Financial Assets : 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E
Investments - Long-term - - - - 974.84 974.84 974.84 974.84 974.84 974.84 Kept Constant
Loans - Long - Term 1,274.15 - - - 85.24 72.74 60.24 47.74 35.24 22.74 Constant EMI received 13
Others Financial Assets - Long-term 5.83 1,580.47 2,089.25 2,446.61 5,292.43 3,693.46 3,694.41 3,695.36 3,696.31 3,697.26
Security Deposit - 1,578.83 2,088.08 2,419.70 3,524.91 1,925.94 1,926.89 1,927.84 1,928.79 1,929.74
Bank Deposits (more then 12 month maturity) 5.34 1.39 0.92 26.59 1,471.06 1,471.06 1,471.06 1,471.06 1,471.06 1,471.06
Interest Accrued but not due 0.49 0.24 0.24 0.32 4.79 4.79 4.79 4.79 4.79 4.79
Others - - - - 291.67 291.67 291.67 291.67 291.67 291.67
2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E
Non Current Tax Assets - Long - Term 429.18 501.10 694.63 1,086.29 1,597.03 1,716.10 2,074.62 2,425.01 2,869.63 3,362.58
Total Revenue 37,292.34 15,677.04 26,654.92 55,877.96 71,230.04 77,028.38 93,121.28 108,848.67 128,805.52 150,932.42
% of total revenue 1.2% 3.2% 2.6% 1.9% 2.2% 2.2%
Other Non-current Assets 714.27 949.81 1,226.70 1,472.58 1,909.37 2,756.38 3,332.25 3,895.04 4,609.18 5,400.97
% of total revenue 1.9% 6.1% 4.6% 2.6% 2.7% 3.6%
Deferred Tax Assets (Net) 294.94 294.94 294.94 294.94 419.19 419.19 419.19 419.19 419.19 419.19
Current Assets: 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E
Inventories
Stores and Spares 262.20 291.38 379.39 558.46 590.09 600.18 575.83 557.36 547.07 545.23
% of Tangible Assets 10.5% 36.6% 46.1% 50.6% 33.0% 35.4%
Loose Tools 13.73 16.00 17.95 20.65 28.16 27.79 26.66 25.80 25.33 25.24
% of Tangible Assets 0.5% 2.0% 2.2% 1.9% 1.6% 1.6%
Stock In Trade 10.20 9.04 10.72 11.96 6.55 36.86 44.95 54.24 64.89 77.08
In flight Service Revenue 482.84 102.83 246.23 766.21 983.54 1,053.91 1,285.24 1,550.94 1,855.46 2,203.76
% of In Flight Service Revenue 2.1% 8.8% 4.4% 1.6% 0.7% 3.5%
Financial Assets :
Current Investments 9,499.17 7,289.98 8,032.49 11,514.17 15,478.20 19,222.19 23,748.39 29,039.02 35,299.66 42,635.79
Total Revenue 37,292.34 15,677.04 26,654.92 55,877.96 71,230.04 77,028.38 93,121.28 108,848.67 128,805.52 150,932.42
Change in Current Investment (2,209.19) 742.51 3,481.68 3,964.03 3,743.99 4,526.20 5,290.63 6,260.64 7,336.13
% of total revenue (14.1%) 2.8% 6.2% 5.6% 4.9% Taken 3 year avg
Trade Receivables 259.61 219.17 332.92 519.90 642.52 791.20 956.50 1,118.04 1,323.03 1,550.31
% of total revenue 0.7% 1.4% 1.2% 0.9% 0.9% 1.0%
Cash and Cash Equivalents 676.04 508.28 1,011.71 1,243.86 689.00 1,254.18 1,772.26 2,403.68 3,415.62 4,715.80
Bank Balances Other Than Cash and Cash Equivalents 10,153.36 10,718.78 9,104.81 10,566.72 16,020.34 16,252.39 22,966.00 31,148.44 44,261.70 61,110.32
Cash as a % of bank loan 6.7% 4.7% 11.1% 11.8% 4.3% 7.7%
