InterGlobe Aviation
BSE SENSEX
23,962
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
7,277
INDIGO IN
360.4
431.5 / 6.3
1,396/848
18/-/-
-
13.9
22 January 2016
3QFY16 Results Update | Sector: Aviation
CMP: INR1199
TP: INR1474(+23%)
Buy
InterGlobe Aviation reported in-line 3QFY16 EBITDAR at INR 16.7b despite higher net
sales at INR43b (est INR41.9b) due to significantly higher employee expenses at INR4.7b
(est INR3.8b). PAT was below estimate at INR6.6b (est. INR7.2b) led by higher rentals at
INR6.7b (est INR6.2b). IndiGo’s 9MFY16 results were significantly lower than our
estimates primarily due to a seasonally weaker second quarter and higher employee
costs. We cut our earnings for FY16 by 25% to factor in actual 9MFY16 results and for
FY17/FY18 by ~18% to factor in A320neo delays, higher employee costs and rentals.
Financials & Valuation (INR b)
Y/E Mar
2015 2016E 2017E
Net Sales
139.3 162.4 196.9
EBITDAR
38.2
56.3
72.7
PAT
13.0
19.5
25.7
EPS (INR)
36.0
54.1
71.4
Gr. (%)
173.1
50.3
32.1
BV/Sh (INR)
11.8
59.2
87.9
RoE (%)
305.6 152.3
97.1
RoCE (%)
45.5
51.9
58.2
P/E (x)
33.2
22.1
16.7
P/BV (x)
100.9
20.2
13.6
3QFY16 EBITDAR largely in-line:
3QFY16 revenue at INR43b (+11% YoY) was
driven by 25% RPK growth negated by 11% decline in yields. 3QFY16 While
EBITDAR stood at INR16.7b, EBITDAR margin stood at 38.8% (vs 33.1% in
3QFY15) led by fuels cost at 27% (vs 38% in 3QFY15), partly compensated by
higher non-fuel cost at 34% (vs 29% in 3QFY15) on account of higher employee
costs. Employee expenses were higher led by (a)excess pilots/cabin crew which
were recruited in anticipation of A320neo and (b) due to costs related to
allocation of ESOP. While we believe higher rentals were due to higher share of
aircraft on short-term leases.
9MFY16 significantly below estimates:
Indigo’s reported 9MFY16 EBITDAR
stood at INR41.1b (est INR45.6b) and PAT at INR14.1b (est INR18.4b) impacted
by higher employee costs and lower yields (at INR4.3 vs INR4.7 in 1Q/3QFY16).
Aircraft delivery schedule:
Indigo has compensated A320neo delays by short-
term leases, but nevertheless will impact its fleet guidance given during IPO. As
Airbus has delivered its first A320neo airfcraft to Lufthansa on Jan 20, 2016 and
Indigo being one of the launch customer, we do not expect significant delay
and only marginally lower our fleet assumptions.
Cutting estimates:
We cut our earnings for FY16 by 25% to factor in actual
9MFY16 results and for FY17/FY18 by ~18% to factor in A320neo delays and
higher employee costs. We believe that any positive news on aircraft deliveries
will be a positive trigger for the stock. We roll forward our fair value to FY18
basis and arrive at a TP of INR1,474 (P/E @17x). The stock trades at 13.8x our
FY18 EPS of INR86.7 and at 8x adj. FY18 EV/EBITDAR.
Maintain Buy.
Harshad Borawake
(HarshadBorawake@MotilalOswal.com); +91 22 3982 5432
Rajat Agarwal
(Rajat.Agarwal@MotilalOswal.com); +91 22 3982 5558
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on
www.motilaloswal.com/Institutional-Equities,
Bloomberg, Thomson Reuters, Factset and S&P Capital.

InterGlobe Aviation
Key takeaways from results concall
3 aircraft added this quarter:
IndiGo’s total fleet size increased to 100 aircraft during the quarter. The
management did not give any schedule on the new A320Neo delivery schedule
following recently announced delays.
