|
|
|
MIRA INFORM REPORT
|
Report No. : |
499204 |
|
Report Date : |
22.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
INTERGLOBE AVIATION LIMITED (w.e.f.11.08.2006) |
|
|
|
|
Formerly Known
As : |
INTERGLOBE AVIATION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Central Wing, Ground Floor, Thapar House, 124, Janpath, New Delhi –
110001 |
|
Tel. No.: |
91-11-65000428 |
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|
|
|
Country : |
|
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|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
13.01.2004 |
|
|
|
|
Com. Reg. No.: |
55-129768 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 3614.680 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L62100DL2004PLC129768 |
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|
|
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IEC No.: |
0505034841 |
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|
|
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GSTIN/UIN : |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI2726B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
The
company is engaged in the business of providing domestic and international
scheduled air transport services under the name of “IndiGo”. [Registered Activity] |
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|
|
|
No. of Employees
: |
14,604 (Approximately) |
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 108000000 |
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|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Slow |
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Litigation : |
Exist |
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Comments : |
Subject is a subsidiary of “InterGlobe Enterprises Limited” and was incorporated on13th January 2004. The company is engaged in providing airline services. The company offers both domestic and international air travel services under the brand name “Indigo”. The airline offer’s more than 647 daily flights connecting to 39 destinations including 5 international destinations with its primary hub at Indira International Airport, Delhi. It presently operates a fleet of 98 aircraft belonging to the airbus A320 family. In 2014, Indigo carries 21.4 Million passengers in the domestic sector alone. For the financial year ended 2017, the company has achieved 15.12% growth in its revenue as compared to previous year revenue and has maintained healthy profitability margin of 8.93% during the year under review. The ratings continue to reflect company’s healthy financial profile marked by a comfortable capital structure and steady accruals, and adequate business profile underpinned by its business expertise. The company has favourable Earning Per Share (EPS) of INR 45.85 against a face value (FV) of INR 10. Rating also takes into consideration cost leadership over airfare cost which led to attract more customers and increase revenue over long term. The company has its share price trading at around INR. 1265 Against the Face Value (FV) of INR 10 on BSE as on 21st March, 2018. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 61,778.82 million and has reported profit margin of 12.33%. However, rating strength is partially offset by exposure to customer concentration risks along with susceptibility to intense competition in the sector and business profile likely to affect due to changes in the government regulations in airlines industry. Business is active. Payment seems to be slow. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and condition. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 22.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Amit |
|
Designation : |
Not Divulged |
|
Contact No.: |
91-124-4352500 |
|
Date : |
21.03.2018 |
Management Non-Cooperative (91-11-6500428)
LOCATIONS
|
Registered Office : |
Central Wing, Ground Floor, Thapar House, 124, Janpath, New Delhi –
110001, India |
|
Tel. No.: |
91-11-65000428 |
|
Fax No.: |
91-11-43513200 |
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E-Mail : |
|
|
Website : |
|
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|
|
|
Corporate Office : |
Level 1, Tower C, Global Business Park, M G Road, Gurugram – 122002,
Haryana, India |
|
Tel. No.: |
91-124-4352500 |
|
Fax No.: |
91-124-4068536 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Rahul Bhatia |
|
Designation : |
Director |
|
Address : |
18, Oak Drive, Mandi Road, Sultanpur, Mehrauli, Delhi – 110030, India |
|
Date of Birth/Age : |
10.06.1960 |
|
Date of Appointment : |
23.06.2015 |
|
DIN No.: |
00090860 |
|
|
|
|
Name : |
Mr. Aditya Ghosh |
|
Designation : |
Whole-Time Director |
|
Address : |
Mg-0425, The Magnolias DLF, Golf Links DLF City, Phase V, Gurugram – 122002, Haryana, India |
|
Date of Birth/Age : |
27.07.1975 |
|
Date of Appointment : |
01.04.2014 |
|
DIN No.: |
01243445 |
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|
|
|
Name : |
Mrs. Rohini Bhatia |
|
Designation : |
Director |
|
Address : |
18, Oak Drive, Mandi Road, Sultanpur, Mehrauli, New Delhi – 110030, India |
|
Date of Appointment : |
27.03.2015 |
|
DIN No.: |
01583219 |
|
|
|
|
Name : |
Mr. Devadas Mallya Mangalore |
|
Designation : |
Director |
|
Address : |
11/A Woodland Apartment, 67 A, Pedder Road, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
27.03.2015 |
|
DIN No.: |
01804955 |
|
|
|
|
Name : |
Dr. Anupam Khanna |
|
Designation : |
Director |
|
Address : |
4/15, Second Floor, Shanti Niketan, New Delhi - 110021, India |
|
Date of Appointment : |
27.03.2015 |
|
DIN No.: |
03421015 |
|
|
|
|
Name : |
Mr. Rakesh Gangwal |
|
Designation : |
Director |
|
Address : |
1155 Crest Lane, Mclean, 22101, United States of America |
|
Date of Appointment : |
25.06.2015 |
|
DIN No.: |
03426679 |
KEY EXECUTIVES
|
Name : |
Mr. Rohit Philip |
|
Designation : |
Company Finance Officer |
|
Address : |
11- A, Cuffe Parade Colaba, Mumbai – 400005, Maharashtra, India |
|
Date of Appointment : |
18.07.2016 |
|
PAN No.: |
AACPP8579P |
|
|
|
|
Name : |
Mr. Sanjay Kumar Gupta |
|
Designation : |
Company Secretary |
|
Address : |
14 C, MIG Flats, Rampura, Delhi – 110035, India |
|
Date of Appointment : |
18.08.2016 |
|
PAN No.: |
AANPG6799B |
|
|
|
|
Name : |
Mr. Sanjay Kumar |
|
Designation : |
Chief Commercial Officer |
|
|
|
|
Name : |
Mr. Riyaz Haider Peer Mohamed |
|
Designation : |
Chief Aircraft Acquisition and Financing Officer |
|
|
|
|
Name : |
Mr. Sanjeev Ramdas |
|
Designation : |
Executive Vice President Customer Service and Operations Control |
