010 103.1901 101.7306 98.11901 100.7988
9% 86.75 5% December 01, 2010 107.958 107.1766 102.6263 109.8344
6% 91.59 6% January 01, 2011 114.01 115.9627 108.3521 115.9627
7% 89.54 -2% February 01, 2011 121.4384 121.5055 105.9269 124.4644
11% 99.63 11% March 01, 2011 130.7911 137.1657 117.8635 138.4528
3% 107.55 8% April 01, 2011 140.7925 143.5677 127.2329 142.5413
2% 113.03 5% May 01, 2011 144.1956 147.1015 133.7158 145.5569
-4% 100.3 -11% June 01, 2011 134.6834 139.2836 118.6561 139.9837
-2% 94.81 -5% July 01, 2011 134.1201 137.4198 112.1614 137.0821
-1% 94.98 0% August 01, 2011 137.8269 137.6498 112.3625 135.4356
8% 88.93 -6% September 01, 2011 134.1064 142.2002 105.2053 146.076
-4% 77.34 -13% October 01, 2011 139.5046 126.3222 91.49414 139.643
6% 92.19 19% November 01, 2011 145.3737 135.8102 109.0619 148.1594
4% 100.2 9% December 01, 2011 153.6742 133.3172 118.5378 154.4347
4% 102.96 3% January 01, 2012 150.1293 134.4185 121.8029 160.0649
-2% 97.63 -5% February 01, 2012 149.695 141.4256 115.4975 156.6867
6% 108.76 11% March 01, 2012 153.6906 151.7246 128.6644 166.3513
0% 105.25 -3% April 01, 2012 161.2065 147.513 124.512 166.7925
-5% 106.17 1% May 01, 2012 160.1113 135.4109 125.6004 159.2802
-6% 83.17 -22% June 01, 2012 156.2504 119.3271 98.3911 149.932
-1% 83.72 1% July 01, 2012 145.738 120.0896 99.04176 148.9046
15% 88.99 6% August 01, 2012 154.5503 137.3835 105.2762 170.8086
1% 95.34 7% September 01, 2012 169.658 139.0052 112.7884 172.4366
-5% 92.44 -3% October 01, 2012 165.4725 138.3517 109.3576 163.8058
-4% 87.05 -6% November 01, 2012 161.0754 131.4414 102.9812 158.0027
0% 88.69 2% December 01, 2012 159.5084 130.219 104.9213 157.8717
6% 93.14 5% January 01, 2013 158.8609 136.7179 110.1857 167.5069
2% 97.46 5% February 01, 2013 162.0149 143.1562 115.2963 170.2299
-6% 90.71 -7% March 01, 2013 167.943 131.4777 107.311 159.6619
-4% 97.1 7% April 01, 2013 159.3071 125.9591 114.8705 152.7634
-1% 90.74 -7% May 01, 2013 151.0198 125.3661 107.3465 150.6998
3% 93.41 3% June 01, 2013 150.4564 122.8367 110.5051 155.0828
12% 97.94 5% July 01, 2013 158.9357 131.2235 115.8642 174.0998
2% 107.93 10% August 01, 2013 168.6758 131.2961 127.6825 177.2029
13% 108.67 1% September 01, 2013 180.3629 135.9918 128.5579 199.7645
-8% 102.09 -6% October 01, 2013 185.0095 131.9376 120.7737 184.5239
-5% 94.56 -7% November 01, 2013 176.7916 127.9923 111.8656 175.8893
4% 93.61 -1% December 01, 2013 178.1531 131.8044 110.7417 183.6016
-3% 95.14 2% January 01, 2014 182.8364 128.8152 112.5518 177.8548
 5% 96.44 1% February 01, 2014 177.8068 133.3414 114.0897 186.7852
-3% 105.34 9% March 01, 2014 179.6881 131.0299 124.6185 181.3517
-6% 99.69 -5% April 01, 2014 172.6956 128.077 117.9345 171.2557
3% 99.69 0% May 01, 2014 170.8606 130.9331 117.9345 176.1571