Indigo has 22 aircraft on short term leases, including aircraft taken from Tiger
Airways. While 17 of the aircraft have already been received, 3 aircraft are
expected to be inducted in 4QFY16.
Shift to component accounting:
The company has shifted to component accounting this fiscal, where in
maintenance costs are taken for aircraft on financing lease and capitalized in the
balance sheet. These additions are then amortized over the expected remaining
life of the lease. The management stated that this had led to a increase in
depreciation rates.
Increase in employee costs:
Employee costs increased by ~50% in 3QFY16 driven particularly by the
recruitment of pilots and cabin crew in anticipation of deliveries of A320Neos.
The management also attributed the increased in costs to allotment of ESOPs to
employees that amounted to ~INR237m in 3QFY16 and ~INR407m in 9MFY16.
Pass-through of decline in fuel expenses:
Average fare declined to INR4,517 in 3QFY16, down ~15% from INR5,262 in
3QFY15. The management cited that average fares had declined due to the
pass-through of decline in fuel costs to stimulate demand.
22 January 2016
2

InterGlobe Aviation
Exhibit 1: EBITDAR at INR16.7b (+30.6% YoY, +90.9% QoQ), PAT at INR6.6b (+23.7% YoY, +483.3% QoQ)
Key operating metrics
ASK (billions)
RPK (billions)
Load factor (%)
Block hours
Income statement (INRb)
Total Revenue
Blended (INR/RPK)
FY15
3Q
9.0
7.3
81.1
0.0
FY16
4Q
9.5
7.9
82.8
0.0
1Q
10.2
8.9
87.9
11.9
2Q
10.6
8.3
78.4
12.1
3Q
10.8
9.1
84.6
12.1
YoY (%)
20.0
25.0
4.2
QoQ (%)
1.9
9.8
7.8
38.6
5.3
38.2
4.8
42.1
4.7
Fuel Cost
Employee Expenses
Other Expenses
Total Expenditure
EBITDAR
Lease Rentals
EBITDA
Interest
Depreciation
Other Income
PBT
Tax
PAT
14.5
3.1
7.9
25.8
12.8
4.9
7.8
0.3
0.8
0.8
7.5
2.2
5.3
12.0
3.4
9.3
24.8
13.5
5.5
8.0
0.2
0.8
1.3
8.2
3.0
5.2
13.5
3.8
8.8
26.4
15.7
6.0
9.7
0.3
1.2
1.1
9.3
2.8
6.4
35.4
4.3
42.7
4.0
12.4
4.5
9.5
26.7
8.7
6.3
2.4
0.4
1.3
0.9
1.6
0.5
1.1
43.0
4.7
11.4
(10.9)
21.4
10.6
11.7
4.7
9.7
26.3
16.7
6.8
9.9
0.3
1.3
1.1
9.3
2.8
6.6
(19.8)
48.9
21.8
1.9
30.6
37.7
26.2
10.0
61.9
34.8
