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Interglobe Aviation Ltd

BSE Code : 539448 | NSE Symbol : INDIGO | ISIN:INE646L01027| SECTOR : Air Transport Service |

NSE BSE
 
SMC up arrow

2,419.75

38.55 (1.62%) Volume 633840

03-Oct-2023 EOD

Prev. Close

2,381.20

Open Price

2,385.00

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

2,419.75(632)

 

Today’s High/Low 2,428.70 - 2,367.05

52 wk High/Low 2,745.10 - 1,676.00

Key Stats

MARKET CAP (RS CR) 93319.75
P/E 24.33
BOOK VALUE (RS) -163.6380073
DIV (%) 0
MARKET LOT 1
EPS (TTM) 99.49
PRICE/BOOK -14.7914903141209
DIV YIELD.(%) 0
FACE VALUE (RS) 10
DELIVERABLES (%) 59.45
4

News & Announcements

21-Sep-2023

Interglobe Aviation Ltd - InterGlobe Aviation Limited - Trading Window

04-Sep-2023

Board of Interglobe Aviation approves purchase of 10 more A320 NEO aircrafts with Airbus

04-Sep-2023

Outcome of board meeting of Interglobe Aviation

04-Sep-2023

Interglobe Aviation Ltd - InterGlobe Aviation Limited - Acquisition

04-Sep-2023

Outcome of board meeting of Interglobe Aviation

09-Aug-2023

Interglobe Aviation allots 2.44 lakh equity shares under ESOS

02-Aug-2023

Board of Interglobe Aviation approves incorporation of LLP entity

28-Jul-2023

InterGlobe Aviation to convene AGM

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

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Skyline NEPC Ltd(wound-up) 500098 DAMANIAAIR
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Share Holding

Category No. of shares Percentage
Total Foreign 77564346 20.12
Total Institutions 40267800 10.44
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 1589336 0.41
Total Promoters 261289323 67.77
Total Public & others 4836294 1.26
Total 385547099 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Interglobe Aviation Ltd

Incorporated in 2006, InterGlobe Aviation Limited is one of India's leading airline. The principal activities of the Company comprises of air transportation which includes passenger and cargo services and providing related allied services including in-flight sales. The Company operates its flights under the IndiGo brand. IndiGo primarily operates in India's domestic air travel market as a low-cost carrier. IndiGo is the largest airline in India with 1,800+ daily flights covering 78 domestic destinations and 26 international destinations. IndiGo's purpose is giving wings to the nation, by connecting people and aspirations. Agile is a wholly owned subsidiary of IndiGo and is engaged in the business of providing ground handling and other allied services to IndiGo at various airports in India. InterGlobe Aviation was originally incorporated in Lucknow as InterGlobe Aviation Private Limited, as Private Limited Company on January 13, 2004 with the Registrar of Companies, Uttar Pradesh and Uttaranchal at Kanpur. Pursuant to a Special Resolution of the Shareholders of the Company on June 30, 2006, Company converted into a Public Company and name of the Company was changed to 'InterGlobe Aviation Limited' subsequent to which, a fresh Certificate of Incorporation was issued by the Registrar of Companies, National Capital Territory of Delhi and Haryana on August 11, 2006. In June 2005, InterGlobe Aviation placed a landmark order of 100 A320 aircraft with Airbus. In July 2006, InterGlobe Aviation took delivery of its first aircraft. In August 2006, the company launched domestic operations. In April 2007, IndiGo crossed the one million passenger mark. In April 2009, the carrier crossed 10 million passenger mark. Also during the month, the company took delivery of its 25th aircraft. In June 2011, InterGlobe Aviation placed another order of 180 A320neo aircraft with Airbus. In September 2011, IndiGo launched its international operations. Also during the month, it became the largest domestic carrier in India by market share. In October 2011, InterGlobe Aviation took delivery of its 50th aircraft. In December 2012, IndiGo crossed the 50 million passenger mark. In February 2013, IndiGo took delivery of its 75th aircraft. In April 2014, IndiGo crossed the 75 million passenger mark. In November 2014, InterGlobe Aviation took delivery of 100th aircraft. In March 2015, IndiGo crossed the 100 million passenger mark. In August 2015, InterGlobe Aviation placed an order of 250 A320neo aircraft with Airbus. On 29 February 2016, InterGlobe Aviation announced that Airbus has confirmed that beginning with March 2016, it will deliver 24 fuel efficient A320neo aircraft to the company by March of 2017 as compared to the original plan to deliver 26 A320neos. The new A320neo powered by Pratt and Whitney's fuel efficient geared turbo fan engines will enable IndiGo to structurally reduce its cost of operations. Fuel continues to be the single largest element of its cost structure. This also marks the beginning of the next phase of growth for IndiGo and will enable it to make air transportation far more accessible for the people of India. On 15 September 2016, IndiGo and Travelport, a leading travel commerce platform announced a strategic partnership which will see IndiGo distribute all of its fares and ancillary products to Travelport-connected customers worldwide. On 21 September 2017, InterGlobe Aviation allotted shares to qualified institutional investors under institutional placement programme at an issue price of Rs 1,130 per share. The institutional placement programme was a combination of fresh issue of 2.23 crore shares and Offer for Sale of 1.11 crore shares by exiting shareholders of the company. On 13 and 14 December 2017, two promoter entities sold a combined 2.91% stake in InterGlobe Aviation via Offer for Sale through the stock exchange mechanism. On 21 December 2017, IndiGo announced the commencement of its ATR operations in Hyderabad. IndiGo in October 2017 had announced its plan to further strengthen its regional operations with over 90 new flight connections that include routes to and from Tirupati, Rajahmundry, Hyderabad, Chennai, Bengaluru, Mangalore, Madurai and Nagpur. On 21 December 2017, IndiGo announced that it had reached 200 million passenger mark. On 23 December 2017, InterGlobe Aviation announced that IndiGo on 22 December 2017 became the first Indian carrier to operate 1,000 plus flights in a day. IndiGo also took the delivery of its 31st Airbus A-320 Neo aircraft on the same day to join its ever growing fleet, making the first Indian carrier with 150 aircraft fleet. On 13 March 2018, InterGlobe Aviation clarified to the stock exchanges that the company is the process of grounding 9 A320neo aircraft due to an ongoing Pratt & Whitney engine issue. The company took the decision to ground 9 A320neo aircraft following a directive from the Directorate General of Civil Aviation. On 5 April 2018, InterGlobe Aviation indicated that it has opted out of the bidding for acquiring national carrier Air India. The Government of India (GoI) has initiated the process of selling its majority stake through privatizing Air India. InterGlobe Aviation President Aditya Ghosh said in a statement that the company was interested primarily in the acquisition of Air India's international operations and Air India Express. However, that option is not available under GoI's current divestiture plans for Air India. InterGlobe Aviation also said that it does not have the capability to take the task of acquiring and successfully turning around all of Air India's airline operations. Earlier, InterGlobe Aviation in a letter dated 28 June 2017 submitted to the Government of India said that the airline is interested in acquiring the international operations of Air India and Air India Express. Alternatively, it said that it is equally interested in acquiring all of the airline operations of Air India and Air India Express. The Company grew the fleet size grew to 217 aircraft as of March 31, 2019. At the end of March 2019, it had 71 fuel efficient A320neos, giving 15% lower fuel burn compared to the current generation of A320ceos without sharklets. It started taking A321neos that have a higher seating capacity and lower unit costs. Apart from these, it commenced operations from 8 new international destinations, adding 28 new international routes during the year 2019. As of March 31, 2019, the Company operated scheduled services to 68 destinations including 16 international destinations with a fleet of 217 aircraft, consisting of 130 A320ceos, 71 A320neos, 1 A321neo and 15 ATRs. During the year 2018-19, Agile Airport Services Private Limited, a wholly owned subsidiary of the Company started its operations effective on September 06, 2018. During FY 2019-20, the Company inducted 45 net aircraft to the fleet, of which 42 were fuel efficient A320 / A321NEO family aircraft powered by Pratt and Whitney (P&W) GTF engines. 10 new domestic and 8 new international destinations added during the year 2020. The Company's fleet size increased to 262 aircraft. It added 45 net aircraft during the year. It operated 1,674 peak daily flights and carried over 75 million passengers during year 2020. The Company's s fleet increased to 285 aircraft as of March 31, 2021. As of March 31, 2021, IndiGo had 26 ATR aircraft in its fleet. Their Our fleet as on March 31, 2021, consisted of 100 Airbus CEO, 159 Airbus NEO and 26 ATR aircraft. During FY 2021, Company inducted 45 new fuel-efficient aircraft powered by PW1100G and CFM LEAP-1A engines. During the same period, it replaced all unmodified P&W engines in its fleet as per the directives of DGCA to all airline operators flying P&W engines. As of March 31, 2022, the Company had a fleet of 143 A320neo, 41 A320ceo, 56 A321neo and 35 ATR. As part of the objective to improve connectivity across India, 100 routes have been launched. Additionally, three heliports and 9 (regional/ Tier 2/ Tier 3 cities) airports were made operational. With its fleet of 275 aircraft on March 31, 2022, the airline operated over 1,450 daily flights, connecting 73 domestic and 15 international destinations. The Company operated scheduled services to 88 destinations including 07 new destinations, 30 unique non-scheduled destinations, 3,237 cargo in cabin flights, and 991 charter flights. It operated 35 Operation Ganga flights and 22,183 flights under the Government's bubble flights arrangements with other countries for FY 2022. The fleet as on March 31, 2022, consisted of 41 Airbus CEO, 199 Airbus NEO and 35 ATR aircraft. During FY 2022, the Company inducted 49 new fuel-efficient aircraft powered by PW1100G and CFM LEAP-1A engines. As on March 31, 2023, Company's fleet consists of 162 Airbus 320 NEO, 79 Airbus 321 NEO, 21 Airbus CEO, 39 ATR aircraft, 2 A321 Freighters (P2F) and 1 B777 (damp lease). During FY 2023, Company inducted 47 new fuel-efficient Airbus NEO powered by CFM LEAP-1A engines, 4 ATR Aircraft, 2 P2F and 1 B777. It took 2 Boeing 777 aircraft from Turkish Airlines to increase the capacity on the Istanbul route. 1 B777 is deployed on the DEL-IST-DEL route, effective February 1, 2023.