-1% 103.07 3% June 01, 2014 167.7159 132.1675 121.933 175.0127
0% 106.06 3% July 01, 2014 168.6002 130.2796 125.4702 174.9285
-2% 97.86 -8% August 01, 2014 168.3666 125.8865 115.7695 170.858
-5% 92.92 -5% September 01, 2014 167.3703 120.4526 109.9255 162.8102
-6% 90.74 -2% October 01, 2014 162.4622 110.0085 107.3465 152.257
-9% 78.77 -13% November 01, 2014 150.805 100.6898 93.18585 138.3473
-17% 68.98 -12% December 01, 2014 144.5951 82.29457 81.60416 114.4512
-26% 53.45 -23% January 01, 2015 126.9487 59.82089 63.23199 84.4255
13% 49.25 -8% February 01, 2015 113.1781 68.98221 58.26334 95.55177
4% 49.59 1% March 01, 2015 122.229 71.58417 58.66556 98.99598
-2% 50.12 1% April 01, 2015 120.1045 69.64783 59.29256 96.536
16% 59.1 18% May 01, 2015 120.8003 78.57921 69.91601 111.5488
-7% 60.24 2% June 01, 2015 129.4656 73.04853 71.26464 104.1219
-10% 56.94 -5% July 01, 2015 124.6365 66.22292 67.3607 94.18568
-13% 45.25 -21% August 01, 2015 113.1704 57.53358 53.53129 82.27714
1% 45.38 0% September 01, 2015 100.0592 56.17814 53.68508 83.4012
10% 44.75 -1% October 01, 2015 105.3079 62.51967 52.93978 91.60053
-11% 46.12 3% November 01, 2015 104.8055 55.77877 54.56051 81.47489
-12% 40.58 -12% December 01, 2015 104.6083 48.0334 48.00662 71.38476
-16% 37.13 -9% January 01, 2016 94.50074 40.62689 43.92523 60.06898
0% 31.62 -15% February 01,2016 83.67963 39.64662 37.40684 60.02795
16% 34.39 9% March 01,2016 93.41204 45.51616 40.68378 69.42332
-2% 35.36 3% April 01,2016 99.09491 45.70979 41.8313 67.70686
18% 44.75 27% May 01,2016 100.0005 53.72141 52.93978 79.70596
12% 49.07 10% June 01,2016 108.9491 59.22788 58.0504 88.97415
-6% 49.02 0% July 01,2016 114.8707 55.30679 57.99125 83.40501
-12% 40.05 -18% August 01,2016 110.1904 48.95316 47.37963 73.0579
16% 43.17 8% September 01,2016 106.0619 56.54121 51.07063 84.44548
6% 48.8 13% October 01,2016 109.1982 59.99032 57.73098 89.18132
-13% 46.66 -4% November 01,2016 116.9953 52.11182 55.19934 77.67875
25% 51.08 9% December 01,2016 112.7051 63.30631 60.42825 96.91126
6% 52.36 3% January 01, 2017 122.2086 67.65097 61.94251 102.7007
0% 53.9 3% February 01,2017 125.8231 67.67518 63.76434 102.2385
-4% 53.82 0% March 01,2017 126.4712 65.5452 63.6697 97.71375
-5% 50.25 -7% April 01, 2017 120.0188 64.23817 59.44635 93.00614
-8% 48.83 -3% May 01, 2017 120.4533 59.67566 57.76647 85.57378
3% 48.32 -1% June 01, 2017 115.9607 61.0069 57.16314 87.89164
-2% 46.02 -5% July 01, 2017 109.658 59.45782 54.44221 85.92559
5% 49.19 7% August 01, 2017 113.2942 62.91904 58.19236 90.11226
1% 47.32 -4% September 01,2017 116.4059 63.76619 55.98013 91.09048
15% 50.59 7% October 01,2017 123.1183 71.1606 59.84857 104.3244
2% 54.32 7% November 01,2017 125.6627 73.39949 64.26121 106.1226
5% 58.35 7% December 01,2017 132.9646 76.92122 69.02875 111.0082
4% 60.3 3%
 7%
3%
3%
3%