|
|
|
|
Name : |
Captain. Dhruv Rebbapragada |
|
Designation : |
Chief of Flight Safety |
MAJOR SHAREHOLDERS
AS ON September 2017
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
288052623 |
74.95 |
|
(B) Public |
96260435 |
25.05 |
|
Grand Total |
384313058 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
A1) Indian |
|
0.00 |
|
Individuals/Hindu
undivided Family |
1350943 |
0.35 |
|
ROHINI BHATIA |
10000 |
0.00 |
|
KAPIL BHATIA |
50000 |
0.01 |
|
RAHUL BHATIA |
40000 |
0.01 |
|
ASHA MUKHERJEE |
1250688 |
0.33 |
|
ALOK MEHTA |
255 |
0.00 |
|
Any Other
(specify) |
145706774 |
37.91 |
|
ACQUIRE SERVICES
PRIVATE LIMITED |
145706774 |
37.91 |
|
Sub Total A1 |
147057717 |
38.27 |
|
A2) Foreign |
|
0.00 |
|
Individuals
(NonResident Individuals/ Foreign Individuals) |
88731593 |
23.09 |
|
SHOBHA GANGWAL |
32310461 |
8.41 |
|
RAKESH GANGWAL |
56421132 |
14.68 |
|
Any Other
(specify) |
52263313 |
13.60 |
|
THE CHINKERPOO
FAMILY TRUST (TRUSTEE: SHOBHA GANGWAL & J. P. MORGAN TRUST COMPANY OF
DELAWARE) |
52263313 |
13.60 |
|
Sub Total A2 |
140994906 |
36.69 |
|
A=A1+A2 |
288052623 |
74.95 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
0 |
0.00 |
|
Mutual Funds/ |
30711976 |
7.99 |
|
ICICI through its
various accounts |
9280826 |
2.41 |
|
SBI through its
various accounts |
10905950 |
2.84 |
|
Motilal Oswal its
various accounts |
4725939 |
1.23 |
|
Foreign Portfolio
Investors |
43269381 |
11.26 |
|
Financial
Institutions/ Banks |
568452 |
0.15 |
|
Sub Total B1 |
74549809 |
19.40 |
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
B3)
Non-Institutions |
0 |
0.00 |
|
Individual share
capital upto INR 0.200 million |
4776905 |
1.24 |
|
Individual share
capital in excess of INR 0.200 million |
4737274 |
1.23 |
|
NBFCs registered
with RBI |
367229 |
0.10 |
|
Any Other
(specify) |
11829218 |
3.08 |
|
Trusts |
14336 |
0.00 |
|
NRI |
5467640 |
1.42 |
|
RIYAZ HAIDER PEER
MOHAMED |
5098000 |
1.33 |
|
Clearing Members |
180096 |
0.05 |
|
Bodies Corporate |
6166365 |
1.60 |
|
Foreign
Individuals |
781 |
0.00 |
|
Sub Total B3 |
21710626 |
5.65 |
|
B=B1+B2+B3 |
96260435 |
25.05 |
BUSINESS DETAILS
|
Line of Business : |
The
company is engaged in the business of providing domestic and international scheduled
air transport services under the name of “IndiGo”. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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||||
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Imports : |
Not Divulged |
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||||
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Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
14,604 (Approximately) |
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|
Bankers : |
·
Bank of Baroda · Yes Bank · HDFC Bank · Oriental Bank of Commerce · Union Bank of India · Bank of Maharashtra · Canara Bank · Citi Bank NA · Corporation Bank · Standard Chartered Bank · BNP Paribas · JPMorgan Chase Bank · Axis Bank · IDFC Bank · Kotak Mahindra Bank · ICICI Bank · Bank of America · Industrial and Commercial Bank of China Limited · State Bank of India · Indian Overseas Bank · HSBC Bank ·
J & K Bank |
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|
Facilities : |
|
|
Statutory Auditors : |
|
|
Name : |
B S R and Company LLP Chartered Accountant |
|
Address : |
Building No.10, 8th Floor, Tower – B, DLF Cyber City, Phase
– II, Gurugram – 122002, Haryana, India |
|
Tel. No.: |
91-124-2358610 |
|
Fax No.: |
91-124-2358613 |
|
PAN No. : |
AAAFB9852F |
|
|
|
|
Internal Auditor : |
Price Waterhouse and Company LLP Chartered Accountant |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Parent and Ultimate
Controlling Party : |
· InterGlobe Enterprises Limited (Parent till 9 November 2015) |
|
|
|
|
Subsidiaries : |
· Agile Airport Services Private Limited (Incorporated on 14 February 2017) |
|
|
|
|
Parent and Ultimate
Controlling Party : |
· InterGlobe Enterprises Limited (Parent till 9 November 2015) |
|
|
|
|
Entity/ person with
direct or indirect significant influence over the Company : |
· InterGlobe Enterprises Limited (with effect from 10 November 2015) |
|
|
|
|
Subsidiaries : |
· Agile Airport Services Private Limited (Incorporated on 14 February 2017) |
|
|
|
|
Other related
parties : |
· InterGlobe Air Transport Limited (Fellow subsidiary till 9 November 2015) · InterGlobe Foundation (Fellow subsidiary till 9 November 2015) · InterGlobe Technologies Private Limited · Acquire Services Private Limited (Related party till 9 November 2015) · InterGlobe Hotels Private Limited · CAE Simulation Training Private Limited · The Chinkerpoo Family Trust (Trustee: Shobha Gangwal & J.P.Morgan Trust Company of Delaware) · Caddie Hotels Private Limited · IGE (Mauritius) Private Limited (Fellow subsidiary till 9 November 2015) · Pegasus Buildtech Private Limited · Pegasus Utility Maintenance & Services Private Limited · Techpark Hotels Private Limited |
CAPITAL STRUCTURE
AFTER 31.03.2017
Authorised Capital : INR
7500.000 Million
Issued, Subscribed & Paid-up Capital : INR 3843.131 Million
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000000 |
Equity Shares |
INR 10/- each |
INR 7500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
361468363 |
Equity Shares |
INR 10/- each |
INR 3614.680 Million |
|
|
|
|
|
Reconciliation of
number of equity shares outstanding at the beginning and end of the year:
|
Equity Shares |
Number
of Shares |
|
Equity shares
issued, subscribed and paid up |
|
|
Equity shares at the beginning of the year |
360356544 |
|
Issued during the year pursuant to exercise of employee stock options scheme |
1111819 |
|
Equity shares at the end of the year |
361468363 |
Terms / rights
attached to each classes of shares
Equity shares
The Company has only one class of equity share. The par value of the share issued initially till 24 June 2015 was INR 1000 per share. With the approval of the members at the Extraordinary General Meeting (‘EGM’) of the Company held on 25 June 2015 the par value of the share was changed to INR 10 per share. Each holder of the equity share is entitled to one vote per share and is entitled to dividend, declared if any. The paid up equity shares of the Company rank pari-pasu in all respects, including dividend. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The interim dividend is declared by the Board of Directors. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution will be in proportion to the number of equity shares held by the shareholders.