24.0
24.7
23.7
(6.1)
4.4
1.7
(1.3)
90.9
7.2
311.1
(17.4)
1.9
23.2
483.3
483.3
483.3
Source: Company, MOSL
Exhibit 2: EBITDAR per ASK at INR1.55 (+8.9% YoY, +87.4% QoQ), rentals per ASK at INR0.63 (+14.8% YoY, +5.3% QoQ)
Income statement (INR/ASK)
Revenues
Fuel Cost
Employee Expenses
Other Expenses
Total Expenditure
EBITDAR
Lease Rentals
EBITDA
Interest
Depreciation
Other Income
PBT
Tax
PAT
FY15
3Q
4.31
1.62
0.35
0.89
2.86
1.42
0.55
0.87
0.03
0.09
0.09
0.84
0.25
0.59
FY16
4Q
4.01
1.26
0.36
0.98
2.60
1.41
0.57
0.84
0.03
0.09
0.13
0.86
0.32
0.54
1Q
4.15
1.33
0.38
0.87
2.57
1.55
0.59
0.96
0.03
0.12
0.10
0.91
0.28
0.63
2Q
3.35
1.18
0.42
0.90
2.50
0.83
0.60
0.23
0.04
0.12
0.08
0.15
0.04
0.11
3Q
4.00
1.08
0.43
0.90
2.42
1.55
0.63
0.92
0.03
0.12
0.10
0.87
0.26
0.61
YoY (%)
(7.1)
(33.1)
24.1
1.5
(15.4)
8.9
14.8
5.2
(8.3)
34.9
12.3
3.3
3.9
3.1
QoQ (%)
19.2
(7.9)
2.5
(0.2)
(3.3)
87.4
5.3
303.6
(18.9)
0.0
20.9
472.6
472.6
472.7
Source: Company, MOSL
22 January 2016
3

InterGlobe Aviation
Exhibit 3: Total ASKs increased to 10.8b in 3QFY16
Total ASKs (billions)
8.6 9.0
7.7 8.3
7.1 7.5 7.7
6.5 6.6
5.8 6.2
9.5
10.8
10.210.6
Exhibit 4: ASKs increased at 20% YoY in 3QFY16
ASK Growth YoY (%)
44 44
52
35
5.1
28
24 21
23 23 23
20
18 17 16
15 17
Source: DGCA, Company, MOSL
Source: DGCA, Company, MOSL
Exhibit 5: Total RPKs (billions) increased to 9.1b in 3QFY16
Total RPKs (billions)
7.3
7.9
8.9
8.3
9.1
Exhibit 6: Total RPKs increased at 25% YoY in 3QFY16
RPK growth YoY (%)
4.2
4.9 4.5
5.4 5.5
6.1
5.5 5.8 5.8
6.6 6.4
47.7
44.1
37.7
30.2
29.0
23.5
22.2
8.3
5.1
37.0
34.4
29.9
25.1
25.0
16.2
9.3
Source: DGCA, Company, MOSL
Source: DGCA, Company, MOSL
Exhibit 7: Load factor increased to 83.2% in 3QFY16 (vs. 81.2% in 3QFY15)
Load factors (%)
85.4
81.8
72.9
85.2
80.5
73.6
76.0
74.5
74.2
81.2
87.9
82.8
78.4
83.2
83.1 83.1
Source: DGCA, Company, MOSL
22 January 2016
4

InterGlobe Aviation
Exhibit 8: Average passenger yields (INR/RPK) have 4.1 in
3QFY16
4.08
3.19
3.36
4.29
4.36
4.16
3.68
4.14
1.22
Exhibit 9: Fuel costs (INR/ASK) declined QoQ to INR1.1 in
3QFY16 due to lower ATF prices.