Change (%) ATF Forecast Price

3.58% 61095
7.00% 63280
3.08% 65544
2.99% 67888
2.90% 70316
Premium
0.0%
-2.7%
9.5%
16.9% 250
1.6%
7.5%
-0.4%
200
1.4%
0.7%
-1.7%
-0.1% 150
-4.6%
-1.9%
-2.0% 100
-3.3%
-2.4%
0.1% 50
-5.7%
10.4%
7.0%
0
15.3%
0 0 0 0 0 1 1 1 1 1 1 2 2 2 2 2 2 3 3 3 3 3 3 4 4 4 4 4
11.7% 2 0 1 20 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 20 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 2 0 1 20 1 20 1 2 0 1 2
, , , , , , , , , , , , , , , , , , , , , , , , , , , , ,
5.8% 01 01 0 1 01 01 01 01 01 01 01 0 1 0 1 01 01 01 01 01 01 01 01 01 01 0 1 0 1 01 01 0 1 01 01
ir l ne ust er er ry ri l ne ust er er ry ri l ne ust er er ry ri l ne ust er er ry ri l ne ust er er r
1.3% Ap Ju Aug ctob emb rua Ap Ju Aug ctob emb rua Ap Ju Aug ctob emb rua Ap Ju Aug ctob emb rua Ap Ju Aug ctob emb rua
9.3% O ec Feb O ec Feb O ec Feb O ec Feb O ec Feb
D D D D D
18.2%
30.9%
21.4%
12.5%
22.1%
19.6%
22.5%
22.5%
16.2%
13.2%
27.7%
26.5%
20.5%
22.5%
21.1%
28.5%
32.6%
40.2%
38.1%
35.2%
41.9%
 33.3%
37.1%
34.8%
30.5%
26.9%
29.4%
33.7%
39.0%
47.7%
49.8%
75.7%
112.2%
64.1%
70.7%
72.4%
53.7%
77.2%
88.2%
96.7%
78.1%
68.4%
87.9%
117.8%
132.6%
111.1%
105.2%
116.8%
86.1%
83.9%
107.7%
125.1%
87.6%
82.0%
124.5%
78.0%
80.6%
85.9%
93.0%
86.8%
101.8%
90.1%
84.4%
80.1%
82.6%
73.0%
71.2%
72.9%
 ATF Price (Rs)
Brent ($)
US Oil ($)
MCX

1 3 1 3 1 3 1 4 14 1 4 1 4 14 1 4 1 5 1 5 1 5 1 5 1 5 1 5 1 6 1 6 16 1 6 1 6 1 6 1 7 1 7 1 7 1 7 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
1 1 1 1 1 1 1 1 1
r 01 r 01 y 01 l 01 e 01 t 01 r 01 r 01 y 01 l 01 e 01 t 01 r 01 r 01 y 0 i l 0 e 0 st 0 r 0 r 0 y 0 l 01 e 01 t 01 r 0 r 0
e be a r pr un u be be a r pr un u be be a p u gu b b a pr un u b be
i s i s r r n e e r i s e
J ug to m ru A J ug to m ru A J Au cto em ru A J ug cto em
em ru A A Oc ce eb A Oc ce Feb O ec Feb A O ec
ec Feb De F De D D
 Q2 Q1
O 64.685 64.805
C 65.28 64.575
1000 1000
-0.595 0.23 900 48
-595 230 270
460000000 346000000 630 13.125
-773109.24 1504347.8

23.266447

ATF Price (Rs)

Brent ($)
US Oil ($)
MCX
 Interglobe Aviaton
Template
All Data in Millions INR, except per share
(Red=Assumpton, Blue=Actual, Black=Calculaton)
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 liabilites (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 liabilites 1,015 2,794 7235 12958 20,170 24,722
Long-term provisions 134 158 232 368 523 811
Deferred incentves 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 liabilites 4625 8149 11383 16,149 19008 21509
Short-term provision 5809 187 308 4,645 1529 6883
Deferred incentves 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 liabilites as a % of operatng c 38.85% 44.25% 43.11% 47.11% 43.65% 37.45%
Short term provisions as a % of operatng co 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 sale 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 liabilites 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 2019 2020 2021 2022

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 Aviaton
Template
All Data in Millions INR, except per share
(Red=Assumpton, Blue=Actual, Black=Calculaton)
Date Mar/11 Mar/12 Mar/13 Mar/14 Mar/15
Year 2011-A 2012-A 2013-A 2014-A 2015-A
Passenger tcket revenue 33,910 49,873 82,667 99,240 122,939
Ancillary Revenue 4,357 5,680 9,253 11,553 15,725
Other operatng 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 aircrafs 39 55 66 77 94
ASK per aircraf 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 2019 2020 2021 2022
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 Aviaton
Template
All Data in Millions INR, except per share
(Red=Assumpton, Blue=Actual, Black=Calculaton)
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
Additon
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 2019 2020 2021 2022
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 Aviaton
Template
All Data in Millions INR, except per share
(Red=Assumpton, Blue=Actual, Black=Calculaton)
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 incentves 4,678 8,748 11678 13654 13,317 11,778
Short-term deferred incentves 2221 3055 3627 3,878 4199 4054