Convertible preference shares
The fully paid up convertible preference shares of INR 1000 each were issued at a premium ranging from INR 5650 to INR 6642 per share with 0.00% coupon rate and are convertible into equity shares of the Company in the ratio of 1:1 not earlier than (a) the initial public offer of the Company; or (b) a strategic sale of the Company. In the event of liquidation of the Company before conversion of preference shares, the preference shareholders had priority over the equity shares in the repayment of the capital. The holder of preference shares were entitled to one vote per share at any meeting of the Company on any resolutions of the Company directly affecting their rights.
During the previous year ended 31 March 2016, 36,716 fully paid up 0.00% convertible preference shares were converted into equity shares of the Company in the prescribed ratio of 1:1, vide resolution passed by the Board at its meeting held on 23 June 2015.
Aggregate number of bonus shares issued
during the period of five years immediately preceding the reporting date:
|
Equity Shares |
Number
of Shares |
Amount
|
|
Equity shares allotted as fully paid bonus shares by capitalization of capital redemption reserve in the year ended 31 March 2016 |
155400000 |
1554.000 |
|
Equity shares allotted as fully paid bonus shares by capitalization of general reserve in the year ended 31 March 2016 |
153944400 |
1539.440 |
|
Total |
309344400 |
3093.440 |
During the year ended 31 March 2016, the Company had issued 309,344,400 fully paid bonus shares during the period of five years immediately preceding the reporting date. The above shares were issued for INR 10 each.
Aggregate number of equity shares issued
for consideration other than cash during the period of five years immediately
preceding the reporting date:
|
Name of
Shareholder |
As at 31 March
2017 Number of Shares |
As at 31 March
2016 Number of Shares |
As at 31 March
2015 Number of Shares |
|
Equity shares allotted pursuant to scheme of merger |
147,000 |
147,000 |
-- |
Above has issued 147,000 fully paid shares for consideration other than cash during the previous year ended 31 March 2016, during the period of five years immediately preceding the reporting date. The above shares were issued for INR 1000 each, which were subsequently sub divided into equity share of INR 10 each.
Shareholders holding
more than 5% shares in the Company:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
InterGlobe Enterprises Limited |
153649581 |
42.51% |
|
Rakesh Gangwal |
60860713 |
16.84% |
|
The
Chinkerpoo Family Trust (Trustee: Shobha Gangwal and J.P. Morgan Trust
Company of Delaware) |
56375730 |
15.60% |
|
Shobha Gangwal |
34852858 |
9.64% |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3614.680 |
3603.570 |
343.720 |
|
(b) Reserves & Surplus |
34177.490 |
23628.270 |
3863.230 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
37792.170 |
27231.840 |
4206.950 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
23957.080 |
30070.720 |
35884.020 |
|
(b) Deferred tax
liabilities (Net) |
1618.060 |
1467.790 |
4091.350 |
|
(c) Other long term
liabilities |
22760.340 |
17972.050 |
33486.950 |
|
(d) long-term provisions |
1223.940 |
862.280 |
522.910 |
|
(e) Deferred incentives |
16899.900 |
11778.160 |
0.000 |
|
Total Non-current
Liabilities (3) |
66459.320 |
62151.000 |
73985.230 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
7745.940 |
7412.280 |
4754.750 |
|
(c) Other current
liabilities |
34495.280 |
24770.330 |
23207.010 |
|
(d) Short-term provisions |
667.060 |
567.380 |
1528.510 |
|
(e) Deferred incentives |
4937.830 |
4054.070 |
0.000 |
|
Total Current Liabilities
(4) |
47846.110 |
36804.060 |
29490.270 |
|
|
|
|
|
|
TOTAL |
152097.600 |
126186.900 |
107682.450 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
37474.720 |
47274.340 |
48664.020 |
|
(ii) Intangible Assets |
463.690 |
199.740 |
96.370 |
|
(iii) Capital
work-in-progress |
233.030 |
237.340 |
4.530 |
|
(iv) Intangible assets
under development |
18.830 |
82.310 |
0.000 |
|
(b) Non-current
Investments |
0.280 |
0.250 |
0.460 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5440.260 |
4217.220 |
11181.340 |
|
(e) Other Non-current
assets |
14002.730 |
18100.610 |
16055.600 |
|
Total Non-Current Assets |
57633.540 |
70111.810 |
76002.320 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
37134.100 |
9861.310 |
5167.520 |
|
(b) Inventories |
1631.500 |
762.820 |
1305.540 |
|
(c) Trade receivables |
1587.020 |
1571.140 |
1045.500 |
|
(d) Cash and cash
equivalents |
46325.350 |
37186.700 |
19993.800 |
|
(e) Short-term loans and
advances |
39.760 |
90.460 |
1555.610 |
|
(f) Other current assets |
7746.330 |
6602.660 |
2612.160 |
|
Total Current Assets |
94464.060 |
56075.090 |
31680.130 |
|
|
|
|
|
|
TOTAL |
152097.600 |
126186.900 |
107682.450 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
185805.000 |
161399.090 |
139253.360 |
|
|
Other Income |
7890.700 |
5151.210 |
3945.830 |
|
|
TOTAL |
193695.700 |
166550.300 |
143199.190 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Purchases of
Stock-in-Trade |
1238.320 |
1147.820 |
817.100 |
|
|
Aircraft fuel expenses |
63415.130 |
47793.240 |
57484.860 |
|
|
Aircraft and engine
rentals |
31253.730 |
25067.630 |