Interglobe Aviation Ltd Chairman Speech

Dear Shareholders,

I write this at a time when we are in the midst of the COVID-19 pandemic. My sympathies are with anyone who is directly or indirectly affected by the virus and I sincerely wish for the good health and safety of all. Apart from the health crisis, the pandemic has also presented us with an economic crisis. Across countries, we have witnessed a sharp deceleration in growth, with airlines being one of the worst hit sectors.

FY 2020 has therefore been a challenging year for us, primarily due to this outbreak. Both internationally and domestically, we have faced unprecedented demand slowdown and revenue challenges due to travel bans, lockdowns and general anxiety towards travel.

During the crisis, the level of resilience and determination that our organisation has demonstrated is really commendable.

As an example, during the pandemic, our entire operations and sales teams worked together to rapidly convert some of our aircraft from passenger aircraft to all-cargo aircraft. Consequently, we have been carrying up to twenty tons of cargo on passenger airplanes to destinations in Asia and the Middle East. We deeply appreciate the support we are receiving from our stakeholders during this time. Given the uncertainty, it is difficult to predict the timing of return to normalcy, but we are determined to come out of this crisis in a stronger position than when we entered. In that context, we are paying particular attention to four critical aspects of our company including measures to ensure the safety of our customers and employees, reduce our costs, strengthen our brand and further enhance our employee culture.

Priority to customer safety and well-being

At this time, our priority is to ensure safety of our customers.

We have introduced a number of measures as a part of our new standard operating procedures, which will enable us to minimise the impact of the virus. Some of these procedures include:

• Disinfecting aircraft before every departure;

• Spray cleaning the aircraft at every arrival;

• Increased frequency of deep cleaning of the aircraft including wiping of all touch points;

• Providing safety kits to our passengers;

• Mandatory masks on board for both crew and passengers;

• Placing hand sanitisers at various places;

• Discontinuance of meal services; and

• Ensuring social distancing norms at check in, boarding.

Further, Airbus aircraft cabin is equipped with HEPA filters, which ensures that the virus cannot recirculate. The surfaces are cleaned thoroughly and passengers are wearing face masks. So the risk of transmission by air or through droplets is minimal. Therefore, I would like to stress that airlines are clearly the safest mode of transportation and we want our customers to fly our airline with full confidence that we are safeguarding their health and well-being.

Low costs remain fundamental to the way we do business

IndiGo is a pioneer in bringing low-cost aviation to India.

With our structural cost advantages coupled with operational efficiencies, we have been able to build one of the lowest cost structures globally. During the current period of crisis, when revenue has nearly dried up, airlines across the globe are emphasising cost control and reduction of cash burn. We have also undertaken several cost reduction and cash flow initiatives that have helped us to rationalise our costs further and utilise our cash reserves judiciously. Specifically, we have taken the following actions:

• We have announced a salary cut in the range of 5 to 25% across the organisation excluding certain employees at the lower pay grades.

• We have announced leave without pay for the months of May, June and July. This action will result in employees foregoing an additional 3% to 17% of their pay.

• We have put on hold all discretionary expenses and have deferred certain capital expenditure projects.

• We are looking at every element of cost and working hard with the partners for negotiating better prices and terms.

• We will be rightsizing our capacity to the demand in the market. We value the efficiency and structural low costs associated with NEO aircraft and thus we will continue to substitute them for the older CEO aircraft. We are taking deliveries of all our new NEO aircraft and balancing them by returning the CEO aircraft that we had committed to earlier.

Our focus has shifted from profitability and growth to cash management and liquidity

This crisis has once again highlighted the importance of a strong balance sheet, particularly, our cash reserves. In times of distress, a strong cash balance built up prudently over the years has provided IndiGo with a cushion to navigate through these difficult times. As a result, we ended the FY 2020 with a healthy total cash balance of 204 billion rupees of which 89 billion rupees was free cash. Along with this, we have taken and will continue to take a number of actions to shore up our liquidity.

In terms of liquidity measures, we are working on a number of initiatives such as:

• Returning older CEOs and getting deliveries of NEOs:

The CEOs that we are operating have a higher ownership cost driven by higher maintenance cost and higher fuel burn. As part of our fleet plan we are working on naturally retiring a number of these CEO aircraft. We will be taking the deliveries of new planes in quarter 1 and 2 of FY 2021 which are more cost effective and we are in discussions with manufacturers regarding deliveries beyond this period. Further, we have already financed majority of the deliveries through operating lessors, which will help in improving

our liquidity.

• Freezing of supplementary rentals: We have been talking to our lessors to freeze our supplementary rentals and better align these with our utilisation for a period of 9 months.

Since a large number of aircraft are currently grounded and will be operated at much lower utilisation levels going forward, there is no immediate need for us to provide

for these.

• We have reached out to our various suppliers to provide us more favourable credit terms.

• Moreover, while we have paid dividends in the past, we will not pay dividends this year to conserve liquidity.

All these measures will help us generate additional liquidity of approximately 30-40 billion rupees. We are also looking to raise finance against the various unencumbered assets of IndiGo, which could be a source of additional liquidity for us.

Phased capacity ramp-up and network expansion to eventually reach pre-pandemic levels

IndiGo has been instrumental in providing the much needed aviation infrastructure in the country leading to growth in trade and tourism and spurring overall economic growth. Although the pandemic has led to a deferment of our near term growth plans, we are hopeful that this will not last for very long and we will bounce back soon. We see our vast domestic network as the key to successful international operations, which I believe is extremely difficult for any other airlines to replicate. While we are likely to face revenue pressures in the short-term, the sharp decrease in fuel costs nevertheless allows us to fly a large part of our network profitably.

Delivering a hassle-free experience, particularly during tough times

Our endeavour has always been to deliver a hassle-free experience from the initiation of ticket booking till the completion of journey. Exemplary customer service is at the core of everything we do, and each year we actively work towards enhancing the same.

Our Net Promoter Score is comparable with low-cost carriers around the world. We find customer feedback to be the most valuable source of information and thus we place a significant amount of Management's time and attention towards the analyses of such information in order to identify root cause of issues reported, evaluate areas of improvement and align ourselves to best practices.

For the third time in a row, IndiGo was awarded 'Asia's Best Low-Cost Airline' by TripAdvisor's 2019 Travellers' Choice Airline Awards. This award is based on direct customer feedback and holds a great value to us. Further, our contribution towards building a world-class airline infrastructure in the country has been recognised on several forums. For this, IndiGo was awarded the 'Best Domestic Airline' at FlCCI's first edition of Travel and Tourism Excellence Award.

IndiGo has become a strong global brand

During the year, we further strengthened our international partnerships and enhanced our brand presence. A codeshare agreement with Qatar Airways enabled us to extend the IndiGo experience to passengers across the world. IATA membership has expanded our global presence in terms of enhanced partnership portfolio and alignment to the best global practices. Furthermore, we added 12 global online travel agencies ("OTAs") to our network and organised GSA meetings across the globe as a part of our brand outreach.

IndiGo has been recognised among the most valuable and strongest airline brands, as per the Brand Finance Airlines 50 report for 2020. This is very encouraging news for us during these unprecedented times and is a testament to all the hard work put in to scale-up our operations during the last year.

Working with a highly dedicated and talented pool of professionals

At IndiGo, we are proud to be an equal opportunity employer for people with diverse backgrounds and cultures. We remain the employer of choice and this is reflected by the fact that we have almost doubled our employee count in the last three years with a total headcount of 27,812 as of March 31,2020. Our Human Resources function focuses on training and skill development through state-of-the-art academy, called "ifly".

I am proud to state that our employees have once again proved to be our pillars of strength by demonstrating true dedication and courage in the selfless service of our customers and our nation, ferrying emergency relief supplies during the pandemic.