Additonal Aircraf 16 11 11 17 13

Additonal incentve 7,126 6,556 5,855 3,862 2,515

Incentve per aircraf 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 2019 2020 2021 2022
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 Aviaton
Template
All Data in Millions INR, except per share
(Red=Assumpton, Blue=Actual, Black=Calculaton)
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:
Depreciaton and amortsaton 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 a -496 -1744 -1314 391 2
Increase/(decrease) in trade payables, other liabilites 2108 5597 8157 9004 8607
Increase/(decrease) in deferred incentves 1119 4842 3369 2208 35
Cash generated from operatng actvites 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), n -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 liabilites
Finance lease charges paid -302 -313 -363 -603 -670
Proceed from Share issue 0 0 0 0 0
Securites 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 activitie -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 equ 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 2019 2020 2021 2022

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
120
August 16, 2010 41852.58 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
80
41361.21 44333.83 43563.6525
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 0
49294.36
1 1 0 1 0 1 1 1
42159.48
1 1 1 1 1 2
45151.97
1 1 2 1 2 1 2 1 3 13 1 3 1 3 1 4 1 4 1 4
44361.8025
2 0 20 20 20 20 20 20 20 20 2 0 2 0 2 0 20 2 0 2 0 2 0 2 0 2 0
, , , , , , , , , , , , , , , , , , ,
l 0 1 y 0 1 r 0 1 y 0 1 l 0 1 y 0 1 r 0 1 y 0 1 l 0 1 y 0 1 r 0 1 y 0 1 l 0 1 y 0 1 r 0 1 y 0 1 l 01 y 0 1 r 0 1
ri Jul be a r pri Jul be a r pri Jul be a r pri Jul be a r pri Jul be a
Ap to nu A to nu A to nu A to nu A to nu
Oc Ja Oc Ja Oc Ja Oc 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 01,20 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 01,2 49998.025 52.31 51.08 December 01,2016
January 01, 201 54213.9175 55.9 52.36 January 01, 2017
February 01,20 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, 201750259.33333 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 01,2 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
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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 1 4 1 5 1 5 1 5 1 5 1 6 1 6 1 6 1 6 1 7 1 7 17 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 10 1 1
0 r0 0 1 1 1 10 1 1
y 0 r 0 y 0 l 0 y 0 r 0 y 0 l 0 y 0 r 0 y 0 il ly y l 0 y0 r
ul obe ua r pri Jul obe ua r pri Jul obe ua r Apr Ju tobe ua r pri Jul tobe
t A t n A t n A
Oc Ja
n
Oc Ja Oc Ja Oc Ja n Oc
ATF Price
(Rs) Brent ($) US Oil ($) Premium
100 100 100 0.0%
103.7298 106.6077695752 101.9638 -2.7%
96.8203 88.4424543144 86.0049687 9.5%
101.4762 86.8086651337 86.3007216 16.9%
100.7559 99.1528500545 96.1197208 1.6%
98.27464 91.4074791238 87.5073938 7.5%
99.6246 100.0726128525 96.4982846 -0.4%
103.1901 101.7306063173 98.119011 1.4%
107.958 107.1765702529 102.626287 0.7%
114.01 115.9627254024 108.352064 -1.7%
121.4384 121.5055064746 105.92689 -0.1%
130.7911 137.1656783251 117.86348 -4.6%
140.7925 143.5677114849 127.232935 -1.9%
144.1956 147.101536972 133.715841 -2.0%
134.6834 139.2835531889 118.656098 -3.3%
134.1201 137.4198233087 112.161363 -2.4%
137.8269 137.6497640082 112.362475 0.1%
134.1064 142.20016943 105.205253 -5.7%
139.5046 126.3221590221 91.4941441 10.4%
145.3737 135.8102384122 109.061872 7.0%
153.6742 133.3171971439 118.537797 15.3%
150.1293 134.4184920731 121.80291 11.7%
149.695 141.4256323369 115.497457 5.8%
153.6906 151.7245552463 128.66438 1.3%
161.2065 147.5130098027 124.512008 9.3%