19522.380 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(2.940) |
(11.320) |
(31.720) |
|
|
Employees benefits
expense |
20481.900 |
17879.840 |
11886.910 |
|
|
Other expenses |
47985.830 |
38342.180 |
30876.970 |
|
|
TOTAL |
164371.970 |
130219.390 |
120556.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
29323.730 |
36330.910 |
22642.690 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
3307.800 |
3041.160 |
1155.320 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
26015.930 |
33289.750 |
21487.370 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
4572.530 |
5054.680 |
3022.140 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
21443.400 |
28235.070 |
18465.230 |
|
|
|
|
|
|
|
Less |
TAX |
4851.520 |
8373.460 |
5423.510 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
16591.880 |
19861.610 |
13041.720 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Passenger services |
NA |
6818.380 |
5144.480 |
|
|
Cargo services |
NA |
48.980 |
83.920 |
|
|
Inflight sales |
NA |
136.150 |
95.170 |
|
|
Incentives (cash and
non-cash) |
NA |
4320.850 |
4142.570 |
|
|
Advertisement income |
NA |
3.140 |
0.000 |
|
|
Miscellaneous income |
NA |
157.170 |
19.930 |
|
|
TOTAL EARNINGS |
NA |
11484.670 |
9486.070 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components and Stores
parts |
NA |
1183.170 |
928.530 |
|
|
Capital Goods |
NA |
1082.300 |
396.210 |
|
|
TOTAL IMPORTS |
NA |
2265.470 |
1324.740 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
-
Basic |
45.94 |
58.06 |
42.48 |
|
|
-
Diluted |
45.85 |
56.39 |
37.94 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operating activities |
42061.660 |
36918.400 |
27790.080 |
|
Net cash generated from operating activities |
37820.700 |
31157.240 |
23838.840 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
57529.120 |
52909.800 |
61778.820 |
|
Total Expenditure |
46558.960 |
45528.310 |
51863.760 |
|
PBIDT (Excluding Other Income) |
10970.160 |
7381.490 |
9915.060 |
|
Other income |
2026.350 |
2145.820 |
2719.090 |
|
Operating Profit |
12996.510 |
9527.310 |
12634.150 |
|
Interest |
769.750 |
856.680 |
844.410 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
12226.760 |
8670.630 |
11789.740 |
|
Depreciation |
983.410 |
1025.260 |
1073.750 |
|
Profit Before Tax |
11243.350 |
7645.370 |
10715.990 |
|
Tax |
3131.890 |
2129.810 |
3095.690 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
8111.460 |
5515.560 |
7620.300 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
8111.460 |
5515.560 |
7620.300 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
3.12 |
3.55 |
2.74 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
117.08 |
102.73 |
133.19 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
2283.15 |
2357.06 |
2123.96 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
17.97 |
47.63 |
17.34 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.77 |
0.76 |
0.46 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.47 |
0.53 |
0.61 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.63 |
1.10 |
8.53 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.27 |
1.35 |
7.01 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.01 |
1.76 |
11.59 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
8.87 |
11.95 |
19.60 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
8.93 |
12.31 |
9.37 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
10.91 |
15.74 |
12.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
43.90 |
72.94 |
310.00 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.97 |
1.52 |
1.07 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.94 |
1.50 |
1.03 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.25 |
0.22 |
0.04 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
6.63 |
8.34 |
104.40 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.97 |
1.52 |
1.07 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 1265.00/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
343.720 |
3603.570 |
3614.680 |
|
Reserves & Surplus |
3863.230 |
23628.270 |
34177.490 |
|
Net
worth |
4206.950 |
27231.840 |
37792.170 |
|
|
|
|
|
|
Long-Term Borrowings |
35884.020 |
30070.720 |
23957.080 |
|
Short Term Borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
35884.020 |
30070.720 |
23957.080 |
|
Debt/Equity
ratio |
8.530 |
1.104 |
0.634 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
139253.360 |
161399.090 |
185805.000 |
|
|
|
15.903 |
15.121 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
139253.360 |
161399.090 |
185805.000 |
|
Profit/(Loss) |
13041.720 |
19861.610 |
16591.880 |
|
|
9.37% |
12.31% |
8.93% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2017 |
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
3614.680 |
|
(b) Reserves &
Surplus |
34177.080 |
|
(c) Money received
against share warrants |
0.000 |
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
37791.760 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
23957.080 |
|
(b) Deferred tax
liabilities (Net) |
1618.060 |
|
(c) Other long term
liabilities |
22760.340 |
|
(d) long-term provisions |
1223.940 |
|
(e) Deferred incentives |
16899.900 |
|
Total Non-current
Liabilities (3) |
66459.320 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
0.000 |
|
(b) Trade payables |
7746.100 |
|
(c) Other current
liabilities |