Fulfilling our responsibilities towards the community and the environment

We, as an organisation, recognise our role towards sustainable growth and have undertaken several initiatives to help the community. We have impacted the lives of over 64,500 women through financial inclusion and other income generating activities. Education is another key area of work and we have enhanced the lives of over 47,500 children through various education interventions. We have also installed several biogas units in our pursuit to reduce greenhouse gas emissions.

IndiGo continues to support the Government during natural disasters. More than 13 tonnes of relief materials were provided during Assam, Karnataka, Maharashtra and Patna floods.

During the lockdown, we operated over 30 relief flights in the country transporting medical equipment and other requisite resources across the country at our own cost.

"In the midst of every crisis, lies great opportunity"

The pandemic has presented several challenges to the aviation industry in terms of liquidity and change in consumer expectations. Even with these challenges, I am very bullish on the future of Indian aviation, as India possesses all the underlying drivers required for rapid growth in this industry.

Furthermore, I believe that IndiGo is best placed to lead this growth in Indian aviation given its financial strength, efficient fleet and strong market position across India and neighbouring countries.

I would like to sum up by saying that IndiGo is likely to soon resume its path of rapid growth. It is imperative for us to remain focused on liquidity and profitability with no compromise on the operational excellence for which we are well known. I am thankful to our customers and our shareholders for their continued support and confidence. We are on a mission to build the best air transportation system in the world, and I am optimistic about the prospects the future holds for us.

Sincerely,
Ronojoy Dutta
Whole Time Director and Chief Executive Officer

   

Interglobe Aviation Ltd Company History

Incorporated in 2006, InterGlobe Aviation Limited is one of India's leading airline. The principal activities of the Company comprises of air transportation which includes passenger and cargo services and providing related allied services including in-flight sales. The Company operates its flights under the IndiGo brand. IndiGo primarily operates in India's domestic air travel market as a low-cost carrier. IndiGo is the largest airline in India with 1,800+ daily flights covering 78 domestic destinations and 26 international destinations. IndiGo's purpose is giving wings to the nation, by connecting people and aspirations. Agile is a wholly owned subsidiary of IndiGo and is engaged in the business of providing ground handling and other allied services to IndiGo at various airports in India. InterGlobe Aviation was originally incorporated in Lucknow as InterGlobe Aviation Private Limited, as Private Limited Company on January 13, 2004 with the Registrar of Companies, Uttar Pradesh and Uttaranchal at Kanpur. Pursuant to a Special Resolution of the Shareholders of the Company on June 30, 2006, Company converted into a Public Company and name of the Company was changed to 'InterGlobe Aviation Limited' subsequent to which, a fresh Certificate of Incorporation was issued by the Registrar of Companies, National Capital Territory of Delhi and Haryana on August 11, 2006. In June 2005, InterGlobe Aviation placed a landmark order of 100 A320 aircraft with Airbus. In July 2006, InterGlobe Aviation took delivery of its first aircraft. In August 2006, the company launched domestic operations. In April 2007, IndiGo crossed the one million passenger mark. In April 2009, the carrier crossed 10 million passenger mark. Also during the month, the company took delivery of its 25th aircraft. In June 2011, InterGlobe Aviation placed another order of 180 A320neo aircraft with Airbus. In September 2011, IndiGo launched its international operations. Also during the month, it became the largest domestic carrier in India by market share. In October 2011, InterGlobe Aviation took delivery of its 50th aircraft. In December 2012, IndiGo crossed the 50 million passenger mark. In February 2013, IndiGo took delivery of its 75th aircraft. In April 2014, IndiGo crossed the 75 million passenger mark. In November 2014, InterGlobe Aviation took delivery of 100th aircraft. In March 2015, IndiGo crossed the 100 million passenger mark. In August 2015, InterGlobe Aviation placed an order of 250 A320neo aircraft with Airbus. On 29 February 2016, InterGlobe Aviation announced that Airbus has confirmed that beginning with March 2016, it will deliver 24 fuel efficient A320neo aircraft to the company by March of 2017 as compared to the original plan to deliver 26 A320neos. The new A320neo powered by Pratt and Whitney's fuel efficient geared turbo fan engines will enable IndiGo to structurally reduce its cost of operations. Fuel continues to be the single largest element of its cost structure. This also marks the beginning of the next phase of growth for IndiGo and will enable it to make air transportation far more accessible for the people of India. On 15 September 2016, IndiGo and Travelport, a leading travel commerce platform announced a strategic partnership which will see IndiGo distribute all of its fares and ancillary products to Travelport-connected customers worldwide. On 21 September 2017, InterGlobe Aviation allotted shares to qualified institutional investors under institutional placement programme at an issue price of Rs 1,130 per share. The institutional placement programme was a combination of fresh issue of 2.23 crore shares and Offer for Sale of 1.11 crore shares by exiting shareholders of the company. On 13 and 14 December 2017, two promoter entities sold a combined 2.91% stake in InterGlobe Aviation via Offer for Sale through the stock exchange mechanism. On 21 December 2017, IndiGo announced the commencement of its ATR operations in Hyderabad. IndiGo in October 2017 had announced its plan to further strengthen its regional operations with over 90 new flight connections that include routes to and from Tirupati, Rajahmundry, Hyderabad, Chennai, Bengaluru, Mangalore, Madurai and Nagpur. On 21 December 2017, IndiGo announced that it had reached 200 million passenger mark. On 23 December 2017, InterGlobe Aviation announced that IndiGo on 22 December 2017 became the first Indian carrier to operate 1,000 plus flights in a day. IndiGo also took the delivery of its 31st Airbus A-320 Neo aircraft on the same day to join its ever growing fleet, making the first Indian carrier with 150 aircraft fleet. On 13 March 2018, InterGlobe Aviation clarified to the stock exchanges that the company is the process of grounding 9 A320neo aircraft due to an ongoing Pratt & Whitney engine issue. The company took the decision to ground 9 A320neo aircraft following a directive from the Directorate General of Civil Aviation. On 5 April 2018, InterGlobe Aviation indicated that it has opted out of the bidding for acquiring national carrier Air India. The Government of India (GoI) has initiated the process of selling its majority stake through privatizing Air India. InterGlobe Aviation President Aditya Ghosh said in a statement that the company was interested primarily in the acquisition of Air India's international operations and Air India Express. However, that option is not available under GoI's current divestiture plans for Air India. InterGlobe Aviation also said that it does not have the capability to take the task of acquiring and successfully turning around all of Air India's airline operations. Earlier, InterGlobe Aviation in a letter dated 28 June 2017 submitted to the Government of India said that the airline is interested in acquiring the international operations of Air India and Air India Express. Alternatively, it said that it is equally interested in acquiring all of the airline operations of Air India and Air India Express. The Company grew the fleet size grew to 217 aircraft as of March 31, 2019. At the end of March 2019, it had 71 fuel efficient A320neos, giving 15% lower fuel burn compared to the current generation of A320ceos without sharklets. It started taking A321neos that have a higher seating capacity and lower unit costs. Apart from these, it commenced operations from 8 new international destinations, adding 28 new international routes during the year 2019. As of March 31, 2019, the Company operated scheduled services to 68 destinations including 16 international destinations with a fleet of 217 aircraft, consisting of 130 A320ceos, 71 A320neos, 1 A321neo and 15 ATRs. During the year 2018-19, Agile Airport Services Private Limited, a wholly owned subsidiary of the Company started its operations effective on September 06, 2018. During FY 2019-20, the Company inducted 45 net aircraft to the fleet, of which 42 were fuel efficient A320 / A321NEO family aircraft powered by Pratt and Whitney (P&W) GTF engines. 10 new domestic and 8 new international destinations added during the year 2020. The Company's fleet size increased to 262 aircraft. It added 45 net aircraft during the year. It operated 1,674 peak daily flights and carried over 75 million passengers during year 2020. The Company's s fleet increased to 285 aircraft as of March 31, 2021. As of March 31, 2021, IndiGo had 26 ATR aircraft in its fleet. Their Our fleet as on March 31, 2021, consisted of 100 Airbus CEO, 159 Airbus NEO and 26 ATR aircraft. During FY 2021, Company inducted 45 new fuel-efficient aircraft powered by PW1100G and CFM LEAP-1A engines. During the same period, it replaced all unmodified P&W engines in its fleet as per the directives of DGCA to all airline operators flying P&W engines. As of March 31, 2022, the Company had a fleet of 143 A320neo, 41 A320ceo, 56 A321neo and 35 ATR. As part of the objective to improve connectivity across India, 100 routes have been launched. Additionally, three heliports and 9 (regional/ Tier 2/ Tier 3 cities) airports were made operational. With its fleet of 275 aircraft on March 31, 2022, the airline operated over 1,450 daily flights, connecting 73 domestic and 15 international destinations. The Company operated scheduled services to 88 destinations including 07 new destinations, 30 unique non-scheduled destinations, 3,237 cargo in cabin flights, and 991 charter flights. It operated 35 Operation Ganga flights and 22,183 flights under the Government's bubble flights arrangements with other countries for FY 2022. The fleet as on March 31, 2022, consisted of 41 Airbus CEO, 199 Airbus NEO and 35 ATR aircraft. During FY 2022, the Company inducted 49 new fuel-efficient aircraft powered by PW1100G and CFM LEAP-1A engines. As on March 31, 2023, Company's fleet consists of 162 Airbus 320 NEO, 79 Airbus 321 NEO, 21 Airbus CEO, 39 ATR aircraft, 2 A321 Freighters (P2F) and 1 B777 (damp lease). During FY 2023, Company inducted 47 new fuel-efficient Airbus NEO powered by CFM LEAP-1A engines, 4 ATR Aircraft, 2 P2F and 1 B777. It took 2 Boeing 777 aircraft from Turkish Airlines to increase the capacity on the Istanbul route. 1 B777 is deployed on the DEL-IST-DEL route, effective February 1, 2023.