1.60
1.73
1.84
1.63
1.33
1.18
1.08
Source: Company, MOSL
Source: DGCA, Company, MOSL
Exhibit 10: EBITDAR increased to INR1.55/ASK in 3QFY16
driven by higher QoQ yields
1.55
1.08
0.73
0.83
1.55
Exhibit 11: Lease rentals (INR/ASK) increased marginally in
3QFY16
0.54
0.44
0.33
0.56
0.55
0.59
0.60
0.63
0.90
0.47
0.90
Source: Company, MOSL
Source: Company, MOSL
Exhibit 12: EBITDA (INR/ASK) increased to INR 0.9in 3QFY16
1.0
0.9
Exhibit 13: EBITDAR margins (%) have expanded to 38.8% in
3QFY16
37.4
29.3
24.4
15.3
27.4
19.6
24.7
38.8
0.6
0.4
0.2
0.0
0.5
0.2
Source: Company, MOSL
Source: Company, MOSL
22 January 2016
5

InterGlobe Aviation
Exhibit 14: EBITDA margins (%) increased QoQ in 3QFY16 to
23%
23.1
9.7
0.9
4.6
13.4
6.8
23.0
Exhibit 15: PAT margins (%) increased QoQ in 3QFY16 to
15.3%
18.6
15.1
8.5
2.5
4.3
9.3
15.2
15.3
3.2
Source: Company, MOSL
Source: Company, MOSL
Exhibit 16: FY18E EPS Sensitivity—Scenario 1: 50% pass-through of fuel price change
50% passthrough
105
76
100
71
Base Case
15% RPK growth
96
66
91
62
87
57
82
52
78
47
73
42
68
37
70
Source: MOSL
30
35
40
45
50
55
Brent Crude Price (USD/bbl)
60
65
*Our base case is at Brent of USD50/bbl in FY18E
Exhibit 17: FY18E EPS Sensitivity—Scenario 2: 75% pass-through of fuel price change
75% passthrough
96
68
94
65
92
62
Base Case
15% RPK growth
89
60
87
57
84
54
82
51
79
48
77
45
30
35
40
45
50
55
60
65
70
Source: MOSL
Brent Crude Price (USD/bbl)
22 January 2016
6

InterGlobe Aviation
Valuation and View
IndiGo warrants a premium:
We believe that IndiGo warrants a premium
valuation compared with international LCC peers due to (a) it being positioned
at the forefront of Indian aviation market growth story and (b) consistently
comparable and higher EBITDAR margins even when present in a country that
has comparatively high ATF prices (fuel expenses are the biggest cost
component for an airline).
Further, it should command a premium over Indian peers due to (a) it being the
only airline to post profits consistently in the last seven years and (b) rapid fleet
expansion in the next 3-4 years.
Upside to payout assumptions:
Our dividend payout assumption of 60% has an
upside risk as the last three years average payout was 91%. Nevertheless, we
note that even on our reduced payout ratio assumption, the dividend yield is
attractive at >4%.
We cut our earnings for FY16 by 25% to factor in actual 9MFY16 results and for
FY17/FY18 by ~18% to factor in A320neo delays and higher employee costs. We
believe that any positive news on aircraft deliveries will be a positive trigger for
the stock.
We roll forward our fair value to FY18 basis and arrive at a TP of INR1,474 (P/E
@17x). The stock trades at 13.8x our FY18 EPS of INR86.7 and at 8x adj. FY18
EV/EBITDAR. Maintain Buy.
Exhibit 18: Indigo – Key assumptions
Y/E March
Fleet and capacity
Fleet size (No)
ASK (millions)
Load Factor
RPK (millions)
Revenue Calculation