Loans - Short-term 455.12 - - - 12.50 12.50 12.50 12.50 12.50 12.50 Supposed to receive 12.5 crore emi yearly
Others Financial Assets - Short-term 623.11 747.89 328.11 1,039.56 1,728.89 705.40 827.95 977.28 1,216.47 1,523.73
short term Security Deposit - 128.60 47.17 709.06 215.18 220.58 220.69 220.80 220.91 221.02
Long term Security Deposit - 1,578.83 2,088.08 2,419.70 3,524.91 1,925.94 1,926.89 1,927.84 1,928.79 1,929.74
% of long term security deposit #DIV/0! 8.1% 2.3% 29.3% 6.1% 11.5%
Interest Accrued but not Due 47.92 38.91 14.89 127.53 393.69 159.67 225.62 306.01 434.83 600.36
Bank Balance other then cash and cash Equivalent 10,829.40 11,227.06 10,116.52 11,810.58 16,709.34 16,252.39 22,966.00 31,148.44 44,261.70 61,110.32
% of Bank Deposit 0.4% 0.3% 0.1% 1.1% 2.4% 1.0%
Foreign Exchange Forward Contract - - - 0.87 - - - - - assumed 0 as was 0 for most years
Maintenance 413.16 247.25 82.56 3.58 - - - - - - assumed 0 as it was decreasing trend till 0
Others 162.03 333.12 183.50 199.39 1,119.16 325.15 381.64 450.47 560.73 702.36
% of Other Financial Assets- Short Term 26.0% 44.5% 55.9% 19.2% 64.7% 46.1%
Other Current Assets 458.92 814.68 928.98 596.07 557.21 1,202.44 1,570.06 2,009.97 2,642.93 3,432.75
Total Current Assets 22,411.46 20,760.53 20,147.09 26,071.35 35,752.56 38,850.95 50,728.83 64,942.66 85,393.58 110,912.95
% of Total Current Assets 2.0% 3.9% 4.6% 2.3% 1.6% 3.1%
Assets Classified as Held for Sale - 145.34 - - - - - - - - assumed 0
Equity 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E
Share Capital 384.80 384.91 385.25 385.55 385.98 386.28 386.57 386.87 387.16 387.46
% change 0.0% 0.1% 0.1% 0.1% 0.1%
Other Equity 5,471.76 (319.88) (6,426.43) (6,694.56) 1,545.95 6,446.51 11,019.95 15,891.87 23,510.26 32,937.56
Equity Component of compound financial instrument 58.79 58.79 58.79 58.79 - - - - - -
Reservice and surplus
Employee stock option Outstanding 10.51 35.02 48.56 48.12 60.86 73.44 86.03 98.61 111.20 123.79
Change in ESQ 24.51 13.53 (0.44) 12.73 12.59
Securities premium 3,818.42 3,833.72 3,881.70 3,921.46 3,993.36 4,077.50 4,177.79 4,294.24 4,426.86 4,575.63
Change in Security Premium 15.30 47.98 39.76 71.91 84.13 100.29 116.45 132.61 148.77
General Reserve 38.91 38.91 38.91 38.91 38.91 38.91 38.91 38.91 38.91 38.91
Retained Earnings 1,603.93 (4,227.53) (10,395.59) (10,702.58) (2,547.31) 2,256.66 6,717.23 11,460.11 18,933.30 28,199.24
Other Comprehensive Income (0.46) 0.14 - - - - - Assumed 0 as it is negligible value
Non-Current Liabilities: 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E
Long Term Borrowings 346.59 381.63 416.17 - - - - - - - Assuming they want long term debt
Lease Liabilities 15,579.10 20,280.53 25,058.66 32,224.61 37,863.46 46,272.26 56,548.51 69,106.93 84,454.35 103,210.15
%change 30.2% 23.6% 28.6% 17.5% 22.2% Weighted Average