Interglobe Aviation Ltd Directors Reports

Dear Members,

Your Directors ("Board of Directors" or "Board") are pleased to present the nineteenth Annual Report of InterGlobe Aviation Limited ("your Company" or "we" or "IndiGo") along with the audited financial statements for the financial year ended March 31, 2022 ("FY 2022"). Wherever required, the consolidated performance of your Company and its subsidiary has also been provided.

1. Financial Results

The standalone and consolidated financial highlights of your Company's operations are summarised below:

(Rupees in million, except earnings per share)

Particulars Consolidated Standalone
FY 2022 FY 2021 FY 2022 FY 2021
Revenue from operations 259,309.27 146,406.31 259,309.27 146,406.31
Other Income 7,255.98 10,369.64 7,245.42 10,363.32
Total Income 266,565.25 156,775.95 266,554.69 156,769.63
Profit / (Loss) before Tax (61,536.84) (58,180.70) (61,710.25) (58,297.92)
Current Tax (4.12) 78.68 -
Deferred tax credit / (charge) (77.49) 37.75 - -
Profit / (Loss) after Tax (61,618.45) (58,064.27) (61,710.25) (58,297.92)
Other Comprehensive Income / (Loss) net of tax 10.65 (5.81) 29.65 (16.65)
Total Comprehensive Income / (Loss) (61,607.80) (58,070.08) (61,680.60) (58,314.57)
Earnings per equity share of the face value of Rs. 10 each
Basic (Rs.) (160.01) (150.89) (160.25) (151.49)
Diluted (Rs.) (160.01) (150.89) (160.25) (151.49)

2. Company's Performance

On a consolidated basis, your Company achieved a total income of Rs. 266,565.25 million for FY 2022, higher by 70.03% over the previous year's total income of Rs. 156,775.95 million. Your Company reported a net loss of Rs. 61,618.45 million for FY 2022 against a net loss of Rs. 58,064.27 million for the previous year.

On a standalone basis, your Company achieved a total income of Rs. 266,554.69 million for FY 2022, higher by 70.03% over the previous year's total income of Rs. 156,769.63 million. Your Company reported a net loss of Rs. 61,710.25 million for FY 2022 against a net loss of Rs. 58,297.92 million for the previous year.

3. Performance of Agile Airport Services Private Limited ("Agile" or "Subsidiary Company")

Agile is a wholly owned subsidiary of your Company and is engaged in the business of providing ground handling and other allied services to your Company at various airports in India.

The total income of Agile for FY 2022 was Rs. 3,719.09 million, higher by 25.91% over the previous year's total income of Rs. 2,953.87 million. The net profit was Rs. 91.80 million indicating a reduction of 60.71% over net profit of Rs. 233.65 million for FY 2021. Pursuant to Section 129(3) of the Companies Act, 2013 ("Act") read with Rule 5 of the Companies (Accounts) Rules, 2014, as amended from time to time, a statement containing the details of performance and salient features of the financial statements of the Subsidiary Company in form AOC -1 is annexed to the consolidated financial statements.

In compliance with the provisions of Section 136 of the Act, the audited financial statements of the Subsidiary Company are uploaded on the Investor Relations section of the website of your Company at https://www.goindigo.in/content/dam/goindigo/investor-relations/subsidiary-financials/2021-22/Finanical-Statements-Agile-FY-21-22.pdf

Your Company has adopted a policy for determining material subsidiaries pursuant to Regulation 16(1)(c) of the SCBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SCBI LODR Regulations") which is available on the Investor Relations section of the website of your Company at https://www.goindigo.in/content/dam/goindigo/investor-relations/policies/2021/InterGlobe-Aviation-Limited-Policy-on-Material-Subsidiary.pdf. Your Company has no material subsidiary as on date.

aviqtion-limited-policy-on-mqteriql-subsidiqry.pdf. Your Company has no material subsidiary as on date.

4. Operational Performance

A. Operations and growth

Your Company operated 1,574 peak daily flights and carried over 49.70 million passengers during FY 2022 as compared to 1,301 peak daily flights and 30.70 million passengers in FY 2021.

Your Company operated:

(a) Scheduled services to 88 destinations including 07 new destinations

(b) 30 unique non-scheduled destinations

(c) 3,237 cargo in cabin flights,

(d) 991 charter flights

B. Serving the nation for repatriation and bubble flights

Your Company operated 35 Operation Ganga flights and 22,183 flights under the Government's bubble flights arrangements with other countries for FY 2022. Your Company also addressed the national need during the pandemic by operating ad-hoc repatriation flights to 04 new countries and 05 destinations outside its network.

C. Inducting aircraft and procedures to save fuel

Our fleet as on March 31, 2022, consists of 41 Airbus CEO, 199 Airbus NEO and 35 ATR aircraft. During FY 2022, your Company inducted 49 new fuel-efficient aircraft powered by PW1100G and CFM LEAP-1A engines.

Your Company ranked No.1 for On-Time Performance (OTP) at key metro cities. Additionally, your Company also achieved a technical dispatch reliability of 99.95% as published in AIRBUS IDOLS for reliability.

Your Company has obtained In-Principal approval for induction of P2F Freighter/CarGo aircraft under the existing Air Operator Certificate (AOC). Induction of CarGo aircraft under the same AOC will reduce the time and the process for separate AOC for dedicated and CarGo operations. Your Company would soon get the Extended Diversion Time Operations (EDTO), for 120 minutes from the Director General of Civil Aviation (DGCA), to fly on direct routes over-sea for 120 minutes on A320 family aircraft. This would help in achieving shorter routes and saving fuel. To achieve operational excellence, your Company launched awareness campaigns for adoption of fuel-efficient techniques and collaborated with the regulatory authorities and the Indian Air-Force to facilitate airspace optimisation, with a clear focus on efficiency and safety.

Your Company was quick to adapt to global travel requirements and operated repatriation flights to Ukraine to help Indians come home safe.

Pilot Training

Your Company during the pandemic and past pandemic continued skilling Pilots to keep their knowledge and skills current. The period was transformational, multiple programs were converted from traditional classroom learning session to a blended learning training format which included - Classroom sessions, Virtual classes - Instructor led and E-learning (LMS), however keeping learning quality as paramount.

In the blending learning format, focus of the classroom session was to clear doubts, meet trainers and colleagues to ensure that the contact aspect of human connect is not missed. The E-Learning programs act as a knowledge retainer - As it gives our pilots access to learning information 24*7 an opportunity to revise their learning on the go and in the comfort and safety of their homes. Your Company has also converted our annual pilot recurrent training for both ATR and Airbus into blended learning, saving overall cost and time. The initial course was 05 days and post DGCA approval we have been able to create a blended format ensuring efficient use of pilot utilization.

Your Company also continued inducting junior first officers to ensure pipeline continuation and to effectively manage future requirements. Your Company has also created a virtual training program for conversion from A320 to A321, enabling Pilots to fly both type of variants seamlessly.

Your Company also revamped the recurrent simulator training program and ensured that new scenario-based training was incorporated for our Pilots to manage all types of environment & situations during line flying and enhance their learning experience at IndiGo. Your Company also launched a new enhanced command development course as per Global standards to enhance the quality of our new Captains.

Your Company was the first airline in India to implement the foundation of CBTA (Competency based training assessment) AND CAT (evidence based training), this was in line with ICAO and IATA standards. This develops the important quality of Resilience amongst the pilots which was required to tide over the last two years.

Your Company also trains all Pilots (ATR & Airbus) on Global Reporting Format (GRF) - a mandatory requirement to understand the reporting format on runway surface conditions for effective calculation of take-off and landing performance - fulfilling regulatory compliance, enhanced performance and safety.

Your Company has undertaken ground classes to revalidate Airbus Type Rating of Pilots issued with Letter of Intent (LOI) to ensure readiness of their availability in the future. Your Company also successfully added to its training capacity by getting approvals for training rooms for Engineering personnel and Cabin crew training at its Delhi hangar.

Impact of Covid - 19

Covid-19 continues to keep the world on alert, however countries all over the world and India have been continuously finding ways to reduce the spread of the Covid-19, creating new processes to facilitate safety and security while ensuring business revival. Your Company saw revival of business post the second wave, while managing with limited visibility of scheduled operations and change in regulations month on month due to the dynamic spread of Covid-19 keeping operations fluid.

Employees: Your Company proactively communicated timely and accurate Covid-19 related messaging to its employees, providing the workforce with up-to-date news and information to provide reassurance throughout the pandemic.

