I2018

August 10, 2018 IGAVSECT/08-18/05
To To
National Stock Exchange of India Limited Department of Corporate Services
Exchange Plaza, C - 1, Block G BSE Limited
Bandra Kurla Complex Phiroze Jeejeebhoy Towers
Bandra - (E) Dalal Street
Mumbai - 400 051 Mumbai - 400 001
Dear Sir,
Sub : Disclosure under ~ulatlon 34 of the SE6L(Llstlng_Obllgatlons and

Disclosure Re~ulrements)_flegulatlons, 2015 - Annual ReRort and Business
Respon~bllltyJiepott
Ref : lnterGlobe Aviation Limited (S_i.imbol: INDIGO/ScrlR Code: 539448)
In compliance with Regulation 34 and other applicable regu lations of the SEBI
( Listing Obligations and Disclosure Requirements) Regulations, 2015, please find
enclosed Annual Report alongwith Business Responsibility Report for the financial
year 2017-18.
This is for your information and record.
Thanking you,
For lnterGlobe Aviation Limited
lnterGlobe Avlotlon limited

Registered Office: Centrol Wing. G round Floor. Thopor House. 124 Jonpoth, New Delhl- 1 10 001, lndlo. F 0 11-43513200. Emoll: [email protected] y~
CorporoteOfflce: Level 1, Tower(, G lobol Business Pork, MG Rood, Gurgoon- 122 002. Hor11ono. lndlo. T +9 1 124435 2500. F +91 124 4068536 golndlgo.ln ""'" 1nreRGLOBe
CIN no.: L621OODL2004PLC129768
Annual Report 2017-18
Forward-looking statements
This report may contain some statements on the Company’s business or financials which may be construed as
forward-looking based on the management’s plans and assumptions. The actual results may be materially different
from these forward-looking statements although we believe we have been prudent in our assumptions.
What’s Inside
What’s
Inside
Interim CEO’s Message..................................................... 02

The IndiGo Way............................................................... 06
Page Board of Directors............................................................ 08
02-09 Management Executive Committee................................... 09
Overview
Management Discussion and Analysis.............................. 10

Board’s Report................................................................. 18
Page Report on Corporate Governance..................................... 46
10-79 Business Responsibility Report........................................ 68
Reports
Auditor’s Report-Standalone Financial Statements............ 80

Financial Statements-Standalone...................................... 90
Auditor’s Report-Consolidated Financial Statements....... 158
Page Financial Statements-Consolidated................................. 162
80-228 Form AOC-1.................................................................... 228
Financials
Notice of Annual General Meeting................................. 229

Page
229-236
Notice
Annual Report 2017-18 01

Interim CEO’s
InterGlobe Aviation Limited Message
Interim CEO’s
Message
Dear Shareholders,
I am pleased to inform that we shall be completing 12 years of
successful operations in August of this year. Recalling our journey
since the beginning, I remember, every one of these 12 years
have been fulfilling in each respect. Thanks to the patronage of
millions of our customers and the hard work of our dedicated
employees, today we are India’s largest passenger airline. FY18
has been a successful year as we increased our profitability and
reported our highest-ever profit after tax of Rs. 22,424 million for
the year.
Rahul Bhatia
FY18 has been a remarkable year for us not just financially, but Interim Chief Executive Officer
also for some of the significant milestones we achieved. This
included crossing the 150-aircraft mark; operating over 1,000 daily
flights; carrying our 200 millionth customer; and flying to our 50th
destination. To make flying affordable by providing connectivity to
the unserved airports of the country, we also forayed into regional
turboprop operations.
These positive developments led us on a growth trajectory, as the

demand for air travel continued to outpace capacity growth during
the year. We witnessed a 20% YoY increase in traffic, compared
to 16.4% increase in our capacity, resulting in an annual record
load factor of 87.4% for FY18. We plan to increase our capacity by
25% over the next year.
Reflecting on our remarkable journey, one thing that has remained

constant has been our simple promise to our customers of
being on-time, offering low fares and providing a courteous and
hassle-free service. At IndiGo, these promises have become
the key ingredients and filters for every decision and action we
take. Keeping these promises, and being driven by them, have
not only helped us create landmarks in our history, but also got
us accolades which we cherish and remain proud of. We have
consistently been amongst the leading airlines in terms of on-time
performance and have been ranked as one of the top 5 airlines
amongst the top 20 mega airlines, globally. Today, we are also Rs.
22,424 million
the lowest cost airline in the country, and our cost base enables
us to charge low fares from our customers, thus stimulating a
higher demand and democratising air travel. In FY18, we added
6 new destinations to our network, and for each of these
destinations, we maintained our promise of providing affordable Highest-ever Profit After Tax reported
flying to our customers. in FY18
02 Annual Report 2017-18

Interim CEO’s Overview Reports | Financials
Message
“ We also continue to focus on creating long-term

shareholder value by building a large and profitable
air transportation network, based out of one of the
world’s largest and fastest growing aviation markets.
“
1,000+
The growth that Indian aviation has witnessed over the last
decade has been unimaginable and revolutionary. IndiGo
recognises this once in a lifetime opportunity to create a legacy
as the Indian aviation industry continues to be underpenetrated
Number of Flights Operated Daily
and fast growing, compared with other large aviation markets
globally, and we remain well prepared to take advantage of
this opportunity. We have grown rapidly in the past, and going
forward too, we expect to maintain the momentum. We also
continue to focus on creating long-term shareholder value by
building a large and profitable air transportation network,
based out of one of the world’s largest and fastest growing
aviation markets.
The future holds many promises for all of us, and as we step
ahead, we will explore many more opportunities including
building upon our domestic leadership, exploring international
opportunities and executing optimal aircraft financing strategies.
We believe that our large A320neo order will further enable
us open up new destinations, and at the same time, add more
breadth and depth to our existing network.
While the progress we made and the growth witnessed has

been encouraging, we are also cognizant of the challenges we
may face, and hence, have begun putting in place the building
blocks for our future plans. We are expanding our talent pool in
specific areas, which require deep functional expertise. We have
new leaders joining our team in the areas of operations, network
planning, strategy, human resources and legal, amongst others.
With the right set of expertise and insights to deal with our

Interim CEO’s
InterGlobe Aviation Limited Message
“ We have invested heavily in training and leadership

programs and have also created a modern working
environment, giving our people the opportunities to grow
and develop the skills required to perform their roles well.
“
growing scale, we believe these leaders will help us successfully

execute our long-term plans. Alongside, it is also important for
us to consistently deliver the customer experience which IndiGo
stands for. We have invested heavily in training and leadership
programs and have also created a modern working environment,
giving our people the opportunities to grow and develop the skills
required to perform their roles well.
During the year, we successfully completed an Institutional

Placement Programme or IPP to comply with the 25% public
shareholding requirement. The IPP resulted in a fresh issue of 22.4
million shares, taking the total number of shares outstanding to
384.4 million, as of March 31, 2018. Further, the IPP proceeds
received by the Company will be primarily utilised for the purchase
of aircraft, helping us reduce our aircraft ownership costs. By the
end of the financial year, we had already purchased 6 ATR aircraft.
Amidst our plans of further growth, we at IndiGo, recognise our

responsibilities towards the communities and the environment
in which we work and live in. Our CSR program, IndiGoReach, is
broadly focused to contribute towards women empowerment,
children education, environment sustainability and support to
people affected by natural disaster. During the year, we partnered
25%
with several implementing organisations and expanded our reach
to about 62,000 rural women, helping them with skill development
through farm based and non-farm based initiatives, thereby
creating sustainable income generation for them. Similarly, we
increased our reach to 33,000 children, providing them access Public Shareholding achieved
to education.

Interim CEO’s Overview Reports | Financials
Message
“ We have set an ambitious growth path for the years to come

“
and I am confident that we will continue to have profitable
growth. I am also sure that we will have years of progress in
making IndiGo a world class airline.
62,000
Rural women that benefited from Skill
As we scale upwards and move to a new development stage,
I want to make a mention of our employees, who have been
our biggest differentiators and have been the key to making us
unique. I am proud to lead an organisation where people work
Development by IndiGo, moving towards tirelessly to deliver on their priorities, and I want to thank each
Sustainable Income Generation one of them for their dedication, commitment and hard work. I
am pleased with our progress on people’s front this year, as we
continue to be amongst the best places to work for in India.
We have set an ambitious growth path for the years to come and
I am confident that we will continue to witness profitable growth.
I am also sure that we will have years of progress in making
IndiGo a world class airline. I take this opportunity to make a very
special mention of the efforts and immense contribution made
by Aditya Ghosh, our outgoing President. Aditya has created a
unique and an unparalleled organisational culture of respect and
excellence, making IndiGo synonymous with quality, consistency
and affordability.
I would also like to sincerely thank our customers and our

shareholders for their support and confidence, that has helped us
create a strong foundation for our future plans.
Warm Regards,
Rahul Bhatia
Interim Chief Executive Officer

The IndiGo Way
On-time
Low fares
Courteous & hassle-free
Ranked as one of the top Best low-cost airline, Travelers’ Choice award
5 airlines globally in terms Central Asia / India – based on customer
of On-time performance 8 years in a row reviews
(OTP)
Courteous &
Hassle-free
20
Low Fares
18
On-time
06
1,000 Flights : Mark crossed for daily departures
83.1% : Ranked No. 1 in OTP for FY18
50 : Destinations served
200 million : Number of Customers served since Inception
“Best Low Fare Airline Domestic” and “Best International Low Cost Airline
Out Of / Into India” Awards by ‘Air Passenger Association of India’
‘Best Low Cost Airline’ Award won at the SKYTRAX World Airline Award
Customers 2017 for 8th consecutive year
Rs. 22.4 billion : Record profitability

10 : Consecutive years of profitability
46.7% : Growth in cash balance bringing it to Rs. 137.08 billion as of
March 31, 2018
25% : Public shareholding achieved Shareholders
AON Best Employer – India

Accolade won for the 2nd Consecutive Year
‘Excellence in Learning & Development’

Award bagged by IndiGo’s trainings faculty by Society of Human
Employees
Resource Management
24,500 : Rural Women benefited with our partnership with AFARM,

Bandhan and others, to increase annual household income
20,000 : Children benefited from our project with SRFF to develop a

comprehensive educational program, covering over 60 Government schools
10,000 : Street vendors to sell up scaled products made by 2,600 Community

artisans from discarded materials such as seat covers, uniforms and more
Turboprop Operations : Launched in Tier II & III Cities

900+ : Different city pairs connected with convenient direct or
one stop service
18,000+ : Employees as of March 31, 2018

Country 150+ : Number of Aircraft Operated
07
Board of
InterGlobe Aviation Limited Directors
Board of
Directors
Devadas Mallya Mangalore

Chairman and
Independent Non-Executive Director
Anupam Khanna
Independent Non-Executive Director
Rahul Bhatia
Non-Executive Promoter Director
Rakesh Gangwal
Rohini Bhatia

Management Overview Reports | Financials
Executive Committee
Management
Executive Committee
Rahul Bhatia Gregory Taylor

Director and Interim Senior Advisor
Chief Executive Officer
Wolfgang Prock-Schauer Rohit Philip

Chief Operating Officer Chief Financial Officer
Client to
William Boulter provide image
Michael Swiatek
Chief Commercial Officer* Chief Planning Officer
*Effective from July 16, 2018
Priya Mehra Raj Raghavan

General Counsel Senior Vice President,
Human Resources

Management
InterGlobe Aviation Limited Discussion and Analysis
Management
Discussion & Analysis
“ For last three consecutive years ending

2017, India continued to be the fastest
“
growing domestic aviation market as
both economic and network expansion
boosted the sector.
The Airline that

hates being late.

Management Overview Reports Financials
Discussion and Analysis
Economic Overview
According to the International Monetary India’s Rising Economic Growth in (%)
Fund (IMF), India remains amongst 8.2
7.4 7.8
the fastest growing economies in the 7.1
6.4 6.7
world, as it continues to benefit from
5.5
strong private consumption and the
gradual introduction of significant
domestic reforms. Today, it is one
of the most dynamic and emerging
economy amongst large countries.
FY13 FY14 FY15 FY16 FY17 FY18* FY19*
According to the Ministry of Statistics
and Programme Implementation
(MOSPI), the provisional estimate of Source: MOSPI
growth in India’s real GDP was 7.7% Data for FY18 are based on provisional estimates from MOSPI
Date for FY19 are IMF projections on India’s GDP Growth
for the period January to March 2018.
This translates into growth in real
GDP of 6.7% for FY18. For the fiscal
year, this was primarily driven by
growth in trade, hotel, transport and
communication, financial services and As per IMF, India’s economy is currently valued at USD 2.6 trillion,
public administration. IMF projects making it the 6th largest in the world in terms of nominal GDP. As
India’s economy to grow by 7.8% per their estimates, the Indian economy is expected to grow to a
in 2019 by virtue of strong private size of USD 4.7 trillion by 2023.
consumption and the fading of
transitory effects of implementation
of the national goods and services
Industry Overview
tax. In the medium term, economic According to International Air Transport Association (IATA), India
growth is seen gradually rising with the continued to be the fastest growing domestic aviation market
continued implementation of structural for 3 consecutive years ending 2017, as economic and network
reforms that increase productivity and expansion boosted the sector. India’s air transport sector has
incentivise private investment. supported 8 million jobs and contributed to USD 72 billion to its
GDP. From a current domestic market of 117 million passengers
travelling in 2017, India is expected to be a market of 442 million
passengers by 2035, with the aviation industry supporting 19.1
million jobs and contributing USD 172 billion to the GDP, according
to IATA.
6.7%
In India, low cost is critical to the airline industry which is
characterised by highly price-sensitive consumers. On one hand,
increase in input costs such as fuel prices and aircraft landing
and en-route charges have added pressure to the industry’s
India’s Economic Growth in FY18 profitability. While on the other hand, demand for air travel
projected by MOSPI continues to be robust at low fares in the domestic market,

Management
“
thereby absorbing the rapid capacity expansion and stimulating
higher air travel demand. Amongst the macro-economic factors India’s air travel
such as India’s relatively low per capita income and low domestic
air penetration levels, low cost carriers or LCCs continue to be one
penetration was at
of the key drivers for traffic growth by offering affordable flying 0.10 trips/capita in FY17,
options to India’s rapidly growing air travel market. With a share
of over 65% in India’s air travel market, LCCs continue to gain
which is 59% lower than
increased acceptance not only amongst leisure travelers, but have countries with similar
also turned into a favorite for corporate travelers by meeting
their key expectations of network density, schedule and
on-time performance.
GDP/capita and 76%
lower than BRICS nations
other than India.
“
Air travel penetration in India stood at 0.10 trips/capita in FY17,
which is 59% lower than countries with similar GDP/capita, and
76% lower than BRICS nations (barring India), according to the
Directorate General of Civil Aviation (DGCA) and IMF. This gap is
expected to dissipate expeditiously at 18% CAGR over FY17-22E,
due to the rising disposable incomes, supported by increasing Company Overview
working age population. According to World Bank, India’s
Head-quartered in Gurgaon, InterGlobe
domestic passenger travel market is projected to grow at 20%
Aviation Limited operates IndiGo,
CAGR during FY17-22E, assuming 1.2% population CAGR.
India’s largest and one of the fastest
growing passenger airline in the
Key Growth Drivers country. With a low-cost carrier (LCC)
Strong Economic Growth business model, we primarily operate
in India’s domestic air travel market,
According to Economist Intelligence Unit (EIU), India is expected
the 3rd largest air travel market in the
to be one of the fastest growing major economies in the world,
world in terms of domestic passenger
with real GDP growing a CAGR of 7.6% between CY16 and CY2,
traffic. Our activities primarily include
surpassing that of China, APAC and the world average, which are
the transportation of passengers, cargo
expected to grow by 5.2%, 3.8% and 3.6%, respectively, during
and mail on regularly scheduled flights,
the same period.
serving both domestic and international
geographical segments. With an overall
Continued Working-age Population Growth
fleet size of 159 aircraft including 32
India, currently the 2nd most populous country across the globe, is A320neos and 6 ATRs, we fly to 50
expected to grow its population at a CAGR of 1.1% over CY17- destinations including 8 international
CY22, according to EIU. This is higher than the average population destinations as of March 31, 2018.
growth of the top 20 domestic air travel markets in the world, as
per a report by Center for Asia Pacific Aviation (CAPA).
Expansion in Aviation Infrastructure

Increased focus of the Indian Government in infrastructure
expansion is a key catalyst to growth of India’s aviation market.
In the Union Budget 2018-19, the Government has proposed
5.4 times
to expand India’s airport capacity more than 5 times to handle
one billion trips a year under its new initiative - NABH (NextGen
Airports for Bharat) Nirman. Public private partnerships have also
yielded state-of-the-art Greenfield airports in Hyderabad and
Bengaluru, while new airport infrastructure investments in Delhi Projected Growth in India’s Air Travel
and Mumbai are further expected to increase capacity and Market by Origin and Destination over
service quality. two decades

We strive to maintain low costs (as the magnitude of our 2005, 2011 and 2015 aircraft orders helped
measured by Cost per Available Seat us in negotiating favorable terms with Airbus and our other
Kilometer, or CASK), a high frequency aircraft-related suppliers and service providers. This provides us
of flights and world-class quality. This with a structural cost advantage by reducing the overall costs
is to fulfil our singular brand promise associated with the acquisition, maintenance and operation of
of providing “low fares, on-time our aircraft. Globally, we have been one of the first few airlines
flights and a courteous and hassle- to order, and in 2016, became the first airline in Asia, to take
free service” to our customers. We delivery of the A320neo aircraft, according to Airbus. At the end
truly believe that it is our focus on of March 2018, we had 32 fuel efficient A320neos, which gave
maintaining one of the lowest cost us 15% lesser fuel burn compared to the current generation of
structure, including fleet uniformity A320ceos without sharklets. Going forward, as more and more
across each service type, high aircraft such aircraft enter our fleet, it would further reduce our fuel
utilisation, no frills service and low consumption per block hour.
turnaround time that makes us the
leader in every market we enter. We have also placed an order with Avions de Transport Regional
G.I.E., or ATR, in August 2017, for the purchase of up to 50
Our Company has made a firm aircraft ATR 72-600 turboprop aircraft. These aircraft have given us the
order of 100 A320 aircraft in June opportunity to once again redefine air travel in cities which were
2005, 180 A320neo aircraft in June so far devoid of reliable air service or were subject to exorbitant
2011 and 250 A320neo aircraft in air fares.
August 2015. Each of these were the
largest single orders by number from We have been also been awarded as “Best Low Cost Airline in
Airbus at the time of placing the order, Asia” by TripAdvisor Travelers’ Choice Award 2018. This was based
according to Airbus. We believe that on millions of reviews from travelers across the world and reflect
superior quality, service and customer satisfaction.

Management
Our Strategy, Going Forward: Our Financial Overview

By origin and destination passenger flows, India’s domestic air Income
travel market is forecast to grow 5.4 times over the next two Passenger ticket revenue: Passenger
decades, the highest growth rate among the expected 20 largest ticket revenue increased by 23.1% from
markets globally by 2036, according to Airbus. Our order book Rs. 161,970.72 million in FY17 to
of 430 A320neos (combined order of 180 A320neos and 250 Rs. 199,432.69 million in FY18.
A320neos) enables us to strengthen the breadth and depth of our
network by adding flights in our existing markets and selectively Revenue from ancillary products and
adding new routes and destinations. Additionally, our turboprop services: Revenue from ancillary
order book will help us serve routes in “Tier 2” and “Tier 3” cities products and services primarily include
in India, including routes qualified under the Government of India’s cargo, special service requests, ticket
Ude Desh ka Aam Naagrik regional air connectivity scheme. modification and cancellation, in-flight
sales and tours. This revenue increased
At IndiGo, low cost is fundamental for the success of an airline. by 13.7% from Rs. 22,667.58 million in
On the back of a strong balance sheet and with an endeavor to FY17 to Rs. 25,778.36 million in FY18.
further lower our costs, the Company has started acquiring some
of the planes out of the free cash available with the Company. Other Income: Other Income primarily
This will further reduce the overall ownership cost, going forward, comprises financial income on our
against relatively higher lease rentals associated with sale and cash, net mark to market gain on net
lease back aircraft. During FY18, the Company acquired 6 ATR liabilities denominated in foreign
aircraft out of its free cash. currency and other non-operating
income. Other Income increased by
20.0% from Rs. 7,890.70 million in
Our Operational Highlights FY17 to Rs. 9,468.56 million in FY18.
The following table sets forth key operational data for the
periods indicated Revenue per Available Seat Kilometer
(RASK): RASK increased by 6.0% from
Particulars FY Ended March 31 Rs. 3.44 in FY17 to Rs. 3.64 in FY18,
driven by an increase in yield by 2.6%
2018 2017 Change and a 2.6 point increase in load factor.
ASK (in million) 63,510 54,583 16.4%
Expenses
RPK (in million) 55,524 46,288 20.0%
Total expenses increased by 21.0%
Passenger Load Factor (%) 87.4% 84.8% +2.6pts from Rs. 172,252.30 million in FY17 to
Number of Scheduled 52,142 43,532 19.8% Rs. 208,410.66 million in FY18.
Passengers Carried (in
Thousands) Aircraft fuel expenses: Aircraft fuel
Block Hours 654,040 558,567 17.1% expenses increased by 22.4% from
Rs. 63,415.13 million in FY17 to
Number of Scheduled 50 44 13.6% Rs. 77,601.36 million in FY18, due to
Destinations Served as of an increase in capacity and fuel prices.
period end
Total Number of Flights 347,640 300,526 15.7%
Number of Aircraft at period 159* 131 21.4%
end
RASK (Rs.) 3.64 3.44 6.0%
Yield (Rs.)
CASK (Rs.)
CASK Ex-fuel (Rs.)
3.59
3.15
1.93
3.50
3.04
1.88
2.6%
3.5%
2.5%
23.1%
Increase in Passenger
*excluding 4 A320 on damp lease ticket revenue in FY18

“ Our total cash

increased by 46.7% to
Rs. 137,082.56 million
as of March 31, 2018.
“
Aircraft ownership cost: Aircraft

ownership cost comprises aircraft and
engine rentals, depreciation and net
interest expense. Aircraft ownership
cost increased by 7.7% from
Rs. 32,965.08 million in FY17 to
Rs. 35,501.43 million in FY18.
Employee benefits expense: Employee

benefits expense increased by 19.9%
from Rs. 20,481.90 million in FY17 to
Rs. 24,550.22 million in FY18.
Other expenses: Other expenses

increased by 27.4% from Rs. 47,985.83 of March 31, 2018. Our total cash increased by 46.7% to Rs.
million in FY17 to Rs. 61,138.76 million 137,082.56 million as of March 31, 2018, comprising free cash of
in FY18. Rs. 70,586.64 million and restricted cash of Rs. 66,495.92 million.
Total debt for the Company reduced by 5.5% to Rs. 24,527.21
Cost per Available Seat Kilometre million as of March 31, 2018.
(CASK): CASK increased by 3.5% from
Rs. 3.04 in FY17 to Rs. 3.15 in FY18, Opportunities, Threats, Risks and Concerns
primarily driven by an increase in fuel
The Indian aviation industry is expected to continue to grow at a
prices and maintenance cost. Profit
robust pace based on several factors including strong economic
after Tax increased by 35.1% over the
growth, continued population growth, expansion of middle class,
last fiscal year to Rs. 22,423.74 million.
strong growth in tourism, increased aircraft penetration from current
levels and expansion of aviation infrastructure. In addition to
Balance Sheet these, exploring the untapped markets of Tier 2 and Tier 3 cities
During the year, the Company and the long haul opportunity provides the added stimulus to the
successfully completed an Institutional existing levels of opportunity.
Placement Programme or IPP to comply
with the minimum public shareholding While we believe that our structural cost advantages gives us
requirement. The IPP has resulted in the ability to withstand various challenges, our profitability is
a fresh issue of 22.4 million shares, dependent upon certain external factors. Below are some of the
taking the total number of shares risks that are considered to potentially have an adverse impact on
outstanding to 384.4 million as our business, financial results our future outlook.

Management
“
b. Airport Infrastructure
We have invested into training constraints and increased
and learning and development of airport costs in India
employees on a regular basis
through a state-of-the-art
learning academy, ‘ifly’.
“ As we expand our fleet, our
future growth is dependent on
adequate airport infrastructure in
India to support our operations.
Non-availability of terminal
space, slots and aircraft parking
and increasing cost of airport
landing and departures may
adversely affect our operations.
While some of the key metro
airports are slot constrained,
a. Inability to strengthen the organisation to efficiently the Government’s initiatives
manage larger operations towards the construction of a
Certain functions of the airlines business require deep newer runway or terminals may
functional expertise acquired over decades working ease some of these constraints.
in “smart” airlines globally. Hence, we seek to Up gauging with A321neos is
continuously add such professionals to manage our expected to further help in
ever larger operations. slot maximisation.

c. Operational issues with our We may also face competition from airlines that could be
new A320neo aircraft and established in the future.
engines
We have experienced operational
g. Changes in Government regulations
issues with our A320neo engines, The civil aviation industry in India is regulated by the
which has adversely impacted our Ministry of Civil Aviation (MoCA), the DGCA and the Airports
operations. These operational Authority of India (AAI). The regulations are extensive,
challenges have required the complex and cover all major aspects of operations, including
engine supplier to deliver basic licenses, aircraft acquisitions and routing. Any changes
upgraded engines and provide in regulations, or the imposition of additional restrictions
spare engines in the interim to and conditions, can affect our business and operations.
reduce operational disruptions.
Internal Control Systems and their
d. Non-availability of fuel and
exceptional variation in fuel
Adequacy
Our internal control procedures are adequate to ensure
prices
compliance with various policies, practices and statutes in
Aircraft fuel expenses continue keeping with the organisation’s pace of growth and increasing
to be the single largest expense complexity of operations. We have in place systems and
of our total cost. Availability and processes commensurate with our size and nature of business and
price of fuel cannot be accurately we maintain a system of internal controls designed to provide
predicted because of several reasonable assurance regarding the following:
economic and political factors
and events that govern them. zz Effectiveness and efficiency of operations
Our operating results could be
negatively impacted by any zz Adequacy of safeguards for assets
adverse movement in aircraft zz Prevention and detection of frauds and errors
fuel prices.
zz Accuracy and completeness of the accounting records
e. Adverse movement in foreign
zz Timely preparation of reliable financial information
exchange as most of the
expenses are exposed to An independent internal audit is carried out to ensure the
foreign exchange rate risk adequacy of the internal control system and adherence to policies
Several cost items including and practices. The scope of internal audit activity is guided by
aircraft and engine lease rentals, the internal annual audit plan, which is approved by the Audit
aircraft and engine maintenance Committee of the Board. The Audit Committee reviews reports
and aircraft insurance are submitted by the independent internal auditor and monitors
denominated in foreign currency follow up and corrective action taken.
and any adverse movement in
foreign exchange may negatively Human Resources
impact our profitability. Further,
At IndiGo, we have laid a foundation that emphasises on people.
we may not be able to pass the
This has helped us create an environment where employees thrive
increase in cost to our customers
to deliver an exceptional customer experience. We have extended
through higher fares, resulting in
our work culture from beyond what we offer to our customers to
decreased profits.
a larger audience including our employees. Our Company has
invested into training and learning & development of employees
f. Competition in the airline on a regular basis through a state-of-the-art learning academy,
industry ‘ifly’. As of March 2018, we had 18,060 employees on the
The airline industry is highly Company’s rolls comprising of 2,349 pilots and 4,635 cabin crew.
competitive. We face intense Through our talent retention and acquisition efforts, we have been
competition from other low cost able to hire sufficient pilots and cabin crew to keep pace with our
carriers as well as full-cost carriers expansion plans.
that operate on our routes.