Ticket Revenue (INRm)
Yield (INR/RPK)
Ancillary revenues
Total Revenue (INR mn)
YoY (%)
Fuel Cost
Exchange rate (INR/USD)
Brent Price (USD/bbl)
ATF Prices (INR/ltr)
YoY (%)
Avg. aircraft utiliz. (block hours / day)
Block hours (number)
Fuel (litres / block hour)
Fuel cost per block hour (INR)
Aircraft fuel expenses (INRm)
FY11
39
12,491
85%
10,634
2.6
33,910
3.19
4,424
38,334
FY12
55
18,006
82%
14,826
2.1
49,873
3.36
5,774
55,647
45%
FY13
66
24,977
81%
20,260
2.4
82,667
4.08
9,365
92,031
65%
54.4
110.5
70.8
11%
11.1
246,140
2,475
175,210
43,126
FY14
77
29,967
77%
23,136
2.3
99,240
4.29
11,926
111,166
21%
60.5
107.6
75.7
7%
11.4
297,653
2,445
185,227
55,134
FY15
94
35,327
79.8%
28,177
2.7
122,939
4.36
16,314
139,253
25%
61.2
85.5
68.4
-10%
11.4
354,276
2,373
162,260
57,485
FY16E
105
42,876
83%
35,660
142,179
3.99
20,175
162,355
17%
65.4
47.3
48.0
-30%
12.0
437,176
2,370
111,662
48,816
FY17E
130
53,649
83%
44,298
174,324
3.94
22,575
196,900
21%
67.0
40.0
46.8
-2%
12.0
514,650
2,303
107,896
55,529
FY18E
153
64,859
84%
54,443
219,938
4.04
28,482
248,421
26%
69.0
50.0
54.4
16%
12.0
619,770
2,261
122,903
76,172
45.6
86.7
47.8
10.7
125,553
2,535
121,170
15,213
47.9
114.5
63.8
33%
10.4
179,252
2,513
160,310
28,736
Source: Company, MOSL
22 January 2016
7

InterGlobe Aviation
InterGlobe Aviation: Story in charts
Exhibit 19: India aviation underpenetrated despite the last
decade domestic passenger CAGR of 12%
Annual domestic seats per capita (2014)
4.79
2.59
0.08
0.65
0.48
0.35
1.12
48
36
24
12
0
(12)
FY99 FY01 FY03 FY05 FY07 FY09 FY11 FY13 FY15
Source: CAPA, Company, MOSL
Source: DGCA, MOSL
Exhibit 20: Domestic aviation: Demand follows supply; RPK
growth at 2.3x real GDP growth
Domestic ASK (YoY %)
Domestic RPK (YoY %)
Exhibit 21: India to be the 3rd largest aviation market by
FY25
218
129
70
51
82
120
Exhibit 22: Like globally, value migrating to LCCs even in
India
Low cost carriers
Full service carriers
60%
54%
50%
39%
37%
38%
FY15
FY20
FY25
FY15
FY20
FY25
41%
FY10
46%
FY11
50%
FY12
61%
63%
62%
Domestic passengers (m)
Share on basis of future fleet
International passengers
(m)
Source: Industry, Company, MOSL
FY13
FY14
FY15
Source: DGCA, CAPA, Company MOSL
Exhibit 23: IndiGo, the market leader to benefit most from
this trend
IndiGo
GoAir
Air India
AirAsia
2 2
7
18
19
16
36
Jet Airways
Vistara
32
9
19
17
14
37
SpiceJet
42
11
20
15
13
36
2-
8
17
20
17
35
Exhibit 24: Indigo has >50% market share
destinations
IndiGo
-
9
17
18
16
40
Top 10 Metro to
Metro routes
Jet Airways
Air India
1
19
17
13
10
39
SpiceJet
in non-metro
Go Air
-
14
20
11
3
53
Others
Top 10 Metro to Non- Top 10 Non-metro to
metro routes
Non-metro routes
Source: DGCA, CAPA, Company, MOSL
2015
2016
Share on basis of future fleet
2017
2018
Source: Industry, Company, MOSL
22 January 2016
8

InterGlobe Aviation
Exhibit 25: Continued profitability indicates focus on cost
controls
FY09
IndiGo
SpiceJet