Operations: Your Company experienced a high demand for charters from UAE and managed the demand successfully, with strict travel restriction, in terms of 03-point checks and reduced capacity.

Your Company, towards the end of 2021, saw excellent travel demand, however the sudden surge imposed a unique challenge of managing manpower and available resources. Innovative planning and optimum utilisation of resources kept our operations tight and turn arounds safe and quick.

Post the second wave, your Company continues to ensure that adequate crew/airport staff is available to ensure business continuity. Additionally, new processes are continuously being implemented and reviewed in compliance with the Ministry of Civil Aviation ("MOCA") guidelines.

Measures taken to mitigate the impact: Being India's largest carrier by market share and carrying the largest number of passengers by air in India, we understood our responsibility to our customers, the industry, and the country.

Your Company continues disinfection and cleaning of all aircraft on arrival to help reduce the spread of the virus. Additionally, when parked at night, all aircraft undergo deep cleaning with focus on all touch points such as tray tables, arm rests, seat belts, lavatory doors and overhead nozzles. Every aircraft is fumigated once a week and all customer coaches are sanitized after each trip, to provide a safe travel experience. Your Company, as prescribed by the DGCA, eased the requirement of wearing face shield, however continued with wearing mask and maintenance of social distancing.

In FY 2022, your Company continued focus on contactless travel experience at the airports. Your Company created more awareness among the passengers on how they can web check-in, fill the health declaration form online, pay for all ancillary products and add a print baggage tags from home. These initiatives ensured that more than 83.1% check-ins were done online, and 37.80 million bag tags had been printed by our passengers.

With the continuous changes in the state and international travel regulations, your Company created a centralised page on its website which is updated regularly to help customers become aware of the latest travel guidelines. Additionally, relevant changes in state and international travel regulations were communicated to the passengers through various digital channels such as social media, emailers, SMS and WhatsApp. At the airports, we have introduced self-check-in and print baggage's tags and also enabled UPI payment option for a true contactless experience.

Your Company also enabled customers to self-board at the boarding gate, further reducing human contact. In these difficult times, your Company announced a special offer - 'Tough Cookie' and offered a 25% discount on airfare for all doctors and nurses, as a gesture to thank them for being at the forefront of the battle against the Covid-19 outbreak. These Covid Warriors were facilitated at various touch points by the operations and the marketing teams.

Your Company has transported the highest number of Covid Vaccines in India since January 2021. With the end of FY 2022 and start of summer schedule, your Company saw the opening of international markets and a steady revival of operations.

Your Company complied with the regulator regarding staggered meal service on board in order to restrict customers consuming meals together. Discontinued food service on flights less than 02 hours as staggered service was not practical on these flights due to short flight duration. An Inflight Service Bubble was introduced restricting cabin crew to their service zones that minimised spread of virus between customer to crew and vice versa. Effective November 2021, we resumed service on flights less than 02 hours.

This year has been one of transition. With the pandemic easing out, and vaccination rates going up, the regulator enforced resumption of contact classes. Your Company has successfully blended contact classes with virtual training while ensuring optimum training quality and learning efficacy.

Your Company has worked with the regulator and has been approved to continue recurrent training/drills virtually. All non-mandatory and corporate trainings continue virtually, expertly balancing learning quality and cost efficiency. Our crew and ground employees were trained on various post Covid-19 scenarios, instilling in its employees a strong ability to create hassle free experiences for customers travelling with us. Your Company got an extraordinary approval for load and trim training (the only airline in India) to conduct conversion training, differences training and loading competency training virtually for international airports.

5. Dividend

Your Company has adopted the 'InterGlobe Aviation Limited - Dividend Distribution Policy' in compliance with Regulation 43A of the SEBI LODR Regulations. The Policy sets out the parameters and factors to be considered by the Board in determining the distribution of dividend to its Members and / or retaining profits of your Company. The Dividend Distribution Policy is available on the Investor Relations section of the website of your Company at https://www.goindigo.in/content/dam/goindigo/investor-relations/policies/2021/InterGlobe-Aviation-Limited-Dividend-Distribution-Policy.pdf.

Based on your Company's performance, cash flow position and the loss incurred during FY 2022, the Board has not recommended any dividend on the equity shares of your Company.

6. Amount to be carried to Reserves

Your Directors do not propose to transfer any amount to reserves.

7. Arbitration Proceedings filed with the London Court of International Arbitration

InterGlobe Enterprises Private Limited and Mr. Rahul Bhatia (the "IGE Group") had submitted a Request for Arbitration dated October 01, 2019, to the London Court of International Arbitration under the Shareholders' Agreement dated April 23, 2015 (as amended on September 17, 2015) ("Shareholders Agreement") executed between, inter-alia, the IGE Group, Mr. Rakesh Gangwal, The Chinkerpoo Family Trust, Ms. Shobha Gangwal (together with Mr. Gangwal and The Chinkerpoo Family Trust, the "RG Group"), and your Company. In the arbitration proceedings, the IGE Group had sought certain reliefs against the RG Group, including in relation to compliance with the Shareholders Agreement and your Company's Articles of Association ("Articles") as well as damages. The RG Group also sought certain reliefs against the IGE Group, including to carry out all requisite steps and actions, provide consents and assistance to remove certain provisions from your Company's Articles. The Company was named as a proper party to the arbitration and no monetary claim, including any compensation, was sought from the Company by the IGE Group or the RG Group.

The arbitral award was issued in the Arbitration proceedings on September 23, 2021 (the "Award"). The Award contains no directions to the Company. Further, the Award directs that the costs incurred by the Company in relation to the Arbitration proceedings be reimbursed by the IGE Group. The arbitration proceedings with respect to the Company have concluded, and as per the directions in the Award, the Company has received reimbursement of costs, from the IGE Group in relation to the arbitration. The Award does not adversely impact the financial results of the Company.

8. Amendment to the Articles of Association

Pursuant to the joint requisition dated November 25, 2021, made by the IGE Group and the RG Group (collectively the "Requisitionists"), collectively holding 74.44% of the paid-up equity shares of your Company on the date of requisition, an Extraordinary General Meeting of the Members of your Company was convened on Thursday, December 30, 2021, for removing the Transfer Restriction Articles from the Articles of Association of your Company. Transfer Restriction Articles means Articles 1.6 to 1.15 (Transfer of Equity Shares), 1.16 to 1.20 (Acquisition of Shares) and 2A (Other provisions on Equity Shares).

The Members of your Company, at the said Extraordinary General Meeting, had approved the Special Resolution for amendment in the Articles of Association of your Company by deletion of the Transfer Restriction Articles therefrom.

9. Employee Stock Option Scheme

Pursuant to approval of the Members of your Company on June 25, 2015, your Company had adopted 'InterGlobe Aviation Limited - Employee Stock Option Scheme 2015' ("Scheme") which was amended on September 07, 2016. Under the Scheme, your Company grants share-based benefits to the eligible employees by granting stock options ("Options"), with a view to attract and retain talent and encouraging employees to align their individual performances with the Company's broader growth objectives. During FY 2022, there has been no change in the Scheme and the Company continues to comply with the provisions of the SEBI (Share Based employee Benefits and Sweat Equity) Regulations, 2021, as amended ("SEBI SBEB Regulations").

The disclosure, in compliance with the SEBI SBEB Regulations, is uploaded on the Investor Relations section of the website of your Company at https://www.goindigo.in/content/dam/goindigo/investor-relations/other-related-documents/2021-22/Statement-under- Reg-14-of-the-SEBI-Share-Based-Employee-Benefits-and-Sweat-Equity-Regulations-2021.pdf

10. Increase in Share Capital

Pursuant to the allotment of 344,729 equity shares of Rs. 10 each upon exercise of Options by the eligible employees under the Scheme, the issued, subscribed, and paid-up share capital of your Company increased from 384,910,000 equity shares as on March 31,2021, to 385,254,729 equity shares of Rs. 10 each as on March 31, 2022, aggregating to Rs. 3,852.55 million.

11. Related Party Transactions

Your Company had adopted 'InterGlobe Aviation Limited - Policy on dealing with Related Party Transactions' ("RPT Policy") in compliance with Regulation 23 of the SEBI LODR Regulations. During FY 2022, there has been no change in the RPT Policy. The transactions entered by your Company with its related parties were in compliance with the RPT Policy and in the best interest of your Company. The RPT Policy is available on the Investor Relations section of the website of your Company at https://www.goindigo.in/content/dam/goindigo/investor-relations/policies/2021/IGAL-Policy-on-Related-Party-Transactions-2019.pdf

All the contracts/ arrangements/ transactions entered into by your Company with its related parties during FY 2022, were in its ordinary course of business and on an arm's length basis and were approved by the Audit Committee. Your Company has obtained necessary approval, as required, in accordance with the RPT Policy.

During FY 2022, your Company had not entered into any arrangement / transaction / contract with its related parties which could be considered material and required approval of the Board or the Members. Accordingly, the disclosure of the particulars of the related party transactions in form AOC -2 as required under Section 134(3)(h) of the Act is not applicable.

For further details of related party transactions during the year, please refer to note number 35 of the notes forming a part of the financial statements, attached to the Annual Report.