Others Financial Liabilities - Long-term 3,038.89 2,604.93 3,309.30 7,881.11 9,234.27
Supplementary Rental 2,605.22 1,720.36 2,154.10 4,297.47 4,143.35 4,784.31 5,846.82 7,145.29 8,732.14 10,671.39
% of Lease Liability 16.7% 8.5% 8.6% 13.3% 10.9% 10.3%
Aircraft Maintenance 433.66 884.57 1,155.20 3,583.64 5,090.92 5,342.41 5,606.32 5,883.27 6,173.90 6,478.88
% of Total Revenue 1.2% 5.6% 4.3% 6.4% 7.1% 4.9%
Long-term Provisions 553.32 537.27 566.24 1,303.24 2,192.14 1,032.37 1,032.88 1,033.39 1,033.90 1,034.41
Other Non-Current Liabilities 257.61 197.22 159.70 123.02 101.93 332.15 404.46 492.82 600.81 732.78
% of toal non current liability 1.3% 0.8% 0.5% 0.3% 0.2% 0.6%
Total Non Current Liabilities 19,775.51 24,001.58 29,510.07 41,531.98 49,391.80 52,421.09 63,832.67 77,778.43 94,821.19 115,648.73
Current Liabilities: 2020 2021 2022 2023 2024 2025E 2026E 2027E 2028E 2029E
Short Term Borrowings - 2,124.00 3,480.57 2,252.34 1,891.71 3,123.25 3,514.43 3,905.60 4,296.78 4,687.96
Lease Liabilities 6,454.43 7,073.50 7,922.44 10,377.27 11,524.85 12,729.14 14,509.53 16,538.94 18,852.20 21,489.01
% of long term lease liabilities 41.4% 34.9% 31.6% 32.2% 30.4% 27.5% 25.7% 23.9% 22.3% 20.8%
Trade Payables 1,565.47 1,556.06 3,151.91 3,212.98 3,186.64 3,615.94 4,428.22 5,239.15 6,151.88 7,349.28
% of Aircraft Fuel 12.6% 40.6% 32.5% 13.6% 13.3% 13.2% Excuding extreme values
Others Financial Liabilities - Short-term 4,589.74 4,723.46 3,692.86 2,590.16 7,046.05 7,170.05 8,700.95 10,315.93 12,096.53 14,006.60
Current maturities of foreign currency term loan 339.05 - - - - - - - - -
Interest Accrued but not due 7.99 3.25 4.63 13.61 4.24 9.39 13.28 18.01 25.59 35.33
% of Bank Balance 0.1% 0.0% 0.0% 0.1% 0.0% 0.1%
Supplementary Rentals 3,991.44 4,403.88 3,172.86 2,225.38 4,420.20 5,829.35 7,078.24 8,416.68 9,844.79 11,362.71
% of Supplementary cost 68.0% 105.1% 52.1% 27.7% 44.5% 48.1% Excuding extreme values
Aircraft Maintenance 251.25 316.23 515.32 351.12 2,413.64 1,331.21 1,609.33 1,881.13 2,226.03 2,608.42
% of Total revenue 0.7% 2.0% 1.9% 0.6% 3.4% 1.7%
Unclaimed dividend 0.01 0.10 0.05 0.05 0.09 0.09 0.10 0.12 0.13 0.14
Other Liabilities - - - - 207.88 - - - - - Assumed 0 as a once in 5 year is normally nonrecuuring liability
Current Tax Liabilities - Short-term 3.08 3.08 3.08 3.08 3.08 1,046.97 1,508.78 1,624.78 2,564.11 3,188.11
Provisions 1,395.09 1,606.74 758.39 287.57 582.03 535.26 551.08 629.49 770.51 974.12
Change in Provision 211.65 (848.35) (470.82) 294.46 (46.77) 15.82 78.42 141.01 203.61
Other Current Liabilities 2,402.71 1,814.95 3,376.09 5,090.46 6,510.74 5,526.21 6,503.83 7,490.95 8,759.51 10,123.03
% of Total Current Liabilities 14.6% 9.6% 15.1% 21.4% 21.2% 16.4%
Total Current Liabilities 16,411 18,902 22,385 23,814 30,745 33,747 39,717 45,745 53,492 61,818