Jet
Airways
GoAir
Air India
Kingfisher
Yes
No
No
No
No
No
FY10
Yes
Yes
No
No
No
No
FY11
Yes
Yes
No
Yes
No
No
FY12
Yes
No
No
No
No
No
FY13
Yes
No
No
Yes
No
FY14
Yes
No
No
Yes
No
FY15
Yes
No
No
Yes
No
Exhibit 26: Lowest-cost proposition makes it the most
profitable Indian airline
Maintenance
Fuel
Rentals
Operations
Total Cost
9.82
3.39
2.62
3.47
0.34
Air India
9.05
2.86
2.01
3.23
0.95
Jet Airways
6.68
1.64
1.2
2.94
0.9
SpiceJet
6.37
1.42
1.23
3.37
0.35
Go Air
5.95
1.73
0.97
3.07
0.18
IndiGo
Ceased Operations
Source: SAP, Company, MOSL
Source: SAP, Company, MOSL
Exhibit 27: Strong fleet orderbook to ensure higher market
share
430
Exhibit 28: 15% more fuel efficient A320neo aircraft to form
33% of FY18 fleet, giving significant competitive advantage
A320neo
A320
% Improvement in fuel consumption
192
140
72
*
50
29
94
0
94 0%
FY15
111
9
102
1%
FY16
134
32
4%
102
FY17
154
52
5%
IndiGo
SpiceJet
Jet
Airways
Go Air
Air Costa Air India
102
FY18
Source: Company, MOSL
*Based on media reports
Source: Industry, CAPA, DGCA, Company
Exhibit 29: Expect EPS to increase to INR86.7 in FY18
86.7
71.4
54.1
36.0
*
FY15
FY16E
FY17E
FY18E
Source: MOSL
22 January 2016
9

InterGlobe Aviation
Financials and Valuation
Income Statement
Y/E Mar
Net Sales
Change (%)
EBITDAR
EBITDAR Margin (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Reported PAT
Adjusted PAT
Change (%)
2011
38,334
0.0
11,217
29.3
7,119
18.6
629
6,490
450
1,107
0
7,148
1,353
18.9
5,795
5,795
0.0
2011
344
684
1,027
9,314
-8
10,333
10,057
1,745
8,311
0
8,022
12,852
447
167
7,757
4,482
18,853
12,911
5,942
-6,001
10,333
2012
55,647
45.2
8,496
15.3
489
0.9
665
-176
514
1,440
0
749
-657
-87.7
1,406
1,406
-75.7
2012
344
2,090
2,433
10,156
-665
11,924
10,737
1,877
8,860
0
5,234
21,711
374
389
13,088
7,860
23,882
23,537
345
-2,170
11,924
2013
92,031
65.4
22,498
24.4
8,936
9.7
856
8,080
578
2,371
0
9,873
2,040
20.7
7,834
7,834
457.2
2013
344
3,547
3,890
18,004
537
22,432
20,362
2,718
17,645
69
11,383
29,428
523
685
13,406
14,814
36,093
35,554
539
-6,665
22,432
2014
111,166
20.8
21,769
19.6
5,066
4.6
2,260
2,806
1,226
3,155
0
4,736
-9
-0.2
4,744
4,744
-39.4
2014
344
3,874
4,217
33,462
529
38,208
44,505
4,945
39,560
0
12,715
38,759
673
891
11,015
26,180
52,826
47,813
5,013
-14,067
38,208
2015
139,253
25.3
38,219
27.4
18,697
13.4
3,022
15,675
1,155
3,838
0
18,357
5,402
29.4
12,956
12,956
173.1
2015
344
3,918
4,262
39,262
4,091
47,615
56,727
7,967
48,760
5
5,168
53,805
1,306
1,046
19,994
31,460
60,123
58,071
2,051
-6,318
47,615
2016E
162,355
16.6
56,324
34.7
29,998
18.5
5,101
24,897
1,413
4,266
0
27,750
8,272
29.8
19,478
19,478
50.3
2016E
3,604
17,719
21,322
39,262
4,091
64,675
67,531
13,068
54,463
1,201
5,168
66,624
1,370
1,219
27,356
36,679
62,781
59,447
3,334
3,843
64,675
2017E
196,900
21.3
72,716
36.9
38,787
19.7
5,946
32,841
1,233
4,879
0
36,486
10,763
29.5
25,723
25,723
32.1
2017E
3,604
28,062
31,665
29,262