Pursuant to Regulation 23 of the SEBI LODR Regulations, your Company had filed to the stock exchanges the details of related party transactions on half yearly basis.

12. Directors and Key Managerial Personnel

a) Directors

As on March 31, 2022, the Board comprised of eight (8) members with an appropriate mix of Non-Executive Directors, Executive Directors, and Independent Directors, which is in compliance with the provisions of the Act, the SEBI LODR Regulations and is also aligned with the best practices of Corporate Governance.

In compliance with the provisions of Sections 196, 203 and Schedule V to the Act, Mr. Rahul Bhatia, Non-Executive Director was appointed as the Managing Director of your Company, not liable to retire by rotation, for an initial period of five years, effective from February 4, 2022. His appointment was approved by the Members of your Company through postal ballot on March 18, 2022.

Mr. Rakesh Gangwal tendered his resignation from the position of Non-Executive Director of your Company with effect from February 18, 2022. The Board appreciated the contribution made by Mr. Gangwal during his appointment as a Director on the Board of your Company.

Dr. Anupam Khanna completed his second term as an Independent Director of your Company on March 26, 2022. Consequently, Dr. Khanna ceased to be a Director of your Company from the said date. The Board places on record its appreciation for the contribution made by Dr. Khanna as an Independent Director on the Board of your Company.

Mr. Meleveetil Damodaran stepped down as Chairman and Independent Director of your Company on attaining the age of 75

years on May 3, 2022, in terms of Regulation 17(1fl) of the SEBI LODR Regulations. The Board places on record its appreciation for the contribution made by Mr. Damodaran as the Chairman and Independent Director on the Board of your Company. [Mir. Meleveetil Damodaran has been appointed by the Board as a Non-Independent Non-Executive Director (as Additional Director) with effect from July 16, 2022, subject to approval of the Mlembers of the Company at the ensuing Annual General Mleeting],

Pursuant to the provisions of Sections 149, 161 and other applicable provisions of the Act and the SEBI LODR Regulations and on the recommendation of the Nomination and Remuneration Committee, the Board at its meeting held on April 12, 2022, approved appointment of Mr. Vikram Singh Mehta and Air Chief Marshal (Retd.) Birender Singh Dhanoa as Independent Directors (as Additional Directors) on the Board, not liable to retire by rotation, subject to receipt of security clearance from the MOCA and further subject to approval of the Members of your Company. The appointments of Mr. Mehta and ACM Dhanoa (Retd.) will be effective from the date of receipt of security clearance from the MOCA [Pursuant to receipt of security clearance approval from MOCA, the appointment of Mr. Mehta and ACM Dhanoa (Retd.) as the Independent Directors on the Board is effective from May 27, 2022].

Mr. Mehta has been appointed in the vacancy caused due to completion of second term of Dr. Anupam Khanna as an Independent Director. ACM Dhanoa (Retd.) has been appointed in the vacancy caused due to Mr. Meleveetil Damodaran stepping down as an Independent Director on attaining the age of 75 years on May 3, 2022. As per Section 161 of the Act, Mr. Mehta and ACM Dhanoa (Retd.) will hold office till the ensuing Annual General Meeting ("AGM") and are eligible for appointment as the Independent Directors of your Company. The Board is of the opinion that Mr. Mehta and ACM Dhanoa (Retd.) have relevant experience, expertise and integrity for holding the position of the Independent Directors on the Board.

Mr. Ronojoy Dutta has decided to retire by resignation as the Whole Time Director and CCO of the Company with effect from September 30, 2022. The Board places on record sincere thanks to Mr. Dutta for effectively leading the Company with a steady hand through the most turbulent period in the Company's history and the aviation industry globally.

Pursuant to Sections 161,196, 197, 203 read with Schedule V and other applicable provisions of the Act read with the rules made thereunder, the Board has approved the appointment of Mr. Petrus J.T. Clbers as the Chief executive Officer ("CEO") and as a Whole Time Director of the Company, subject to receipt of security clearance from MOCA, the approval of the Central Government, if required, and the approval of the Members of your Company. The appointment of Mr. Elbers as the CEO is expected to be effective from October 01,2022.

Mr. Anil Parashar, Non-Executive Director, retires by rotation and being eligible, offers himself for reappointment at the ensuing AGM.

The Notice of AGM includes the proposal for appointment and re-appointment of Directors as stated above.

Your Company has received declarations from all Independent Directors confirming that they meet the criteria of independence as laid down under Section 149 of the Act and Regulation 16 of the SEBI LODR Regulations and complied with the Code for Independent Directors prescribed in Schedule IV of the Act. During FY 2022, there has been no change in the circumstances affecting their status as Independent Directors of your Company.

None of the Directors of the Company is disqualified to act as a Director as per the requirement of Section 164 of the Act.

b) Key Managerial Personnel

Mr. Gaurav Manoher Negi was appointed as the Chief Financial Officer of your Company with effect from March 29, 2022, in place of Mr. Jiten Chopra, who resigned with effect from March 28, 2022. Mr. Negi has been associated with your Company since December 2021 and has earlier held the position of Head - Governance, Risk and Compliance. The Board places on record its appreciation for the contribution made by Mr. Chopra during his tenure as the Chief Financial Officer of the Company.

13. Number of meetings of the Board

The Board met 13 times during FY 2022. The details of meetings of the Board and attendance of the Directors at the Board meetings are given in the Report on Corporate Governance which forms a part of the Annual Report.

14. Committees of the Board

As on March 31, 2022, the Board had the following five committees:

i. Audit Committee

ii. Nomination and Remuneration Committee

iii. Risk Management Committee

iv. Corporate Social Responsibility Committee

v. Stakeholders Relationship Committee

The details of the composition, terms of references, and number of committee meetings held during FY 2022 and the attendance of the committee members at each meeting are given in the Report on Corporate Governance which forms a part of the Annual Report.

15. Board Evaluation

Pursuant to the provisions of the Act and the SEBI LODR Regulations, an evaluation process was carried out to evaluate performance of the Board and its committees, the Chairman of the Board, and all Directors, including Independent Directors. The evaluation was aimed at improving the effectiveness of all these constituents and enhancing their contribution to the functioning of the Board.

We had reported in the Board's Report for FY 2021 that, during that year, on the recommendation of the Nomination and Remuneration Committee (Committee), an independent external expert in Board evaluation, was engaged by the Management to undertake such evaluation. He had carried out the exercise through questionnaires, both numeric as well as qualitative responses, that were sent directly to the Board members on a confidential basis. The independent external expert had then followed through with confidential individual conversations with each Board member and developed separate evaluation reports. Subsequently, the independent external expert had collated confidential reports for (a) the Board as a Whole, (b) Chairman of the Board, (c) Individual Directors, both Independent and Non- Independent, and (d) for each of the Board committees separately. The assessment of individual Directors was sent in separate sealed envelopes to the concerned Directors. The results of evaluation of the Board and its various committees were subsequently discussed by the Board at its meeting and the areas for improvement of the functioning of the Board and committees were noted.

In view of the in-depth evaluation conducted in the previous year, for FY 2022, upon the recommendation of the Committee, a robust internal evaluation of the Board was conducted. The questionnaires for this evaluation were developed based on improvement areas identified last year and coordinated directly by the Chairman of the Board.

In a separate meeting of the Independent Directors, performance of the Non-Independent Directors, and the Board as a whole was also discussed, taking into account the views of Executive Directors and Non-Executive Directors.

16. Remuneration Policy

Your Company had adopted the 'InterGlobe Aviation Limited - Nomination and Remuneration Policy' in compliance with Section 178 of the Act and Regulation 19(4) read with Part D of Schedule II to the SEBI LODR Regulations, for identification, selection and appointment of Directors, Key Managerial Personnel (KMPs) and Senior Management of your Company. The Policy lays down the process and parameters for the appointment and remuneration of the KMPs and other senior management personnel and the criteria for determining qualifications, highest level of personal and professional ethics, positive attributes, financial literacy, and independence of a Director. The Policy is available on the Investor Relations section of the website of your Company at https://www.goindigo.in/content/dam/goindigo/investor-relations/policies/2021/InterGlobe-Nomination-and-Remneraion-Policy.pdf.

17. Succession Planning

Your Company has been following a rigorous process of leadership talent review, named "Talent Councils" ever since FY 2019. We continue to follow an established process to identify and nurture talented employees at an early stage with the goal of succession planning. Once a year, we discuss succession planning for key positions with the various business function heads within your Company. Competencies, skills, and experience required for performing leadership roles, at the level of Vice President and above are clearly established. At the yearly Talent Council meetings, we take time to review the performance and potential of each senior leader in depth. We then compare this with the job specifications of the corresponding positions. This review process forms the basis of people identification and development for filling all top positions. In addition, your Company's Human Resource function continually maps the external market to identify talent for which immediate internal candidate is not available. Ever since FY 2021, we have been focused on identifying talent at a lower than Vice President level and have been taking specific measures to ensure the development of these emerging leaders.