160.1113 135.4108677236 125.600379 18.2%
156.2504 119.3271209004 98.3911038 30.9%
145.738 120.0895558514 99.0417603 21.4%
154.5503 137.3835168825 105.276233 12.5%
169.658 139.0052039211 112.788359 22.1%
165.4725 138.3516882488 109.357625 19.6%
161.0754 131.4413651216 102.98119 22.5%
159.5084 130.2190487716 104.92133 22.5%
158.8609 136.7178990681 110.185733 16.2%
162.0149 143.1562386542 115.296344 13.2%
167.943 131.4776715479 107.311014 27.7%
159.3071 125.9590947598 114.87046 26.5%
151.0198 125.3660897979 107.346504 20.5%
150.4564 122.8367421034 110.505146 22.5%
158.9357 131.2235265642 115.86419 21.1%
168.6758 131.2961394167 127.68248 28.5%
180.3629 135.9917705434 128.557908 32.6%
185.0095 131.9375529469 120.77369 40.2%
176.7916 127.9922546291 111.86561 38.1%
178.1531 131.804429384 110.741748 35.2%
182.8364 128.8152002905 112.551757 41.9%
177.8068 133.3414014281 114.089672 33.3%
179.6881 131.0298922909 124.618479 37.1%
172.6956 128.0769696236 117.934461 34.8%
170.8606 130.9330751543 117.934461 30.5%
167.7159 132.1674936464 121.933042 26.9%
168.6002 130.279559482 125.470247 29.4%
168.3666 125.8864819073 115.769549 33.7%
167.3703 120.4526201138 109.92547 39.0%
162.4622 110.0084714995 107.346504 47.7%
150.805 100.6898220985 93.1858512 49.8%
144.5951 82.2945661382 81.6041642 75.7%
126.9487 59.8208882972 63.2319886 112.2%
113.1781 68.9822098511 58.2633385 64.1%
122.229 71.5841703982 58.6655625 70.7%
120.1045 69.6478276655 59.2925589 72.4%
120.8003 78.5792085199 69.9160062 53.7%
129.4656 73.0485295897 71.2646398 77.2%
124.6365 66.2229214571 67.3607003 88.2%
113.1704 57.5335834443 53.5312907 96.7%
100.0592 56.1781435314 53.6850822 78.1%
105.3079 62.5196659809 52.9397847 68.4%
104.8055 55.7787728428 54.5605111 87.9%
104.6083 48.0334019121 48.0066249 117.8%
94.50074 40.6268909597 43.9252336 132.6%
83.67963 39.6466174513 37.4068378 111.1%
93.41204 45.5161563597 40.6837809 105.2%
99.09491 45.7097906329 41.8313025 116.8%
100.0005 53.7214086893 52.9397847 86.1%
108.9491 59.2278833354 58.0503963 83.9%
114.8707 55.3067893017 57.9912457 107.7%
110.1904 48.9531647102 47.3796285 125.1%
106.0619 56.5412077938 51.0706258 87.6%
109.1982 59.9903182863 57.7309831 82.0%
116.9953 52.1118237928 55.1993375 124.5%
112.7051 63.306305216 60.4282503 78.0%
122.2086 67.6509742224 61.9425056 80.6%
125.8231 67.6751785066 63.764344 85.9%
126.4712 65.5452015007 63.6697031 93.0%
120.0188 64.2381701561 59.4463504 86.8%
120.4533 59.6756625923 57.7664734 101.8%
115.9607 61.006898221 57.1631373 90.1%
109.658 59.4578240349 54.4422099 84.4%
113.2942 62.9190366695 58.1923577 80.1%
116.4059 63.766186615 55.9801254 82.6%
123.1183 71.1605954254 59.8485745 73.0%
125.6627 73.39949171 64.261209 71.2%
132.9646 76.9212150551 69.0287472 72.9%
50,873
 Interglobe Aviaton
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 rato
Unlevered beta For Sector 0.63 Estmated Bond Ratng
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 Operatng Profit Afer Tax (NOPAT) 5795 1406
Depreciaton & Amortsaton 629 665
Working Capital Change 2600 8535
Operatng 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-Operatng 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%
t interest expenses 3,308.00 Bottom Up Beta 0.72
coverage rato 7.48 Rm 14.82%
ed Bond Ratng 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

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 Operatng 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 2020 2021 2022

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 Operat 38709 43324 53291 63640 76597
Operatng 48093 58266 65563 83686 99672
FCFF 38825 49069 56335 74421 90365
PV of FCFF 34758 39327 40421 47804 51965