InterGlobe Aviation Limited Board’s Report
Board’s Report
Dear Shareholders,
The Board of Directors of the Company (the “Board”) have pleasure in presenting their fifteenth report on the business and
operations of InterGlobe Aviation Limited (“the Company”, “Our Company” or “we”) for the financial year ended March 31,
2018.
1. Financial Results
The Company’s financial performance, for the year ended March 31, 2018 is summarised below:
(Rupees in million, except earnings per share)

Particulars 2017-18 2016-17
Revenue from operations 230,208.87 185,805.00
Other Income 9,468.56 7,890.70
Total Income 239,677.43 193,695.70
Profit before tax 31,266.77 21,443.40
Current Tax (6,689.82) (4,911.51)
Deferred tax credit / (charge) (2,153.21) 59.99
Profit after Tax (PAT) 22,423.74 16,591.88
Other Comprehensive Income net of Tax 2.51 (21.72)
Total Comprehensive Income 22,426.25 16,570.16
Earnings per equity shares of the face value of Rs. 10 each
Basic (Rs.) 60.03 45.94
Diluted (Rs.) 59.90 45.85
2. Financial Performance
The total income increased from Rs. 193,695.70 million to Rs. 239,677.43 million thereby registering an increase of
23.74% over the previous financial year. The Profit after tax increased from Rs. 16,591.88 million to Rs. 22,423.74 million,
a growth of 35.15 % over the previous financial year. For details, please refer to the standalone financial statements
forming part of this Annual Report.
3. Operational Performance
As of March 31, 2018, the Company operated scheduled services to 50 destinations including 8 international destinations
with a fleet of 159 aircraft consisting of 32 A320neo, 121 A320ceo and 6 ATR.
The Company continued to be the leading airline in terms of on-time performance with an average OTP of 83.1% at four
key metros for the financial year ended March 31, 2018. During the year under review, the Company had a technical
dispatch reliability of 99.85% and flight cancellation rate of 0.92%. The Company was awarded 20 routes covering 10
additional destinations in the Phase II of bidding under the Regional Connectivity Scheme.
For detailed analysis of operational performance, please refer to Management Discussion and Analysis Report forming
part of this Annual Report.
4. Dividend
The Company has started purchasing some of the aircraft with its own free cash and will continue to do so in future.
During the year under review, the Company had purchased 6 ATRs with its free cash. Based on Company’s cash position,
profitability for the year under review and use of cash to purchase aircraft, the Board has recommended a final dividend
of Rs. 6 per equity share of the face value of Rs.10 each for the financial year ended March 31, 2018.

Overview Reports Financials
Board’s Report
The Final Dividend, subject to the approval of the Members at the forthcoming Annual General Meeting, will be paid to
the Members whose names appear in the Register of Members/Register of beneficial owner as on the record date fixed
for this purpose. The total estimated amount of dividend payable, if approved by the shareholders, based on the current
paid up share capital of the Company is Rs. 2,306.44 million (excluding corporate dividend tax).
5. Minimum Public Shareholding

During the year under review, the Company had achieved the minimum public shareholding in compliance with the
requirements of Rule 19(2) and Rule 19(A) of the Securities Contracts (Regulations) Rules, 1957 read with the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (the “Listing Regulations”), within the stipulated
period of three years from the date of listing of equity shares of the Company, as allowed under Rule 19(2)(b)(ii) of the
Securities Contracts (Regulations) Rules, 1957.
In order to achieve the said minimum public shareholding, the Company successfully completed an Institutional Placement
Programme (‘IPP’) under Chapter VIII-A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, as
amended, pursuant to which 33,578,421 equity shares having a face value of Rs. 10 each were allotted/ allocated, at an
issue price of Rs. 1,130 per equity share, consisting of fresh issue of 22,385,614 equity shares and an offer for sale of
11,192,807 equity shares by the selling shareholders. Post IPP, the Promoters of the Company, through an ‘offer for sale’
collectively sold 11,192,807 equity shares of the Company to the Public shareholders, representing 2.91% of the total
paid up equity share capital of the Company. The said sale of the equity shares took place on a separate designated
window of BSE Limited and the National Stock Exchange of India Limited and was undertaken in accordance with the
comprehensive guidelines on offer for sale by promoters through the Stock Exchange Mechanism issued by the SEBI. As at
March 31, 2018, the shareholding structure of the Company comprised of promoters’ shareholding of 74.93% and public
shareholding of 25.07%.
6. Utilisation of IPP proceeds

The proceeds of fresh issue of equity shares from IPP amounted to Rs. 24,796.69 million (net of Company’s share of fresh
issue related expenses, which has been adjusted against Securities Premium Reserve). As per the terms set out in the
prospectus on “Use of Proceeds”, the Company was required to use the net proceeds of the fresh issue for one or more of
the following: acquisition of aircraft, purchase of ground support equipment, repayment / prepayment of debt including
finance leases for aircraft and general corporate purposes. As at March 31, 2018, 71% of IPP proceeds were unutilised
and temporarily invested/ deposited in cash and cash equivalents including fixed deposits and/or debt mutual funds.
7. Composite scheme of arrangement amongst InterGlobe Enterprises Limited,

Acquire Services Private Limited and Other Entities
During the year under review, pursuant to a composite scheme of arrangement (“Scheme”) amongst InterGlobe
Enterprises Limited (erstwhile Promoter of the Company) (“Transferor Company), InterGlobe Real Estate Ventures Private
Limited (“Resultant Real Estate Subsidiary”), InterGlobe Business Solutions Private Limited (“ Resultant ITSS Subsidiary”),
and Acquire Services Private Limited (“Transferee Company”) and their respective shareholders and creditors, which was
approved by the Hon’able Principal Bench of National Company Law Tribunal at New Delhi vide its order dated November
24, 2017, the Real Estate Undertaking and the ITSS Undertaking (as defined in the Scheme) of the Transferor Company
stands demerged into the Resulting Real Estate Subsidiary and the Resultant ITSS Subsidiary, respectively and following
which, the residual Transferor Company stands amalgamated with the Transferee Company with effect from November 29,
2017. Consequently, all the assets and liabilities of the residual Transferor Company, including its shareholding in the
Company stands transferred to the Transferee Company.
With effect from the effective date i.e. November 29, 2017, 153,649,581 equity shares of the Company, held by the
Transferor Company constituting 39.98% of paid up share capital of the Company were held by the Transferee Company,
in addition to the Transferee Company’s existing shareholding in the Company of 10,000 equity shares.
As a result of the restructuring, there was no takeover of the Company by another Company, no change in the control
& management of the Company and no change in the promoters’ shareholding in the Company as both the Transferor
Company and the Transferee Company forms part of Promoters of the Company
8. Employee stock option scheme

Pursuant to the approval of the shareholders at the Extraordinary General Meeting held on June 25, 2015, the Company
had adopted InterGlobe Aviation Limited - Employee Stock Option Scheme, 2015 (“Scheme”) which was amended by the
members through special resolution passed through the Postal Ballot on September 07, 2016. The Scheme was framed
with a view to reward the talented / key employees for their contributions in the successful operations of the Company

and to provide an incentive to secure their continued contribution toward the future growth of the Company. The Company
confirms that the Scheme complies with the provisions of SEBI (Share Based Employee Benefits) Regulations, 2014.
During the year under review, 552,861 stock options granted under the Scheme were exercised by the eligible employees
to convert into equivalent number of equity shares of the Company. No employee has been issued stock options during
the year, equal to or exceeding one percent of the issued capital of the Company at the time of grant.
Details of all the shares issued under Scheme and the disclosures in compliance with SEBI (Share Based Employee
Benefits) Regulations, 2014 are uploaded on Investor Relations section of the website of the Company at
www.goindigo.in
9. Increase in Share Capital

During the year under review, 22,385,614 equity shares were allotted by the Company under IPP. Further, the Company
also allotted 552,861 equity shares to the employees upon exercise of options under the Scheme. Consequently, the
issued, subscribed and paid up capital of the Company increased from 361,468,363 equity shares to 384,406,838 equity
shares of Rs. 10 each aggregating to Rs. 3844.07 million as on March 31, 2018.
10. Subsidiary Company

The Company has one subsidiary namely “Agile Airport Services Private Limited” (‘Subsidiary’). The Company has complied
with the corporate governance requirements with respect to Subsidiary as specified in Regulation 24 and other provisions
of the Listing Regulations and the Companies Act, 2013 (the “Act”).
In compliance with Section 129(3) of the Act, the Company has prepared the consolidated financial statements of the
Company which forms part of this Annual Report. Further, a statement containing salient features of the financial statement
of Subsidiary in the prescribed format AOC -1 is annexed to the consolidated financial statements.
Pursuant to the provisions of Section 136 of the Act, the standalone financial statements of the Company, the consolidated
financial statements along with relevant documents and separate audited financial statements in respect of subsidiary,
are available at Investor Relations section of the website of the Company at www.goindigo.in
11. Related Party Transactions

All related party transactions are placed before the Audit Committee for review and approval. Prior omnibus approval
was obtained from the Audit Committee for entering into transactions which were repetitive in nature. During the year
under review, the details of related party transactions entered into by the Company, pursuant to omnibus approval were
reviewed by the Audit Committee, on a quarterly basis. All the transactions entered into by the Company during the year
under review, with the related parties were in the ordinary course of business and on arm’s length basis.
During the year under review, the Company had not entered into any transaction with its related party (ies) which could
be considered material, requiring approval of the Board / members, in accordance with the policy on materiality of related
party transactions. The disclosure of related party transactions as required under Section 134(3)(h) of the Act, in form
AOC -2 is not applicable. Further, the details of related party transactions is given at note 34 of the notes forming part to
the standalone financial statements, attached to the Annual Report.
12. Directors and Key Managerial Personnel

Mr. Aditya Ghosh, President and Whole Time Director submitted his resignation on April 26, 2018. The Board accepted
the resignation of Mr. Ghosh from the post of President of the Company effective July 31, 2018 and as Director of
the Company with effect from April 26, 2018. The Board placed on record its appreciation for all the hard work and
contributions and for the successes that the Company has enjoyed during his tenure.
Mr. Rahul Bhatia, Non-Executive Director of the Company was appointed as Interim Chief Executive Officer (Interim CEO)
of the Company effective from April 27, 2018. He will continue to be a Director of the Company.
Mr. Rakesh Gangwal, Non-Executive Director, retires by rotation and being eligible, offered himself for reappointment at
the ensuing Annual General Meeting of the Company.
Mr. Devadas Mallya Mangalore and Dr. Anupam Khanna, Independent Directors of the Company have given the certificate
confirming that they meet the criteria of independence as laid down under Section 149(6) of the Act read with Regulation
16(1)(b) of the Listing Regulations.
None of the Directors of the Company is disqualified to act as a Director under Section 164(2) of the Act.

Board’s Report
13. Number of meetings of the Board

During the year under review, eight meetings of the Board were held. For details of meetings of the Board, please refer
to the Corporate Governance Report, which forms part of this Report.
14. Committees of the Board

As of March 31, 2018, the Board had following five committees:
i. Audit Committee
ii. Nomination and Remuneration Committee
iii. Corporate Social Responsibility Committee
iv. Stakeholders’ Relationship Committee
v. Risk Management Committee
The Board at its meeting held on June 21, 2017 combined the terms of reference of the Compensation Committee with
the Nomination and Remuneration Committee. Thereafter, the Compensation Committee was dissolved.
The Board had constituted an Issue of Securities Committee on July 31, 2017 for issue of securities to achieve the minimum
public shareholding through a public offer including an Institutional Placement Programme (IPP). The said Committee was
dissolved on October 9, 2017, post the allotment.
The details of the composition, meetings and terms of references of the above stated committees are included in the
Corporate Governance Report which forms part of this Report.
15. Board Evaluation

The Board had carried out an annual performance evaluation of its own performance, its committees and all the Directors,
pursuant to the requirements of the Act and the Listing Regulations.The process of evaluation was undertaken through
discussions amongst the Directors on the basis of criteria formulated by the Nomination and Remuneration Committee such
as the composition of Committees, understanding of Company’s principles and values, Board effectiveness in providing
guidance to the management and processes followed at the meetings etc.
The performance of the committees was evaluated by the Board after seeking inputs from the committee members on the
basis of criteria such as constitution and composition of Committees, effectiveness of performance of the committees as
outlined in their terms of reference.
The evaluation of the Independent Directors and other individual Directors’ performance was made by the entire Board,
on the basis of criteria such as attendance and active participation in the meetings, constructive engagement and
contribution and inputs in meetings etc.
In a separate meeting of Independent Directors, the performance of Non-Independent Directors, the Chairman of the Board
and the Board as a Whole was also evaluated by the Independent Directors and the recommendation of the Independent
Directors, were presented to the Board.
16. Remuneration Policy

The Board on the recommendation of the Nomination and Remuneration Committee, framed a policy “InterGlobe Aviation
Limited - Nomination and Remuneration Policy” relating to Directors’ appointment and their remuneration including the
criteria for determining qualifications, positive attributes, independence of a Director and other matters as specified in
Section 178(3) of the Act. The details of the policy are given at Investor Relations section of the website of our Company
www.goindigo.in
17. Risk Management

The Company has developed & implemented an enterprise risk management framework through which it identifies
monitors, mitigates & reports key risks that impacts its ability to meet the strategic objectives.
The Board has constituted a Risk Management Committee to frame, implement and monitor the risk management plan for
the Company. The Committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The
Audit Committee has an additional oversight in the areas of financial risks and controls.
The Company has also in place a risk management policy to address risks such as foreign exchange risk, fuel price risk and
interest rate risk, which was reviewed and approved by the Board.

18. Corporate Social Responsibility

In compliance with the requirements of Section 135 of the Act read with the Companies (Corporate Social Responsibility
Policy) Rules, 2014, the Board has constituted a Corporate Social Responsibility Committee. The details pertaining to
the composition, meetings and terms of reference of the committee are included in the Report on Corporate Governance
which forms part of this Report.
The brief outline of the corporate social responsibility (CSR) policy of the Company and the initiatives undertaken by
the Company on CSR activities during the year are set out in Annexure - A of this report in the format prescribed in the
Companies (Corporate Social Responsibility Policy) Rules, 2014. The policy is available at Investor Relations section of
the website of the Company at www.goindigo.in
Our CSR programs have a periodicity of 3-5 years and for better monitoring of the programs and fund utilisation, we
have broken up the total amounts into tranches spread across the project period, hence resulting in lesser utilisation of
earmarked budget for the financial year 2017-18.
19. Statutory Auditors

B S R & Co., LLP, Chartered Accountants (Registration no. 101248W/W – 100022), were appointed as Statutory Auditors of
the Company at the Annual General Meeting held on September 04, 2014 for a term of five consecutive years, pursuant to
the requirements of Section 139 of the Act. The Statutory Auditors have submitted a certificate, as required under Section
139(1) of the Act confirming that they meet the criteria provided in Section 141 of the Act.
The Report given by the Statutory Auditors on the standalone financial statements of the Company and the consolidated
financial statements of the Company for the financial year ended March 31, 2018 forms part of this Annual Report. There
has been no qualification, reservation, adverse remark or disclaimer given by the Statutory Auditors in their Report.
20. Secretarial Auditors

Sanjay Grover & Associates, a firm of practicing Company Secretaries, carried out the secretarial audit of compliance with
the Act read with the rules made thereunder, the Listing Regulations & other applicable regulations as prescribed by SEBI,
Foreign Exchange Management Act, 1999 and other laws specifically applicable to the Company. The secretarial audit
report is attached to this Report as Annexure - B and does not contain any qualifications, reservations or adverse remarks
or disclaimer which calls for any explanation from the Board.
21. Whistle Blower Policy / Vigil Mechanism

In compliance with the provisions of Section 177 of the Act read with Regulations 22 of the Listing Regulations, the
Company has adopted a Whistle Blower Policy and has established the necessary vigil mechanism for directors and
employees to report concerns about unethical behavior, actual or suspected fraud or violation of the Company’s policies.
The Audit Committee, on a quarterly basis, reviews the status of complaints, summary of findings and action taken
in accordance with the policy. The policy is available at Investor Relations section of the website of the Company at
www.goindigo.in
22. Internal Financial Control and their adequacy

The Company has an adequate Internal Financial Control (IFC) system which ensures that the transactions are authorised,
recorded and reported correctly. The Company’s IFC system has been designed to provide reasonable assurance regarding
the following:
• Effectiveness and efficiency of Operations
• Adequacy of safeguards for assets
• Prevention and detection of frauds and errors
• Accuracy and completeness of the accounting standards (Ind AS)
• Timely preparation of financial statements
The Company’s IFC system also comprises due compliances with Company`s policies and Standard Operating Procedures
(SOP) and is subject to periodic testing by the management of the Company.
23. Public deposits

The Company has not accepted any deposit during the year under review, under the provisions of the Act and the rules
framed thereunder
Board’s Report
24. Particulars of loans, investments, guarantees

The particulars of loans, guarantees and investments covered under Section 186 of the Act read with the Companies
(Meetings of Board and its Powers) Rules, 2014, as on March 31, 2018 are given at note no. 5 and 6 of the notes forming
part of the standalone financial statements forming part of this Annual Report.
25. Management Discussion and Analysis Report

The Management’s Discussion and Analysis Report on Company’s operational performance, industry trends and other
required details prepared in compliance of Regulation 34 of the Listing Regulations forms part of this Annual Report.
26. Corporate Governance Report

A separate report on Corporate Governance together with a certificate from the Secretarial Auditors of the Company
regarding compliance of conditions of Corporate Governance in compliance of Regulation 34 of the Listing Regulations
forms part of this Annual Report. Certificate of the Interim CEO and the CFO of the Company in terms of Listing 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 part of this Report.
27. Business Responsibility Report

A separate Business Responsibility Report dealing with the various initiatives taken by the Company on the environment,
social and governance front in compliance of Regulation 34 of the Listing Regulations forms part of this Annual Report.
28. Extract of Annual Return

The extract of annual return in prescribed form MGT 9 as required under Section 92(3) of the Act read with Rule 12 of the
Companies (Management and Administration) Rules, 2014 is given in Annexure - C, which forms part of this Report.
29. 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 the Company and its operations in future.
30. Prevention and prohibition of sexual harassment of women at work place

The Company strongly believes in providing a healthy work environment that is free of any discrimination and harassment
for each and every individual working for the Company through various interventions and practices. It is our continued
endeavor to create an environment that enables employees to work without any fear of prejudices, gender bias and
harassment including sexual harassment. The Company has adopted a policy on prevention, prohibition and redressal of
sexual harassment at workplace in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and rules made thereunder. During the year under review, the Company had
conducted various workshops and interactive awareness programs for sensitizing the employees with the provisions of
the aforesaid Act.
Pursuant to requirements of the aforesaid Act read with rules made thereunder, the Company has constituted an internal
complaints committee to deal with the complaints received by the Company. During the year under review, 9 complaints
were received by the Company and the same were investigated and resolved. Further, the Company has also submitted
the annual return pertaining to FY 2017-18 to the local authority in compliance of the aforesaid Act.
31. Awards and recognitions

During the year under review, the Company won multiple awards and recognitions, both international and national. Some
of the significant awards are as follows:
• Awarded the ‘Best Low Cost Airline’ at the SKYTRAX World Airline Award 2017 for 8th consecutive year
• Awarded the ‘Best Low Cost Airline – Domestic’ and ‘Best International Low Cost Airline Out of / Into India’ for FY
2017-18 by the Air Passengers Association of India (APAI)
• Awarded ‘Superstar Airline of the Year’ and ‘Best Airline of the Year’ at the 6th Annual GMR – IGI Airport Awards, 2017
• Awarded ‘Excellence in Learning & Development’ by Society for Human Resource Management (SHRM) at SHRM India
HR Excellence Awards

• Awarded 4th Most Punctual Airline Globally by OAG Punctuality League, 2018
• Awarded ‘Best Low Cost Airline in Asia’ by Trip Advisor Travelers’ Choice Award 2018
• Awarded ‘On-time Airline of the Year - Domestic’, ‘Passenger Airline of the Year - International Low Cost’, ‘Customer
Choice Airline of the Year - Domestic’, ‘Passenger Airline of the Year - Domestic Low Cost’, ‘Transformational Process
Idea’ and ‘Airline with best growing network – Domestic’ by Bangalore International Airport Limited (BIAL) Pinnacle
Awards, 2018.
• Awarded ‘International Award for Excellence in Air Cargo in the category Cargo Airline of the Year - Region - India by
STAT Times.
32. Directors’ Responsibility Statement

Pursuant to Section 134(5) of the Act, the Board, to the best of its knowledge and ability, confirm that:
i. in the preparation of the annual accounts, the applicable accounting standards have been followed along with
proper explanation relating to material departures;
ii. they have selected such accounting policies and applied them consistently and made judgments and estimates that
are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of
the financial year and of the profit of the Company for that period;
iii. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and
other irregularities;
iv. they have prepared the annual accounts on a going concern basis;
v. they have laid down internal financial controls to be followed by the Company and such internal financial controls
are adequate and operating effectively;
vi. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such
systems are adequate and operating effectively.
33. Particulars of employees

The information required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 is given in Annexure – D, attached to this Report. Further, the
information required under Rule 5(2) & Rule 5(3) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014, pertaining to the names of top ten employees and other particulars of employees is provided
in a separate annexure. In terms of Section 136 of the Act, the report and the accounts are being sent to the members
excluding the said annexure and the same is available for available for inspection at the Registered office of the Company
during business hours.
34. Conservation of Energy, Technology Absorption

The Company persistently strives to run its operations more efficiently to reduce its fuel consumption and thus emissions.
This endeavor entails the Company’s continuous commitment towards conservation of energy and an ardent proclivity to
engage in newer technological advances.
The Company provides an adequate fuel for sectors after evaluating various traffic trends thus avoiding any additional/
unnecessary fuel upliftment, installing software for accurate flight planning which provides accurate maps and most efficient
flight path, increasing the accuracy of Flight plan by providing it again one hour prior to departure incorporating latest
payload & weather information, restricting the use of auxiliary power units, employing continuous descent approaches
and economy cruise speeds, minimising aircraft weight by removing unnecessary equipment and optimising engine
settings for take-off and climb. Fuel consumption is directly proportional to the weight of an aircraft. The Company has
sought to reduce the weight of the aircraft by selecting lighter seats and by choosing to not have in-flight entertainment
system. Additionally, the Company has adopted conservation of fuel consumption policies which are inculcated in all
pilots and engineering staff training procedures.
The Company has also adopted fuel policies designed to reduce costs on the ground including the use of the Eco-Power
Engine Wash process for our engines, the use of ground equipment in place of aircraft auxiliary power units which
consumes more fuel, use of single engine for taxing on ground and other engineering/operations protocols. These policies
are all designed to optimise fuel consumption, reduce carbon footprint and thereby finally reducing costs.

Board’s Report
All the A320 aircraft delivered to us since September 2008 use International Aero Engines SelectOne engines. These
engines use various technological advancements to reduce aircraft fuel consumption compared to previous IAE engines.
Our Company’s fleet of aircraft includes A320neo aircraft which are up to 15% more fuel efficient than the current A320
without sharklet aircraft. In the last one year, 32 in service A320neo aircraft have operated 58,242 flights thereby
reducing carbon emissions by 102.4T during the year under review.
35. Foreign exchange earnings and outgo

The details of foreign exchange earnings and outgo for the year ended March 31, 2018 are set out below:
Particulars Amount (Rs. in million)
Foreign exchange earnings 18,528.80
Foreign exchange outgo 75,545.60
36. Acknowledgements
The Board wish to thank all employees, bankers, vendors, government, regulatory authorities and other stakeholders for
their continued support and cooperation.
We also take this opportunity to express our gratitude to investors for their continued faith in the Company.

On behalf of the Board of Directors of
InterGlobe Aviation Limited
Devadas Mallya Mangalore Rahul Bhatia

Chairman Non-Executive Director and Interim CEO
DIN: 01804955 DIN: 00090860
Date: July 05, 2018

Place: Gurgaon

Annexure – A
Annual Report on Corporate Social Responsibility Activities
1. A brief outline of the Company’s Corporate Social Responsibility (CSR) policy,

including overview of projects or programmes proposed to be undertaken and
a reference to the web-link to the CSR policy and projects or programmes:
The focus of our Company is on integrating the business model with our work with several communities where we operate.
The Corporate Social Responsibility Policy of the Company is a reflection of our intention to reach out to make a difference
and the Power to Make a Change.
As an airline, our Company strives to provide service from the heart for our external customers. While this may be at be
the core of our business, we believe that what drives us as a people’s airline are our socio economic responsibilities
towards the less privileged and the environment. IndiGoReach, the CSR program at IndiGo is an expansion of our ‘Power
to Make a Change’. All our CSR initiatives adopted by us keep in mind our focus areas, which have been carefully chosen
to address certain prevalent issues and challenges of our communities.
Our Company continues to work and reach out to the community, majorly, in the 4 focus areas - Women Empowerment,
Children & Education, Environment and 6E responsibility. During the year under review, we partnered with several
implementing organisations and expanded our reach to over 62,000 rural women, helping them with skill development
through farm based and non-farm based initiatives and thereby, creating sustainable income generation for them.
Similarly, we increased our reach to over 33,000 children providing them access to education.
Women Empowerment
IndiGo Shakti is our women empowerment intervention which is helping us reach out to approximately 62,000 women. The
women empowerment programs are dedicated towards enhancing the capacities of the women through skill enhancement
by providing farm and farm based trainings. The women are organised into Self Help Groups (“SHGs”) and Producer
groups for capacity building. The programs are aimed at improving the income of the beneficiaries and in the process
linking them to the Government schemes, thereby enabling them to avail their entitlements.
We are covering 430 villages of 64 Gram Panchayats in 7 blocks to mobilize 37,500 rural women, across 3 districts
of Jharkhand- Godda, Hazaribagh and Bokaro. The women have been organized into SHG’s. They promote Village
Organizations (VOs), which help in the functioning of SHGs. Financial inclusion activities are initiated which involves
bank account opening and linking these women to the banking systems.
We are working towards enhancing livelihood security of 20,000 rural women in 100 villages of 4 districts of Maharashtra
(namely, Pune, Ahmednagar, Nashik and Thane). In Assam/ Meghalaya we are helping 1500 women in 24 villages. In
addition to these we are also reaching out to 3,000 women, from the rural slums in Udaipur in Rajasthan, Raipur in
Chattisgarh and Gautam Budh Nagar in Uttar Pradesh by building the capacities of women and helping to emerge as
micro entrepreneurs. Through these interventions we plan to help these women in agricultural as well as non-agricultural
programs by linking them directly to the market.
Children & Education

We believe in creating leaders of tomorrow by providing hope through education to children. In order to reach out
effectively, we have a 2 fold approach and outreach initiatives are centered around the following areas for facilitating
education:
1. Access to Education
2. Nurturing Excellence- IndiGo Scholars
Access to Education - Our program aimed at providing education to children in rural areas and urban slums is helping us
reach out and providing access to education to more than 33,000 children. We have been running 400 primary schools in
identified slums of Kolkata, Patna, Agartala & Ranchi. All the 12,507 children in these schools are first generation learners

Board’s Report
and no one in the family has ever attended school. A robust community mobilization campaign was conducted by our
partners- Bandhan Konnagar in May 2015- when we started the project. All the children are now in class III.
The teams at the field work closely with the family- to educate them on the benefits of education and ensure that there
are no drop outs and children go to school regularly. As per the latest report, school has an attendance percentage of
82.36%. Monthly examinations are conducted which has passing percentage of 93.5% with children scoring as high as
98%. This intervention has also created employment opportunities for 400 village women who have been trained to be
teachers at these 400 schools.
In the urban areas, there are a lot of school drop outs who are unable to get the right kind of opportunities to nurture
their potential. IndiGoReach is supporting 2 schools based on the model of providing bridge education to school dropout
and first time learners. The school started with an endeavor to keep young children away from the streets, begging or
picking rags, today provides education to more than 400 children. We cover all operational expenses for the school. Our
employees from various departments volunteer on a regular basis to conduct knowledge sharing sessions for the children.
To strengthen the existing education system we are also working with Government school systems to facilitate their
academic and physical transformation. We will be working with 60 schools and reaching out to 20,000 children. This will
involve working closely with the local District and Education Departments of the States, the Schools and with all other
relevant authorities and administrative bodies in Indore - Madhya Pradesh, Dehradun – Uttarakhand, Vadodara – Gujarat
and Noida/Greater Noida – Uttar Pradesh. We will also be introducing 4 IndiGo Blue buses in the 4 locations which will be
equipped with facilities including computer system, NCERT based learning software, internet dongles, interactive panel
for video conferencing and showing of audio-visual concepts, back screen, solar power plate, generator, AC system etc.
“IndiGo Buses”, with the objectives of : (i) promoting digital literacy and improving quality of teaching and learning in
Schools; and (ii) promote e-governance and extend access of Government services. We also work with an organization,
Tamana for reaching out to education and skill building initiative for autistic children since the last 4 years.
IndiGo Scholars is our second intervention in education to facilitate conducive environment and mentorship to children
who’s IQ is in the 98th percentile.
IndiGo Scholar Program came about in 2015 as a celebration of the delivery of our 100th A320 Aircraft. We identified 100
high IQ children from underprivileged backgrounds through a standardized aptitude test. These 100 children, from various
age groups, were then moved to an English Medium school and are supported by IndiGo through a mentorship program
as well. Our intervention provides tuitions & coaching to children along with school fee for all those who have moved to
English medium schools. A similar program has been launched in Varanasi for 50 gifted children.
Environment
IndiGo recognizes and is concerned with the climate change problem.
The implications of climate change on our planet are profound and wide-ranging. Public health, agriculture, biodiversity
and water sources may all be adversely affected. The potential effect on people, communities and ecosystems is one to
consider and demands immediate action. Of course, climate change poses risks to our business as well. More frequent
and intense droughts along with extreme weather changes could impair our flight schedules, disrupt our operations and
effect consumer demand as well.
We, at IndiGo, also believe in leadership, responsible and inclusive growth, and a sense of shared prosperity. Keeping
this in mind, IndiGo is committed to reduce the impact of carbon footprint.
IndiGo has signed ERPA( Emission Reduction Purchase Agreement) with ADATS for 5000 biogas units in Chittoor district
of Andhra Pradesh. By 2015, the Company has signed another ERPA for 2500 biogas units in Anantapur district at Andhra
Pradesh and a similar program at Uttrakhand in Halwani district for 2000 biogas units with Suvidha.. Through this program,
the Company aims not only at the Environmental benefits but also at Social and Economic benefits in this region.
Our Company has adopted a site for planting a total of 30,000 trees; which includes species that are a mix of fruit bearing
trees, timber and wood trees. The plantation activity will help improving the overall ecological health by restoration of
degraded forest patches in the selected reserve forests area at Dalapchand, East Sikkim. In addition to this, the Company
is planning another 10,000 timber and fruit trees in Hindon airport area, Noida and Greater Noida. The Company will
maintain the region for 3 years’ time.