Your Company is in the forefront of developing talent across various levels of skills, both across Crew and Non-Crew. Our in-house training academy, ifly, aims to identify training gaps and solutions and provide learning opportunities to enhance skills and experience across behavioural and technical competencies, with enhancing leadership skills to create an army of leaders for IndiGo.

18. Risk Management

Your Company has put in place a structured Enterprise Risk Management framework ("ERM framework") based on the guiding principles from SEBI of identifying, assessing and mitigation of risks. It is an integral part of decision-making for your Company and is dynamic in nature, undergoing continuous improvement. The ERM Framework follows an annual process of setting objectives, identifying key risks on an ongoing basis, developing a mitigation action plan and monitoring.

The Risk Management Committee (Committee) has been empowered to frame, implement, and monitor the risk management practices of your Company. The Committee has been entrusted for systematically overseeing, reviewing, and updating the risk management calendar, based on certain risks becoming more important during the year. The Committee meets on regular intervals and discusses risks relating to liquidity & profitability, demand & revenue, cyber threat & data protection, business continuity plan, employee health & labour relations, sustainability & climate change, airline safety & security, adverse regulatory changes & litigation, competition, reputation, unfavorable fuel & forex movement and any other new risk that may be identified by the Management.

The Audit Committee has an additional oversight in the area of financial risks.

A note on key risks of your Company is given in the Management Discussion and Analysis Report which forms a part of the Annual Report.

19. Corporate Social Responsibility

A brief outline of the Corporate Social Responsibility ("CSR") Policy of your Company and the initiatives undertaken by your Company on CSR activities during the year are set out in Annexure - A to this Report, in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014.

For other details regarding the CSR Committee, please refer to the Report on Corporate Governance, which forms a part of the Annual Report.

The Corporate Social Responsibility Policy as approved by the Board is available on the Investor Relations section of the website of your Company at https://www.goindigo.in/content/dam/goindigo/investor-relations/policies/InterGlobe-Aviation-Limited-Corporate- Social-Responsibility-Policy-2.pdf.

20. Statutory Auditors

S.R. Batliboi & Co. LLP (Firm Registration no. 301003E/E300005) was appointed as the Statutory Auditors of your Company at the 16th AGM held on August 27, 2019, for a term of five consecutive years from the conclusion of the 16th AGM till the conclusion of the 21st AGM of your Company, in accordance with the provisions of Section 139 of the Act.

The Reports given by the Statutory Auditors on the standalone financial statements and the consolidated financial statements of your Company for FY 2022 form part of the Annual Report. The Reports do not contain any qualification, reservation or adverse remark or disclaimer by the Statutory Auditors.

21. Secretarial Auditors

Sanjay Grover & Associates, firm of practicing Company Secretaries (Firm Registration no. P2001DE052900) ("Secretarial Auditors"), carried out the secretarial audit for FY 2022 in compliance with the Act and the Rules made thereunder, the SEBI LODR Regulations and other applicable regulations as prescribed by the SEBI, Foreign Exchange Management Act, 1999, as amended and other laws specifically applicable to your Company. The Secretarial Audit Report in form MR-3 for FY 2022 is attached to this Report as Annexure - B. The said Report does not contain any qualification, reservation or adverse remark or disclaimer by the Secretarial Auditors.

In compliance with Regulation 24A of the SEBI LODR Regulations, read with SEBI circular no. CIR/CFD/CMD1/27/2019 dated February 08, 2019, the Secretarial Auditors have also issued Annual Secretarial Compliance Report for FY 2022. The said Report does not contain any qualification, reservation or adverse remark or disclaimer by the Secretarial Auditors.

22. Non-applicability of maintenance of cost records

The Central Government has not prescribed the maintenance of cost records under Section 148(1) of the Act and the Rules thereunder with respect to the aviation business.

23. Whistleblower Policy / Vigil Mechanism

Pursuant to Section 177(9) of the Act and Regulation 22 of the SEBI LODR Regulations, your Company has adopted a Whistleblower Policy / Vigil Mechanism for Directors, Senior Management and employees of your Company and its subsidiary. The Whistleblower Policy provides for adequate safeguards against victimisation of whistleblowers and provides for direct access to the Chairperson of the Audit Committee, in exceptional circumstances.

The policy provides for a mechanism to report concerns about unethical behaviour, actual or suspected fraud, instances of leak of Unpublished Price Sensitive Information ("UPSI") or violations of your Company's Code of Conduct. The Whistleblower Policy also enables suppliers, contractors, and other stakeholders to report unethical behaviour, misconduct, violation or legal or improper practices, actual or suspected fraud by a Company official without any fear of unfair treatment (including loss of business).

During FY 2022, no person was denied access to the Chairperson of the Audit Committee. The Audit Committee oversees the implementation of the policy and reviews the resolution of complaints on a quarterly basis.

Your Company has implemented a class-leading complaint resolution mechanism, which aims at resolving complaints promptly, transparently, independently and in accordance with the law. All complaints of suspected violations are taken seriously and reviewed promptly. Based on the nature and severity of the violation of the Code of Conduct, the Company policies and/or the law, appropriate action is taken.

The policy is available on the Investor Relations section of the website of your Company at https://www.goindigo.in/content/dam/goindigo/investor-relations/policies/2021/IGAL-WhistleBlower-Policy-2.pdf

24. Disclosure under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, as amended ("POSH Act")

Your Company has a zero-tolerance policy towards cases of sexual harassment at workplace reported by any woman against an employee. Your Company has constituted an Internal Committee which has a female Chairperson who is a member of our Senior Management team and also has an external female member who is a lawyer.

Your Company has a robust internal mechanism and policy on 'Prevention of Sexual Harassment at Workplace' to deal with such matters. All employees are sensitized to the policy right from the day of employment. We also conduct awareness programs for employees on the policy and have awareness posters with details of how to report a complaint along with the details of the Internal Committee members, which are displayed across all our working locations. The Internal Committee ensures that all cases reported are resolved in a timely manner, in accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition, Redressal), Act 2013. All investigations are handled in a very objective, sensitive, and fair manner without attaching any prima-facie guilt to the respondent merely upon receipt of a complaint against the employee. Utmost confidentiality is maintained while handling these matters.

For details on the cases reported and resolved during FY 2022 and the mechanism followed by your Company while dealing with such cases, please refer to Business Responsibility and Sustainability Report forming part of the Annual Report.

25. Internal Financial Control and their adequacy

Your Company has put in place an adequate Internal Financial Control (IFC) system, to ensure compliance with various policies, practices, and statutes. Your Company ensures that such IFC systems are commensurate with the size and complexity of our business and are adequate and operating effectively on an ongoing basis.

The Board has adopted policies and procedures for:

• effectiveness and efficiency of operations

• Adequacy of safeguarding Company's assets

• Prevention and detection of frauds and errors

• Accuracy and completeness of accounting records

• Timely preparation of reliable financial information

The details in respect of your Company's IFC and their adequacy are included in the Management Discussion and Analysis Report, which forms a part of the Annual Report.

26. Public Deposits

Your Company has not accepted deposits from the public falling within the ambit of Section 73 of the Act and the Rules made thereunder.

27. Particulars of Loans, Investments and Guarantees

The particulars of loans, investments and guarantees as on March 31, 2022, covered under Section 186 of the Act read with the Companies (Meetings of Board and its Powers) Rules, 2014, as amended and Regulation 34(3) read with Schedule V of the SEBI LODR Regulations, are given in the notes to the standalone financial statements, which forms a part of the Annual Report.

28. Material changes and commitments affecting the financial position of your Company, between the end of the financial year and the date of this Report.

Other than as stated elsewhere in this Report, there are no material changes and commitments affecting the financial position of your Company between the end of the financial year and the date of this Report.

29. Management Discussion and Analysis Report

The Management Discussion and Analysis Report on your Company's financial and operational performance, industry trends and other required details prepared in compliance with Regulation 34 of the SEBI LODR Regulations for FY 2022 forms a part of the Annual Report.

30. Report on Corporate Governance

In compliance with Regulation 34 read with Schedule V of the SEBI LODR Regulations, the Report on Corporate Governance of your Company, inter alia, covering composition, details of meetings of the Board and committees, together with a certificate from the Secretarial Auditors regarding compliance of conditions of Corporate Governance, forms a part of the Annual Report.

A certificate from the Whole Time Director and CEO and the Chief Financial Officer of your Company in terms of Regulation 17 of the SEBI LODR Regulations, inter-alia, confirming the correctness of the financial statements and cash flow statements, adequacy of the internal control measures and reporting of matters to the Audit Committee, also forms a part of the Annual Report.

31. Business Responsibility and Sustainability Report

In compliance with Regulation 34 of the SEBI LODR Regulations read with SEBI Circular no. SEBI/HO/CFD/CMD-2/P/CIR/2021/562 dated May 10, 2021, the Business Responsibility and Sustainability Report of your Company for FY 2022 describing the various initiatives undertaken from an environment, social and governance perspective during FY 2022 forms part of the Annual Report.

32. Annual Return

In compliance with Section 92(3) and Section 134(3)(a) of the Act and Rules made thereunder, a copy of your Company's Annual Return as on March 31,2022, is available on the Investor Relations Section of the website of your Company at https://www.goindigo. in/content/dam/goindigo/investor-relations/other-related-documents/2021-22/Annual-Return-MGT-7-FY-2021-22.pdf.

