Non-current assets FY 2017 FY 2018

Property, plant and equipment 16,191.34 15,943.24

Capital work-in-progress 0.00 0.00
Right of use assets 0.00 0.00
Intangible assets 9.02 40.4
Financial assets
(i) Investments 0.23 0.24
(ii) Loans 0.00 0.00
(iii) Other financial assets 4,253.15 8797.33
Income-tax assets 211.6 290.63
Other non-current assets 2,128.35 5,713.94
Total non-current assets 22,793.69 30,785.78
Current assets
Inventories 985.51 1418.71
Financial assets
(i) Investments 1,397.52 1,012.62
(ii) Trade receivables 618.00 858.28
(iii) Other receivables 0.00 711.36
(iv) Cash and cash equivalents 196.31 1199.51
(v) Bank balances other than (iv) above 485.74 271.00
(vi) Loans 0.00 0.00
(vii) Other financial assets 1,801.15 1,134.76
Other current assets 1,628.28 2800.51
Total current assets 7,112.51 9406.75
Total assets 29,906.20 40,192.53

EQUITY AND LIABILITIES

Equity
Equity share capital 5,994.50 5994.5
Other equity -12,120.51 -6,553.70
Total Equity -6,126.01 -559.20
Non-current liabilities
Financial liabilities
(i) Borrowings 7,759.84 6,509.53
(ii) Lease liabilities 0.00 0.00
Trade payables 209.51 150.69
Provisions 2,897.25 2,499.20
Other non-current liabilities 461.22 617.16
Total non-current liabilities 11,327.82 9,776.58
Current liabilities
Financial liabilities
(i) Borrowings 2,522.45 3,574.38
(ii) Lease liabilities 0.00 0.00
(iii) Trade payables
total outstanding dues of MSME 5,873.41 0.00
total outstanding dues of creditors other than abov 0.00 6885.27
(iv) Other financial liabilities 1,538.61 3,182.45
Other current liabilities 1,417.92 2,253.78
Provisions 13,351.95 15,079.27
Total current liabilities 24,704.34 30,975.15
Total liabilities 36,032.16 40,751.73
Total equity and liabilities 29,906.15 40,192.53
FY 2019 FY 2020 FY 2021 FY 2022E` FY2023E FY2024E FY2025E
16,128.85 16,399.21 14,792.13
0.00 0 58.35
0.00 70,559.26 55,411.94
128.74 179.08 123.16

0.24 0.5 0.61

0.00 4,644.45 4,858.32
11349.21 6,946.58 4,970.56
348.12 678.64 304.46
6,277.17 7,060.16 7,134.13
34,232.33 106,467.88 87,653.66

1413.24 1,815.87 1,672.92

3.63 3.89 4.16

1,471.96 2,937.42 3,211.19
5,791.00 12,541.60 16,933.84
667.61 298.08 330.91
129.50 120.22 24.33
0.00 1,341.46 356.22
1,042.64 817.5 1,364.35
3294.58 2,261.61 2,124.59
13814.16 22,137.65 26,022.51
48,046.49 128,605.53 113,676.17

5997.18 6,000.76 6,009.37

-9,496.82 -21,804.74 -32,051.82
-3,499.64 -15,803.98 -26,042.45

5,566.28 4,593.03 3,026.74

0.00 67,977.03 53,635.92
77.65 0.00 0.00
4,289.76 6,284.80 5,055.34
5298.35 152.72 135.62
15,232.04 79,007.58 61,853.62