Recycle, Reuse and Repeat

Our Company is now recycling all the old employee uniform, shoes, bags, carpets, seat covers and head rest covers. All
these used and old articles from across the network is used by partner organization for recycling them into bags, pouches,
folder or items that can be sold in the local market. This will provide the employees a platform where the employees can
donate their old uniform, shoes and bags; which may be recycled or reused for the benefit of the people in marginalized
communities. We also recycle waste paper generated at our work place. In return, we get paper rims for use at our
corporate offices.
6E Responsibility
During the year under review, the Company had partnered with IAMGURGAON, an organization working towards creating
of a new public space for the residents of Gurgaon, by transforming an underutilized piece of land which is currently
a dumping spot. The entire area of 2.7 kms will be demarcated, cleaned and leveled. An architect will help in the
landscaping and carry out infrastructure work including earth work, civil work, kerb stone, masonary, creation of drainage
systems, paving, setting up of lighting and furniture. Tree plantation will be done along the sides to create a linear park.
This will help increase greenery and promotion of local plant species. The intervention will also help increase safety and
hygiene in the area of the bundh and surrounding areas.
Employee volunteering is a central part of IndiGoReach. Our CSR initiatives have always provided a platform to the
employees to volunteer. Our policy of iServe allows each employee to volunteer and dedicate 3 working days towards a
CSR initiative. All the new hires- our cabin crew, pilots, engineers and ground staff employees have half day of volunteering
activity as part of their training calendars. They all get together and make sandwiches and plan activities to be conducted
during their visits to the orphanages, old age homes or schools for underprivileged children. All our departments and
airport location staff is aligned to a cause and volunteer each quarter to be a part of a CSR activity. This helps us to keep
the IndiGoReach culture alive across the network and live up to our CSR philosophy.
Our Company also allow flexible volunteering opportunities to all our employees and their family or friends by associating
with IndiGoReach initiatives as per their time availability. Payroll giving initiatives allow employee to make monetary
contribution to support children at SOS Children’s Village, or sponsor midday meals for children by contribution to Akshay
Patra program of Each one Feed One.
2. The composition of the CSR Committee

As on date, the Corporate Social Responsibility Committee comprises of the following members:
i. Mrs. Rohini Bhatia, Chairperson - Non-Executive Director
ii. Dr. Anupam Khanna, Member - Independent Director
iii. Mr. Devadas Mallya Mangalore, Member - Independent Director
(Consequent to the resignation of Mr. Aditya Ghosh, the Board reconstituted the CSR Committee on April 27, 2018 by
induction of Mr. Devadas Mallya Mangalore as member of the Committee in place of Mr. Aditya Ghosh)
3. Average net profit of the Company for last three financial years for the
purpose of computation of CSR
Rs. 21,016.69 million
4. Prescribed CSR expenditure (two percent of the amount in item 3 above)

Rs. 420.33 million

5. Details of CSR spent during the financial year
(i) Amount spent: Rs. 276.04 million
(ii) Amount unspent: Rs. 144.29 million
(iii) Details and manner in which the amount of CSR has been spent during the financial year are given below:
Board’s Report
(Rs. in millions)
S. CSR project or activity identified Sector in which Projects or Programs Amount outlay Amount spent on the Cumulative Amount Spent:
No. the project is (1) Local area or other (budget) project projects or programs expenditure Direct or through

covered (2) Specify the state or program wise during the year during the implementation
and district where Sub heads: FY 2017 - 18 agency
projects or programs (1) Direct expenditure
are undertaken (2) Overheads
1 Facilitating education for children with Promotion of Delhi 7.64 (1) 7.64 7.64 Tamana
special needs Education
2 Facilitating Education in Urban slums Promotion of Gurgaon (Haryana), 220.83 (1) 64.26 64.26 All India Human
Education Faridabad (Haryana) Development
Delhi Council
Laksh Foundation
Smile Foundation
SOS Children's
Village
SRF Foundation
Mensa India
Vidya School
KK Academy
3 Enabling education in rural areas Promotion of Agartala (Tripura), 115.32 (1) 30.50 30.50 Bandhan Konnagar
Education Kolkata (West Bengal),
Ranchi (Jharkhand) &
Patna (Bihar)
4 Empowering women and creating Women Ahmednagar 209.79 (1) 46.70 46.70 Direct, AFARM
livelihood enhancing opporunities Empowerment (Maharashtra) Pune Grameen Sahara
(Maharashtra), Nashik Bandhan Konnagar
(Maharashtra), Kamrup Dvinity Serves
(Assam), Ri Bhoi
(Meghalaya), Noida
Overview
(Uttar Pradesh), Raipur

(Chattisgarh), Udaipur
(Rajasthan)
5 Maintenance of 2km Green Patch - Road Protection Gurgaon (Haryana) 5.30 (1) 2.96 2.96 Uththan
99A of Flora & Direct - Aakriti
Enviromental Nursery
Reports
sustainability
6 Climate Change Program Environment Anantapur and Chittoor 67.99 (1) 67.99 67.99 ADATS

(Andhra Pradesh),
Haldwani (Uttarakhand)
7 Recycle and reuse Environment Delhi, Bihar (Patna) 7.00 (1) 1.80 1.80 Nidan
8 Tree Plantation Protection DalapChand (Sikkim), 6.55 (1) 1.70 1.70 Sustainable Green
of Flora & Ghaziabad (Uttar Initiative Grow tree
Financials
29
Enviromental Pradesh)
sustainability
30
(Amount in Rs.)
S. CSR project or activity identified Sector in which Projects or Programs Amount outlay Amount spent on the Cumulative Amount Spent:
No. the project is (1) Local area or other (budget) project projects or programs expenditure Direct or through
covered (2) Specify the state or program wise during the year during the FY implementation
and district where Sub heads: 2017 - 18 agency
projects or programs (1) Direct expenditure
are undertaken on projects or programs
(2) Overheads
9 Rehabilitation of Khan-e-khan tomb/ Protection Delhi 21.80 (1) 21.80 21.80 InterGlobe
Preservation of culture in nearby villages of National Foundation
Heritage
10 Fit to Fly Promotion of PAN India 10.00 (1) 8.31 8.31 Direct
health care and
preventive health
care
11 Gurgaon Bundh Environment Gurgaon (Haryana) 60.50 (1) 15.00 15.00 IAMGURGAON
12 Food distribution and volunteering Eradication of PAN India 1.00 (1) 0.45 0.45 Direct
initiatives by our employees across the hunger
network
13 Facilitate Cancer treatment for people Preventive Health Kolkata (West Bengal) 0.30 (1) 0.30 0.30 Tata Medical Center
from marginalized communities care Trust
14 Administrative overheads for various CSR - - 6.63 (2) 6.63 6.63 Direct
initiatives
Total 276.04 276.04
6. Reason for not spending the prescribed amount:

Our Programs have a periodicity of 3-5 years and for better monitoring of the programs and fund utilisation, we have broken up the total amounts into tranches spread
across the project period, hence resulting in lesser utilisation of earmarked budget for the financial year 2017-18.
7. Responsibility statement of the CSR Committee

We hereby confirm that the implementation and monitoring of Corporate Social Responsibility (CSR) Policy is in compliance with CSR objectives and Policy of the
Company.

Devadas Mallya Mangalore Rohini Bhatia

Independent Non-Executive Director and Non-Executive Director &
Member of CSR Commitee Chairperson of CSR Committee
DIN 01804955 DIN 01583219
Date: July 05, 2018

Board’s Report
Place: Gurgaon
Board’s Report
Annexure – B
Secretarial Audit Report

for the financial year ended March 31, 2018
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014]
To,
The Members,
(CIN: L62100DL2004PLC129768)
Central Wing, Ground Floor,
Thapar House,124, Janpath,
New Delhi, 110001
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good
corporate practices by InterGlobe Aviation Limited (hereinafter called the “Company”). Secretarial Audit was conducted in a
manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our
opinion thereon.
We report that
a) Maintenance of secretarial records is the responsibility of the management of the Company. Our responsibility is to
express an opinion on these secretarial records based on our audit;
b) We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the
correctness of the contents of the secretarial records. The verification was done on test basis to ensure that correct facts
are reflected in secretarial records. We believe that the processes and practices we followed, provide a reasonable basis
for our opinion;
c) We have not verified the correctness and appropriateness of the financial statements of the Company;
d) Wherever required, we have obtained the management representation about the compliances of laws, rules and
regulations and happening of events etc.;
e) The compliance of the provisions of the corporate and other applicable laws, rules, regulations, standards is the
responsibility of the management. Our examination was limited to the verification of procedures on test basis;
f) The Secretarial Audit Report is neither an assurance as to the future viability of the Company nor of the efficacy or
effectiveness with which the management has conducted the affairs of the Company.
Based on our verification of the Company’s books, papers, minute books, forms and returns filed and other records
maintained by the Company and also the information provided by the Company, its officers, agents and authorised
representatives during the conduct of Secretarial Audit, we hereby report that in our opinion, the Company has, during the
audit period covering the financial year ended on March 31, 2018 (“Audit Period”) complied with the statutory provisions
listed hereunder and also that the Company has proper Board processes and compliance mechanism in place to the
extent, in the manner and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company
for the financial year ended on March 31, 2018 according to the provisions of:
(i) The Companies Act, 2013 (the “Act”) and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign
Direct Investment, Overseas Direct Investment and External Commercial Borrowings.

(v) The following Regulations prescribed under the Securities and Exchange Board of India Act, 1992 (‘SEBI Act’):-
a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations,
2011;
b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009;
d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014;
e) *The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations,
1993 regarding the Act and dealing with clients;
g) *The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009;
h) *The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; and
i) The Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations,
2015.
*No event took place under these regulations during the audit period.
We have also examined compliance with the applicable clauses of the Secretarial Standard on Meetings of the Board of
Directors and on General Meetings issued by the Institute of Company Secretaries of India.
During the audit period, the Company has complied with provisions of the Act, Rules, Regulations, Guidelines and Standards to
the extent applicable, as mentioned above.
vi The Company is engaged in the business of providing domestic and international scheduled air transport services
under the name of “IndiGo”. As informed by the management, following are some of the laws which are specifically
applicable to the Company:
Ø The Aircraft Act,1934 and Rules made thereunder;
Ø The Aircraft (Carriage of Dangerous Goods) Rules, 2003;
Ø The Carriage by Air Act, 1972;
Ø The Regulations, Circulars, Requirements, Orders, Notifications, issued by Ministry of Civil Aviation, Bureau of
Civil Aviation Security and the Directorate General of Civil Aviation.
We have checked the compliance management system of the Company to obtain reasonable assurance about the adequacy of
systems in place to ensure compliance of specifically applicable laws and this verification was done on test basis. In our opinion
and to the best of our information and according to explanations given to us, we believe that the compliance management
system of the Company seems adequate to ensure compliance of laws specifically applicable to the Company.
We further report that the Board of Directors of the Company is duly constituted with proper balance of Executive Directors,
Non-Executive Directors and Independent Directors. There was no change in the composition of the Board of Directors during
the audit period.
Adequate notice has been given to all directors to schedule the Board Meetings. Agenda and detailed notes on agenda are
sent in advance of the meetings, and a system exists for seeking and obtaining further information and clarifications on the
agenda items before the meeting for meaningful participation at the meeting.
Board decisions were carried out with unanimous consent and therefore, no dissenting views were required to be captured and
recorded as part of the minutes.
We further report that there are systems and processes in the Company commensurate with the size and operations of the
Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that during the audit period
a) The members in their Annual General Meeting held on August 28, 2017 by way of a special resolution, approved the
issue and offer of securities by way of public issue including Institutional Placement Program which may include offer for
sale by promoter(s)/ promoter group, rights issue, private placement including Qualified Institutions Placement, at such
market price as may be determined in accordance with applicable law, on such terms and conditions that the total number
of equity shares of the Company held by the ‘public’ (as defined in the Securities Contract Regulations Act, 1956) on
the completion of such offering(s) does not exceed 30 percent of the total number of outstanding equity shares of the
Company as on the date of allotment of such equity shares.

Board’s Report
b) The members through Postal Ballot passed (result declared on November 15, 2017) by way of a special resolution,
approved to give any loan, advances, deposits to any person, company(ies) or other bodies corporate and/or give
guarantee and/ or provide security in connection with a loan to any person, company or other body corporate and/or make
investment in shares, debentures, mutual funds and/ or other securities of any other body corporate, up to an aggregate
amount not exceeding Rs. 10,000 Crore (Rupees Ten Thousand Crores Only).
For Sanjay Grover & Associates

Company Secretaries
Firm Registration No.: P2001DE052900
Sanjay Grover
Managing Partner
CP No. 3850
Date: June 30, 2018
Place: New Delhi

Annexure – C
Form No. MGT 9

Extract of Annual Return as on the financial year ended on March 31, 2018
Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management & Administration)
Rules, 2014
I. Registration & Other Details:
i) CIN L62100DL2004PLC129768
ii) Registration Date January 13, 2004
iii) Name of the Company InterGlobe Aviation Limited
iv) Category/Sub-category of the Company Public Listed Company / Limited by shares
v) Address of the Registered office & contact Central Wing, Ground Floor, Thapar House,
details 124 Janpath, New Delhi-110001
Tel: +91 9650098905
Fax: +91 11 4351 3200
Email: [email protected]
vi) Whether listed company Yes
vii) Name, Address & contact details of the Karvy Computershare Private Limited
Registrar and Transfer Agent, if any. Karvy Selenium Tower B,
Plot 31-32, Gachibowli,
Financial District Nanakramguda, Hyderabad – 500 032
Tel: +91 40 6716 2222
Fax: +91 40 2343 1551
II. Principal Business Activities of The Company :

All the business activities contributing 10% or more of the total turnover of the Company shall be stated
S. Name and Description of NIC Code of the Product / service % to total turnover of the company
No. main products / services
1 Passenger Services – Air transport 51101, 51201, 52243 and 52291 92.71%
III. Particulars of Holding, Subsidiary and Associate Companies

S. Name and Address of CIN/GLN Holding/ % of Shares Held Applicable Section
No the Company Subsidiary/
Associate
1 Agile Airport Services U74999DL2017PTC312881 Subsidiary 100% 2 (87)(ii) of the
Private Limited Companies Act,
Regd office: Grd Floor, 2013
Thapar House, 124,
Janpath Connaught
Place, New Delhi -
110001.

Board’s Report
IV. Share Holding Pattern (Equity Share Capital Breakup as percentage of Total
Equity)
i) Category-wise Share Holding
No. of Shares held at the beginning of the year No. of Shares held at the end of the year % Change
Category of Shareholders Demat Physical Total % of Total Demat Physical Total % of Total during
Shares Shares the year
A. Promoters
(1) Indian
a) Individual / HUF 1,449,355 - 1,449,355 0.4 1,350,943 - 1,350,943 0.35 (0.05)
b) Central Govt. - - - - - - - -
c) State Govt.(s) - - - - - - - -
d) Bodies Corp. 153,659,581 153,659,581 42.51 145,706,774 - 145,706,774 37.90 (4.61)
e) Banks / FI - - - - - - - -
f) Any other - - - - - - - -
Sub-total (A)(1) 155,108,936 - 155,108,936 42.91 147,057,717 147,057,717 38.25 (4.66)
(2) Foreign
a) NRIs-Individuals 95,713,571 - 95,713,571 26.48 88,731,593 - 88,731,593 23.08 (3.40)
b) Other-Individuals - - - - - - -
c) Bodies Corp. 3,240,000 - 3,240,000 0.89 - - - - (0.90)
d) Banks/FI - - - - - - - -
e) Any Other – Foreign 56,375,730 - 56,375,730 15.60 52,263,313 - 52,263,313 13.60 (2.00)
Trust
Sub-Total (A) (2) 155,329,301 - 155,329,301 42.97 140,994,906 - 140,994,906 36.68 (6.29)
Total Shareholding of 310,438,237 - 310,438,237 85.88 288,052,623 - 288,052,623 74.93 (10.95)
Promoter (A) = (A)(1)+ (A)(2)
B. Public Shareholding
1. Institutions
a) Mutual Funds 5875100 5,875,100 1.62 28,460,274 - 28,460,274 7.41 5.79
b) Banks / FI 65,953 65,953 0.02 430,870 - 430,870 0.11 0.09
c) Central Govt - - - - - - - - -
d) State Govt(s) - - - - - - - - -
e) Venture Capital - - - - - - - - -
Funds
f) Insurance - - - - - - - - -
Companies
g) FIIs 23,193,946 - 23,193,946 6.42 48,573,113 - 48,573,113 12.64 6.22
h) Foreign Venture - - - - - - - - -
Capital Funds
i) Others - Alternate 3,350 - 3,350 0.00 81,906 - 81,906 0.02 0.02
Investment Funds
Sub-total (B) (1) 29,138,349 - 29,138,349 8.06 77,546,163 - 77,546,163 20.18 12.12
2. Non-Institutions
a) Bodies Corp.
i) Indian 3,354,911 3,354,911 0.93 5,617,619 5,617,619 1.46 0.53
ii) Overseas - - - - - - - - -
b) Individuals
i) Individual 5,286,319 56 5,286,375 1.47 5,929,823 231 5,930,054 1.54 0.07
shareholders
holding nominal
share capital up to
Rs. 1 lakh
ii) Individual 6,986,839 - 6,986,839 1.93 4,146,592 - 4,146,592 1.08 (0.85)
shareholders
holding nominal
share capital in
excess of Rs 1 lakh

No. of Shares held at the beginning of the year No. of Shares held at the end of the year % Change
Category of Shareholders Demat Physical Total % of Total Demat Physical Total % of Total during
Shares Shares the year
c) Others – NBFC 36,954 - 36,954 0.01 363,608 - 363,608 0.10 0.09

Trust 9,957 - 9,957 0.00 121,648 - 121,648 0.03 0.03
Non – Indian Residents 1,224,551 4,343,500 5,568,051 1.54 854,993 1,533,000 2,387,993 0.62 (0.92)
Clearing Members 648,690 648,690 0.18 239,107 - 239,107 0.06 (0.12)
Foreign Nationals - - - - 1,431 - 1,431 0.00 -
Sub-total (B)(2) : 17,548,221 4,343,556 21,891,777 6.06 17,274,821 1,533,231 18,808,052 4.89 (1.17)
Total Public Shareholding (B) 46,686,570 4,343,556 51,030,126 14.12 94,820,984 - 96,354,215 25.07 10.95
= (B) (1) + (B)(2)
C. Shares held by - - - - - - - - -
Custodian for GDRs &
ÀDRs
Grand Total (A+B+C) 357,124,807 4,343,556 361,468,363 100.00 382,873,607 1,533,231 384,406,838 100.00 (0.00)
ii) Shareholding of Promoter

S. Promoter Shareholding at the beginning of the year Shareholding at the end of the year % change in
No. Shareholder’s Name shareholding
No. of % of total % of Shares No. of Shares % of total % of Shares
during the
Shares Shares Pledged / Shares of the Pledged /
year
of the encumbered to company encumbered to
company total shares total shares
1 Rahul Bhatia 40,000 0.01 - 40,000 0.01 - 0.00
2 Kapil Bhatia 50,000 0.01 - 50,000 0.01 - 0.00
3 Rohini Bhatia 10,000 0.00 - 10,000 0.00 - 0.00
4 Asha Mukherjee 1,349,100 0.37 - 1,250,688 0.33 - (0.04)
5 Shobha Gangwal 34,852,858 9.64 - 32,310,461 8.41 - (1.23)
6 InterGlobe 10,000 0.00 145,706,774 37.90 - 37.90
Enterprises Private
Limited (formerly
known as Acquire
Services Private
Limited)
7 Rakesh Gangwal 60,860,713 16.84 - 56,421,132 14.68 - (2.16)
9 The Chinkerpoo 56,375,730 15.60 - 52,263,313 13.60 - (2.00)
Family Trust (Trustee:
Shobha Gangwal
& J. P. Morgan
Trust Company of
Delaware)
10 IGE Mauritius Private 3,240,000 0.90 - - 0.00 - (0.90)
Limited
11 Alok Mehta 255 0.00 - 255 0.00 - 0.00
12 InterGlobe 153,649,581 42.51 - - 0.00 - (42.51)
Enterprises Limited
(merged with Acquire
Services Private
Limited)
Total 310,438,237 85.88 - 288,052,623 74.93 - (10.95)

Board’s Report
iii) Change in Promoters’ Shareholding (please specify, if there is no change) –

S. Particulars Date Shareholding Cumulative Shareholding at
No. the end of the year
No. of shares % of No. of shares % of total
total shares
shares of the
of the Company
Company
1 At the beginning of the year 01.04.2017 310,438,237 85.88 - -
2 Date wise Increase / Decrease in
Promoters Shareholding during the year
specifying the reasons for increase /
decrease (e.g. Allotment / transfer /
bonus/ sweat equity etc.)
Disposed off through offer for sale in 21.09.2017 11,192,807 2.91 299,245,430 77.85
Institutional Placement programme*
Disposed off during offer for sale through 14.12.2017 11,192,807 2.91 288,052,623 74.93
stock exhange mechanism**
3 At the end of the year 31.03.2018 288,052,623 74.93 288,052,623 74.93
Notes :
1. *In order to achieve the minimum public shareholding, the Company completed an Institutional Placement Programme
(“IPP”) under Chapter VIII-A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2009, as amended, pursuant to which 33,578,421 equity shares having a face value of Rs. 10 each were
allotted/ allocated, at an issue price of Rs. 1,130 per equity share, consisting of fresh issue of 22,385,614 equity shares
and an offer for sale of 11,192,807 equity shares by certain selling shareholders.
2. ** Post IPP, the promoters of the Company, through an ‘Offer for Sale’ collectively sold 11,192,807 equity shares of the
Company to the public shareholders.
3. Further decrease in percentage of total shareholding of Promoter is due to increase in total share capital of the Company
resulting from fresh allotment under IPP (detailed in the above note) and from ESOS allotment of 552,861 shares.
4. Percentage change in shareholding (purchase/sale) during the year is calculated on the total paid of share capital of the
Company.

iv) Shareholding Pattern of top ten Shareholders (Other than Directors, Promoters and
Holders of GDRs and ADRs)
S. Particulars Date Shareholding at the Cumulative Shareholding
No. beginning of the year during the year
No. of % of total No. of % of total
shares shares of the shares shares of the
Company Company
1 Riyaz Haider Peer Mohamed#
At the beginning of the year 01.04.2017 5,110,000 1.41 - -
Increase / Decrease in shareholding
during the year
Transfer (Market Purchase) - - - - -
Transfer (Market Sale) - 3,350,211 0.87 1,759,789 0.46
At the end of the year 31.03.2018 1,759,789 0.46 1,759,789 0.46
2 SBI Magnum Balanced Fund*
At the beginning of the year 01.04.2017 0 0 - -
during the year
Transfer (Market Purchase) - 4,000,000 1.04 4,000,000 1.04
Transfer (Market Sale) - - - - -
3 Mawer International Equity Fund*
during the year
4 Acacia Banyan Partners*
At the beginning of the year 01.04.2017 220,194 0.06 - -
during the year
5 SBI Blue Chip Fund*
during the year
6 ICICI Prudential Balanced Advantage Fund*
during the year
Transfer (Market Sale) - (835,967) (0.22) 2,345,267 0.61

Board’s Report

Company Company
7 ICICI Prudential Life Insurance Company Limited*
during the year
8 Motilal Oswal Most Focused Multicap 35 Fund
during the year
9 ICICI Prudential Focused Bluechip Equity Fund*
during the year
10 Kunal Chanana #

during the year
11 National Westminster Bank PLC as Trustee of The Jupiter India Fund
during the year
Transfer (Market Purchase) - 135,363 0.04 2,065,715 0.54
12 Stichting Depositary APG Emerging Markets Equity Pool#
during the year
Transfer (Market Purchase) -


Company Company
13 Anil Chanana#
during the year
Transfer (Market Sale) - (1,031,919) (0.27) 853,063 0.22
At the end of the year 31.03.2018 853,063 0.22 853,063 0.22
14 Acacia Partners, LP*
during the year
15 Government of Singapore#
during the year
Transfer (Market Sale) - (1,473,588) (0.38) 0 0
At the end of the year 31.03.2018 0 0 0 0
16 Pictet Global Selection Fund-Global High Yield EME#

during the year
Transfer (Market Sale) - (1,292,496) (0.34) 0 0
At the end of the year 31.03.2018 0 0 0 0
17 Parvest Equity India #

during the year
Transfer (Market Purchase) 117,621 0.03 1,236,502 0.32
Transfer (Market Sale) (1,039,683) (0.27) 196,819 0.05
Notes:
1. The full details of date-wise increase / decrease in shareholding of top 10 shareholders are available at Investor Relations
section of the website of the Company at www.goindigo.in.
2. Ceased to be in the list of top 10 shareholders as on 31.03.2018. The same is reflected above since the shareholder was
#
one of the top 10 shareholders as on 01-04-2017.

3. *Not in the list of top 10 shareholders as on 01.04.2017. The same has been reflected above since the shareholder was
one of the top 10 shareholders as on 31.03.2018.

Board’s Report
v) Shareholding of Directors and Key Managerial Personnel:

S. Particulars Date Shareholding Cumulative Shareholding
No. at the end of the year
shares Shares of the shares Shares of the
company company
Directors
1 Rahul Bhatia, Director
during the year
Purchase during the year - - - - -
Sale during the year - - - - -
2 Rakesh Gangwal, Director
#

during the year
Sold in Offer for sale through IPP 21.09.2017 4,439,581 1.15 56,421,132 14.68
3 Rohini Bhatia, Director
during the year
At the end of the year 31.03.2018 10,000 0.00 10,000 0
4 Aditya Ghosh*
At the beginning of the year 01.04.2017 0 0.00 - -
during the year
Allotment of shares under ESOS 30.05.2017 63,079 0.02 63,079 0.02
Market Sale 08.06.2017 (25,200) (0.01) 37,879 0.01
Market Sale 21.02.2018 (107,143) (0.03) 14,842 0.00
Market Sale 27.02.2018 (13,100) (0.00) 1,742 0.00
Key Managerial Personnel
4 Rohit Philip, Chief Financial Officer
At the beginning of the year 01.04.2017 0 0.00 - -
during the year

Notes:
- *Mr. Aditya Ghosh resigned from the position of Whole Time Director w.e.f April 26, 2018.
- #
Sold in Offer for sale in Institutional Placement Programme (“IPP”)
- The change in percentage is due to the Institutional Placement Programme (“IPP”) under Chapter VIII-A of the Securities and
Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended, pursuant to which
33,578,421 equity shares having a face value of Rs. 10 each were allotted/ allocated, at an issue price of Rs. 1,130 per
equity share, consisting of fresh issue of 22,385,614 equity shares and an offer for sale of 11,192,807 equity shares by
certain selling shareholders.
- Further decrease in percentage of total shareholding of Promoter is due to increase in total share capital of the Company
resulting from fresh allotment under IPP (detailed in the above note) and from ESOS allotment of 552,861 shares.
- Percentage change in shareholding (purchase/sale) during the year is calculated on the total paid up share capital of the
Company.
V. Indebtedness: Indebtedness of the Company including interest outstanding/

accrued but not due for payment.
(Rs. in million)
Secured Loans Unsecured Deposits Total
excluding Loans Indebtedness
deposits
Indebtedness at the beginning of the financial year
i) Principal Amount 25,961.74 - - 25,961.74
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 112.57 - - 112.57
Total (i+ii+iii) 26,074.31 - - 26,074.31
Change in Indebtedness during the financial year
Addition* 894.28 - - 894.28
Reduction (2,328.81) - - (2,328.81)
Net Change (1,434.53) - - (1,434.53)
Indebtedness at the end of the financial year
i) Principal Amount 24,527.21 - - 24,527.21
ii) Interest due but not paid - - - -
iii) Interest accrued but not due 129.25 - - 129.25
Total (i+ii+iii) 24,656.46 - - 24,656.46
*Includes amount adjusted on account of foreign currency gain arising on re-statement of long-term foreign currency including
adjustment arising in Ind AS.