34495.290 |
|
(d) Short-term provisions |
667.060 |
|
(e) Deferred incentives |
4937.830 |
|
Total Current Liabilities
(4) |
47846.280 |
|
|
|
|
TOTAL |
152097.360 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
37474.720 |
|
(ii) Intangible Assets |
463.690 |
|
(iii) Capital work-in-progress |
233.030 |
|
(iv) Intangible assets
under development |
18.830 |
|
(b) Non-current
Investments |
0.180 |
|
(c) Deferred tax assets
(net) |
0.000 |
|
(d) Long-term Loan and Advances |
5440.260 |
|
(e) Other Non-current
assets |
14002.730 |
|
Total Non-Current Assets |
57633.440 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
37134.100 |
|
(b) Inventories |
1631.500 |
|
(c) Trade receivables |
1587.020 |
|
(d) Cash and cash
equivalents |
46325.450 |
|
(e) Short-term loans and advances |
39.760 |
|
(f) Other current assets |
7746.090 |
|
Total Current Assets |
94463.920 |
|
|
|
|
TOTAL |
152097.360 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2017 |
|
|
SALES |
|
|
|
Income |
185805.000 |
|
|
Other Income |
7890.700 |
|
|
TOTAL |
193695.700 |
|
|
|
|
|
Less |
EXPENSES |
|
|
|
Purchases of
Stock-in-Trade |
1238.320 |
|
|
Aircraft fuel expenses |
63415.130 |
|
|
Aircraft and engine
rentals |
31253.730 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(2.940) |
|
|
Employees benefits
expense |
20481.900 |
|
|
Other expenses |
47986.240 |
|
|
TOTAL |
164372.380 |
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
29323.320 |
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
3307.800 |
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
26015.520 |
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
4572.530 |
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
21442.990 |
|
|
|
|
|
Less |
TAX |
4851.520 |
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
16591.470 |
|
|
|
|
|
|
Other comprehensive income |
|
|
|
Items that will not be reclassified to profit or loss |
|
|
|
- Remeasurements of defined benefit plans |
(33.220) |
|
|
- Income tax relating to above mentioned item |
11.500 |
|
|
Other comprehensive income for the year, net of tax |
(21.720) |
|
|
Total comprehensive income for the year |
16569.750 |
|
|
|
|
|
|
Profit for the year attributable to |
|
|
|
- Owners of the Company |
16591.470 |
|
|
Other comprehensive income for the year attributable to |
|
|
|
- Owners of the Company |
(21.720) |
|
|
Total comprehensive income for the year attributable to |
|
|
|
- OWNERS OF THE COMPANY |
16569.750 |
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
-
Basic |
45.94 |
|
|
-
Diluted |
45.85 |
LEGAL CASES
|
$~15&17 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ITA 914/2017, CM APPL.39103/2017 ITA 916/2017, CM APPL.39104 - 39105/2017 THE PR COMMISSIONER OF INCOME TAX - 4 ..... Appellant Through: Mr. Ruchir Bhatia, Sr. Standing
Counsel with Mr. Gaurav Kheterpal, Advocates. versus INTERGLOBE AVIATION LIMITED ..... Respond ent Through: Mr. Mayank Nagi, Advocate. CORAM: HON'BLE MR. JUSTICE S. RAVINDRA BHAT HON'BLE MR. JUSTICE SANJEEV SACHDEVA O R D E R % 31.10.2017 CM APPL.39103/2017 (condonation of delay in
re - filing) in ITA 914/2017 CM APPL.39105/2017 (condonation of delay in
re - filing) in ITA 916/2017, CM APPL.39104/2017 (exemption) in ITA
916/2017 Allowed, subject to all just exceptions. ITA 914/2017 & ITA 916/2017 Admit. The following question of law arises for
consideration: - “Whether in the facts and circumstances,
the ITAT was correct in holding that amounts received as incentive
from Engine Manufacturers by the assessee were capital
in nature?” The present appeal shall be heard along
with ITA 119/2017. So far as second ques tion is concerned, the Court notes that an identical issue was decided by another
Division Bench by this Court in CIT v. Jetlite India Ltd. 379 ITR 185. Therefore, the said question does not arise . S. RAVINDRA BHAT, J OCTOBER 31, 2017 / vikas / SANJEEV SACHDEVA, J |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
MANAGEMENT DISCUSSION AND ANALYSIS
COMPANY OVERVIEW
IndiGo is India’s
fastest-growing carrier and the largest domestic passenger airline with a market
share of 40.1% during FY17 according to the DGCA. IndiGo has carved a niche for
itself in the domestic low-cost carrier category by focusing on ‘on-time
performance, a courteous and hassle-free experience and affordable fares’.
The Indian aviation industry
is highly under-penetrated with the current capacity of just ~450 commercial
aircraft serving a population of over 1.3 billion people. Strong economic
growth, expansion of the middle class and growth in tourism are some of the key
catalysts to the growth of the Indian aviation market.
They believe in this huge
opportunity in India. As a result, they placed an order for 100 A320 aircraft
in 2005, 180 A320neo aircraft in 2011 and 250 A320neo aircraft in 2015. While
all the A320 aircraft under the 2005 order have been delivered, they have taken
deliveries of 19 A320neos as of March 31, 2017. These new generation Airbus
A320neo aircraft are 15% more fuel-efficient than the existing A320 aircraft
without sharklets. They believe that these fuel-efficient aircraft, along with
their disciplined execution of low-cost carrier model, have created structural
cost advantages for their airline that are difficult to replicate by their
competitors.