4,179.44 4,144.38 4,044.79

0.00 21,612.58 30,862.03
 188.50 174.84 518.22
10,910.46 17,022.29 16,767.28
1,621.84 2,801.83 4,029.77
2,170.14 15,832.55 16,265.32
17,243.91 3,813.46 5,377.59
36,314.29 65,401.93 77,865.00
51,546.33 144,409.51 139,718.62
48,046.69 128,605.53 113,676.17
FY2026E
 Particulars Note FY 2017 FY 2018 FY 2019
Income
Revenue from operations 61,913.62 77,601.34 91,214.75
Other income 801.34 795.18 582.9
Total income 62,714.96 78,396.52 91,797.65
Expenses
Operating expenses 44,325.13 55,449.95 72,948.77
Purchase of stock-in-trade 0.29 91.56 3.88
Decrease in inventory of stock-in-trade 6,738.22 -59.45 135.03
Employee benefits expense 2,097.80 8,616.93 10,584.24
Sales and marketing expenses 3,347.31 1,900.38 2,081.66
Other expenses 0.00 4,085.83 5,421.59
Foreign exchange (gain)/loss, (net) 0.00 0.00 0.00
Total expense 56,508.75 70,085.20 91,175.17
Earnings before interest, tax, depreciation and amortisation (EBITDA) 6,206.21 8,311.32 622.48
Depreciation and amortisation expense -1986.14 -2,313.18 -2,563.54
Finance income 316.96 497.22 864.9
Finance costs -650.40 -923.3 -1,313.03
Loss before tax before exceptional items 3,886.63 5,572.06 -2,389.19
Exceptional items 385.5 0.0 -634.66
Profit/Loss before tax 4,272.17 5,572.06 -3,023.85
Tax expense 0.00 0.0 0.26
Tax Percentage 0% 0% 0%
Profit/Loss for the year 4,272.17 5,572.06 -3,024.11
Other comprehensive Income:
Items that will not be reclassified to statement of profit and loss:
Remeasurement gains/(loss) on defined benefit obligations -21.22 2.34 -14.45
Income tax impact 0.00 0.00 0.00
Other comprehensive income for the year -21.22 2.34 -14.45
Total comprehensive income for the year 4,229.73 5,576.74 -3,053.01
Earnings per equity share
Basic 7.13 9.3 -5.04
Diluted 7.13 9.3 -5.04
FY 2020 FY 2021 FY 2022E` FY2023E FY2024E FY2025E FY2026E

123,745.69 51,714.48
7,601.84 9,011.01
131,347.53 60,725.49

87,583.18 39,725.20
126.75 250.84
0 -74.64
14,635.86 6,852.78
2,260.99 766.76
6,704.73 4,570.29
7,296.05 -2,237.63
118,607.56 49,853.60
12,739.97 10,871.89
-17,353.78 -15,611.93
703.42 468.38
-5,455.29 -6,027.20
-9,365.68 -10,298.86
0.00 0.00
-9,365.68 -10,298.86
0 0.00
0% 0%
-9,365.68 -10,298.86

-32.49 16.99
0.00 0.00
-32.49 16.99
-9,430.66 -10,264.88

-15.61 -17.14
-15.61 -17.14
 Particulars Note FY 2017 FY 2018
Cash flows from operating activities
Profit/loss before tax and exceptional items 3,886.72 5,572.06
Adjustments for:
Depreciation and amortisation expense 1986.14 2313.18
Impairment of trade receivables 0 0
Loss on sale of property, plant and equipment (net) 9.06 52.16
Provision for contingencies 0 103.07
Provisions for litigations 82.69 0
Advances/other balances written off 79.35 36.54
Share based payment expense 1,796.89 13.01
Provision for aircraft maintenance 122.81 4,164.81
Provision for aircraft delivery 0.00 102.46
Liabilities/provision no longer required written back and rent concessions -517.58 -489.08
Interest on lease liabilities and redelivery provision 0.00 0.00
Other borrowing costs 650.40 923.30
Profit on sale of engine under sale and lease back agreement -23.70 -47.55
Interest income from financial assets -316.96 -497.22
Other interest income 0.00 0.00
Net gain on financial assets measured at fair value through profit or loss -34.83 26.85
Translation loss on monetary assets and liabilities -500.25 113.70
Unrealised foreign exchange (gain)/loss 0.00 0.00
Operating profit before working capital changes 7,220.74 12,387.29
Movements in working capital :
Trade and other receivables -184.26 -914.92
Inventories -320.05 -433.20
Other financial assets 361.23 -11.98
Other assets -481.77 -1,761.90
Trade payables -784.52 -2,722.69
Other financial liabilities -275.41 1,623.03
Other liabilities 1543.41 1,930.81
Provisions -4,026.80 337.69
Cash flows from operations 3,052.57 10,434.13
Income taxes received/(paid) (net of refunds) 81.23 -79.03
Cash inflow from exceptional items 1658.32 0.00
Net cash flows from operating activities A 4,792.12 10,355.10