Board’s Report
VI. Remuneration Of Directors And Key Managerial Personnel

A. Remuneration to Managing Director, Whole Time Directors and/or Manager:
(Rs. in million)
S. Particulars of Remuneration Name of Whole Time Director
No.
Mr. Aditya Ghosh,
President & Whole Time
Director*
1 Gross salary
(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 53.00
(b) Value of perquisites u/s 17(2) Income-tax Act, 1961 (excluding stock option) 0.04
2 Stock Option# 163.20
3 Sweat Equity -
4 Commission -
- as % of profit -
- others, specify -
5 Others, please specify -
Total 216.24
Ceiling as per the Act Rs. 1244.16 million being 5% of
the net profits calculated under
Section 198 of the Companies
Act, 2013
#
Taxable value of perquisite on stock options exercised during the year
*Mr. Aditya Ghosh resigned from the position of Whole Time Director w.e.f April 26, 2018 and as President effective
July 31,2018.
B. Remuneration to other directors:

(Rs. in million)
Particulars of Remuneration Fee for attending Commission Others, please Total Amount
board & committee specify
meetings
1 Independent Directors
Mr. Devadas Mallya Mangalore 1.25 3.75* - 5.00
Dr. Anupam Khanna 1.05 3.95* - 5.00
Total (1) 2.30 - - 2.30
2 Other Non-Executive Directors
Mr. Rahul Bhatia 0.25 - - 0.25
Mr. Rakesh Gangwal 0.30 - - 0.30
Mrs. Rohini Bhatia 0.70 - - 0.70
Total (2) 1.25 - - 1.25
Total Managerial Remuneration 3.55 7.70 - 11.25
Overall Ceiling as per the Act Rs. 248.83 million being 1% of the net profits calculated under Section 198 of
the Companies Act, 2013
*subject to approval of shareholders of the Company at the ensuing Annual General Meeting.
Notes:
1. In terms of the provisions of the Companies Act, 2013, the remuneration payable to the Managing Director/Whole Time
Director shall not exceed 5% of the net profits of the Company. The same is within the said limit.
2. The remuneration payable to directors other than executive directors shall not exceed 1% of the net profit of the Company.
The remuneration paid to the Non-Executive Directors is well within the said limit.
3. The total managerial remuneration payable to directors, including Managing Director and Whole Time Director shall not
exceed 11% of the net profits of the Company. The same is within this limit.

C. Remuneration to Key Managerial Personnel other than MD / Manager / WTD:

(Rs. in million)
S. Particulars of Remuneration Key Managerial Personnel Total
No. Chief Financial Officer Company Secretary and
Chief Compliance Officer
Rohit Philip Sanjay Gupta
Gross salary
(a) Salary as per provisions contained 103.46 7.94 111.40
in section 17(1) of the Income-tax
Act, 1961
(b) Value of perquisites u/s 17(2) 0.04 0.26 0.30
Income-tax Act, 1961 (excluding
stock option)
(c) Profits in lieu of salary under section - - -
17(3) Income-tax Act, 1961
2 Stock Option# 44.79 - 44.79
3 Sweat Equity - - -
4 Commission
- as % of profit - - -
- Others specify… - - -
5 Others, please specify
Total 148.29 8.20 156.49
Notes:
#
Taxable value of perquisite on stock option exercised during the year.

VII. Penalties / Punishment/ Compounding of Offences: Nil
Type Section of the Brief Description Details of Penalty Authority [RD / Appeal made, if
Companies Act / Punishment/ NCLT/COURT] any (give Details)
Compounding fees
imposed
A. Company
Penalties
None
Punishment
Compounding
B. Directors
Penalties
None
Punishment
Compounding
C. Other officers
in default
Penalties None
Punishment
Compounding


DIN: 01804955 DIN: 00090860
Date: July 05, 2018
Place: Gurgaon

Board’s Report
Annexure – D
Statement of Disclosure of Remuneration under Section 197 of Companies Act, 2013

and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014
1. Ratio of the remuneration of each Director to the median remuneration of the employees of the Company for the financial
year 2017-18, the percentage increase in remuneration of Director, Chief Financial Officer and Company Secretary during
the year 2017-18
S. Name of Director / Key Designation Ratio of remuneration Percentage
No. Managerial Personnel of each director to the increase in
median remuneration of remuneration
employees
1 Mr. Devadas Mallya Independent Non-Executive Director 12.91 refer to
Mangalore note below
2 Dr. Anupam Khanna Independent Non-Executive Director 12.91 refer to
note below
3 Mr. Rahul Bhatia Non-Executive Director 0.65 refer to
note below
4 Mr. Rakesh Gangwal Non-Executive Director 0.77 refer to
note below
5 Ms. Rohini Bhatia Non-Executive Director 1.81 refer to
note below
6 Mr. Aditya Ghosh* President & Whole Time Director 137.00 Nil
7 Mr. Rohit Philip Chief Financial Officer Not Applicable Nil
8 Mr. Sanjay Gupta Company Secretary & Chief Not Applicable 5.90%
Compliance Officer
* Resigned from the position of Whole Time Director with effect from April 26, 2018 and as President effective July 31, 2018.
Note: All the Non-Executive Directors of the Company are entitled for sitting fees as per the statutory provisions
and within the limits approved by the Board of Directors. Remuneration of Independent Directors also includes
profit related commission provided for the year 2017-18, subject to approval of shareholders of the Company at the
ensuing Annual General Meeting. During the year under review the sitting fees was increased by the Board from
Rs. 50,000 to Rs. 100,000 for each meeting w.e.f March 08, 2018. Therefore, the percentage increase in remuneration has not
been provided.
2. During the year 2017-18, the median remuneration of employees declined by 7% as compared to the median remuneration
of employees for the year 2016-17.
3. The Company had 18,060 permanent employees on the rolls of the Company as on March 31, 2018.
4. Average percentage increase already made in the salaries of the employees other than the managerial personnel in the
last financial year was 8.9%. There was no increase in the managerial remuneration.
5. It is hereby affirmed that the remuneration paid during the year is as per the remuneration policy of the Company.


DIN: 01804955 DIN: 00090860
Date: July 05, 2018
Place: Gurgaon

Report on
InterGlobe Aviation Limited Corporate Governance
Report on Corporate Governance

Good Corporate Governance needs an effective system of rules, practices and processes by which a company is directed
and controlled. Corporate Governance essentially involves balancing the interests of a company’s many stakeholders, such
as shareholders, management, customers, suppliers, financiers, government and the community. Since it also provides the
framework for attaining a company’s objectives, it encompasses practically every sphere of management, from action plans and
internal controls to performance measurement and corporate disclosures.
“I believe fundamental honesty is the keystone of business.”– Harvey Firestone
I. Company’s Philosophy on Corporate Governance:

At InterGlobe Aviation Limited (“IndiGo” or the “Company”), we focus on the three pillars for achieving good corporate
governance. i.e. integrity, customer orientation and future mindedness. All three are critical in successfully running our
Company and forming solid professional relationships among all our stakeholders. Responsible corporate conduct is
integral to the way IndiGo does business. Our actions are governed by our values and principles, which are reinforced at
all levels within the Company. At IndiGo, we are committed to doing things the right way which means taking business
decisions and acting in a way that is ethical and is in compliance with applicable legislations.
The Company has a strong legacy of fair, transparent and ethical governance practices. The policies and practices of
Corporate Governance followed in IndiGo reflects our commitment to disclose timely and accurate information regarding
our financial and operational performance. We acknowledge our individual and collective responsibilities to manage
our business activities with integrity. Behind our success is our belief that it requires highest standards of corporate
behavior towards everyone we work with, the communities we touch and the environment on which we have an impact.
The Company’s Code of Conduct for Directors and Senior Management and for all employees reflects our commitment to
good Corporate Governance framework.
The Company has complied with the requirements of Corporate Governance as laid down under Chapter IV of the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”)
and as per the provisions of the Companies Act, 2013 (“the Act”).
II. Board of Directors

The Board of Directors is entrusted with the ultimate responsibility of the management, general affairs, direction and
performance of the Company and has been vested with requisite powers, authorities and duties. The Corporate Governance
structure of the Company comprises of the Board as the apex decision making body and Senior Management which
comprises of experts from various fields. The Board provides leadership and guidance to the Company’s management and
directs, supervises and controls the performance of the Company. Our Board represents a confluence of experience and
expertise across diverse areas such as management, finance, law and industry experts. The Board exercises independent
judgement in overseeing management performance on behalf of the shareholders and other stakeholders. Detailed profile
of each of the Directors is available on the Company’s website at www.goindigo.in
The composition of the Board of Directors as on date of this Report is in conformity with Regulation 17 of the Listing
Regulations. Category-wise composition is given below:
S. No. Category No. of Directors
1 Executive Director (ED)* -
2 Independent Non-Executive Directors (I-NED) 2
3 Non Independent Non-Executive Promoter Directors (NI-NEPD) 3
Total 5
*Mr. Aditya Ghosh resigned from the position of Whole Time Director with effect from April 26, 2018 and as President
effective July 31, 2018.
The Company adheres to the Secretarial Standards on the Board and Committee Meetings as prescribed by the Institute
of Company Secretaries of India. The Board meets at regular intervals to discuss and decide on Company’s business policy
and strategy apart from other normal business. The maximum interval between any two meetings did not exceed 120
days. The Board has complete access to any information within the Company. Agenda papers containing all necessary

Report on Overview Reports Financials
Corporate Governance
information/documents are made available to the Board/ Committee Members in advance to enable them to discharge
their responsibilities effectively and take informed decisions. The information as specified in the Listing Regulations is
regularly made available to the Board, whenever applicable, for discussion and consideration. During the year under
review, the Board of Directors met eight (8) times on the following dates with necessary quorum being present at all the
meetings:
• May 09, 2017
• June 21, 2017
• July 31, 2017
• October 09, 2017
• October 31, 2017
• December 28, 2017
• January 24, 2018
• March 08, 2018
Video conferencing or other audio visual facilities are used to participate in the meetings to facilitate Directors, who
are not able to attend meetings physically. In case of exigencies or urgencies, resolutions are passed by circulation
as well.
Details of the composition, category of the Directors, their attendance at the Board Meetings held during the year under
review & Annual General Meeting (“AGM”) held on August 28, 2017, Directorship(s) and Committee Chairmanship(s)/
Membership(s) are as under:
S. Names Designation No. of Attendance Directorships Committee Chairmanship(s)/

No Board at previous in other Membership(s) in other Public
Meetings AGM held on Public Companies as on March 31, 2018
Attended August 28, Companies
Chairmanships Memberships
2017 as on March
(Y-Yes, N-No) 31, 2018
1 Mr. Devadas Mallya I-NED 8 Y 7 - 3
Mangalore
2 Dr. Anupam Khanna I-NED 8 N - -
3 Mr. Aditya Ghosh* ED 8 Y - - -
4 Mr. Rahul Bhatia NI-NEPD 4 N 1 - -
5 Mr. Rakesh Gangwal NI-NEPD 5 N - - -
6 Mrs. Rohini Bhatia NI-NEPD 6 N - - -
Legends: I-NED: Independent- Non- Executive Director, NI-NEPD: Non Independent – Non Executive Promoter Director, ED:
Executive Director
*Mr. Aditya Ghosh had resigned from the position of Whole Time Director w.e.f April 26, 2018 and as President effective
July 31, 2018.
Notes:
• The Directorships and Committee positions held by the Directors, as mentioned above do not include the Directorships
and Committee positions held by them in Private Limited Companies, Foreign Companies and Companies registered
under Section 8 of the Act as per the requirements of Regulation 26 of the Listing Regulations.
• The Committees considered for the purpose are those prescribed under Regulation 26 of the Listing Regulations viz.
Audit Committee and Stakeholders’ Relationship Committee of other Public Companies.
• None of the Directors on the Board hold directorships in more than 20 (twenty) companies or more than 10 (ten)
public companies, whether listed or not. Necessary disclosures regarding Directorship positions in other companies
as on March 31, 2018 have been made by the Directors.
• None of the Directors on the Board is a member of more than 10 (ten) Committees or Chairman of more than 5
(five) Committees (as specified in Regulation 26 of the Listing Regulations) across all the public limited companies,
whether listed or not, in which he is a Director. Necessary disclosures regarding Committee positions in other public
limited companies as on March 31, 2018 have been made by the directors.
• Except Mrs. Rohini Bhatia who is the wife of Mr. Rahul Bhatia, none of the Directors are related inter-se.

Report on
• None of the Non-Executive Directors have any material pecuniary relationship or transactions with the Company.
• The Independence of a Director is determined by the criteria stipulated under Regulation 16(1)(b) of the Listing
Regulations & Section 149(6) of the Act, as amended. The terms and conditions of appointment of the Independent
Directors are disclosed on the website of the Company. None of the Directors of the Company are holding position
of Independent Director in more than 7 (seven) listed companies.
Meeting of Independent Directors: During the year, a separate meeting of the Independent Directors was held on March
07, 2018 in which both the Independent Directors of the Company were physically present without the presence of any
non-independent director and members of the management. However, the Company Secretary and Chief Compliance
Officer of the Company was present in the meeting as per the instructions of the Independent Directors. The Independent
Directors, inter-alia, reviewed the performance of non-independent directors and the Board as a whole including the review
of performance of Chairman of the Company and assessment of the quantity, quality, adequacy & flow of information
between the Company’s management and the Board.
Familiarisation Programme: The Company carried out a Familiarisation Programme in accordance with the Regulations
25(7) of the Listing Regulations, for its Independent Directors to enable them to understand the Company’s business,
their roles, rights & responsibilities in the Company, nature of the industry in which the Company operates, its strategic
and operating plans etc. Presentations from various departmental heads have been made for the Independent Directors
to make them aware of the business plans and execution processes. The Code of Conduct for the Directors, the Code of
Conduct to Regulate, Monitor and Report Trading by Insiders, the Code of Practices and Procedures for Fair Disclosure of
Unpublished Price Sensitive Information and various other Policies are also shared with them, from time to time. Further,
during the year under review, presentations were also made from time to time at the Board and its Committee meetings,
covering the business & financial performance of the Company, quarterly/ annual financial results, business outlook and
budget etc.
The details of the Familiarisation programme for the Independent Directors are available at Investor Relations section of the
website of the Company at www.goindigo.in
Shareholding of Non - Executive Directors
The shareholding of Non - Executive Directors of the Company as on March 31, 2018 is as follows:
S. No. Name of the Director No. of equity shares held

1 Mr. Devadas Mallya Mangalore Nil
2 Dr. Anupam Khanna Nil
3 Mr. Rahul Bhatia 40,000
4 Mr. Rakesh Gangwal 56,421,132
5 Mrs. Rohini Bhatia 10,000
The Company does not have any convertible instruments as on date.
III. Committees of the Board of Directors

The Company had the following Board level Committees during the year under review: –
i. Audit Committee;
ii. Corporate Social Responsibility Committee;
iii. Stakeholders Relationship Committee
iv. Nomination and Remuneration Committee;
v. Risk Management Committee
vi. Compensation Committee*, and
vii. Issue of Securities Committee.#
*The Board of Directors of the Company at its meeting held on June 21, 2017, combined the terms of reference of the
Compensation Committee with the Nomination and Remuneration Committee. Thereafter, the Compensation Committee
was dissolved.

#
The Board of Directors of the Company at its meeting held on July 31, 2017, constituted an Issue of Securities Committee
for issue of securities, in order to achieve the minimum public shareholding in the Company as prescribed by SEBI, through
a public offer including an Institutional Placement Program under Chapter VIII - A of the SEBI (Issue of Capital and Disclosure
Requirements) Regulations, 2009, as amended.
The Composition of all the Committees meets the requirements of the Act and the Listing Regulations.
The details of the role and composition of Committees of the Board, including number of meetings held during the financial
year and attendance thereat, are provided below:
i. Audit committee:
a) Terms of Reference :
The terms of reference of the Audit Committee includes the matters specified under Section 177 of the Act
and Regulation 18 read with Part C of Schedule II of the Listing Regulations. This Committee has the following
powers, roles and terms of reference:
1. Overseeing the Company’s financial reporting process and disclosure of its financial information to
ensure that the financial statements are correct, sufficient and credible;
2. Recommendation for appointment, remuneration and terms of appointment of auditors of the Company;
3. Approval of payment to statutory auditors for any other services rendered by the statutory auditors;
4. Reviewing, with the management, the annual financial statements and auditor’s report thereon before
submission to the Board for approval, with particular reference to:
a. matters required to be included in the Directors’ Responsibility Statement to be included in the
Board’s report in terms of clause (c) of sub-section 3 of section 134 of the Act;
b. changes, if any, in accounting policies and practices and reasons for the same;
c. major accounting entries involving estimates based on the exercise of judgment by management;
d. significant adjustments made in the financial statements arising out of audit findings;
e. compliance with listing and other legal requirements relating to financial statements;
f. disclosure of any related party transactions;
g. qualifications in the draft audit report.
5. Reviewing, with the management, the quarterly, half yearly and annual financial statements before
submission to the Board for approval;
6. Reviewing, with the management, the statement of uses / application of funds raised through an
issue (public issue, rights issue, preferential issue, etc.), the statement of funds utilised for purposes
other than those stated in the offer document / prospectus / notice and the report submitted by the
agency monitoring the utilisation of proceeds of a public or rights issue, and making appropriate
recommendations to the Board to take up steps in this matter. This also includes monitoring the use/
application of the funds raised through the proposed offer by the Company
7. Review and monitoring the auditor’s independence and performance, and effectiveness of audit
process;
8. Approval or any subsequent modification of transactions of the Company with related parties;
9. Scrutiny of inter-corporate loans and investments;
10. Valuation of undertakings or assets of the Company, wherever it is necessary;
11. Evaluation of internal financial controls and risk management systems;
12. Reviewing with the management, performance of statutory and internal auditors, adequacy of the
internal control systems;
13. Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit
department, staffing and seniority of the official heading the department, reporting structure coverage
and frequency of internal audit;
14. Discussion with internal auditors of any significant findings and follow up thereon;

Report on
15. Reviewing the findings of any internal investigations by the internal auditors into matters where there is
suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting
the matter to the Board;
16. Discussion with statutory auditors before the audit commences, about the nature and scope of audit as
well as post-audit discussion to ascertain any area of concern;
17. To look into the reasons for substantial defaults in the payment to the depositors, debenture holders,
shareholders (in case of non-payment of declared dividends) and creditors;
18. To review / oversee the functioning of the whistle blower / vigil mechanism;
19. Approval of appointment of CFO (i.e., the Whole Time Finance Director or any other person heading
the finance function or discharging that function) after assessing the qualifications, experience and
background, etc. of the candidate;
20. In consultation with the internal auditor, formulate the scope, functioning, periodicity and methodology
for conducting the internal audit; and
21. Carrying out such other functions as may specified by the Board from time to time.
The Audit Committee shall have powers, which should include the following:
1. To investigate any activity within its role / terms of reference or as may be referred to it by the Board
and for this purpose shall have full access to information contained in the records of the Company;
2. To seek information from any employee;
3. To obtain outside legal or other professional advice;
4. To secure attendance of outsiders with relevant expertise, if it considers necessary.
5. Management discussion and analysis of financial condition and results of operations;
6. Statement of significant related party transactions (as defined by the Audit Committee), submitted by
management;
7. Management letters / letters of internal control weaknesses issued by the statutory auditors;
8. Internal audit reports relating to internal control weaknesses;
9. To review the appointment, removal and terms of remuneration of the Chief internal auditor; and
b) Composition, meetings and attendance:

The Composition of Audit Committee is in line with the requirements of Section 177 of the Act and Regulation
18 of the Listing Regulations. As on date of this report, all the members of the Committee are Non-Executive
Directors with majority of them being Independent Directors including the Chairman of the Committee. All the
members of the Committee have the ability to read and understand the financial statements. The Company
Secretary and Chief Compliance Officer of the Company acts as the Secretary to the Audit Committee. The Chief
Financial Officer, Vice President - Finance and Chief Accounting Officer, General Counsel of the Company and
representatives of the Statutory Auditors and Internal Auditors have attended the Audit Committee meetings
by invitation.
During the year under review, the Audit Committee met six (6) times on the following dates with necessary
quorum being present at all the meetings and the time gap between any two meetings was not more than
120 days.
• May 09, 2017
• June 21, 2017
• July 31, 2017
• October 31, 2017
• January 24, 2018
• March 07, 2018

Details of the composition, meetings and attendance of the members at the Audit Committee meetings held
during the year under review are as under:
S. No. Name of the Committee Member Position in Category No of No of
Committee of director meetings meetings
held attended
1 Mr. Devadas Mallya Mangalore Chairperson I-NED 6 6
2 Dr. Anupam Khanna Member I-NED 6 6*
3 Mr. Aditya Ghosh# Member ED 6 6
*including one meeting attended through video conference.
#
Mr. Aditya Ghosh ceased to be member of the Audit Committee consequent to his resignation as Director
w.e.f April 26, 2018. Mr. Rahul Bhatia, Director and Interim Chief Executive Officer was appointed as member
of the Audit Committee in place of Mr. Aditya Ghosh, by the Board at its meeting held on April 27, 2018.
ii. Nomination and Remuneration Committee:

The Nomination and Remuneration Committee’s role and terms of reference are in compliance with provisions of
Section 178 of the Act, Regulation 19 read with Part D of the Schedule of the Listing Regulations and the Securities
and Exchange Board of India (Share Based Employee Benefits) Regulations 2014, as amended from time to time.
This Committee has the following powers, roles and terms of reference:
1. To identify persons who are qualified to become Directors and who may be appointed in senior
management in accordance with the criteria/policy laid down by the Committee and recommend to the
Board their appointment and removal.
2. To formulate the criteria for evaluation of Independent Directors and the Board and to carry out the
evaluation of every Director’s performance.
3. To formulate the criteria for determining qualification, positive attributes and independence of Directors.
4. To recommend/ approve remuneration of the Executive Directors and any increase therein from time to
time, within the limit approved by the shareholders of the Company.
5. To recommend/ approve remuneration of Non-Executive Directors in the form of sitting fees for attending
meetings of Board and its Committees, remuneration for other services, commission on profits, grant of
stock options or payment of any other amount.
6. To decide the overall compensation structure/ policy for the employees, senior management and the
Directors of the Company.
7. To recommend to the Board a policy, relating to the remuneration for the Directors, Key Managerial
Personnel and other employees.
8. To approve the allotment of shares, arising upon exercise of Stock Options to the eligible employees/
ex-employees of the Company, from time to time, under the InterGlobe Aviation Limited Employees
Stock Option Scheme - 2015 (“ESOS 2015 - II”)
9. To recommend amendment to Employees Stock Option Scheme of the Company or to recommend any
such new Scheme for approval of shareholders of the Company.
10. To exercise all the powers as mentioned in the Employees Stock Option Scheme of the Company to be
exercised by the Compensation Committee of the Company.
11. To formulate the detailed terms and conditions of the schemes which shall include the provisions
as specified under the Securities and Exchange Board of India (Share Based Employee Benefits)
Regulations, 2014 and shall ensure due implementation of the same;
12. To frame suitable policies and procedures to ensure that there is no violation of securities laws, as
amended from time to time, including SEBI (Prohibition of Insider Trading) Regulations, 2015 and
Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices Relating to
the Securities Market) Regulations, 2003 by the Company and its employees, as applicable.
13. To approve grant of stock options to Directors and employees of the Company.
14. To invite any executive or outsider, at its discretion at the meetings of the Committee.
15. To devise a policy on Board diversity.
16. To exercise such other powers as may be delegated to it by the Board from time to time.
17. To exercise all such powers / functions as may be specified under the provisions of the Act and / or the
Listing Regulations or any other law, as amended, from time to time.

Report on

The Nomination and Remuneration Committee’s composition is line with the requirements of Section 178 of the
Act and Regulation 19 of the Listing Regulations. Dr. Anupam Khanna, the Chairperson of the Nomination and
Remuneration Committee is an Independent Director. As he was not able to attend the AGM held on August 28,
2017, he had nominated Mr. Devdas Mallya Mangalore, being a member of the Committee, to be present at the
meeting.
The Company Secretary and Chief Compliance Officer of the Company acts as the Secretary of the Nomination and
Remuneration Committee.
During the year under review, the Nomination and Remuneration Committee met five (5) times on the following
dates with necessary quorum being present at all the meetings.
• June 21, 2017
• October 31, 2017
• December 28, 2017
• January 12, 2018
• March 08, 2018
Details of the composition, meetings and attendance of the members at the Nomination and Remuneration
Committee meetings held during the year under review are as under:
S. No. Name of the Committee Member Position in Category No of No of
Committee of director meetings meetings
held attended
1 Dr. Anupam Khanna Chairperson I-NED 5 5
2 Mr. Devadas Mallya Mangalore Member I-NED 5 5
3 Mrs. Rohini Bhatia Member NI-NEPD 5 4
c) Performance evaluation Criteria for Independent Directors

In terms of the requirement of the Companies Act, 2013 and the Listing Regulations, performance evaluation of
Independent Directors was undertaken. During the year, the Board carried out the evaluation of the Independent
Directors of the Company, on the indicative list of factors including participation, contribution and constructive
engagement by a director, commitment, effective deployment of knowledge and expertise, integrity and
maintenance of confidentiality and independence of behavior and judgement.
d) Performance evaluation of the Committees of the Board

The performance evaluation of the Committees of the Board was undertaken on various parameters relating to
discharge of its functions & duties as per their respective terms of reference, process & procedure followed for
discharging its functions, effectiveness of suggestions & recommendations received, size, structure & expertise of
the Committees of the Board and conduct of its meetings and procedure followed in this regard.
e) Remuneration Policy
The Remuneration Policy (“Policy”) of the Company is aimed at rewarding the performance, based on review of
achievements on a regular basis and is in consonance with the existing industry practice. Employees are assigned
grades according to their qualifications and work experience, competencies as well as their roles and responsibilities
in the organisation. Individual remuneration shall be determined based on various factors such as job profile, skill
sets, seniority, experience and prevailing remuneration levels for equivalent jobs.
This Policy represents the overarching approach of the Company to the remuneration of Directors, Key Managerial
Personnel (“KMP”) and other employees. Through its compensation programme, the Company endeavors to attract,
retain, develop and motivate a high performance workforce. The Company follows a compensation mix of fixed pay,
benefits and performance based variable pay.
Further, the proper plans are in place for orderly succession for appointment to the Board and Senior Management.
The terms and conditions for appointment of Independent Directors, the criteria for making payment to the Non -
Executive Directors and the Policy as per the requirements of the Act and the Listing Regulations are uploaded at
Investors Relations Section of the website of the Company at www.goindigo.in

1) Remuneration to Non-Executive Directors

The Non - Executive Directors are paid sitting fees for attending each meeting of the Board and its Committees.
During the year under review, the sitting fees was increased by the Board of Directors from Rs. 50,000 to
Rs. 100,000 w.e.f March 8, 2018.
Details of remuneration of Non - Executive Directors for the year under review are as under:
(Rs. in million)
S. Name of Director Category of Sitting Fees for Profit related Total
No. Director attending Board commission Remuneration
& Committee
Meetings
1 Mr. Devadas Mallya Mangalore I-NED 1.25 3.75* 5.00
2 Dr. Anupam Khanna I-NED 1.05 3.95* 5.00
3 Mr. Rahul Bhatia NI-NEPD 0.25 - 0.25
4 Mr. Rakesh Gangwal NI-NEPD 0.30 - 0.30
5 Mrs. Rohini Bhatia NI-NEPD 0.70 - 0.70
Total 3.55 7.70 11.25
*subject to approval of shareholders of the Company at the ensuing Annual General Meeting.
2) Remuneration of the President and Whole Time Director

The remuneration of the President and Whole Time Director was approved by the members of the Company
based on the recommendation of the Board of Directors. Annual increment in the remuneration is approved
by the Board on the recommendation of the Nomination and Remuneration Committee, within the overall
limit approved by the members of the Company. During the year under review, no increase was made in the
remuneration of Mr. Aditya Ghosh, then President and Whole Time Director of the Company. Details of the
remuneration paid during the year ended March 31, 2018 are as under:
(Rs. in million)
Salary & Allowances Performance Stock Options# Perquisites Total
Linked Incentive
53.00 0 163.20 0.04 216.24
#
Taxable value of perquisite on stock options excercised during the year.
*The above figures do not include provisions for encashable leaves, gratuity and Company’s contribution to
provident fund.
Mr. Aditya Ghosh was not granted any stock options during the year. However, during the year, he exercised
147,185 vested stock options.
The notice period of termination either by the Company or by the President and Whole Time Director is 3
months or salary in lieu thereof. Mr. Aditya Ghosh resigned from the position of Whole Time Director with
effect from April 26, 2018 and that of President of the Company effective July 31, 2018.
iii. Corporate Social Responsibility Committee:

The Board had constituted Corporate Social Responsibility Committee (“CSR Committee“) in terms of Section 135
of the Act to oversee the CSR Policy and recommend and monitor the amount of expenditure to be incurred on the
activities mentioned in the Schedule VII of the Act.
a) Terms of Reference:
The scope, functions and composition of the Corporate Social Responsibility Committee is in accordance
with Section 135 of the Act. The Corporate Social Responsibility Committee has formulated the Corporate
Social Responsibility Policy (“CSR Policy”), which lays down the scope of activities that can be undertaken
by the Company and to recommend the amount to be incurred on such activities, and institute a transparent
monitoring mechanism for implementation of the corporate social responsibility activities.
The CSR Policy adopted by the Company is uploaded at Investor Relations section of the website of the
Company at www.goindigo.in

Report on

Composition of the CSR Committee is in line with the requirements of section 135 of the Act. Mrs. Rohini Bhatia
is the Chairperson of the CSR Committee. During the year under review, the Corporate Social Responsibility
met (3) three times on the following dates with necessary quorum being present at all the meetings.
• June 21, 2017
• October 09, 2017
• March 08, 2018
Details of the composition, meetings and attendance of the members at the meetings of the Corporate Social
Responsibility Committee held during the year under review are as under:
S. Name of the Position in Category of No of meetings No of meetings
No. Committee Member Committee director held attended
1 Mrs. Rohini Bhatia Chairperson NI-NEPD 3 3
2 Dr. Anupam Khanna Member I-NED 3 3
3 Mr. Aditya Ghosh* Member ED 3 3
*Mr. Aditya Ghosh ceased to be member of the CSR Committee consequent to his resignation as Director w.e.f
April 26, 2018. Mr. Devdas Mallya Mangalore, Director was appointed as member of the CSR Committee in
place of Mr. Aditya Ghosh, by the Board at its meeting held on April 27, 2018.
iv. Stakeholders Relationship Committee:

The Stakeholders Relationship Committee has been constituted in terms of Section 178 of the Act and Regulation
20 of the Listing Regulations for redressal of Shareholders and Investors complaints and other shareholders related
issues. Mr. Sanjay Gupta, Company Secretary is the Compliance Officer of the Company.
1. To consider and resolve the grievances of security holders of the Company;
2. To consider, approve, investigate and provide resolution of shareholders’ grievances relating to transfer,
transmission, dematerialisation and rematerialisation of shares, issue of duplicate share certificates,
non-receipt of annual report, dividend and other matters relating to the shareholders / investors; and
The Chairperson or in her absence, any other member of the Stakeholders Relationship Committee authorised by her
in this behalf shall attend the general meetings of the Company. Mrs. Rohini Bhatia, Chairperson of the Committee,
could not attend the last AGM held on August 28, 2017. Therefore, Mr. Aditya Ghosh, member of the Committee had
attended the AGM as authorised by the Chairperson of the Committee.