Since inception, the Company
has successfully achieved strong and sustained traffic growth. Over the last 5
years, their domestic capacity, measured in terms of ASKs, and domestic traffic
volumes, measured in terms of RPKs, have increased at a CAGR of 24.2% and 25.0%
respectively. In contrast, for the domestic aviation industry excluding IndiGo,
the domestic capacity and traffic volumes have grown at a CAGR of 1.8% and 4.6%
respectively. They started their international operations in September 2011 and
have grown their network to 6 international destinations, representing 9.8% of
their total capacity for FY17. They have remained consistently profitable
across various business cycles and have delivered their 9th consecutive year of
profitability.
INDIAN ECONOMY
Indian economy is one of
the fastest growing economies of the world. As per the Ministry of Statistics
and Programme Implementation, the provisional estimate of growth of India’s
real GDP was 7.1% for FY17. For the period January – March 2017, the same stood
at 6.1%, which was lower than China’s 6.9%, primarily on account of
demonetisation that had a pronounced broad-based impact on their economy in the
fourth quarter. While the growth in trade, hotels, transport and communication,
mining and public administration continued to outperform the overall GDP growth
rate, growth in manufacturing, construction and major services were impacted
due to currency squeeze during the fourth quarter.
During FY17, the Government
embarked on decisive initiatives in digitisation, GST and FDI to ensure that
all major services and industry sectors returned to status quo by the end of
Q4. Overall, adequate monsoons, moderated inflation, banking reforms and strong
consumption appetite helped grow the economy. Consequently, the Asian Development
Bank expects the Indian economy to grow at an accelerated 7.4% in FY18 and 7.6%
in FY19, retaining its position as the world’s fastest-growing major economy.
INDUSTRY OVERVIEW
India is the world’s
third-largest and fastest growing
air travel market. India’s domestic
air passenger traffic reached 100
million in 2016, behind only that of USA
(719 million), China (436 million) and ahead of Japan (97 million). According
to Airbus, the number of passengers flying in the Indian domestic market is
expected to multiply by almost six times in the next 20 years compared to 1.5
times for domestic USA and almost four times for domestic China. The key growth
factors behind growth in the Indian aviation market are as follows.
Demographic distribution:
India is the second-most
populous country, its population growing more than 14% over the past decade to
1.3 billion. Even with such a high population, only about 100 million
passengers fly on domestic routes in a year, less than a quarter of the size of
air travel in China, which has a similar population. As India is projected to
emerge as the world’s most populous country by 2022, with more than 50% of its
population younger than 25 years old, air travel is likely to increase
manifold.
Burgeoning middle-class:
India’s per capita income
at current prices crossed INR 100,000 in FY17, increasing 9.7% Y-o-Y from
~Rs.94,000 in the previous year. Rising affluence is the biggest driver of
consumer spending in India. The affluent segment is all set to grow from 8% to
16% of the national population by 2025; the share of strugglers is expected to
decline from 31% to 18% during the period; growth in the country’s middleclass
could increase air travel.
Economic growth:
India is expected to be one
of the fastest-growing major economies in the world over the next four years,
with Real GDP expected to grow at a CAGR of 7.1% from CY14 to CY19, according
to the EIU. Growth in the aviation sector is closely linked with the overall
growth of the economy. Domestic RPK growth on an average was 1.7 times the real
GDP growth rate of India from FY10-17. Over the last 3 years, RPK growth on an
average was 2.6 times the real GDP growth rate.
Regional connectivity:
The Indian Government
rolled out its regional air-connectivity scheme (UDAN – Ude Desh Ka Aam
Naagrik) under the National Civil Aviation Policy 2016 to ensure connectivity
with smaller cities. Subsequently, 43 new airports are likely to be created,
raising the number of Indian airports to 118.
Tourism boom:
India’s tourism industry is
fast-growing and contributes to ~6% of India’s GDP. According to the World
Travel and Tourism Council, India would form part of the ten fastest-growing
destinations across the world for leisure travel.
IndiGo has been driving growth
in the airline industry, combining a reliable ontime product and a hassle-free
experience with affordable fares. IndiGo’s domestic ASKs have increased from
16.7 billion in FY12 to 49.2 billion in FY17, growing at a CAGR of 24.2%, while
all the other Indian carriers collectively grew at a CAGR of 1.8% over the same
period, according to DGCA data. In terms of traffic, IndiGo’s domestic RPKs
have increased from 13.7 billion in FY12 to 41.9 billion in FY17, growing at a
CAGR of 25.0%, while all the other Indian carriers collectively grew at a CAGR
of 4.6%. IndiGo has doubled its domestic market share in last 5 years from
20.3% in FY12 to 40.1% in FY17.
RESULTS OF OPERATIONS
The total income increased
from INR 166550.300 million to INR 193695.700 million thereby registering an
increase of 16.30% over the previous financial year. The Profit after tax
decreased from INR 19861.610 million to INR 16591.880 million, a decline of
16.46% over the previous financial year.
OPERATIONAL PERFORMANCE
During the year, the fleet
size of the Company increased from 107 aircraft to 131 aircraft including 19
A320neos. As at the end of the year, the Company was operating in 44
destinations including 6 international destinations. The Company had a
Technical Dispatch Reliability of 99.89%, on-time performance of 79.70% at four
key metros and flight cancellation rate of 0.71%.
The Company has signed a
term sheet with Avions de Transport Regional G.I.E. (ATR) for the purchase of
50 ATR 72-600 aircraft with the flexibility to reduce the number of aircraft
deliveries based on certain conditions. This term sheet is subject to reaching
a mutually satisfactory final purchase agreement. The Company plans to launch
its turboprop operation at the end of calendar 2017 and expects to induct upto
20 ATR aircraft by December 2018.
AWARDS AND ACCOLADES
During the year, the
company won multiple awards and recognitions, both international and national.