4,091
65,018
79,292
19,014
60,278
1,440
5,168
78,876
1,605
1,478
31,309
44,483
80,743
73,053
7,690
-1,867
65,018
(INR Million)
2018E
248,421
26.2
89,060
35.9
46,811
18.8
6,907
39,904
1,053
5,472
0
44,322
13,075
29.5
31,247
31,247
21.5
Balance Sheet
Y/E Mar
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
(INR Million)
2018E
3,604
40,626
44,229
29,262
4,091
77,582
91,244
25,921
65,323
1,488
5,168
105,251
2,059
1,865
45,204
56,123
99,648
90,306
9,341
5,604
77,582
22 January 2016
10

InterGlobe Aviation
Financials and valuation
Ratios
Y/E Mar
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Cash P/E
Price / Book Value
Adj. EV/EBITDAR
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Creditors (No. of Days)
Net Debt/Equity (x)
2011
16.1
186.9
29.9
142.7
98.4
0.0
0.0
0.0
0.0
0.0
12.0
1128.0
146.9
3.7
4.0
4.3
10.2
1.5
2011
7,119
768
2,600
-1,322
-445
8,720
1,657
10,377
-1,448
1,009
1,218
-2,012
-262
-143
-302
-2,721
7,217
540
7,757
2012
3.9
5.7
6.8
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
81.3
11.0
4.4
4.9
2.5
10.4
-1.2
2012
489
1,272
8,740
-371
-1,169
8,961
-331
8,630
0
3,078
2,747
0
-219
-144
-6,013
-6,376
5,332
7,757
13,089
2013
21.7
24.1
10.8
15.2
81.4
0.0
0.0
0.0
0.0
0.0
1.3
247.7
59.7
4.1
5.8
2.1
10.5
1.2
2013
8,936
2,395
9,819
-1,852
-1,892
17,407
-9,153
8,254
0
-8,298
-17,451
0
7,270
-169
-6,740
361
317
13,089
13,406
2014
13.2
19.4
11.7
10.5
93.1
90.6
61.4
102.0
26.2
89.3
0.9
117.0
19.7
2.9
5.9
2.2
12.6
5.3
2014
5,066
2,991
11,309
-1,076
-2,341
15,950
-23,237
-7,287
0
-7,952
-31,189
0
13,637
-186
-603
12,848
-2,390
13,406
11,015
2015
36.0
44.3
11.8
30.0
99.7
33.2
26.9
100.9
15.3
24.0
2.5
305.6
45.5
2.9
6.6
3.4
12.5
4.5
2015
18,697
1,016
7,765
-3,951
312
23,839
-10,170
13,669
8,583
-193
-1,779
0
3,817
-100
-16,798
-13,081
8,979
11,015
19,994
2016E
54.1
68.2
59.2
35.1
77.7
22.1
17.5
20.2
11.1
14.7
2.9
152.3
51.9
2.5
9.1
3.1
11.2
0.6
2016E
29,998
0
2,000
-8,272
0
23,726
-16,799
6,927
0
4,266
-12,533
12,722
0
-1,413
-15,140
-3,831
7,362
19,994
27,356
2017E
71.4
87.9
87.9
35.7
59.8
16.7
13.6
13.6
9.2
11.0
3.0
97.1
58.2
3.0
9.7
3.0
10.8
-0.1
2017E
38,787
0
5,793
-10,763
0
33,817
-8,129
25,688
0
4,879
-3,250
0
-10,000
-1,233
-15,380
-26,613
3,953
27,356
31,309
2018E
86.7
105.9
122.7
43.4
59.8
13.8
11.3
9.7
8.0
8.8
3.6
82.3
63.6
3.2
8.9
3.0
11.0
-0.4
Cash Flow Statement
Y/E Mar
Adjusted EBITDA
Non cash opr. exp (inc)
(Inc)/Dec in Wkg. Cap.
Tax Paid
Other operating activities
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free cash flows
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax) & Others
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
(INR Million)
2018E
46,811
0
4,071
-13,075
0
37,807
-9,647
28,159
0
5,472
-4,176
0
0
-1,053
-18,683
-19,736
13,895
31,309
45,204
22 January 2016
11

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INTERGLOBE AVIATION
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