The Composition of the Stakeholders Relationship Committee is in line with the requirements of section 178
of the Act and Regulation 20 of the Listing Regulations. During the year under review, the Stakeholders
Relationship Committee met (3) three times on the following dates with necessary quorum being present at
all the meetings.
• June 21, 2017
• October 09, 2017
• March 08, 2018
Details of the composition, meetings and attendance of the members at the meetings of the Stakeholders
Relationship Committee held during the year under review are as under:
1 Mrs. Rohini Bhatia Chairperson NI-NEPD 3 3
2 Mr. Aditya Ghosh# Member ED 3 3
#
Mr. Aditya Ghosh ceased to be member of the Stakeholders Relationship Committee consequent to his
resignation as Director w.e.f April 26, 2018. Dr. Anupam Khanna, Director was appointed as member of the
Stakeholders Relationship Committee in place of Mr. Aditya Ghosh, by the Board at its meeting held on April
27, 2018.
The total numbers of complaints received during the year under review were 15, all of which were resolved.
There was no pending complaint as on March 31, 2018.

The Company had received one demat and one remat request during the year under review. One remat request was
pending for approval from Stakeholders Relationship Committee as at March 31, 2018 which was approved on April
04, 2018. However the request had been completed within the stipulated timelines.
v. Compensation Committee
The Board at its meeting held on June 21, 2017, combined the terms of reference of the Compensation Committee
with the Nomination and Remuneration Committee. Thereafter, the Compensation Committee was dissolved. No
meeting of the Committee was held during the financial year 2017-18.

vi. Risk Management Committee
The Board had constituted Risk Management Committee to frame, implement and monitor the risk management
plan for the Company. The Risk Management Committee is responsible for reviewing the risk management policy
and ensuring its effectiveness.
a) Terms of reference
1. To oversee the Enterprise Risk Management process;
2. To review the risk mitigation plans;
3. To provide guidance to the Company on related matters and make recommendations to the Board on
related issues;
During the year under review, the Risk Management Committee met once on March 07, 2018 with necessary
quorum being present at the meeting.
b) Details of the composition, meeting and attendance of the members at the Risk Management Committee
meeting held during the year under review are as under
S. Name of the Position in Category of director No of No of meetings
No. Committee Member Committee meetings held attended
1 Mr. Aditya Ghosh* Chairman ED 1 1
2 Mr. Devadas Mallya Member I-NED 1 1
Mangalore
3 Mr. Rohit Philip Member Chief Financial Officer 1 1
*Mr. Aditya Ghosh ceased to be member of the Risk Management Committee consequent to his resignation
as Director w.e.f April 26, 2018. Dr. Anupam Khanna, Director was appointed as Chairman of the Risk
Management Committee in place of Mr. Aditya Ghosh, by the Board at its meeting held on April 27, 2018.
vii. Issue of Securities Committee

The Board of Directors of the Company at its meeting held on July 31, 2017 constituted an Issue of Securities
Committee for issue of securities, in order to achieve the minimum public shareholding in the Company through a
public offer including Institutional Placement Programme (“IPP”) under Chapter VIII-A of the Securities and Exchange
Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended.
a) Terms of reference
1. To decide on the timing, pricing, quantum and all the terms and conditions of the Issue and allotment
of the Securities, including the price, and to accept any amendments, modifications, variations or
alterations thereto;
2. To appoint and enter into arrangements with the book running lead managers (“BRLMs”), underwriters,
syndicate members, brokers, escrow collection bankers, bankers to the issue, public issue banks,
registrars, legal advisors, advertising agency, and any other agencies or persons or intermediaries and
to negotiate and finalise the terms of their appointment, including but not limited to execution of the
BRLMs’ mandate letter, negotiation, finalisation and execution of the agreement with the BRLMs etc;
3. To finalise, approve and settle and to execute and deliver or arrange the delivery of the offer documents/
prospectus, including, the preliminary offer document/red herring prospectus, issue/placement
agreement, syndicate agreement, public issue account agreement, agreements with the registrar and
the advertising agency, stabilisation agreement and all other documents, deeds, agreements and
instruments as may be required or desirable in relation to the Issue;

Report on
4. To approve the drafts as well approve for the filing of the preliminary placement document/red herring
prospectus and the placement document/prospectus with SEBI, stock exchanges and the registrar of
companies in accordance with applicable law;
5. To make applications to the stock exchanges for in-principle approval for listing of Securities;
6. To invite the members of the promoter and promoter group of the Company to participate in the Issue,
if permitted under applicable law;
7. To settle all questions, remove any difficulties or doubts that may arise from time to time in regard to
the Issue, including with respect to the issue, offer or allotment of the Securities, terms of the Issue,
utilisation of the Issue proceeds, appointment of intermediaries for the Issue and such other issues as
it may, in its absolute discretion deem fit;
8. To take such action, give such directions, as may be necessary or desirable as regards the Issue and to
do all such acts, matters, deeds and things, including but not limited to the allotment of equity shares
against the valid applications received in the Issue, as are in the best interests of the Company and in
accordance with applicable law;
9. To open with the bankers to the Issue such accounts as are required by the regulations issued by SEBI
and the Companies Act, 2013;
10. To authorise and approve the incurring of expenditure and payment of fees in connection with the Issue;
11. To do all such acts, deeds, matters and things and execute all such other documents, etc, as it may, in its
absolute discretion, deem necessary or desirable for such purpose, including but not limited to finalise
the basis of allotment / allocation and to allot / allocate the Securities to the successful allottees as
permissible in law, issue of share certificates in accordance with the relevant rules;
12. To prepare and file foreign exchange reportings such as filing Form FC- GPR, FC-TRS, etc, if applicable,
with an authorised dealer or RBI;
13. To seek, if required, any approval, consent or waiver from the Company’s lenders and/or any third
parties (including industry data providers, customers, suppliers) with whom the Company has entered
into various commercial and other agreements, and/or any/all concerned government and regulatory
authorities in India, and/or any other approvals, consents or waivers that may be required in connection
with the Issue, offer and allotment of the Securities;
14. To make applications for listing of the Securities on one or more stock exchange(s) and to execute and
to deliver or arrange the delivery of necessary documentation to the concerned stock exchange(s);
15. To settle all questions, difficulties or doubts that may arise in regard to such issues or allotment as it
may, in its absolute discretion deem fit;
16. To make applications to the RBI, SEBI and other regulatory and statutory authorities as may be required
for the purpose of the Issue; and
17. To delegate any of the powers mentioned above to any of the directors and officers of the Company.
During the year under review, the Issue of Securities met 4 (four) times with necessary quorum being present
at the meetings on the following dates:
• September 11, 2017;
• September 21, 2017.
b) Details of the composition, meetings and attendance of the members at the Issue of Securities Committee
meetings held, during the year under review, are as under:
1 Mr. Devadas Mallya Chairperson I-NED 4 4
Mangalore
2 Dr. Anupam Khanna Member I-NED 4 1
3 Mr. Aditya Ghosh Member ED 4 4

Post the allotment of shares on September 21, 2017, the Committee was dissolved at the Board meeting held
on October 09, 2017.
IV. General Body Meetings

i. Details regarding the Annual General Meetings (“AGMs”): Venue, day, date and time of AGMs held during the last
three financial years-
S. No. Financial Year Venue Date, day and time
1 2016-17 Zoravar Auditorium, Manekshaw Centre, August 28, 2017,
Khyber Lines, Cantonment, New Delhi-110010, Monday, 10:30 a.m.
India
2 2015-16 Siri Fort Auditorium, August Kranti Marg, New September 21, 2016,
Delhi-110049, India Wednesday, 09:30 a.m.
3 2014-15 Hotel IBIS, Asset No. 9, Hospitality District Delhi, September 29, 2015,
Aerocity, IGI Airport, New Delhi - 110 037, India Tuesday, 11:00 a.m.
ii. Details of Special Resolutions passed in the previous three AGMs :

a) 14th AGM held on August 28, 2017
i. Further Issue of Securities
b) 13 AGM held on September 21, 2016
th
i. Approval for re-appointment of Mr. Devadas Mallya Mangalore (DIN: 01804955) as a Chairman and Non
- Executive Independent Director for a period of 5 years;
ii. Approval for re-appointment of Dr. Anupam Khanna (DIN: 03421015) as Non-Executive Independent
Director for a period of 5 years;
iii. Approval for alteration of Articles of Association of the Company;
iv. Approval for increase in borrowing limits of the Company upto an amount of Rs. 200 billion (Rupees Two
Hundred Billion) under Section 180(1)(c) of the Act.
c) 12th AGM held on September 29, 2015:
No special resolution was passed by the members of the Company.
iii. Details of Resolutions passed last year through postal ballot with details of voting pattern-
During the financial year ended March 31, 2018, the following special resolution was passed through postal ballot:
S. Date of passing Purpose Votes in favour of the Votes against the
No. of Resolution resolution resolution
1 14-Nov-17 Authority to the Board of Directors to 330,981,236 95.92 14,078,266 4.08
give loans and guarantees, provide
security and make investments
in securities of other bodies
corporates pursuant to Section 186
of the Companies Act, 2013- (Special
Resolution)
In compliance with the Regulation 44 of the Listing Regulations and Section 108, 110 and other applicable provisions
of the Act, read with the rules made thereunder, the Company provided electronic voting facility to all its members,
to enable them to cast their votes electronically. The Company engaged the services of Karvy Computershare Pvt.
Ltd. (Karvy) for the purpose of providing e-voting facility. The members had the option to vote either by physical
ballot or e-voting.
The Company also published a notice in the newspapers declaring the details of completion of dispatch and other
requirements as mandated under the Act and applicable Rules. The Company had appointed Mr. S Anand SS Rao,
Practicing Company Secretary, as the Scrutiniser for conducting the Postal Ballot exercise in a fair and transparent
manner.
The Scrutiniser submitted the report to the President and Whole Time Director, after completion of the scrutiny. The
results of voting by postal ballot were then announced by the President and Whole Time Director on November 15,
2017. The voting results were also sent to the Stock Exchanges and displayed on the Company’s website. The last

Report on
date specified by the Company for receipt of duly completed postal ballot forms or e-voting ie. November 14, 2017,
was deemed to be the date of passing of the resolution.
As on the date of this Report, there is no special resolution proposed by the management to be passed through
postal ballot on or before ensuing Annual General Meeting.
V. Means of communication:
Effective communication of information is an essential component of Corporate Governance. It is a process of sharing
information, ideas, thoughts, opinions and plans to all stakeholders which promotes management-shareholder
relations. To achieve this goal the Company maintains a functional website with a separate section at Investor
Relations section of the website of the Company at www.goindigo.in and disseminates all information required to
be uploaded on its website as per the Listing Regulations. All the quarterly and annual financial results along with
transcript of earning calls, official news releases and presentations made to investors & analysts are also made
available at Investors Relations page on the Company’s website at www.goindigo.in
Additionally, we have given a facility to investors to register their email id on the website of the Company
to get email alerts about any upload made to Investor Relations section of the website of the Company at
www.goindigo.in. The Quarterly Results, Shareholding Pattern and all other corporate communication to the
Stock Exchanges are filed through NSE Electronic Application Processing System (NEAPS) and BSE Listing Centre,
for dissemination on their respective websites. The quarterly, half yearly and annual results of the Company’s
performance are published in leading newspapers, Financial Express (All India English edition) and Jansatta (Delhi
Hindi edition).
The Company has been sending annual report through email to those shareholders, who have registered their
e-mail ids with their depository participants / Company’s Registrar and Share Transfer Agent and physical reports to
those who have not registered their email ids.
VI. General shareholder information:

i. Annual General Meeting
Date, Day and Time Friday, August 10, 2018 at 10:30 a.m.
Venue Zoravar Auditorium, Manekshaw Centre,
Khyber Lines, Delhi Cantonment,
New Delhi – 110010, India.
ii. Financial year

The financial year of the Company starts from 1st day of April and ends on 31st day of March of next year. For the year
under review, it covered the period from April 01, 2017 to March 31, 2018.
Financial Calendar for the Year 2018-19 (Tentative and subject to change)
Particulars Tentative Schedule
Financial reporting for the first quarter ending June 30, 2018 On or before August 14, 2018
Financial reporting for the second quarter and half-year ending On or before November 14, 2018
September 30, 2018
Financial reporting for the third quarter and nine months ending On or before February 14, 2019
December 31, 2018
Financial reporting for the year ending March 31, 2019 On or before May 30, 2019
Annual General Meeting for the financial year 2018-19 On or before August 31, 2019
iii. Dividend:
The Directors of the Company have recommended a final dividend of Rs.6 per equity share (being 60% of the face
value of Rs. 10 per share) for the financial year 2017-18 at their meeting held on May 02, 2018, which is subject
to the approval of the shareholders at the ensuing Annual General Meeting of the Company to be held on Friday,
August 10, 2018. The dividend, if approved by the shareholders of the Company, will be paid/ credited on or after
August 11, 2018.

iv. Date of Book closure / Record date:

The Register of Members and Transfer books will remain closed from Saturday, August 04, 2018 till Friday,
August 10, 2018. The Record date for payment of dividend shall be Friday, August 03, 2018.
v. Listing on Stock Exchanges, Stock Code and Listing Fee Payment

Name and address of the Stock Exchange Stock code Status of listing fee
paid for FY 2017-18
National Stock Exchange of India Limited (NSE) INDIGO Paid
Exchange Plaza, C-1, Block G, Bandra Kurla Complex, Bandra (E),
Mumbai – 400051
BSE Limited (BSE) 539448 Paid
Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001
vi. Corporate Identity Number (CIN) of the Company: L62100DL2004PLC129768
vii. The International Securities Identification Number (ISIN) allotted to the Company’s shares for NSDL and CDSL is
INE646L01027
viii. Market Price Data:

The High, Low (based on monthly closing prices) and number of equity shares traded during each month during the
year on NSE and BSE are given below:
Month NSE BSE

Share Price in Rs. No. of shares Share Price in Rs. No. of shares
traded traded
High Price Low Price High Price Low Price
Apr-17 1,169 1,023 9,473,568 1,170 1,023 1,427,428
May-17 1,152 1,004 10,845,084 1,152 1,005 1,022,192
Jun-17 1,275 1,100 12,372,938 1,273 1,099 1,389,464
Jul-17 1,317 1,158 11,794,467 1,317 1,160 930,579
Aug-17 1,347 1,162 13,737,156 1,346 1,161 1,669,769
Sep-17 1,274 1,026 16,447,531 1,274 1,023 811,654
Oct-17 1,252 1,076 10,587,817 1,250 1,079 700,785
Nov-17 1,299 1,116 10,708,610 1,298 1,115 807,876
Dec-17 1,229 1,114 12,130,070 1,230 1,115 766,602
Jan-18 1,279 1,177 12,407,070 1,280 1,174 944,142
Feb-18 1,357 1,145 13,960,426 1,359 1,149 840,636
Mar-18 1,350 1,190 18,765,414 1,345 1,193 1,607,552

Report on
ix. Stock Performance in comparison to NSE NIFTY 50 for the relevant period: (Base 100)
Comparison to NSE NIFTY 50

125
120
115
110
105
100
95
90
85
80
IndiGo NSE NIFTY 50
rebased to 100
x. Stock Performance in comparison to BSE Sensex for the relevant period: (Base 100)
Comparison to BSE Sensex

125
120
115
110
105
100
95
90
85
80
IndiGo BSE Sensex
rebased to 100
xi. The securities of the Company were never suspended from trading on stock exchanges during the year.
xii. Registrar and share transfer agent (RTA)

Karvy Computershare Private Limited
Karvy Selenium Tower - B, Plot Number 31 & 32,
Financial District, Gachibowli,
Hyderabad - 500 032, India
Phone: +91 - 40 - 6716 2222
Fax No: +91 - 40 - 2342 0814
Toll Free No. : 1800 345 4001
Email Id: [email protected]

xiii. Share transfer system:

The Company’s shares are traded on the Stock Exchange compulsorily in dematerialised mode. Physical Shares
which are lodged with the RTA and / or the Company for transfer are processed and returned to the members duly
transferred within the time stipulated under the Listing Regulations subject to documents being found valid and
complete in all respects. The dematerialised shares are transferred directly to the beneficiaries by the depositories.
As per the provisions of the Act, facility for making nomination is available for the Members in respect of shares
held by them. Members holding shares in physical form may obtain nomination form, from the Corporate Secretarial
Department of the Company or RTA of the Company. Members holding shares in dematerialised form should contact
their Depository Participants (DP) in this regard.

The Company obtains half-yearly certificate of compliance related to the share transfer formalities from a Company
Secretary in practice as required under Regulation 40(9) of the Listing Regulations and files a copy of the certificate
simultaneously with the Stock Exchanges under Regulation 40(10) of the Listing Regulations.
xiv. Dematerialisation of shares and liquidity;

The Company’s shares are compulsorily traded in dematerialised form and are available for trading with both the
depositories i.e. National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited
(CDSL). The shareholders can hold the Company’s shares with any of the depository participants, registered with
these depositories. The Company’s equity shares are frequently traded at the BSE Limited and the National Stock
Exchange of India Limited. As on March 31, 2018, 99.60% of the paid up share capital constituting 99.99% of the
number of shareholders is in dematerialised form.
Details of Shares held in dematerialised and physical form as on March 31, 2018 are given below:
Dematerialised Form Shareholders Share Capital
No. of % to Total No. of Shares % to Total
Shareholders Shareholders Share Capital
NSDL 41,502 60.41 375,894,467 97.78
CDSL 27,193 39.58 6,979,140 1.82
Total in dematerialised from 68,695 99.99 382,873,607 99.60
Physical Form 6 0.01 1,533,231 0.40
Total 68,701 100.00 384,406,838 100.00
xv. Shareholding of the Company as on March 31, 2018

a. Distribution of shareholding as on March 31, 2018:
Category Shareholders Share Capital
Equity shares No. of % of total No. of shares % of total equity
From – To Shareholders shareholders capital
1 – 5,000 68,254 99.35 6,712,024 1.75
5,001 – 10,000 118 0.17 878,978 0.23
10,001 – 20,000 65 0.09 930,191 0.24
20,001 – 30,000 41 0.06 1,041,266 0.27
30,001 – 40,000 22 0.03 784,831 0.20
40,001 – 50,000 13 0.02 610,703 0.16
50,001 – 100,000 45 0.07 3,150,800 0.82
100,001 and above 143 0.21 370,298,045 96.33
Total 68,701 100.00 384,406,838 100.00

Report on
b. Shareholding pattern of the Company as on March 31, 2018 is given as under:
Shareholding Pattern
0.62% 1.73%
2.65%
74.93%
12.64% Promoters & Promoter Group
(288,052,623 shares)
7.42%
Mutual Funds & AIF
(28,542,180 shares)
FIIs & FPIs ( 48,573,113 shares)
Individuals and Trusts (10,198,294
shares)
NRIs & FNs (2,389,424 shares)
Bodies Corporate, Clearing Members
and NBFCs (6,651,204 shares)
Legends: AIF - Alternate Investment Fund, FIIs – Foreign Institutional Investors, FPIs – Foreign Portfolio Investors,
NRIs – Non- Resident Indian, FNs - Foreign Nationals, NBFCs - Non Banking Financial Companies
c. Top ten shareholders other than Promoters as on March 31, 2018:

S. Name of the Shareholders Category of No. of shares % of shares
No. Shareholders held held
1 Motilal Oswal Most Focused Multicap 35 Fund Mutual Fund 4,456,047 1.16
2 SBI Magnum Balanced Fund Mutual Fund 4,000,000 1.04
3 Mawer International Equity Fund FPI 3,663,522 0.95
4 Acacia Banyan Partners FPI 2,890,150 0.75
5 SBI Blue Chip Fund Mutual Fund 2,506,513 0.65
6 ICICI Prudential Balanced Advantage Fund Mutual Fund 2,345,267 0.61
7 ICICI Prudential Life Insurance Company Limited Bodies Corporate 2,311,668 0.60
8 National Westminster Bank PLC as trustee of the FPI 2,065,715 0.54
Jupiter India Fund
9 ICICI Prudential Focused Bluechip Equity Fund Mutual Fund 2,059,541 0.54
10 Acacia Partners, LP FPI 1,877,444 0.49
Total 28,175,867 7.33
xvi. Outstanding global depository receipts or American depository receipts or warrants or any convertible instruments,
conversion date and likely impact on equity:
The Company has no outstanding global depository receipts or American depository receipts or warrants or any
convertible instruments as on March 31, 2018.
xvii. Commodity price risk or foreign exchange risk and hedging activities:
The Company has not undertaken any forex or commodity hedging transaction during the year under review.
xviii. Plant locations:

The Company operates from various offices and airports in India and abroad and occupies an Airport Hangar at Delhi
Airport to provide repairs and maintenance services for aircraft. The Company also has Ground Support Department
at various airports to provide support for ground handling activities.
Since the Company is engaged in aviation services sector, we do not have any manufacturing or processing plants.

xix. Address for correspondence:

Mr. Sanjay Gupta
Company Secretary and Chief Compliance Officer
Level - 4, Tower - D, Global Business Park,
M G Road, Gurgaon, Haryana - 122 002, India
Phone: +91 - 124 - 435 2500
Fax: +91 - 124 - 426 8664
Dedicated e-mail Id for redressal of Investors grievances: [email protected]
VII. Other Disclosures

xx. Related Party Transactions
All transactions entered into with related parties as defined under the Act and the Listing Regulations during the
financial year, were in the ordinary course of business and on an arm’s length basis. All related party transactions
were placed before the Audit Committee for review and were approved. None of the transactions with any of the
related parties were in conflict with the interest of the Company rather, they synchronise and synergise with the
Company’s operations. All the transactions with related parties as per applicable accounting standards (Ind AS) are
set out in Notes to Accounts forming part of financial statements. The required statements / disclosures, with respect
to the related party transactions, were placed before the Audit Committee of the Company in terms of the Listing
Regulations and the Act and other applicable laws for approval / information.
The Company has formulated a Policy on Related Party Transactions which is available at Investor Relations section
of the website of the Company at www.goindigo.in
xxi. Details of non-compliance:

The Company has complied with the requirements of the Regulatory Authorities on matters related to the capital
market and no penalties/ strictures have been imposed against the Company by the Stock Exchanges or SEBI or any
other Regulatory Authority on any matter related to capital market during the last three years in terms of Schedule
V to the Listing Regulations.
xxii. Whistle blower policy and vigil mechanism

The Company has adopted a policy on Whistle Blower & Vigil Mechanism in compliance of Section 177 of the Act
and Regulation 22 of the Listing Regulations. No person has been denied access to the Chairman of the Audit
Committee. The said policy has been uploaded at Investor Relations section of the website of the Company at
www.goindigo.in. The Audit Committee periodically reviews the functioning of this mechanism at its meetings held
every quarter.
It outlines the method and process for stakeholders to voice genuine concerns about unethical conduct that may
be in breach with the employees’ Code of Conduct. The policy aims to ensure that genuine complainants are able
to raise their concerns in full confidence, without any fear of retaliation or victimization. The Policy also allows for
anonymous reporting of complaints.
xxiii. Requirements of Chapter IV of the Listing Regulations

The Company has complied with all applicable requirements of Chapter IV of the Listing Regulations relating to
obligation of the listed entity which has listed its specified securities.
xxiv. Compliance with mandatory Corporate Governance requirements and adoption of the non-mandatory requirements
The Company is in compliance with all mandatory requirements of Listing Regulations. In addition, the Company has
also adopted the following non-mandatory requirements of Regulation 27 of the Listing Regulations to the extent
mentioned below:
a) Audit qualifications
During the year, there was no audit qualification on the Company’s financial statements.
b) Reporting of Internal Auditor
The Internal Auditors of the Company, PricewaterhouseCoopers Private Limited
(CIN U74140WB1983PTC036093) reports to the Audit Committee on functional matters.