Some of the significant awards include:
·
Awarded
the “Best Low Cost Airline in India/ Central Asia” for the seventh successive
year at the 2016 Skytrax World Airline Awards.
·
Awarded
“Best Low Cost Airline – Domestic” for the year 2015-16 by the Air Passengers
Association of India (APAI).
·
Awarded
“The Emerging Company of the year 2016” for Corporate Excellence at the
Economic Times Awards.
·
Awarded
“Company of the Year” at Business Standard Award for Corporate Excellence 2016.
·
Awarded
one of the leading “On-Time Performers in the Asia – Pacific region” by
FlightStats. Inc in the 8th Annual Airline On-Time Performance Service Awards,
January 2017.
·
Received
an Order of Merit for its outstanding financial performance and profitability
in FY16 by Center for Asia Pacific Aviation India Private Limited (CAPA).
·
Won
“TripAdvisor Travelers Choice Award” (Airline).
·
Awarded
“Aon Best Employers India – 2017” for two years in a row. Won “The Better
Holiday Awards” and “India’s Favorite Budget Airline for Holidays” by Holiday
IQ.
·
Won
“Best Operational Excellence” award in the category of large operators by
Airbus for the second consecutive time globally, outperforming 46 international
airlines of repute.
·
Awarded
“Passenger Airline of the Year - Domestic”, “Customer Choice Airline of the
Year - Domestic” and the “Domestic Airline of the Year for Cargo” by Bangalore
International Airport Limited (BIAL) Pinnacle Awards, May 2017.
STATEMENT OF
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS
ENDED 31.12.2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue from operations |
6177.882 |
52909.800 |
17221.774 |
|
Other Income |
271.909 |
2145.820 |
689.126 |
|
Total
Income from Operations |
6449.791 |
55055.620 |
17910.900 |
|
EXPENSES |
|
|
|
|
Aircraft fuel expenses |
2016.009 |
16472.530 |
5422.428 |
|
Aircraft and engine rentals (net) |
944.160 |
8192.950 |
2617.147 |
|
Purchases of stock-in-trade |
31.870 |
294.380 |
93.075 |
|
Changes in inventories of stock-in-trade |
(1.334) |
14.350 |
2.105 |
|
Employee benefits expense |
613.702 |
6004.060 |
1798.385 |
|
Finance Costs |
84.441 |
856.680 |
247.084 |
|
Depreciation and Amortization expenses |
107.375 |
1025.260 |
308.242 |
|
Other expenses (net) |
1581.969 |
14550.040 |
4461.963 |
|
Total
Expenses |
5378.192 |
47410.250 |
14950.429 |
|
Profit/(Loss) from ordinary activities before Exceptional
items |
1071.599 |
7645.370 |
2960.471 |
|
Exceptional items |
-- |
-- |
-- |
|
Profit / (Loss) before Tax |
1071.599 |
7645.370 |
2960.471 |
|
Tax Expense |
309.569 |
2129.810 |
835.739 |
|
Profit
/ (Loss) after Tax |
762.030 |
5515.560 |
2124.732 |
|
Other
comprehensive income |
|
|
|
|
Items
that will not be reclassified to profit or loss |
|
|
|
|
- Remeasurements of defined benefit plans |
(0.002) |
(6.630) |
(0.097) |
|
- Income tax relating to above mentioned item |
0.001 |
2.290 |
0.033 |
|
Other comprehensive income for the period / year, net of tax |
(0.001) |
(4.340) |
(0.064) |
|
Total
comprehensive income for the period/ year |
762.029 |
5511.220 |
2124.668 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
384.313 |
384.070 |
384.313 |
|
Reserves (excluding Revaluation Reserve) |
|
|
|
|
Earnings
per Share (EPS) - INR |
|
|
|
|
-
Basic |
19.83 |
15.19 |
(57.48) |
|
-
Diluted
|
19.80 |
15.15 |
57.35 |
NOTES:
1. The above standalone financial results for the quarter and nine months period ended 31 December 2017 were reviewed by the Audit Committee and were approved by the Board of Directors at their meetings held on 24 January 2018. The Statutory Auditors of InterGlobe Aviation Limited ('the Company') have carried out limited review of the above results pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended and have issued an unmodified opinion.
2. The income tax authority has assessed and revised the taxable income on account of disallowance of certain expenses, provisions, depreciation and/or adjustments, and in respect of the tax treatment of certain incentives received from the manufacturer with the acquisition of aircraft and engines. The Company has received favourable order from the final fact finding authority, Income Tax Appellate Tribunal (“ITAT”) for Assessment Year 2007-08 against such disallowance and/or adjustments made by tax authority. However, the tax authority has filed an appeal before the Hon'ble High Court against the order of the ITAT. The Company believes, based on advice from counsels/experts, that the view taken by the ITAT is sustainable in higher court and accordingly no provision is required to be recorded in the books of account.
The tax exposure (excluding interest and penalty) estimated by the Company pertaining to these cases amounts to INR 6,346.42 as at 31 December 2017. This exposure is net of INR 1,017.21, which represents minimum alternate tax recoverable written off in the earlier years.
3. During the quarter ended 31 December 2017, 242,893 equity shares of INR 10 each were issued and allotted under the “InterGlobe Aviation Limited Employees Stock Option Scheme - 2015 (ESOS 2015 -11)”.
4. The Company is principally engaged in a single business segment i.e. ‘air transportation services’ based on the nature of operations, the risks and rewards, internal business reporting system and the interchangeability of use of assets across the network routes of the Company. Accordingly, the disclosures as per Regulation 33 (l) (e) read with Clause (L) of Schedule IV of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 are not applicable for the Company.