Cash flows from investing activities

Purchase of property, plant and equipment and capital work in progress -2492.17 -2741.49
Proceeds from sale of property, plant and equipment 4.26 18.75
Purchase of investments -1,158.28 358.04
Investments in bank deposits -185.74 214.74
Proceeds from bank deposits 0 0
Amount deposited with Delhi High Court 0 -2450
Margin money paid/received (net) -1,348.68 -3,954.53
Interest income received 252.52 303.56
Net cash flows from/(used in) investing activities B -4928.09 -8250.93

Cash flows from financing activities

Proceeds from issue of equity shares on exercise of stock options 0 0
Short-term borrowings paid/received (net) 1472.45 1051.93
Repayment of lease liabilities (including interest) 0 0
Repayment of long-term borrowings -1255.72 -1250.31
Borrowing costs paid -650.24 -902.49
Net cash used in financing activities C -433.51 -1100.87
Net increase/(decrease) in cash and cash equivalents (A+B+C) -569.48 1,003.30
Effects of exchange difference on cash and cash equivalents held in foreign 6.75 -0.1
Cash and cash equivalents at the beginning of the year 759.02 196.29
Cash and cash equivalents at the end of the year 196.29 1,199.49
Notes :
Components of cash and cash equivalents
Balance with banks in current accounts 157.67 1122.41
Cash on hand 22.41 21.47
Fixed deposits 16.23 55.63
196.31 1199.51
FY 2019 FY 2020 FY 2021 FY 2022E` FY2023E FY2024E FY2025E FY2026E

-2389.19 -9,365.68 -10,298.86

2563.54 17,353.77 15,611.93

0 110.49 21.25
20.02 196.4 0.9
27.59 13.5 0
9.51 0
222.88 96.73 26.59
85.52 117.15 52.29
5,400.86 0.00
267.58 0.00
-369.78 -402.31 -2,901.03
88.35 4,398.37 4,035.98
1,313.03 1,056.93 1,991.22
-243.99 0.00
-96.16 -165.12 0
-864.90 -703.42 -468.38
12.39 -0.21 -0.27
129.68 0.00
0.00 7,128.32 -2,367.49
6,176.93 19,834.92 5,704.13

-5,767.48 -7,636.82 -4,369.70

5.47 -402.63 142.95
-1,090.88 -1,461.56 268.29
-1,392.94 64.78 -56.51
-1,153.92 5,554.65 -442.48
53.45 257.09 -150.04
6,455.16 -794.09 409.77
1,327.03 2,754.76 402.51
4,612.82 18,171.10 1,908.92
-57.49 -330.52 374.18
0.00 0 0
4,555.33 17,840.58 2,283.10

-2008.53 -2,620.49 -769.4

8.48 32.4 130.05
996.60 -0.31 -0.11
141.50 0 0
0 9.28 95.89
-109.04 -577.98 -
-1,331.72 912.95 1,976.02
861.20 589.14 689.33
-1441.51 -1655.01 2121.78

2.68 3.58 8.61

642.9 170.47 -75.27
0 -15,073.68 -3,801.10
-2947.16 -1,140.26 -
-1335.96 -558.86 -499.61
-3637.54 -16,598.75 -4,367.37
-523.72 -413.18 37.51
-8.18 43.65 -4.68
1,199.49 667.59 298.06
667.59 298.06 330.89

610.39 221.6 276.06

41.34 76.18 53.79
15.88 0.3 1.06
667.61 298.08 330.91
 Particulars Note FY 2017 FY 2018 FY 2019 FY 2020 FY 2021

CFO 4,792.12 10,355.10 4,555.33 17,840.58 2,283.10

Add : Interest (1-T) 650.4 923.3 1313.1429 5455.29 6027.2
Less : Fixed Capital Investment 2492.17 2741.49 2008.53 2620.49 769.4
Free Cash Flow to Firm (FCFF) 2,950.35 8,536.91 3,859.94 20,675.38 7,540.90
FY 2022E` FY2023E FY2024E FY2025E FY2026E

0.00 0.00 0.00 0.00 0.00

0 0 0 0 0
0 0 0 0 0
0.00 0.00 0.00 0.00 0.00