Report on
c) Separate position of the Chairperson and the CEO

During the year under review, there were separate positions of the Chairperson and Chief Executive Officer
with clear demarcation of the roles and responsibilities of both the positions. However, Mr. Aditya Ghosh had
resigned from the position of Whole Time Director w.e.f April 26, 2018.
d) Shareholders’ Rights
The results, as approved by the Board of Directors are submitted to stock exchanges within the stipulated
time period of 30 minutes from the time of closure of the meeting. The quarterly results along with the press
release are uploaded at Investor Relations section of the website of the Company at www.goindigo.in
The soft copy of the quarterly results is also emailed to the shareholders who have registered at our email
alert facility. The results are published in newspapers in the formats prescribed by the Listing Regulations as
updated from time to time. The transcripts of earnings calls of analysts are also posted on the website of the
Company.
xxv. Code of Conduct for Directors and Senior Management

In compliance with the Listing Regulations, the Company has framed and adopted a Code of Conduct for its Directors
and Senior Management personnel. The code is available on Investor Relations page of Company’s website at
www.goindigo.in. The Code is applicable to all Board members and Senior Management personnel of the Company.
All Directors and the Senior Management Personnel of the Company have affirmed compliance with the said Code
of Conduct as on March 31, 2018. A declaration to this effect duly signed by the Director and Interim Chief Executive
Officer, is annexed at the end of this Report
xxvi. Code of Conduct for employees

Along with the Code of Conduct for the Board of Directors and Senior Management, the Company has also laid
down a Code of Conduct for its employees. All employees are expected to confirm compliance to the Code. And as
a process, the employees need to undergo a Code of Conduct Refresher course every year and submit an annual
affirmation to HR.
xxvii. Anti-Sexual Harassment Policy

The Company have a mechanism in place to foster a positive workplace environment, free from harassment of any
nature. To enforce the idea the Company has framed a Policy on Prevention of Sexual Harassment at workplace
in compliance with the requirements of Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013 & Rules made thereunder and has constituted an Internal Complaints Committee to monitor,
regulate and control the sexual harassment at workplace.
xxviii. Policy for determining ‘material’ subsidiaries

The Company has formed a wholly owned subsidiary Company namely Agile Airport Services Private Limited
(“Agile”) in February, 2017 which has not commenced its operation till the date of this Report. The minutes of the
Board Meetings of the subsidiary company are placed before the Board of the Company as provided in Regulation
34 of the Listing Regulations. The Board has also formulated a Policy for determining material subsidiaries pursuant
to the regulations of the Listing Regulations, namely, “InterGlobe Aviation Limited- Policy on Material Subsidiary”
and available at Investor Relations section of the website of the Company at www.goindigo.in
xxix. Dividend Distribution Policy

As per Regulation 43A of the Listing Regulations, top 500 listed companies are required to formulate a dividend
distribution policy. Accordingly, the Company has adopted the Dividend Distribution Policy which sets out the
parameters and circumstances to be considered by the Board in determining the distribution of dividend to its
shareholders and / or retaining profits earned by the Company. The Policy is available at Investor Relations section
of the website of the Company at www.goindigo.in
xxx. Audit qualifications

The auditor’s report do not contain any qualifications, reservations, or adverse remarks.
xxxi. Risk management

The Company has adopted a risk management policy to assess and analyse the risks and frame procedure to
minimize the same. Further, the Board of Directors of the Company has constituted a Risk Management Committee
to frame, implement and monitor the risk management plan for the Company. The Committee is responsible for
reviewing the risk management plan and ensuring its effectiveness. The Audit Committee has an additional
oversight in the areas of financial risks and controls.

The details pertaining to risk management policy of the Company are included elsewhere in this Report.
xxxii. Reconciliation of share capital audit

Reconciliation of share capital audit is carried out by a qualified Company Secretary in practice to reconcile the total
admitted equity share capital with the National Securities Depository Limited (“NSDL”) and the Central Depository
Services (India) Limited (“CDSL”) and the total issued and listed equity share capital of the Company. The audit
report confirms that the total issued / paid-up capital is the aggregate of the number of shares held in physical form
and in dematerialised form held with NSDL and CDSL and matches with total listed shares with NSE and BSE.
xxxiii. Insider Trading

In compliance with the SEBI regulation on prevention of insider trading, the Company has established systems and
procedures to prohibit insider trading activity and has formulated and adopted a Code of Practices and Procedures
for Fair Disclosure of Unpublished Price Sensitive Information (“Fair Disclosure Code”) and Code of Conduct to
Regulate, Monitor and Report Trading by insiders (“Insider Trading Code”). The Code lays down procedures to be
followed and disclosures to be made, while trading in the Company’s shares.
The Company follows highest standards of transparency and fairness in dealing with all stakeholders and ensures
that no insider shall use his or her position with or without knowledge of the Company to gain personal benefit or
to provide benefit to any third party. The Company Secretary is Compliance Officer for the purpose of Insider Trading
Code.
xxxiv. Corporate Social Responsibility Activities

In accordance with the requirements of Section 135 of the Companies Act, 2013, read with the Companies (Corporate
Social Responsibility Policy) Rules, 2014, the Company has constituted a Corporate Social Responsibility (CSR)
Committee. The composition and terms of reference of the CSR Committee is provided in the Report on Corporate
Governance, as per the Listing Regulations.
The Company has formulated a CSR Policy and same is available at Investor Relations section of the website of the
Company at www.goindigo.in
xxxv. Compliance with the ICSI Secretarial Standards

The Company has complied with the Secretarial Standards issued by the Institute of Company Secretaries of India
(ICSI) on “Meetings of Board of Directors (SS-1)” and “General Meetings (SS-2)”.
VIII. Disclosure of commodity price risks and commodity hedging activities

The Company has not undertaken any commodity price risk or hedging transaction during the year under review.
IX. Auditor’s Certificate on Corporate Governance

The Company has complied with all the requirements of Corporate Governance as specified in the Listing Regulations
during the year under review. A Certificate for compliance with Regulation 34 of the Listing Regulations, from Sanjay
Grover & Associates, Practicing Company Secretaries (Firm Registration No. P2001DE052900), is annexed to the report.
X. CEO / CFO Certification

A Certificate on financial statements for the year under review, pursuant to Regulation 17(8) of the Listing Regulations
has been obtained from the Director and Interim Chief Executive Officer and the Chief Financial Officer of the Company.
Extract of the same is annexed to this Report.


DIN: 01804955 DIN: 00090860
Date: July 05, 2018
Place: Gurgaon

Report on
Compliance Certificate
To,
The Board of Directors,
Dear Sir,
Sub: Compliance Certificate on the financial statements of InterGlobe Aviation Limited (the “Company”) under Regulation
17(8) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
We, Rahul Bhatia, Director and Interim Chief Executive Officer and Rohit Philip, Chief Financial Officer of the Company hereby
certify that:
A. We have reviewed financial statements and the cash flow statement of the Company for the year ended March 31, 2018
and that to the best of our knowledge and belief:
i. these statements do not contain any materially untrue statement or omit any material fact or contain statements
that might be misleading;
ii. these statements together present a true and fair view of the Company’s affairs and are in compliance with existing
accounting standards, applicable laws and regulations.
B. There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year which
are fraudulent, illegal or violative of the Company’s Code of Conduct.
C. We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have
evaluated the effectiveness of internal control systems of the Company pertaining to financial reporting and we have
disclosed to the auditors and the audit committee, deficiencies in the design or operation of such internal controls, if any,
of which we are aware and the steps we have taken or propose to take to rectify these deficiencies.
D. We have indicated wherever applicable, to the auditors and the Audit Committee
i) significant changes in internal control over financial reporting during the year;
ii) significant changes in accounting policies during the year, if any, and that the same have been disclosed in the
notes to the financial statements; and
iii) instances of significant fraud of which we have become aware and the involvement therein, if any, of the management
or an employee having a significant role in the Company’s internal control system over financial reporting.
Rahul Bhatia Rohit Philip

Director and Interim Chief Executive Officer Chief Financial Officer
Date : May 02, 2018

Place : Gurgaon

Declaration on Compliance of Code of Conduct

I, Rahul Bhatia, Director and Interim Chief Executive Officer of InterGlobe Aviation Limited hereby confirm that the members of
the Board of Directors and senior management personnel have affirmed compliance with InterGlobe Aviation Limited - Code of
Conduct for Directors and Senior Management for the year ended March 31, 2018.
Rahul Bhatia
Director and Interim Chief Executive Officer
Date : July 05, 2018

Place : Gurgaon
Corporate Governance Certificate

To,
The Members
We have examined the compliance of conditions of Corporate Governance by InterGlobe Aviation Limited (“the Company”),
for the financial year ended March 31, 2018 as stipulated under the provisions of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015 (“Listing Regulations”).
The compliance of conditions of Corporate Governance is the responsibility of the management of the Company. Our examination
was limited to procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions
of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company
has complied with the conditions of Corporate Governance as stipulated under the Listing Regulations. We further state that
such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which
the management has conducted the affairs of the Company.
For Sanjay Grover & Associates Sanjay Grover

Company Secretaries Managing Partner
Firm Registration No.: P2001DE052900 CP No.: 3850
Date : June 30, 2018

Place : New Delhi

Business
InterGlobe Aviation Limited Responsibility Report
Business Responsibility Report

Principle-wise as per National Voluntary Guidelines BR Policy/policies - the National Voluntary Guidelines on Social,
Environmental and Economic Responsibilities of Business (NVGs), released by the Ministry of Corporate Affairs has adopted
nine areas of Business Responsibility. The principles are listed hereunder:
Principle 1 Principle 2 Principle 3

Ethics, Transparency Safety & Wellbeing of
& Accountability Sustainability Employees
Principle 4 Principle 6
Principle 5
Interest of Protection &
Promotion of Human
Stakeholders Restoration of
Rights
Environment
Principle 7 Principle 8
Principle 9
Influencing Public & Growth & Equitable
Customers Value
Regulatory Policy Development

Business Overview Reports Financials
Responsibility Report
InterGlobe Aviation Limited (“the Company” or “IndiGo” or “We” or “Our”), after spending 11 years in the aviation sector,
landscapes Indian core infrastructure to another level by transforming the industry’s perception. Amidst this change, one thing
that remained constant was our simple promise to our customers – being on-time; providing low fares; courteous and hassle-
free service. With this credible approach, today, IndiGo is India’s largest and most profitable passenger aviation company,
and yet, the fastest growing carrier with a robust network and lowest cost in the industry. The Company is stronger and better
prepared than ever, as we go about building a larger and a more profitable air transportation network, based out of one of the
world’s largest and fastest growing aviation market.
With the addition of new destinations to our route map, we continuously add new geographical catchment to our base. We
take pride in redefining air travel in many of these smaller pockets of India, which were so far devoid of reliable air service. The
Company was awarded number of routes under Regional Connectivity Scheme (RCS-UDAN) of the Government of India.
Being courteous and hassle-free starts with being a hassle-free place to work. A highly engaged and motivated workforce leads
to higher levels of customer service in a safe environment and socio economic approach.
Our Corporate Social Responsibility (CSR) initiative ‘IndiGoReach’ focuses on three broad themes: Children and Education,
Women Empowerment and Environment. We work towards upliftment of communities not just around us, but also far-flung areas
in the country. After all, India’s holistic progress is rooted in the collective aspirations of its people.
We have been awarded the ‘Best Low Fare Airline Domestic’ and ‘Best International Low Cost Airline’ in and out of India by the
‘Air Passenger Association of India’ and the ‘Best Low Cost Airline in Asia’ by the TripAdvisor Travellers’ Choice Award 2018. ‘On-
time Airline of the Year - Domestic’, ‘Passenger Airline of the Year - International Low Cost’, ‘Customer Choice Airline of the Year
- Domestic’, ‘Passenger Airline of the Year - Domestic Low Cost’, ‘Transformational Process Idea’ and ‘Airline with best growing
network - Domestic’, are also among the few awards received by IndiGo. It is the persistent approach of IndiGo which has led
to tremendous growth in domestic and international sector.
This report is based on National Voluntary Guidelines (NVGs) on Social, Environmental and Economic Responsibilities of the
Company, notified by the Ministry of Corporate Affairs and has adopted nine areas of Business Responsibility.
Section A: General information about the Company

1. Corporate Identity Number (CIN) : L62100DL2004PLC129768
2. Name of the Company : InterGlobe Aviation Limited
3. Registered address : Central Wing, Ground Floor, Thapar House, 124, Janpath, New
Delhi - 110 001, India
4. Website : www.goindigo.in
5. E-mail id : [email protected]
6. Financial Year reported : April 01, 2017 – March 31, 2018
7. Sector(s) that the Company is engaged in : Passenger Services - Air Transport

(industrial activity code-wise) (National Industrial Classification (NIC) Code - 51101, 51201,
52243 and 52291)
8. List three key products / services that the : Air Transportation which includes passenger and cargo services
Company manufactures / provides
9. Total number of locations where business :

activity is undertaken by the Company
a) Number of International Locations 8 International locations Bangkok, Dubai, Kathmandu, Muscat,
(Provide details of major 5) Singapore, Sharjah, Colombo and Doha
b) Number of National Locations 42 domestic locations
10. Markets served by the Company : National (domestic) / International

Business
Section B: Financial Details of The Company

1. Paid up Capital (INR) : Rs. 3,844.07 million
2. Total Turnover (INR) : Rs. 239,677.43 million
3. Total profit after taxes (INR) : Rs. 22,423.74 million
4. Total spending on Corporate Social : 1.31 %
Responsibility (CSR) as percentage of
average net profit of the Company for last
3 financial years
5. List of activities in which expenditure in 4 : Please refer to Annexure–A of the Board’s Report
above has been incurred:-
Section C: Other Details

1. Does - the Company have any Subsidiary : Yes
Company/ Companies?
2. Do the Subsidiary Company / Companies : No, our subsidiary Company has not yet commenced its business
participate in the BR Initiatives of the parent operations.
Company?
If yes, then indicate the number of such
subsidiary Company(s)
3. Do any other entity/entities (e.g. suppliers, : No
distributors etc.) that the Company does
business with, participate in the BR initiatives
of the Company?
If yes, then indicate the percentage of such
entity/entities? [Less than 30%, 30-60%,
More than 60%]
Section D: BR Information
1. Details of Director/Directors responsible for BR :
(a) Details of the Director/Directors responsible for implementation of the BR policy/policies -
The Corporate Social Responsibility (CSR) Committee of the Board of Directors is responsible for implementation of
BR policies. The members of the CSR Committee are as follows:
DIN Number Name of Director Designation

01583219 Mrs. Rohini Bhatia Chairperson
03421015 Dr. Anupam Khanna Member
01804955 Mr. Devadas Mallya Mangalore Member
(Consequent to the resignation of Mr. Aditya Ghosh, the Board of Directors of the Company reconstituted the CSR
Committee on April 27, 2018 by induction of Mr. Devadas Mallya Mangalore as member of the Committee in place of Mr.
Aditya Ghosh)
(b) Details of the BR head
1. DIN Number : 01583219

2. Name : Rohini Bhatia
3. Designation : Chairperson of the Corporate Social Responsibility Committee
4. Telephone number : 0124-4352500
5. E-mail id : [email protected]

2. Principle-wise (as per NVGs) BR Policy/policies

(a) Details of compliance (Reply in Y/N)
S. No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 Do you have a policy/ policies for....$ Y Y Y Y Y Y N Y Y
2 Has the policy being formulated in consultation with Y Y Y Y Y Y - Y Y
the relevant stakeholders?$
3 Does the policy conform to any national / international Y Y Y Y Y Y - Y Y
standards? If yes, specify? (50 words)$
4 Has the policy being approved by the Board? Y Y Y Y Y Y - Y Y
If yes, has it been signed by MD/ owner/ CEO/
appropriate Board Director?©
5 Does the company have a specified committee Y Y Y Y Y Y - Y Y
of the Board/ Director/ Official to oversee the
implementation of the policy?©
6 Indicate the link for the policy to be viewed online?® Y Y Y Y Y Y - Y Y
7 Has the policy been formally communicated to all Y Y Y Y Y Y - Y Y
relevant internal and external stakeholders?®
8 Does the company have in-house structure to Y Y Y Y Y Y - Y Y
implement the policy/ policies®
9 Does the Company have a grievance redressal Y Y Y Y Y Y - Y Y
mechanism related to the policy/ policies to address
stakeholders’ grievances related to the policy/
policies?
10 Has the company carried out independent audit/ Y Y Y Y Y Y - Y Y
evaluation of the working of this policy by an internal
or external agency?∞
$
The policies related to all principles are formulated with detailed consultation with relevant stakeholders as per industry
framework and market standards, as per management guidelines within the applicable legal and regulatory framework
requirements, at national and international level.
©
The relevant policies are administered by the Departmental Heads who report to the Management of the Company,
who monitors and oversees all policy implementation. The Code of Conduct for Senior Management and Directors & the
Corporate Social Responsibility Policy have been approved by the Board of Directors of the Company.
®
The policies mentioned above can be viewed at Investor Relations section of the website of the Company at
www.goindigo.in
Rest of the policies are internal documents of the Company and/or available at intranet for all employees of the Company.
∞
The policies and their implementation has been reviewed periodically by the management. An internal audit has been
conducted by the Company and by the Internal Auditors to evaluate the implementation of the various policies.
b). If answer to the question at serial number 1 against any principle, is ‘No’, please explain why: (Tick up to 2 options)
S. No. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
1 The company has not understood the Principles - - - - - - - - -
2 The company is not at a stage where it finds itself in - - - - - - - - -
a position to formulate and implement the policies on
specified principles
3 The company does not have financial or manpower - - - - - - - - -
resources available for the task
4 It is planned to be done within next 6 months - - - - - - - - -
5 It is planned to be done within the next 1 year - - - - - - - - -
6 Any other reason (please specify) - - - - - - -# - -
#
The Company does not take part in any lobbying in the aviation sector.

Business
3. Governance related to BR
1. Indicate the frequency with which the Board : The Board of Directors directly or through its various Committees,
of Directors, Committee of the Board or CEO assesses initiatives forming part of socio- economic and
assess the BR performance of the Company. environmental efforts and performance of the Company.
(Within 3 months, 3-6 months, Annually, More
The CSR Committee of the Board of Directors reviews the
than 1 year)
implementation of various projects/ initiatives/ programmes
undertaken by the Company on a quarterly basis.
2. Does the Company publish a BR or a : The Business Responsibility (BR) Report of the Company is
Sustainability Report? What is the hyperlink published annually as a part of Annual Report and it is available
for viewing this report? How frequently it is at Investor Relations section of the website of the Company at
published? www.goindigo.in
Section E: Principle-wise Performance

Principle 1 - Businesses should conduct and govern themselves with Ethics, Transparency and
Accountability
The Company has a comprehensive code of conduct (CoC) which is applicable to the employees of IndiGo at all locations, India
or abroad, its Board of Directors and all those acting on behalf of IndiGo (such as vendors, suppliers, consultants, agents, etc.
and their employees).
The CoC of the Company is aligned with the three basic values based on Integrity - observing financial and intellectual honesty,
Customer Orientation - always seeing things from the customer’s perspective and Future–Mindedness - staying in touch with
new developments consistently.
The CoC defines the expectation of IndiGo from all its employees working at various locations in different circumstances. It
enables them to work in a manner which is consistent with IndiGo values and to ensure that the reputation of the Company
is at par and as per the standards meant for it. The CoC covers anti-bribery and anti- corruption laws of various jurisdictions in
which it operates.
The CoC is reviewed periodically to update any change in law, any change in the organisation structure and any other reason
which may have an impact on the contents of the CoC, viz. any prevailing trend, social or political factors etc.
Further to keep all employees updated with the document, a mandatory online CoC training ‘CoC Refresher E-learning’, on annual
basis, is compulsorily conducted to affirm their commitment to the ethics of the IndiGo CoC and accordingly, the employees are
required to submit the Annual declaration on compliance of the CoC for the year.
We have an open door policy which means our leadership team members are always approachable and open to all the
employees in case they want to share their concerns.
The Company has also adopted a Whistle Blower Policy / Vigil Mechanism to provide an amiable environment to all employees
and give them the confidence to complain without a fear of retaliation. Our Company is committed to developing a culture where
it is safe for all employees, the Board of Directors and all those acting on behalf of the Company (such as vendors, suppliers,
consultants, agents, etc. and their employees) to raise concerns about any unacceptable practice, any event of misconduct or
any violation of its CoC/other policies or laws governing it by anyone. All the complaints received under the Whistle Blower
Policy/ Vigil Mechanism are reported to the Audit Committee.
The Company has in place different mechanisms for receiving the complaints namely ‘ispeak’ initiative through email or
dedicated phone numbers or through HR / supervisor. We have a dedicated team internally and an external agency, to respond
and dealt with the complaints in a timely manner.
Principle 2: Businesses should provide goods and services that are safe and contribute to
sustainability throughout their life cycle
Safety of every personnel engaged with IndiGo is of highest priority and all measures are implemented regularly. Domestic
aviation in India is jointly regulated by several Government departments and regulators which includes the Ministry of Civil
Aviation (MoCA) and its attached office, the Bureau of Civil Aviation Security (BCAS) - which is the central agency for aviation
security; the Directorate General of Civil Aviation (DGCA) - which is responsible for the regulation of air transport services in
India and for the enforcement of civil air regulations (CAR), air safety and airworthiness standards and the Airport Authority of

India (AAI) - which is responsible for the infrastructure in respect of various airports across the country. The existing practices
and services comply with the relevant guidelines issued by these regulatory authorities.
BCAS oversees security procedures in Indian civil aviation, whereas the DGCA oversees safety procedures in Indian civil aviation.
As such, we are governed by the appropriate regulations of BCAS and the DGCA with respect to our operations.
We strive to follow best safety practices and our commitment to safety and security is reflected in the maintenance of our
aircraft and engines, the extensive training given to pilots, cabin crew and employees and the strict policies and procedures in
compliance with the local regulations, international standards and best practices regarding all areas of our business that are
involved with the operation of our aircraft.
Our safety procedures are established by a Safety Committee which comprises of senior management with responsibility for
safety and security matters and the heads of each operating department. Our commitment to safe operations is apparent
through our participation in internationally recognised safety audits and our safety training procedures, investment in safety-
related equipment, collection of flight data for analysis and oversight of equipment and use of systems and procedures relating
to safety standards.
The International Air Transport Association, or IATA, Operational Safety Audit, or IOSA, program is an internationally recognised
and accepted evaluation system designed to assess the operational management and control systems of an airline. IOSA
certification certifies our commitment to meeting international safety standards which helps to reduce our insurance premiums.
In addition, we have undergone the Line Operation Safety Audit (LOSA), conducted by the U.S.-based LOSA Collaborative. We
carried out internal LOSA in 2016 and ILOSA (IndiGo LOSA) in 2017. We conduct safety audits once in a two years voluntarily to
check the lapses as per the IOSA standards. The Company is a member of Flight Safety Foundation (FSF), USA to meet all safety
requirements as per international standards. The IOSA renewal Audit held in 2017 had nil findings as per the standards set
internationally. The Company had nil findings in two successive renewal Audit in 2015 and 2017, reinforces the fact that safety
standards in the Company is at par with the world standard.
We implemented a robust system and well comprehensive and documented safety management system, including safety
procedures and safety related data collection, which is designed to identify and report hazards or incidents before their
occurrence and ensure that our employees understand their responsibility in ensuring that safety standards are met. The Safety
Committee ensures the compliance of all safety procedures beforehand to avoid any lapses. We have installed software on all
of our aircraft to report engine performance and maintenance data to our centralised operations control center.
This Safety Committee meets on weekly basis with all departmental heads to review measures and monitor various risks at all
stations and to formulate plans to minimise the hazards. The Committee is responsible to review the implementation of Hazards
Management System at all locations through centralised control of various risks and hazards. The Hazard Management System
controls and reviews the hazard logs prepared by Safety Inspectors and various trained contractors to control the repetitive
nature of risks and hazards.
We perform safety audits, inspections, surveys and studies as part of our quality assurance program. We also regularly meet
with third parties such as the DGCA, IATA and the Gulf Flight Safety Committee to share information relating to hazards, safety-
related matters and best practices worldwide. Internal Safety Audit as per the Annual Audit plan is carried out every year at all
base stations. As per the requirement of DGCA, the safety audit is required once in a two years. However, to keep check on
each and every risk and hazards before they occur, we conduct safety audit every year voluntarily.
The Internal Safety Audit to check the implementation of safety processes across all the airports, comprises of 2-3 days long
reviews and various safety related training programmes are conducted as a part of audit.
To further enhance the Quality Assurance programme, a process of re-inspection of the operational areas has been put in place
to ascertain and assure that the preventive and corrective actions taken post audit have not only filled up the gaps but have
enhanced the standards of operation.
To bring in procedures of ground operations at par with the international standards, we have planned to bridge the existing
ground operations standards and procedures with that of IATA Ground Operations Manual (IGOM). The Gap Analysis work is
in progress.
We are in the process of establishing Regional Safety offices in India. This will help us in addressing the safety issues arising
out of increasing operational needs adequately.
Proactively, an action plan has been initiated to implement Fatigue Risk Management System (FRMS)to enhance Safety,
productivity and quality of crew life. Crew awareness classes are being imparted during crew refresher courses. Fatigue data is

Business
being collected from the crew on regular basis through a Fatigue event reporting form. The Company has budgeted for purchase
of a FRMS software to integrate the Fatigue data with crew schedules.
A safety magazine issued fortnightly containing all case studies during the period is circulated internally to sanitise the
employees with the safety procedures, risks and hazards & processes to remove them on time. We seek to disclose the
process of risk management and the results of risk assessments through this magazine without revealing any trade secrets.
The Committee should make sure that the material risk factors are communicated in a transparent and understandable fashion.
Disclosure of risk factors should be focused on those identified as more relevant and/or should rank material risk factors in order
of importance on the basis of a qualitative selection whose criteria is disclosed in a marketable fashion as provided by OECD
(2010) through its publication ‘Corporate Governance and the Financial Crisis’.
Principle 3: Businesses should promote the wellbeing of all employees

IndiGo believes in investing in responsible professional growth of its employees. We are embedding health and well-being
at the heart of our business strategy because our people are our greatest asset and we recognise that a healthy, happy and
committed workforce is vital to our business success and growth.
We, at IndiGo, believe that our people make us unique and different from others in this competitive environment. The employees
are the strength of IndiGo who work tirelessly, with smiles on their faces, ready to deliver on time, with dedication, commitment
and hard work. This is the sole reason that IndiGo is awarded best employer, year after year.
As of March 31, 2018, we have a total of 18,060 permanent employees including International on- roll employees out of which
7,835 are women employees and 10 are employees with disabilities. About 9,026 employees are working with IndiGo on
casual or contract basis.
Our work culture is very simple, management team is directly approachable anytime. And hence, our employees don’t need to
form any employee association to cater their problems.
Details relating to complaints during the financial year 2017-18:
No. Category No of complaints for FY 2017-18

filed during the year pending as on end of the year
1 Child labour/forced labour /involuntary labour - -
2 Sexual harassment 9 -
3 Discriminatory employment - -
IndiGo provides a work place which is safe and hygienic to its employees. Aviation sector is a place where female employees
constitute a significant part of total work force. At IndiGo, we are committed to provide safe, hygienic and humane environment,
and which upholds the dignity of all our employees. We educate our employees on regular intervals through trainings, lectures
and conferences held internally to enhance their abilities.
We provide various facilities to our employees to make them feel safe and satisfied at the workplace such as flexible working
hours policy, night shift allowance policy, compensatory off policy, maternity benefit policy, paternity leave policy and others.
We provide cab with a guard to all female employees in case they are working late. The safety of our female staff is the
responsibility of their respective supervisors who are guided by our safety guidelines. All cases of harassment are treated with
great sensitivity and are escalated in time for resolution.
We undertake several initiatives on a periodic basis to keep our employees informed, engaged and empowered. Caring for
the well-being of employees is central to our work culture. Aligned to this approach, the Company has a number of employee
welfare policies in line with the updated regulatory framework.
We provide training to all our employees at our Ifly - the learning academy where spirit and culture of IndiGo is created through
a learning management system, a suite of functionalities designed to deliver, track, report on and manage learning content,
learner progress and learner interactions. The cabin crew and pilots are trained on serving our customers in the most courteous
manner. This keeps our service standards high, despite affordable fares.
At IndiGo, low cost does not mean low quality. Cabin Crew undergoes ab – Initial training, recurrent training, training for lead
cabin crew and curative training. Flight Crew undergo pilot Induction training, refresher training and crew resource management
trainings. We have a mechanism of simulating various situations to be able to give our cabin crew a life-like experience of

emergency situations. The crew experience fire and smoke in the cabin, water landing, evacuation procedures, engine fire
and others. Safety and emergency training is also a mandatory requirement for Flight Marshalls, Ramp Staff, Cargo Team and
volunteers of the Family Assistance Care team.
Nothing can substitute pilot training and experience to ensure safe flights. Pilots get caught up in more situations than one
where presence of mind, training, experience and expertise play an important role.
DGCA Safety and Emergency Procedure training is mandatory for departments directly responsible for the safety of the flight
and passengers. All emergency drills are conducted in airplane mockups so as to create a real feel of what may be expected
during an emergency.
Customer Service and Behavioral training program at ‘ifly’ is designed in a manner where we can develop the customer service
orientation of the organisation. This is where we train and uphold standards of customer service delivered by Inflight Service
(IFS) and Airport Operation & Customer Services team (AOCS), develop an internal customer service culture and inculcate
behaviors required at the workplace aligned to the service culture.
Leadership Development Training programs are designed keeping in mind each employee, its designation and job profile.
Trainings are tailor made for employees at an individual level, employees at a supervisory capacity, employees in managerial
roles and those who handle complex business functions.
Principle 4: Businesses should respect the interests of, and be responsive towards all
stakeholders, especially those who are disadvantaged, vulnerable and marginalised.
At IndiGo, we believe that as a responsible organisation, we must also focus on integrating in the business model a program
for serving the community where we operate. As we grow in our operations and the market share in the country, it is essential
that we achieve such growth in a responsible manner which incorporates the needs of our community and specially those who
are disadvantaged, vulnerable and marginalised. We are conducting programmes structured in a way to create an impact on
disadvantaged, vulnerable and marginalised sector of the society through engagement of various implementation partners and
organisations. Our CSR programme focusses on children and education, women empowerment and environment.
We undertake CSR under IndiGoReach, an expansion of our ‘Power to Make a Change’. All our CSR initiatives are adopted by
us keeping in mind our focus areas, which have been carefully chosen to address certain prevalent issues and challenges of our
communities.
IndiGoReach was engaged in a number of concurrent projects at the close of the financial year 2017-18.
We continue to work and reach out to the community in the 4 key areas of our focus- Women Empowerment, Children &
Education, Environment and 6e responsibility. This year we have initiated new programs which will help us reach out to
approximately 62,000 women, helping them with skill development through farm based and non-farm based initiatives and
33,000 children for education.
Access to education- our programs are aimed at providing education to children in rural areas and urban slums which is helping
us reach out to more than 33000 children for education.
We have started 400 primary schools in villages spread across the rural slums of Kolkata, Patna, Agartala and Ranchi. All the
12,507 children in these schools are first generation learners and no one in the family has ever attended school.
A robust community mobilisation campaign was conducted by our partners- Bandhan Konnagar in May 2015- when we started
the project. The teams at the field, work closely with the family- to educate them on the benefits of education and ensure that
there are no drop outs and children go to school regularly.
The teachers are also involved in generating awareness amongst parents, communities and monitoring improvements in
various skills for all children. Community level teachers are engaged, trained and developed time to time to impart learning,
disciplining the children, developing skills in reading, writing, mathematics and co-curricular activities which are priority areas
of interventions.
To strengthen the existing education system we are also working with Government school systems to facilitate their academic
and physical transformation. We will be working with 60 schools and reaching out to 20,000 children. This will involve working
closely with the local District and Education Departments of the States, the Schools and with all other relevant authorities and
administrative bodies in Indore - Madhya Pradesh, Dehradun – Uttarakhand, Vadodara – Gujarat and Noida/Greater Noida –
Uttar Pradesh.