5. During the nine months period ended 31 December 2017, the Company has paid Integrated Goods and Services Tax (‘IGST’) amounting to INR 1473.52 under protest, on re-import of repaired aircraft and aircraft engines, to custom authorities. The Company, based on advice from counsels/experts, believes that no IGST is payable on such re-import of repaired aircraft and aircraft engines and accordingly, such amount has been shown as recoverable.
6. The public shareholding as at 31 December 2017 is 25.05% of the total paid up equity share capital of the Company. The Company has complied with the minimum public shareholding requirements specified in Rule 19(2) and Rule 19A of the Securities Contracts (Regulations) Rules, 1957 within the stipulated period of three years from the date of listing of equity shares of the Company, as allowed under Rule 19(2)(b)(ii) of Securities Contracts (Regulations) Rules, 1957.
7. Previous period's / year's figures for financial results have been regrouped / reclassed, where necessary, to conform to current period's / year's classification.
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G75592220 |
100151387 |
PEMBROKE AIRCRAFT LEASING 11 LIMITED |
21/12/2017 |
- |
- |
3615080476.0 |
33-41 LOWER MOUNT STREET2, DUBLIN, IRELANDDUBLINNA2IE |
|
2 |
G73867855 |
100147447 |
SKY AIRCRAFT INDIAN ONE LIMITED |
12/12/2017 |
- |
- |
3546496800.0 |
70 SIR JOHN ROGERSON?S QUAYDUBLINNA2IE |
|
3 |
G75942300 |
100152147 |
SDH WINGS LEASING 4 LIMITED |
08/12/2017 |
- |
- |
2501138306.0 |
25-28 NORTH WALL QUAY, NORTH WALL1, DUBLIN, IRELANDDUBLINNA1IE |
|
4 |
G75592410 |
100151389 |
PEMBROKE AIRCRAFT LEASING 11 LIMITED |
07/12/2017 |
- |
- |
3615080476.0 |
33-41 LOWER MOUNT STREET2, DUBLIN, IRELANDDUBLINNA2IE |
|
5 |
G71864334 |
100142775 |
VERMILLION AVIATION (THREE) LIMITED |
30/11/2017 |
- |
- |
3501126200.0 |
46, ST. STEPHENS GREENDUBLINNA2IE |
|
6 |
G71859193 |
100142770 |
VERMILLION AVIATION (THREE) LIMITED |
29/11/2017 |
- |
- |
3500039400.0 |
46, ST. STEPHENS GREENDUBLINNA2IE |
|
7 |
G75593129 |
100151390 |
PEMBROKE AIRCRAFT LEASING 11 LIMITED |
21/11/2017 |
- |
- |
3615080476.0 |
33-41 LOWER MOUNT STREET2, DUBLIN, IRELANDDUBLINNA2IE |
|
8 |
G72098957 |
100143152 |
VERMILLION AVIATION (TWO) LIMITED |
17/11/2017 |
- |
- |
3523949000.0 |
46ST. STEPHENS GREENDUBLINNA2IE |
|
9 |
G68368455 |
100136941 |
AVOLON AEROSPACE (IRELAND) AOE 116 LIMITED |
02/11/2017 |
- |
- |
2644960500.0 |
THE OVAL, BUILDING ONE,SHELBOURNE ROAD, BALLSBRIDGEDUBLINNA4IE |
|
10 |
G68367036 |
100136938 |
AVOLON AEROSPACE (IRELAND) AOE 115 LIMITED |
01/11/2017 |
- |
- |
2642094000.0 |
THE OVAL, BUILDING ONE,SHELBOURNE ROAD, BALLSBRIDGEDUBLINNA4IE |
FIXED ASSETS:
· Owned Aircraft and Spare Engines
· Leased Aircraft
· Furniture and Fixtures
·
Computer
· Office Equipment
· Ground Support Equipment
· Vehicles (including ground support vehicles)
· Leasehold Improvements
· Leasehold Improvements - Aircraft
· Rotables and Non-Aircraft Equipment
PRESS RELEASE:
CCI FINES JET,
INDIGO, SPICEJET OVER FUEL SURCHARGE LEVY ON CARGO TRANSPORT
March 7, 2018
NEW DELHI: The Competition Commission of India (CCI) has collectively imposed a fine of about INR 550.000 million on three airline — Jet Airways, IndiGo and SpiceJet — for allegedly taking concerted action in fixing and revising fuel surcharge (FSC) — a component of freight charges. The order came on a case filed by Express Industry Council of India against Jet, InterGlobe Aviation Limited (IndiGo’s parent company), SpiceJet, Air India and Go Airlines alleging cartelisation.
CCI order says Jet, IndiGo and SpiceJet “acted in a concerted manner in fixing and revising the FSC rates and thereby contravened the provisions of Section 3 of the Act which prohibits anti-competitive agreements including cartels.” Accordingly, penalties of INR 398.000 million, INR 95.000 million and INR 51.000 million were imposed upon Jet, IndiGo and SpiceJet, respectively. In addition, a cease and desist order was also issued against the airlines.
A Jet Airways spokesman said: "Jet Airways is yet to receive any formal communication from the concerned authorities regarding the development and is therefore unable to comment on the same.”
IndiGo and SpiceJet did not comment on the issue.
While imposing penalties, the commission applied the principle of relevant turnover and based the penalties on the revenue generated by the airlines from air cargo transport services only. Considering the financial position of airlines at the relevant time and noting that FSC constitutes about 20-30% of cargo revenue, penalty was imposed by the commission at the rate of 3 % of their average relevant turnover of the last three financial years.
The CCI slammed the airlines for using FSC as a pricing tool which was
essentially introduced to mitigate the fuel price volatility.
The commission’s final order came pursuant to the directions issued by
the erstwhile Competition Appellate Tribunal remanding the matter back while
setting aside the original order of CCI.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.22 |
|
|
1 |
INR 91.33 |
|
Euro |
1 |
INR 79.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHR |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.