33. Significant material orders passed by the Regulators, Courts and Tribunals

There are no significant material orders passed by the regulators, courts or tribunals impacting the going concern status of your Company and its operations in future.

34. Awards and Recognitions

During FY 2022, your Company received multiple awards and recognition. Details in respect of such awards and recognition received by your Company are included in the Management Discussion and Analysis Report, which forms a part of the Annual Report.

35. Directors' Responsibility Statement

Pursuant to Section 134(5) of the Act, the Board, based on representations received from the Management and to the best of its knowledge, ability, and due inquiry, confirms that:

i. In the preparation of the annual accounts, applicable accounting standards have been followed and proper explanation for any material departures has been provided.

ii. Applicable accounting policies have been selected and applied consistently in order to form views/make judgments and estimates that are reasonable and prudent. This is intended to facilitate a true and fair view of the state of affairs of your Company at the end of the financial year including profit/loss of your Company for that period.

iii. Proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act is taken for safeguarding the assets of your Company and for preventing and detecting fraud and other irregularities.

iv. Annual accounts have been prepared on a going concern basis.

v. IFCs to be followed by your Company have been laid down and such IFCs are adequate and operating effectively.

vi. Proper systems have been devised to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.

36. Particulars of employees

The statement containing disclosure of remuneration under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended is given in Annexure - C forming a part of this Report. The information as per Rule 5(2) and Rule 5(3) of the abovementioned Rules pertaining to the names of top ten employees and other particulars of employees is provided in a separate annexure. However, as per the provisions of Section 136(1) of the Act and the Rules thereunder, the Annual Report and the financial statements, excluding the aforesaid annexure, are being sent to the Members, and other persons entitled thereto. Any Member interested in obtaining this, may write to the Company Secretary at the Registered Office of your Company in this regard.

None of the employees listed in the Annexure are related to any Director of your Company.

37. Transfer of unpaid / unclaimed dividend to Investor Education and Protection Fund

The provisions to transfer unpaid / unclaimed dividend to the Investor Education and Protection Fund (Fund) under Section 124(5) of the Act do not apply to your Company for FY 2022 since there is no unpaid / unclaimed dividend which is due for transfer to the said Fund during the current financial year.

38. Reporting of Fraud

The Auditors of your Company have not reported any instances of fraud committed in your Company by its officers or employees as specified under Section 143(12) of the Act.

39. Conservation of Energy and Technology Absorption

Your Company persistently strives to run its operations more efficiently to reduce its fuel consumption and resultant fuel emissions. This endeavour entails your Company's continuous commitment towards conservation of energy and motivates it to embrace newer technological advances.

Your Company has incorporated policies, including flight and ground procedures, for conservation of fuel and has trained flight crew and aircraft maintenance engineers to ensure that fuel is conserved to the extent possible.

Your Company ensures that there is adequate fuel for its aircraft, after evaluating various traffic trends in the air and also on the ground, thus avoiding any additional/ unnecessary fuel upliftment. Your Company has installed a software for accurate flight planning. This software provides accurate maps and the most efficient flight path, restricting use of auxiliary power units, employing continuous descent approaches and economy cruise speeds. It also minimises aircraft weight by providing recommendations for removing unnecessary equipment and optimising engine settings for take-off and climb. Further, your Company has adopted innovative statistical data driven solutions for descent fuel optimisation.

We are also working with Airbus on big data analytics using Airbus platforms like SKYWISE.

Your Company continues to use technology to enhance processes to ensure safe and comfortable travel by air which helped gain customer confidence in IndiGo. Innovation such as solar Baggage Freight Loader (BLF) and COMBO unit which can replace APU usage during turnaround (combined GPU and ACU unit), helped in saving ATF, reducing carbon emissions. Your Company is engaged with stakeholders to collaborate on multiple air space optimisation initiatives like shortening of routes, promulgation of required navigation performance (RNP) approaches optimising flight routes through conditional route (CDR). We are the first operator to adopt LPV (localiser performance with vertical guidance) approaches on ATR Fleet. This shall enable our ATR aircrafts to land aircraft under marginal weather conditions utilising indigenous satellite-based augmentation system GAGAN. The Government of India has promoted flexible use of airspace and your Company has been using this opportunity to utilise every bit of optimum airspace to reduce fuel consumption and simultaneously reducing carbon emissions. Since August 2020, your Company has been able to reduce carbon emissions by 29,000 tonnes by utilising direct routes.

Further Operational endeavors have helped us save Carbon emissions to the tune of 30,354 tonnes through reduction of onboard weight, single engine taxi, optimised landing, and focused fuel uplift.

Your Company has sought to reduce the weight of its aircraft by selecting lighter seats and by choosing not to have in- flight entertainment systems. Your Company has further reduced the aircraft weight by equipping the entire fleet with Electronic Flight Bags (EFB) and removing paper manuals weighing 25kg from each Airbus aircraft. As an example, this small initiative alone will save us fuel consumption to the tune of 341 tonnes each year and 10,76 tonnes of carbon emissions approximately.

Your Company has also adopted fuel policies designed to reduce costs on the ground, including the use of the Eco-Power Engine Wash process for aircraft engines, the use of ground equipment in place of aircraft auxiliary power units (which consume more fuel), use of single engine for taxiing on ground and introduction of other engineering/operating protocols.

These policies are all designed to optimise fuel consumption and reduce our carbon footprint and thereby finally reducing costs.

Your Company continues to explore the feasibility of using ground vehicles on cleaner alternative fuels like CNG/ electricity to reduce carbon emissions at airports.

Keeping with the commitment of replacing all A320 CEO aircraft expeditiously, your Company has re-delivered (retired from service) 55 A320 CEO aircraft during FY 2022 amounting to an aggregate of 97 aircrafts which have been re-delivered till FY 2022 from a fleet of 123 A320 CEOs. Your Company has also inducted 23 A320 NEO aircraft which are 15% more fuel efficient. During FY 2022, 143 A320 NEO aircraft have operated approximately 236,944 flights. During FY 2022, your Company has operated 35 ATR 72-600 turboprop aircraft on regional routes. These are more fuel efficient compared to jet aircraft.

Your Company is continuously working with government authorities in relation to the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA). In FY 2022, a successful external audit on fuel consumption on international operations was undertaken and was also reported to the DGCA.

40. Compliance with Secretarial Standards on Board and General Meetings

Pursuant to the provisions of Section 118 of the Act, your Company has complied with all the applicable provisions of the Secretarial Standard - 1 and Secretarial Standard - 2.

41. Foreign exchange earnings and outgo

The details of foreign exchange earnings and outgo for FY 2022, on an accrual basis, are set out below:

Particulars Amount
(Rs. in million)
Foreign exchange earnings 27,620.41
Foreign exchange outgo* 140,806.76

*Foreign exchange outgo excludes foreign exchange gain/loss on reinstatement of assets and liabilities

42. Acknowledgement

The Board is grateful for the continuous patronage of our valued customers and remains committed to ensuring that your Company provides an on-time, courteous and hassle-free experience. The Board acknowledges and appreciates the hard work and dedication of the employees of your Company who have stood strong and worked together as a team during FY 2022.

Your Company also takes this opportunity to express its appreciation for the support and co-operation extended by the Central and State governments, regulatory authorities, investors, bankers and other stakeholders.

   

Interglobe Aviation Ltd Company Background

V SumantranRahul Bhatia
Incorporation Year2004
Registered OfficeCentral Wing Ground Floor,Thapar House 124 Janpath
New Delhi,New Delhi-110001
Telephone91-011-65000428,Managing Director
Fax91-011-43513200
Company Secretary
AuditorS R Batliboi & Co LLP
Face Value10
Market Lot1
ListingBSE,NSE,
RegistrarKFin Techologies Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032

Interglobe Aviation Ltd Company Management

Director NameDirector DesignationYear
V SumantranChairman & Independent Directo2023
Pallavi ShroffIndependent Director2023
Vikram Singh MehtaIndependent Director2023
B.S. DhanoaIndependent Director2023
Anil ParasharNon Executive Director2023
Gregg Albert SaretskyNon Executive Director2023
Rahul BhatiaExecutive Director & MD2023

Interglobe Aviation Ltd Listing Information

Listing Information
BSE_500
BSE_100
BSE_200
BSEDOLLEX
NIFTYJR
CNX500
CNX100
CNXINFRAST
CNX200
BSECARBONE
BSEINFRA
NFT100EQWT
BSEALLCAP
BSELARGECA
SENSNEXT50
ESG100
LMI250
BSE100LTMC
NFTYLM250
NFTY100ESG
NFTY200M30
NF500M5025

Interglobe Aviation Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Passenger Services NA 00033840.867
Cargo Services NA 0001044.418
In-Flight Sales NA 000482.84
Other Operating Revenue NA 000205.832
Subsidies received NA 000133.706
Incentives NA 00047.604
Tour and Packages NA 0000.734
Operating Revenue NA 0000
Sale of Products NA 0000
Sale of Services NA 0000

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