Business
We will also be introducing 4 IndiGo blue buses in the 4 locations, equipped with facilities including computer system, NCERT
based learning software, internet dongles, interactive panel for video conferencing and showing of audio-visual concepts, back
screen, solar power plate, generator, AC system etc. with the objectives of : (i) promote digital literacy and improve quality of
teaching and learning in Schools; and (ii) promote e-governance and extend access of Government services, such as access to
, download and submission of forms, payment of various bills – water, electricity, telecom etc., purchase of railway tickets, air
tickets etc to the communities in 60 villages in which the Schools are located.
IndiGoReach is supporting 2 schools based on the model of providing bridge education to school dropout and first time
learners. The school started with an endeavor to keep young children away from the streets, begging or picking rags, today
provides education to more than 400 children.
IndiGoReach is also working towards providing access to education to children with special needs. IndiGo supports Tamana in
running the school for the autistic, the Autism Center and School of Hope.
6E Scholar Program: This programme marked the addition of the 100th IndiGo aircraft in the financial year 2015-16. Some
100 selected students who belonged to the high IQ percentile category were awarded 6E scholarships. IndiGo assumed the
responsibility to mentor the students until graduation and job placement. A program on the same lines, has been launched in
Varanasi for 50 gifted children.
6E Shakti is our women empowerment intervention, dedicated towards enhancing the capacities of the women (approximately
62,000 women) through skill enhancement by providing agriculture and no agriculture based trainings. The women are organized
into Self Help Group (SHGs) and Producer groups for capacity building. We are covering 430 villages of 64 Gram Panchayats
in 7 blocks to mobilize 37,500 poor and marginalized farmers, across 3 districts of Jharkhand- Godda, Hazaribagh and Bikaro.
We are working towards enhancing livelihood security of 20,000 rural women in 100 villages of 4 districts of Maharashtra
(namely, Pune, Ahmednagar, Nashik and Thane). We are helping 1500 women in 24 villages, 3000 women, from the rural slums
in Udaipur in Rajasthan, Raipur in Chattisgarh and Gautam Budh Nagar in Uttar Pradesh through sustainable agriculture and
entrepreneurship development. We plan to help these women here through agricultural as well as non-agricultural programs by
linking them directly to the market and capacity development of community resource persons.
Environment - IndiGo is committed to environment protection across its operations. This engagement extends from a proactive
investment in cutting-edge technologies that enhance fuel cum material efficiency on the one hand and CSR engagements that
champion the cause of the environment on the other.
IndiGo has signed ERPA( Emission Reduction Purchase Agreement) with ADATS for 5000 biogas units in Chittoor district of
Andhra Pradesh. Company has signed another ERPA with Accion Fraterna for 2500 biogas units in Anantapur district at Andhra
Pradesh and a similar program at Uttrakhand in Halwani district for 2000 biogas units with Suvidha. Through this program, the
Company aims not only at the Environmental benefits but also at Social and Economic benefits in this region.
Our Company has adopted a site for planting a total of 30,000 trees; which includes species that are a mix of fruit bearing trees,
timber and wood trees. The plantation activity will help improving the overall ecological health by restoration of degraded
forest patches in the selected reserve forests area at Dalapchand, East Sikkim. In addition to this, the Company is planning
another 10,000 timber and fruit trees in Hindon airport area, Noida and Greater Noida. The Company will maintain the region
for 3 years’ time.
6e Responsibility
IndiGo partnered with Delhi Police to facilitate transporting the Human Remains of the deceased underprivileged Northeast
residents free of cost back to their homeland (North-eastern destinations) on IndiGo’s network. This is a part of the service
‘Aakhri Ahuti’ launched by Delhi Police in 2017 owing to the past incidents where human remains of the deceased North-east
residents in Delhi were buried or cremated in Delhi NCR without their kith or kin being present.
We have partnered with ‘Iamgurgaon’, an organization working towards creating of a new public space for the residents of
Gurgaon, by transforming an underutilized piece of land which is currently a dumping spot. Tree plantation will be done along
the sides to create a linear park. This will help increase greenery and promotion of local plant species. The intervention will also
help increase safety and hygiene in the area of the bundh and surrounding areas.
Employee volunteering is a central part of IndiGoReach. Our CSR initiatives have always provided a platform to the employees
to volunteer. Our policy of iServe allows each employee to volunteer and dedicate 3 working days towards a CSR initiative. All
the new hires- our cabin crew, pilots, engineers and ground staff employees have half day of volunteering activity as part of
their training calendars. All our departments and airport location staff is aligned to a cause and volunteer each quarter to be a
part of a CSR activity. This helps us to keep the IndiGoReach culture alive across the network and live up to our CSR philosophy.

Principle 5: Businesses should respect and promote human rights

IndiGo is committed to provide a healthy work environment that is free of discrimination and unlawful harassment and that
enables employees to work without fear of prejudice, gender bias and sexual harassment. The Company has always endeavored
for providing a better and safe environment free of sexual harassment at all its work places.
The Company is conducting workshops, training and awareness programs, for its employees, to educate them as at various
national and international laws as applicable, and other statutory provisions relating thereto.
Various policies of the company on human rights are applicable to its vendors, associates, business partners and
group companies.
With respect to finalisation of any business partner, vendors or associates, the Company follows a tedious and rigorous
screening process before entering into any business relationship. All the contracts that the Company enters into with vendors
require the vendor to comply with the relevant laws safeguarding labour rights and human rights and laws in their respective
jurisdiction.
No incidence of discrimination or human rights violation was received by the Company’s Code of Conduct during the year under
review.
Principle 6: Business should respect, protect, and make efforts to restore the environment
The implications of climate change on our planet are profound and wide-ranging effecting adversely the public health, agriculture,
biodiversity and water sources. Of course, climate change poses risks to our business as well. More frequent and intense
droughts along with extreme weather changes could impair our flight schedules, disrupt our operations and effect consumer
demand as well. We, at IndiGo, believe in leadership, responsible and inclusive growth, and a sense of shared prosperity and
taking care of our environment from global warming and adverse climate change.
The Indian Aviation Sector is predicted to become the world’s third largest by 2020. It is expected to carry 460 million passengers
per annum shortly. A sector of such magnitude needs to be environment friendly. At IndiGo, every flight is the commitment of an
organization that is deeply concerned about the effects that the aviation sector has on the environment and climate change.
Keeping this in mind, IndiGo is committed to reduce the impact of carbon footprint on environment and climate change. Our
operations teams have adopted innovative techniques and procedures that will help us reduce the carbon being emitted into
the environment. Our Engineering team in consultation with Flight Safety team have devised few measures to reduce the impact
of carbon emission in our environment.
Initiatives have been taken to shorten air traffic service (ATS) routes and direct routings in consultation with Air Traffic Control
(ATC) over Indian airspace. This has resulted in reduced track miles consequently reducing fuel burn and CO2 emissions.
IndiGo encourages pilots to do a single engine taxi at all aerodromes subject to operational considerations. Fuel saving on set-
out is approx. 3kg per min. Hence, it reduces CO2 emissions. All aircraft utilize the thrust that is produced by their engines to taxi
to or from the runway for takeoffs and landings, which burns expensive jet fuel and creates emissions. However, by shutting down
an engine while taxiing, we reduce ground-level fuel burn and carbon dioxide emissions by 20 percent to 40 percent. Single-
engine taxiing can also reduce emissions of nitrogen oxides by 10 percent to 30 percent, depending on the pilot technique. We
use the twin-engine Airbus A320 aircraft and twin-engine turboprop ATR. The pilot shuts down one engine immediately after
exiting the runway. With this single engine taxiing technique we are able to curb fuel consumption by almost 16%.
Usage of Ground Power Units (GPU) on ground instead of Auxiliary Power unit (APU) helps reducing APU fuel burn & enhances
APU life. 5 minutes of the APU produces around 35 KGs of CO2 which is saved for every flight every day.
IndiGo’s dynamic cost Index flight planning captures the variation of Fuel Prices and provides the optimal fuel burn across the
network. This is a well-defined process of Flight Operation support and the speed for each sector is provided to the pilots with
the inflight papers. The same is fed in the aircraft by the pilot for efficient operations.
The A320neo “new engine option” incorporates many innovations, including latest generation engines and large sharklet wing-
tip devices, which together deliver 15 percent in fuel savings from day one and 20 per cent by 2020. This is equivalent to a
reduction of 5,000 tonnes of CO2 per aircraft per year. These fuel efficient planes have helped IndiGo consistently offer lower
fares. Other than being fuel efficient the A320 neo is an environmentally friendly plane significantly reducing the impact on
the environment and allows for a more sustainable mode of flying. IndiGo has ordered a total of 530 A320 family aircraft with
Airbus till date.

Business
Based on the water consumption, it was decided, that a more appropriate quantity of water was to be carried rather than the
full tank capacity, to reduce fuel burn.
• We carry 25% on domestic flights less than 1hour 15 min.
• 50% on domestic flights more than 1 hour 15 min.
• 100% on International flights
• Carrying less water reduces the weight of the aircraft and therefore burns less fuel
• As a result of reduction in fuel burn, carbon emission is reduced
Eco wash is essentially washing of aircraft engines in an effective manner. A core engine wash lowers the exhaust gas
temperature (EGT), thus reducing the fuel demand. This has the effect of not only cutting costs but also sparing the environment
by producing lower emissions and consuming less fossil fuels.
The wing tip extensions improve aerodynamics for lower fuel burn, while saving over 900 tonnes of Co2 per year per aircraft. It
also helps in improved field performance and lower noise levels.
In addition to the structural and procedural changes, we have invested in a climate change projects through our partnership with
ADATS. This partnership has been facilitated by the Environmental Defence Fund (EDF), a science and economics based global
NGO that harnesses the power of policy frameworks and markets to deliver sound environmental outcomes.
In 2013, IndiGo signed the first ERPA (Emission Reduction Purchase Agreement) with FCN for 5000 biogas units in Chittoor
district of Andhra Pradesh. By 2015 we signed another ERPA for 2500 biogas units in Anantapur district at Andhra Pradesh.
We have adopted a site for tree plantation for planting 30,000 trees, a mix of fruit bearing trees, timber and wood trees at
Dalapchand, East Sikkim. In addition, we will be planningto plant another 10,000 timber and fruit trees in Hindon airport area,
Noida and Greater Noida. This plantation activity will help improving the overall ecological health by restoration of degraded
forest patches.
IndiGo will now be recycling all the old employee uniform, shoes, bags, carpets, seat covers and head rest covers. We will be
collecting all these used and old articles from across the network for donation to our partner organization who will be recycling
them into bags, pouches, folder or items that can be sold in the local market.
This will provide the employees a platform where the employees can donate their old uniform, shoes and bags; which may be
recycled or reused for the benefit of the people in marginalised communities. We also recycle waste paper generated at our
work place.
Principle 7: Businesses, when engaged in influencing public and regulatory policy, should do so
in a responsible manner
Our Company is associated with some of the renowned associations of domestic and international fame. The Company is
having a significant presence among various industry and business associations such as the Associated Chamber of Commerce
and industry of India (ASSOCHAM), PHD Chamber of Commerce and other associations.
The Company is an active member of the Federation of Indian Airlines (FIA), an airline industry body in India, which represents
Jet Airways, IndiGo, SpiceJet and GoAir, having a combined 80% share of the domestic aviation market. The functions of the
FIA are carried out by an Executive Council composed of the heads of each of the member airlines. Further, the Company actively
participates in multi - stakeholder debates and, when relevant, responds to public consultations.
In addition to above, we have membership of International Civil Aviation Organization (ICAO), International Air Transport
Association (IATA) and Air cargo Forum India, Flight Safety Foundation, Singapore Business Federation and some global
organization.
The Company does not engage in policy advocacy, but are actively involved in consultations and discussion forums with the
Government and other bodies in the Aviation industry. Our advocacy efforts are championed across the world by our directors
and senior leadership team.
Principle 8 - Businesses should support inclusive growth and equitable development

Corporate Social Responsibility (CSR) Policy of IndiGo is a reflection of our intention to reach out to make a difference and the
Power to Make a Change. Our CSR efforts are not only for one section or limited to areas we have operations but encompasses
the overall development of society with proper human capabilities. We understand that sustainable growth is achieved by

a proper combination of socio- economic and equitable development, where the progress supports the creation of healthy
communities, which in turn feed a healthy economy.
We don’t limit our efforts towards CSR in just complying with government regulations of utilising minimum 2% of the Company’s
average net profit during the immediately preceding financial year, but CSR, being a holistic approach, is much beyond that
for us.
An amount of Rs. 276.04 million was spent towards various CSR projects and initiatives taken by the Company during the
financial year 2017-18 and people from all over the country have benefitted from these CSR activities of the Company.
The details of the CSR projects undertaken by the Company during the year under review are set out in the Annexure – A of the
Board’s Report.
Principle 9 - Businesses should engage with and provide value to their customers and consumers
in a responsible manner
All our policies and processes finally transform into services for our customers, making them our key stakeholders. We have
devised robust customer Relationship Management which ensures tracking of communication, not only with the customers but
also internally. We seek customer feedback to improve our services. Improving customer service at the airports, an integral part
of a customer’s journey, is also a key priority for us. We continuously invest in making on-ground experience more smooth and
hassle-free. To ensure a hassle free process for customers, we have opened various channels of communications which includes
call centres, info boards/check-in counters at the airport, feedback forms and feedback emails, feedback through mobile and
social media platforms. We have invested “customer facing” technologies to further optimize our operations and expand our
product and service offerings. These measures are helping us improve ways in which we personalise customer experiences,
operate our business and interact with customers. We sent intimations through emails to our customers before their flights for
updating status. An SMS is sent to customer just before the flight so that customer is made aware of the channel he / she can
adopt to share feedback after the flight. Customer can send an SMS after the flight by sending a message “Feedback” followed
by comments to 566772. The messages are immediately read and actioned upon by the customer relations team.
Details of customer feedback are collected every week and a briefing is conducted in the presence of the members of Leadership
team. Regular employee counseling and corrective training, internally, is also embedded in the system to facilitate the entire
improvement process.
Our ticket contains every such possible information which is required as per regulatory bodies and prevailing laws and market
trend. It is our constant endeavor to maintain transparency for our passengers.
As on March 31, 2018, there were 273 consumer cases pending against the Company pan India before various District Customer
Forum, State Consumer Forum and National Consumer Forum for judicial adjudication and resolution relating to various subject
matters disputes such as flight delay/cancellation, refund of fare, baggage loss/cargo, customer service, no –show, cancellation
of tickets etc.
However, as reported to DGCA, we had received other complaints relating to flight problems, baggage, customer service,
disability, staff behaviour, disputes in relation to loss of baggage/ cargo, no-show, cancellation of tickets, incorrect bookings,
refund of fares, flight delays, death/ injury on board, baggage mishandling and flight cancellation. We had closed 1146
complaints of our customers’ upto their satisfaction.
The Company has multiple channels for grievance redressal handling - through website, call center, email, SMS etc.
Consumer Survey are carried out by the Company, which are post passenger travel to capture customer experience. The
endeavour is to continually improve our service experience across the travel lifecycle through customer feedbacks.


DIN: 01804955 DIN: 00090860
Date: July 05, 2018
Place: Gurgaon

Standalone
InterGlobe Aviation Limited Financial Statement
Independent Auditor’s Report

To the Members of InterGlobe Aviation Limited
Report on the Audit of the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of InterGlobe Aviation Limited (“the Company”),
which comprise the Balance Sheet as at 31 March 2018, the Statement of Profit and Loss, the Statement of Changes in Equity
and the Statement of Cash Flows for the year then ended, and summary of the significant accounting policies and other
explanatory information (hereinafter referred to as “standalone Ind AS financial statements”).
Management’s Responsibility for the Standalone Ind AS Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the
Act”) with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the state
of affairs, profit and other comprehensive income, changes in equity and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section
133 of the Act.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS
financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone Ind AS financial statements, management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.
Auditor’s Responsibility
Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to
be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing specified
under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the standalone Ind AS financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone
Ind AS financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the
risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those
risk assessments, the auditor considers internal financial control relevant to the Company’s preparation of the standalone
Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness
of the accounting estimates made by the Company’s Directors, as well as evaluating the overall presentation of the standalone
Ind AS financial statements.
We are also responsible to conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in the auditor’s report to the related disclosures in the standalone Ind AS financial statements or, if
such disclosures are inadequate, to modify the opinion. Our conclusions are based on the audit evidence obtained up to the
date of the auditor’s report. However, future events or conditions may cause an entity to cease to continue as a going concern.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on
the standalone Ind AS financial statements.

Standalone Overview Reports Financials
Financial Statement
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind
AS financial statements give the information required by the Act in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March
2018 and its profits and other comprehensive income, changes in equity and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order, 2016 (‘the Order’), issued by the Central Government of India
in terms of sub-section (11) of Section 143 of the Act, we give in “Annexure A”, a statement on the matters specified in
paragraphs 3 and 4 of the Order.
2. As required by Section 143 (3) of the Act, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit;
b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from
our examination of those books;
c) The Balance Sheet, the Statement of Profit and Loss, the Statement of Cash Flows and the Statement of Changes in
Equity dealt with by this Report are in agreement with the books of account;
d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards
prescribed under Section 133 of the Act;
e) On the basis of the written representations received from the directors as on 31 March 2018 taken on record by the
Board of Directors, none of the directors is disqualified as on 31 March 2018 from being appointed as a director in
terms of Section 164 (2) of the Act;
f) With respect to the adequacy of the internal financial controls with reference to standalone Ind AS financial statements
of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure B”; and
g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations
given to us:
i. The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS
financial statements - Refer Note 30 to the standalone Ind AS financial statements;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses;
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund
by the Company; and
iv. The disclosures in the standalone Ind AS financial statements regarding holdings as well as dealings in
specified bank notes during the period from 8 November 2016 to 30 December 2016 have not been made
since they do not pertain to the financial year ended 31 March 2018. However, amounts as appearing in the
audited Standalone Ind AS financial statements for the period ended 31 March 2017 have been disclosed-
Refer Note 38 to the standalone Ind AS financial statements.
For B S R & Co. LLP

Chartered Accountants
Firm registration number: 101248W / W-100022
Jiten Chopra
Place: Gurugram Partner
Date: 02 May 2018 Membership number: 092894

Standalone
Independent Auditor’s Report (contd...)
Annexure A referred to in our Independent Auditor’s Report to the members of

InterGlobe Aviation Limited on the standalone Ind AS financial statements for the
year ended 31 March 2018
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of
fixed assets.
(b) The Company has a regular programme of physical verification of its fixed assets by which all fixed assets are
verified in a phased manner over a period of two years except for aircraft and spare engines, which are verified
on an annual basis. In our opinion, this periodicity of physical verification by management is reasonable having
regard to the size of the Company and the nature of its assets. In accordance with this programme, certain fixed
assets were physically verified during the year. As informed to us, no material discrepancies were noticed on such
verification.
(c) According to the information and explanations given to us, the Company does not have any immovable properties.
Accordingly, paragraph 3(i)(c) of the Order is not applicable.
(ii) Inventories, except for goods-in-transit and stocks lying with third parties have been physically verified by the management
during the year. In our opinion, the frequency of such verification is reasonable. For stocks lying with third parties at the
year-end, written confirmations have been obtained. According to the information and explanations given to us, the
procedures for physical verification of inventories followed by the management during the year are reasonable and
adequate in relation to the size of the Company and the nature of its business. The discrepancies noticed on verification
between the physical stocks and the book records were not material and have been properly adjusted in the books of
account.
(iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured
to companies, firms, limited liability partnerships or other parties covered in the register maintained under section 189 of
the Companies Act, 2013. Accordingly, the provisions of paragraph 3 (iii) of the Order are not applicable to the Company.
(iv) According to the information and explanations given to us, the Company has not given any loan, or provided any guarantee
or security as specified under section 185 and 186 of the Companies Act, 2013. Moreover, in respect of the investments
made by the Company, requirements of section 186 of the Companies Act, 2013 have been complied with.
(v) As per the information and explanations given to us, the Company has not accepted any deposits as mentioned in the
directives issued by the Reserve Bank of India and the provisions of section 73 to 76 or any other relevant provisions of
the Companies Act, 2013 and the rules framed there under. Accordingly, paragraph 3(v) of the Order is not applicable.
(vi) According to the information and explanations given to us, the Central Government has not prescribed the maintenance of
cost records under sub-section (1) of section 148 of the Companies Act, 2013, for any of the services rendered or goods
sold by the Company. Accordingly, paragraph 3(vi) of the Order is not applicable.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of
the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including
provident fund, employees’ state insurance, income tax, sales tax, service tax, goods and services tax, duty of
customs, value added taxes, cess and other statutory dues have been regularly deposited during the year by the
Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of
duty of excise.
According to the information and explanations given to us, no undisputed amounts payable in respect of provident
fund, employees’ state insurance, income tax, sales tax, service tax, goods and services tax, duty of customs, value
added taxes, cess and other statutory dues were in arrears as at 31 March 2018 for a period of more than six months
from the date they became payable.
(b) According to the information and explanations given to us, there are no dues of income tax, service tax, goods and
services tax, sales tax, value added tax and duty of customs which have not been deposited by the Company with
the appropriate authorities on account of any dispute as at 31 March 2018, other than those mentioned as follows:

Financial Statement
Statement of Disputed Tax Dues
Name of the Statute Nature of the dues Amount (Rs. Amount paid Period to Forum where
in million) under protest which the dispute is
(Rs. in amount pending
million) relates
Revision to the taxable income on

account of : High Court
a) Tax treatment of certain incentives of Delhi and
Assessment
received by the Company from Commissioner
Income-tax Act, 1961 - - year (AY)
manufacturers with the acquisition of Income Tax
2007-08 1
of aircraft and engine. (Appeals)
b) Disallowance of certain expenses [CIT(A)]
/ adjustments

account of :
High Court
a) Tax treatment of certain incentives
AY 2008-09 2 of Delhi and
received by the Company from
Income-tax Act, 1961 - - Income Tax
manufacturers with the acquisition AY 2009-10 3 Appellate
of aircraft and engine.
Tribunal (ITAT)
b) Disallowance of certain expenses
/ adjustments.

account of:
received by the Company from
Income-tax Act, 1961 8.66 1.30 AY 2010-11 4 ITAT and CIT(A)
manufacturers with the acquisition
/ adjustments.
Writ petition filed before High Court

of Delhi challenging reopening of
assessment on account of:
High Court of
Income-tax Act, 1961 received by the Company from 3,921.14 - AY 2011-12 5
Delhi
b) Disallowance of certain expenses/
adjustment.
Revision to taxable income on account

of :
AY 2012-13 6
received by the Company from the
Income-tax Act, 1961 5,822.44 100 AY 2013-14 7 ITAT
AY 2014-15 7
/ adjustments.
Revision to taxable income on account

of :
received by the Company from the
Income-tax Act, 1961 manufacturers with the acquisition 2,887.73 150 AY 2015-16 8 CIT(A)
b) Disallowance of supplementary
lease rental and certain expenses
/ adjustments.

Standalone
million) relates
Assessing
Income-tax Act, 1961 Tax deducted at source 1.02 - AY 2007-08
officer (AO)
Income-tax Act, 1961 Tax deducted at source 142.48 7.84 AY 2010-11 ITAT and CIT(A)
Income-tax Act, 1961 Tax deducted at source 20.99 5.07 AY 2011-12 ITAT
Income-tax Act, 1961 Tax deducted at source 22.78 11.41 AY 2012-13 CIT(A)
Income-tax Act, 1961 Tax deducted at source@ 0.09 0.09 AY 2013-14 ITAT
Income-tax Act, 1961 Tax deducted at source 0.73 0.73 AY 2014-15 CIT(A)
AY 2008-09,
AY 2009-10,
AY 2010-11,
Income-tax Act, 1961 Tax deducted at source 13.21 - ITAT and AO
AY 2013-14
and AY 2014-
15
Customs, Excise
Service tax and penalty on excess Financial Year and Service
Finance Act, 1994 baggage charges and services (FY) 2006-07 Tax Appellate
111.21 -
(Service tax) received from overseas vendors and to FY 2010-11 Tribunal
denial of cenvat credit ## (CESTAT),
Chandigarh
FY 2005-06
Finance Act, 1994 Service tax and penalty on services to FY 2009-10 CESTAT,
2.96 -
(Service tax) received from overseas vendors and FY 2010- Chandigarh
11 ##
Penalty for late payment of Service

Finance Act, 1994 FY 2012-13 to CESTAT,
tax on various expenses incurred for 358.56 89.64
(Service tax) FY 2013-14 Chandigarh
External Commercial Borrowing
FY 2011-12
The Customs Act, Customs duty and penalty on import CESTAT,
531.20 - and FY 2012-
1962 of aircraft engines Bangalore
13 ##
Custom duty and penalty on notional August 2012

The Customs Act, CESTAT,
freight charges added to the value of 6.78 2.69 to May 2015
1962 Chennai
Aviation turbine fuel ##
Commissioner
Custom duty and penalty on notional October 2011
The Customs Act of Customs
freight charges added to the value of 7.18 1.07 to March
1962 (Appeals),
Aviation turbine fuel 2015 ##
Mumbai
Kerala Value
Kerala Value Added Value Added Tax on sale of goods in FY 2012-13 to Added Tax
0.66 0.92
Tax Act, 2003 International flights@ FY 2013-14 Appellate
Tribunal
Central Sales Tax on sale of goods

Central Sales Tax Act, in international flights in the state
1956 & Central Sales of Maharashtra (Credit of Rs. 0.47 Joint
7.85 0.48 FY 2012-13
Tax (Bombay) Rules, million adjusted against demand and Commissioner
1957 Rs. 0.48 million was deposited as
part payment by the Company)

Financial Statement
million) relates
Maharashtra Value Joint

Denial of Input Tax Credit 0.17 - FY 2012-13
Added Tax, 2002 Commissioner
Tax on sale of goods in international

Joint
Maharashtra Value flights and denial of Input Tax Credit
5.28 - FY 2013-14 Commissioner
Added Tax, 2002 (Credit of INR 0.60 million has been
**
adjusted against the demand)
Mumbai Municipal Octroi on import/inward movement of

High court of
Corporations Act, aircraft engines and aircraft engine 74.39 74.39 FY 2016-17
Mumbai
1888 stand@
Customs Tariff Act,

Commissioner
1975 and The Integrated Goods and Services Tax on
of Customs
Integrated Goods re-import of aircraft, aircraft engines 1,829.50 1,829.50 FY 2017-18
(Appeals), New
And Services Tax, and certain aircraft parts after repair@
Delhi*
2017
## The demand does not include interest component as it is not specified in order.
* Includes the cases wherein appeal filing is in process.
** The Company is in process of filling appeal to Joint Commissioner.
@ As on 31 March 2018, net outstanding due is Nil.

1
ITAT has passed favorable order dated 18 July 2016 and the loss for the year has been assessed at Rs. 2,032.85 million
vide appeal effect order dated 16 November 2016. Income tax department filed an appeal to High Court of Delhi dated
23 December 2016 for the proposed addition to taxable income amounting to Rs. 1,874.63 million for AY 2007-08 which will
result in reduction of business loss and unabsorbed depreciation for AY 2007-08. During the current year, the High Court of Delhi
vide order dated 7 July 2017 has admitted the department’s appeal on taxability of certain incentives.
In relation to certain disallowance of expenses amounting to Rs. 22.39 million, appeal is pending before CIT(A) against order
u/s 144/143(3)/263 of the Income Tax Act, 1961.
2
ITAT has passed favorable order dated 18 November 2016 and the loss for the year has been assessed at Rs. 3,171.43 million
vide appeal effect order dated 6 March 2017. During the current year, Income tax department filed an appeal to High Court of
Delhi dated 1 May 2017 for the proposed addition to taxable income amounting to Rs. 4,714.97 million for AY 2008-09. During
the current year, the High Court of Delhi vide order dated 31 October 2017 has admitted the department’s appeal on taxability
of certain incentives.
The Company has also filed a miscellaneous application before ITAT to adjudicate on disallowances of certain expenses
amounting to Rs. 118.50 million.
3
ITAT has passed favorable order dated 18 November 2016 and the loss for the year has been assessed at Rs. 2,121.80
million vide appeal effect order dated 21 February 2017. During the current year, Income tax department has filed an appeal
to High Court of Delhi dated 1 May 2017 for the proposed addition to taxable income amounting to Rs. 4,164.13 million for
AY 2009-10. During the current year, the High Court of Delhi vide order dated 31 October 2017 has admitted the department’s
appeal on taxability of certain incentives.
The Company has also filed a miscellaneous application before ITAT to adjudicate on disallowances of certain expenses
amounting to Rs. 619.46 million.
4
The additional taxable income amounting to Rs.3,569.11 million for AY 2010-11 was proposed vide order dated 15 March 2013
by assessing officer . During the year ended 31 March 2016, CIT(A) has passed an order dated 20 January 2016 proposing
additions amounting to Rs. 726.60 million. The Company has filed an appeal to ITAT for proposed additions to taxable income.

Standalone
Further, addition of Rs. 50.97 million was proposed by assessing officer under section 147 of the Income tax Act, 1961 vide
re-assessment order dated 27 January 2016 and accordingly, above mentioned demand has arisen. The Company has filed an
appeal to CIT(A) against order under section 147 of the Income tax Act, 1961.
5
The AO has issued a notice u/s 148 of the Income Tax Act, 1961 for re-opening of assessment, pertaining to AY 2011-12. The
Company has filed a writ petition before High Court of Delhi challenging the re-opening of reassessment by AO. The High Court
has directed to pass the assessment order stating such order shall not be given effect till further orders. The assessing officer
passed an assessment order proposing the additional taxable income amounting to Rs.5,823.48 million vide order dated
29 December 2017 and accordingly, demand amounting to Rs. 3,921.14 million has arisen. The High Court of Delhi has granted
stay vide order dated 18 April 2018 till disposal of writ petition by High Court of Delhi.
6
The additional taxable income amounting to Rs. 6,070.11 million for AY 2012-13 was proposed vide assessment order
dated 25 March 2015 by assessing officer. CIT(A) has passed an order dated 22 March 2017 which further proposed additional
taxable income amounting of Rs. 4,904.78 million. The assessing officer passed rectification order dated 03 October 2017 and
accordingly, demand of Rs. 1,154.63 million has arisen. The Company has filed an appeal before ITAT for proposed additions
to taxable income. Further, the Company has obtained stay of demand from ITAT for the above mentioned demand.
7
The additional taxable income amounting to Rs.14,218.26 million and Rs.12,538.26 million for AY 2013-14 and AY
2014-15 respectively was proposed by assessing officer vide order dated 6 December 2016. The Company has filed an appeal
to CIT(A) and it has passed an order dated 10 October 2017 giving partial relief amounting to Rs. 3,500.35 million and
Rs. 2,228.75 million respectively. The assessing officer passed appeal effect order dated 12 February 2018 and accordingly,
demand amounting to Rs. 3,381.40 million and Rs. 1,286.41 million respectively has arisen. The Company has filed an appeal
before ITAT for proposed additions to taxable income.
The Company has obtained stay of demand from ITAT for a period of six months or disposals of the appeals whichever
expire earlier for AY 2013-14 and AY 2014-15. The stay for AY 2013-14 is subject to the condition of paying Rs. 100 million.
Subsequently, the Company has paid Rs. 100 million under protest.
8
The additional taxable income amounting Rs. 11,512.08 million for AY 2015-16 was proposed by assessing officer vide order
dated 28 December 2017. The Company has filed an appeal before CIT(A) for proposed additions to taxable income.
The Company has obtained stay of demand against such order till 31 August 2018 or disposal of appeal by CIT(A), whichever is
earlier, on payment of Rs. 150 million. The Company has paid Rs. 150 million under protest.
(viii) In our opinion and according to the information and explanations given to us and on the basis of our examination of
the records of the Company, the Company has not defaulted in repayment of loans or borrowings to banks or financial
institutions. Further, no loans or borrowings were taken from government and there were no debentures issued during the
year or outstanding as at 31 March 2018.
(ix) In our opinion and according to the information and explanations given to us and on the basis of our examination of the
records of the Company, the Company has utilised the money raised by way of institutional placement programme (“IPP”),
for the purpose for which they were raised. The unutilised funds have been temporarily invested/ deposited in cash and
cash equivalents including bank deposits and/or mutual funds. Moreover, the term loans taken by the Company have been
applied for the purposes for which they were raised.
(x) According to the information and explanations given to us, no material fraud by the Company or on the Company by its
officers or employees has been noticed or reported during the course of our audit.
(xi) According to information and explanations given to us and on the basis of our examination of the records of the Company,
the managerial remuneration has been provided and paid by the Company in accordance with the provisions of section
197 read with Schedule V to the Companies Act, 2013.
(xii) According to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph
3(xii) of the Order is not applicable.
(xiii) In our opinion and according to the information and explanations given to us and on the basis of our examination of the
records of the Company, the transactions with the related parties are in compliance with sections 177 and 188 of the
Companies Act, 2013 where applicable and the details have been disclosed in the standalone Ind AS financial statements
as required by the accounting standards.
(xiv) According to the information and explanation given to us and on the basis of our examination of the records of the
Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible
debentures during the current year. Accordingly, paragraph 3(xiv) of the Order is not applicable.

Financial Statement
(xv) According to information and explanations given to us, the Company has not entered into any non-cash transactions with
directors or persons connected with them. Accordingly, paragraph 3(xv) of the Order is not applicable.
(xvi) According to the information and explanations given to us, the Company is not required to be registered under section
45-IA of the Reserve Bank of India Act, 1934.
For B S R & Co. LLP

Jiten Chopra

Standalone
Annexure B to the Independent Auditor’s Report of even date on the standalone

Ind AS financial statements of InterGlobe Aviation Limited
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013 (“the Act”)
We have audited the internal financial controls with reference to the Standalone Ind AS financial statements of InterGlobe
Aviation Limited (“the Company”) as of 31 March 2018 in conjunction with our audit of the standalone Ind AS financial statements
of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal
control with reference to financial statements criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”)
issued by the Institute of Chartered Accountants of India (“ICAI”). These responsibilities include the design, implementation
and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to Company’s policies, the safeguarding of its assets, the prevention and detection
of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Act.
Our responsibility is to express an opinion on the Company’s internal financial controls with reference to the standalone Ind AS
financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards
on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent
applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued
by the ICAI.
Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether adequate internal financial controls with reference to the standalone Ind AS
financial statements was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system
with reference to the standalone Ind AS financial statements and their operating effectiveness. Our audit of internal financial
controls with reference to the standalone Ind AS financial statements included obtaining an understanding of internal financial
controls with reference to the standalone Ind AS financial statements, assessing the risk that a material weakness exists and
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the standalone
Ind AS financial statements, whether due to fraud or error.
the Company’s internal financial controls system with reference to the standalone Ind AS financial statements.
Meaning of Internal Financial Controls with reference to the Standalone Ind AS Financial
Statements
A company’s internal financial control with reference to the standalone Ind AS financial statements is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control
with reference to the standalone Ind AS financial statements includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of
the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets
that could have a material effect on the financial statements.

Financial Statement
Inherent Limitations of Internal Financial Controls with reference to the Standalone Ind AS
Financial Statements
Because of the inherent limitations of internal financial controls with reference to the standalone Ind AS financial statements,
including the possibility of collusion or improper management override of controls, material misstatements due to error or
fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to the
standalone Ind AS financial statements to future periods are subject to the risk that the internal financial control with reference
to the standalone Ind AS financial statements may become inadequate because of changes in conditions, or that the degree of
compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to the
standalone Ind AS financial statements and such internal financial controls with reference to the standalone Ind AS financial
statements were operating effectively as at 31 March 2018, based on the internal control with reference to the standalone Ind
AS financial statements criteria established by the Company considering the essential components of internal control stated
in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
For B S R & Co. LLP

Jiten Chopra

Standalone
Standalone Balance Sheet

as at March 31, 2018
(Rupees in millions, except for share data and if otherwise stated)
Note As at As at
31 March 2018 31 March 2017
I. Assets
Non-current assets
a. Property, plant and equipment 3 45,347.56 37,474.72
b. Capital work-in-progress 294.20 233.03
c. Intangible assets 4 440.53 463.69
d. Intangible assets under development 30.70 18.83
e. Financial assets
(i) Investments 5 1.27 0.28
(ii) Loans 6 6,831.34 5,440.26
(iii) Other financial assets 7 8,195.22 10,356.39
f. Income tax assets (net) 19.c 386.39 97.60
g. Other non-current assets 8 3,451.22 3,548.74
Total non-current assets 64,978.43 57,633.54
Current assets
a. Inventories 9 1,832.27 1,631.50
b. Financial assets
(i) Investments 5 63,439.12 37,134.10
(ii) Trade receivables 10 2,263.15 1,587.02
(iii) Cash and cash equivalents 11 6,706.28 1,531.09
(iv) Bank balances other than cash and cash equivalents, above 12 59,099.73 44,794.26
(v) Loans 6 1,914.95 39.76
(vi) Other financial assets 7 4,580.25 4,101.10
c. Other current assets 8 6,479.22 3,645.23
Total current assets 146,314.97 94,464.06
Total Assets 211,293.40 152,097.60
II. Equity and Liabilities
Equity
a. Equity share capital 13 3,844.07 3,614.68
b. Other equity 14 66,930.39 34,177.49
Total equity 70,774.46 37,792.17
Liabilities
Non-current liabilities
a. Financial liabilities
(i) Borrowings 15.a 22,413.70 23,957.08
(ii) Other financial liabilities 15.b 29,959.08 22,685.34
b. Provisions 16 1,968.93 1,223.94
c. Deferred tax liabilities (net) 19.d 3,695.25 1,618.06
d. Other non-current liabilities 18 673.93 75.00
e. Deferred incentives 20,578.19 16,899.90
Total non-current liabilities 79,289.08 66,459.32
Current liabilities
(i) Trade payables 17 10,001.56 7,745.94
b. Provisions 16 1,032.46 667.06
c. Current tax liabilities (net) 19.c 127.51 446.77
d. Other current liabilities 18 29,156.70 19,725.84
Total current liabilities 61,229.86 47,846.11
Total Equity and Liabilities 211,293.40 152,097.60
The accompanying notes form an integral part of the standalone financial statements
As per our report of even date attached
For B S R & Co. LLP For and on behalf of the Board of Directors of
Chartered Accountants InterGlobe Aviation Limited
ICAI Firm Registration No.: 101248W /W-100022
Jiten Chopra Devadas Mallya Mangalore Rahul Bhatia
Partner Chairman Director and Interim Chief Executive Officer
Membership No. 092894 DIN: 01804955 DIN: 00090860
Chief Financial Officer Company Secretary and Chief Compliance Officer
Place: Gurgaon Place: Gurgaon
Date: 02 May 2018 Date: 02 May 2018

Financial Statement
Standalone Statement of Profit and Loss

for the year ended March 31, 2018
Note For the year ended For the year ended

31 March 2018 31 March 2017
Income
Revenue from operations 20 230,208.87 185,805.00
Other income 21 9,468.56 7,890.70
Total income 239,677.43 193,695.70
Expenses
Aircraft fuel expenses 77,601.36 63,415.13
Aircraft and engine rentals (net) (Refer to Note 27) 36,101.99 31,253.73
Purchase of stock-in-trade 22 1,238.76 1,238.32
Changes in inventories of stock-in-trade 23 12.65 (2.94)
Employee benefits expense 24 24,550.22 20,481.90
Finance costs 25 3,398.15 3,307.80
Depreciation and amortisation expense 26 4,368.77 4,572.53
Other expenses 27 61,138.76 47,985.83
Total expenses 208,410.66 172,252.30
Tax expense 19
Current tax 6,689.82 4,911.51
Deferred tax (credit) / charge 2,153.21 (59.99)
Total tax expense 8,843.03 4,851.52
Profit for the year 22,423.74 16,591.88
Other comprehensive income 14.c

Items that will not be reclassified to profit or loss
- Remeasurements of defined benefit plans 3.84 (33.22)
- Income tax relating to above mentioned item (1.33) 11.50
Other comprehensive income for the year, net of tax 2.51 (21.72)
Total comprehensive income for the year 22,426.25 16,570.16
Earnings per equity share of face value of Rs. 10 each (previous year Rs. 10 35
each)
Basic (Rs.) 60.03 45.94
Diluted (Rs.) 59.90 45.85

Standalone
Standalone Cash Flow Statement

For the year ended For the year ended

31 March 2018 31 March 2017
A. Cash flows from operating activities
Adjustments for:
Depreciation and amortisation expense 4,368.77 4,572.53
Redelivery and overhaul cost 660.78 286.55
Liabilities no longer required written back (252.46) (414.93)
Loss/(profit) on sale of property, plant and equipment (net) 0.45 (24.58)
Non cash incentives, claims and credits (net) (809.83) (2,152.27)
Interest accretion on provisions and other financial liabilities measured at 2,275.91 1,670.58
amortised cost
Deferred rent amortisation (included in aircraft and engine rentals) 646.97 535.97
Property, plant and equipment written off 53.41 47.46
Advance write off - 9.09
Unrealised foreign exchange (gain) / loss (net) 99.76 (861.80)
Interest on borrowings measured at amortised cost 219.16 179.98
Finance lease charges on finance lease obligations measured at amortised 872.47 1,298.99
cost
Employee stock option scheme expense 274.91 504.89
Interest income from bank deposits (4,008.05) (3,913.27)
Interest income from financial assets at amortised cost (589.97) (488.02)
Marked to market gain on current investments (1,712.97) (546.42)
Net gain on sale of current investments (2,056.49) (1,221.27)
Operating profit before working capital changes 31,309.59 20,926.88
Adjustments for:
Increase in trade receivables (674.37) (21.45)
Increase in inventories (200.77) (868.68)
Increase in loans, other financial assets, and other assets (7,775.66) (2,432.70)
Increase in trade payables, other financial liabilities and other liabilities 19,547.72 17,338.58
Increase in deferred incentives 4,199.75 7,119.03
Cash generated from operating activities 46,406.26 42,061.66
Income tax paid (7,375.22) (4,240.96)
Net cash generated from operating activities 39,031.04 37,820.70
B. Cash flows from investing activities

Purchase of property, plant and equipment and intangible assets (including (12,202.15) (2,372.38)
capital advances)
Proceeds from sale of property, plant and equipment 2.43 6,132.30
Deposits made with banks due to mature within 12 months from the reporting (14,305.47) (15,661.24)
date (net)
Refer to Note 12 [deposits under lien Rs. 58,748.41 (previous year Rs.
39,471.53)]
Deposits made with banks due to mature after 12 months from the reporting date 2,134.97 3,567.53
(net)
Refer to Note 7 [deposits under lien Rs. 7,747.51 (previous year Rs. 9,633.84)]
Investment in subsidiary (1.00) (0.10)
Purchase of mutual funds / shares (157,721.19) (126,733.58)
Proceeds from sale of mutual funds / shares 135,185.63 101,228.56
Interest received 5,310.45 3,460.24
Net cash used in investing activities (41,596.33) (30,378.67)
C. Cash flows from financing activities

Proceeds from secured loans (Refer to Note 3 below) 449.77 676.61
Repayment of secured loans (Refer to Note 3 below) (2,328.81) (7,526.39)
Interest paid (209.20) (168.77)
Finance lease charges paid (533.41) (478.79)
Proceeds from Institutional Placement Programme (Refer to Note 13.i.) 223.86 -
Proceeds from issue of shares on exercise of stock options 5.53 11.11
Securities premium received on account of issue of shares (net of share issue 24,852.45 -
expenses)
Final dividend paid (12,297.20) (5,422.03)
Corporate dividend tax paid (2,503.44) (1,103.80)
Net cash generated from/(used in) financing activities 7,659.55 (14,012.06)
Net increase/(decrease) in cash and cash equivalents during the year (A+B+C) 5,094.26 (6,570.03)
Effect of exchange rate changes on cash and cash equivalents held in foreign 80.93 47.44
currency

Financial Statement
Standlone Cash Flow Statement

for the year ended March 31, 2018 (contd...)

31 March 2018 31 March 2017
D. Cash and cash equivalents at the beginning of the year
Cash on hand 43.17 30.83
Balance with banks:
- On current accounts 1,487.92 2,664.02
- On deposit accounts (with original maturity of three months or less) - 5,358.83
1,531.09 8,053.68
E. Cash and cash equivalents as at the end of the year

Balance with banks:
- On deposit accounts (with original maturity of three months or less) 1,165.00 -
6,706.28 1,531.09
Notes:
1. The Standalone Cash Flow Statement has been prepared in accordance with ‘Indirect method’ as set out in Ind AS - 7 - ‘Statement of
Cash Flows’, as notified under Section 133 of the Companies Act, 2013, read with the relevant rules issued thereunder.
2. Current account balance with banks includes Rs. 2,278.35 (previous year Rs. 71.43) held in foreign currency which are freely
remissible to the Company.
3. Changes in liabilities arising from financing activities

31 March 2018 31 March 2017
Opening balance of secured loans
- Finance lease obligations (including current maturities of finance lease 21,357.74 28,410.83
obligations)
- Foreign currency term loan - from others 4,604.00 4,035.46
Cash flows
Repayment of secured loans (2,328.81) (7,526.39)
Proceeds from secured loans 449.77 676.61
Non-cash changes
Foreign currency exchange fluctuations 112.17 (469.22)
Changes in finance lease obligation measured at amortised cost 332.34 834.45
Closing balance of secured loans

- Finance lease obligations (including current maturities of finance lease 19,445.12 21,357.74
obligations)

94
Standalone Statement of Changes in Equity
A. Equity share capital

31 March 2018 31 March 2017
Number of shares Amount Number of shares Amount
Balance at the beginning of the year 361,468,363 3,614.68 360,356,544 3,603.57

Changes in equity share capital during the year:
Issued during the year pursuant to exercise of employee stock options scheme 37 552,861 5.53 1,111,819 11.11
Issued during the year - Institutional Placement Programme 13.i.(i) 22,385,614 223.86 - -
Balance at the end of the year 384,406,838 3,844.07 361,468,363 3,614.68
B. Other equity
Note Equity Reserve and Surplus Other Total
component Employee Securities General Retained comprehensive
of compound stock options premium reserve earnings income**
financial outstanding reserve
instruments* account
Balance as at 1 April 2017 58.79 549.12 12,604.58 389.07 20,610.33 (34.40) 34,177.49
Changes in other equity during the year
ended 31 March 2018:
Other comprehensive income for the year 14.c. 2.51 2.51
Total comprehensive income for the year 22,423.74 2.51 22,426.25
Final dividend 14.b.(iv) (12,297.27) (12,297.27)
Corporate dividend tax 14.b.(iv) (2,503.44) (2,503.44)
Employee stock option scheme expense 37 - 274.91 - - - - 274.91
Premium received during the year on 14.b.(ii) - - 25,351.50 - - - 25,351.50
account of issue of shares
Utilised for share issue expenses 14.b.(ii) - - (499.05) - - - (499.05)
Amount utilised / transfer for issue of 37 - (283.93) 283.93 - - - -
shares on exercise of stock options
Balance as at 31 March 2018 58.79 540.10 37,740.96 389.07 28,233.36 (31.89) 66,930.39
* Represents equity component of compound financial instruments (net of tax) - 36,716 0.00% convertible preference shares of Rs.1,000 each fully paid up. Refer to Note
14.a.
** Other comprehensive income represents remeasurement of defined benefit plans (net of tax).

Financial Statement
Standalone
B. Other equity (contd...)
Note Equity Reserve and Surplus Other Total
Standalone

instruments*
Financial Statement
account

Profit for the year 16,591.88 - 16,591.88
Other comprehensive income for the year 14.c. (21.72) (21.72)
Total comprehensive income for the year 16,591.88 (21.72) 16,570.16
14.a.
Overview

Reports



Financials
95
Standalone
Notes forming part of the standalone financial statements

1. Company Information / Overview

InterGlobe Aviation Limited (the “Company”) is a public limited company domiciled in India. The Company was incorporated
on 13 January 2004 as a private limited company in India. Subsequently, the Company changed its legal status from a
private company to a public company on 11 August 2006. The Company’s registered office is at Central Wing, Ground
Floor, Thapar House, 124 Janpath, New Delhi - 110 001. The shares were listed on National Stock Exchange of India
Limited (NSE) and BSE Limited (BSE) on 10 November 2015. The Company is in the low cost carrier (LCC) segment of the
airline industry in India. The principal activities of the Company comprise of air transportation which includes passenger
and cargo services and providing related allied services including in-flight catering services.
2.a Basis of preparation

(i) Statement of compliance
The standalone financial statements comply with Indian Accounting Standards (“Ind AS”) as prescribed under
section 133 of the Companies Act, 2013 (the “Act”), read together with Rule 3 of the Companies (Indian Accounting
Standards) Rules, 2015, relevant provisions of the Act and other accounting principles generally accepted in India.
The Company had adopted Ind AS with effect from 1 April 2016, with transition date of 1 April 2015, pursuant
to notification issued by Ministry of Corporate Affairs dated 16 February 2015, notifying the Companies (Indian
Accounting Standard) Rules, 2015.
The standalone financial statements were authorised for issue by the Board of Directors of the Company on
2 May 2018.
(ii) Basis of measurement

The standalone financial statements have been prepared on the historical cost basis except certain financial assets
and liabilities that are measured at fair value or amortised cost.
(iii) Critical accounting estimates and judgements

In preparing these standalone financial statements, management has made judgements, estimates and assumptions
that affect the application of accounting policies and the reported amounts of assets, liabilities, income and
expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised prospectively.
Information about significant areas of estimation/uncertainty and judgements in applying accounting policies that
have the most significant effect on the standalone financial statements are as follows:
Note 2.(b) (xiv) and 32 - measurement of defined benefit obligations: key actuarial assumptions.
Note 2.(b) (x) and (xi) - judgement required to ascertain lease classification and fair value of aircraft.
Note 2.(b) (viii) and (ix) - measurement of useful life and residual values of property, plant and equipment and
useful life of intangile assets.
Note 2.(b) (viii) and (ix) - Determination of major engine and airframe overhauls and other heavy maintenance as
separate components for owned aircraft and aircraft taken on finance lease (‘Leased Aircraft’), and their associated
costs.
Note 2.(b) (xx) and 16. - estimation of provision of redelivery and overhaul cost.
Note 2.(b) (xv) and 30. - judgement is required to ascertain whether it is probable or not that an outflow of
resources embodying economic benefits will be required to settle all disputes including taxation and legal claim.
Note 37 - judgement required to determine grant date fair value technique.
Note 2.(b) (iii), (v) and 28 - fair value measurement of financial instruments.
Note 2.(b) (xxii) - judgement required to determine probability of recognition of deferred tax assets and Minimum
Alternative Tax (‘MAT’) credit entitlement.

Financial Statement

There are no assumptions and estimation uncertainties that have a significant risk of resulting in a material
adjustment within the next financial year.
2.b Significant accounting policies

The accounting policies set out below have been applied consistently to the periods presented in these standalone
financial statements.
(i) Current - non-current classification

All assets and liabilities are classified into current and non-current.
Assets
An asset is classified as current when it satisfies any of the following criteria:
• it is expected to be realised in, or is intended for sale or consumption in, the Company’s normal operating
cycle;
• it is held primarily for the purpose of being traded;
• it is expected to be realised within 12 months after the reporting period; or
• it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least
12 months after the reporting period.
Current assets include the current portion of non-current financial assets. All other assets are classified as non-
current.
Liabilities
A liability is classified as current when it satisfies any of the following criteria:
• it is expected to be settled in the Company’s normal operating cycle;
• it is due to be settled within 12 months after the reporting period; or
• the Company does not have an unconditional right to defer settlement of the liability for at least 12 months
after the reporting period. Terms of a liability that could, at the option of the counterparty, result in its
settlement by the issue of equity instruments do not affect its classification.
Current liabilities include the current portion of non-current financial liabilities. All other liabilities are classified as
non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
Operating cycle
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash
equivalents. Based on the nature of operations and the time between the acquisition of assets for processing and
their realisation in cash and cash equivalents, the Company has ascertained its operating cycle being a period of
12 months for the purpose of classification of assets and liabilities as current and non- current.
(ii) Foreign currency transactions and translations

Functional and presentation currency
The management has determined the currency of the primary economic environment in which the Company operates
i.e., functional currency, to be Indian Rupees (Rs.). The standalone financial statements are presented in Indian
Rupees, which is the Company’s functional and presentation currency. All amounts have been rounded to the nearest
millions upto two decimal places, unless otherwise stated.

Standalone

Transactions and Balances

Monetary and non-monetary transactions in foreign currencies are initially recorded in the functional currency of
the Company at the exchange rates at the date of the transactions or at an average rate if the average rate
approximates the actual rate at the date of the transaction.
Monetary foreign currency assets and liabilities remaining unsettled on reporting date are translated at the rates
of exchange prevailing on reporting date. Gains/(losses) arising on account of realisation/settlement of foreign
exchange transactions and on translation of monetary foreign currency assets and liabilities are recognised in
the Standalone Statement of Profit and Loss, except for gains / (losses) arising on translation of long-term foreign
currency monetary loans taken before 31 March 2016 and used for acquisition of depreciable property, plant and
equipment, are adjusted in the cost of property, plant and equipment. The above treatment will continue till the
repayment of the long-term foreign currency monetary loans.
Foreign exchange gains / (losses) arising on translation of foreign currency monetary loans are presented in
the Standalone Statement of Profit and Loss on net basis. However, foreign exchange differences arising from
foreign currency monetary loans to the extent regarded as an adjustment to borrowing costs are presented in the
Standalone Statement of Profit and Loss, within finance costs.
(iii) Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liability takes place either:
- In the principal market for the asset or liability, or

- In the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible to/ by the Company.
All assets and liabilities for which fair value is measured or disclosed in the standalone financial statements are
categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant
to the fair value measurement as a whole:
• Level 1 — Quoted (unadjusted) prices in active markets for identical assets or liabilities
• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement
is directly or indirectly observable
• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement
is unobservable
‘For assets and liabilities that are recognised in the standalone financial statements on a recurring basis, the
Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation
(based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each
reporting period.
For the purpose of fair value disclosures, the Company has determined classes of assets and liabilities on the basis
of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained
above.
The Company measures financial instruments, such as, investments (other than investment in subsidiaries), at fair
value at each reporting date. Also, fair value of financial instruments measured at amortised cost is disclosed in
Note 28.
(iv) Investment in subsidiaries

Investment is subsidiaries is carried at cost, less any impairment in the value of investment, in these separate
standalone financial statements.

Financial Statement

(v) Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.
Financial assets
Recognition and initial measurement
All financial assets are initially recognised when the Company becomes a party to the contractual provisions of the
instrument. All financial assets are initially measured at fair value plus, in the case of financial assets not recorded
at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.
Classification and subsequent measurement

Classification
For the purpose of subsequent measurement, the Company classifies financial assets in following categories:
• Financial assets at amortised cost
• Financial assets at fair value through other comprehensive income (FVTOCI)
• Financial assets at fair value through profit or loss (FVTPL)
A financial asset being ‘debt instrument’ is measured at the amortised cost if both of the following conditions
are met:
• The financial asset is held within a business model whose objective is to hold assets for collecting contractual
cash flows, and
• The contractual terms of the financial asset give rise on specified dates to cash flows that are Solely Payments
of Principal and Interest (SPPI) on the principal amount outstanding.
A financial asset being ‘debt instrument’ is measured at the FVTOCI if both of the following criteria are met:
• The asset is held within the business model, whose objective is achieved both by collecting contractual cash
flows and selling the financial assets, and
• The contractual terms of the financial asset give rise on specified dates to cash flows that are SPPI on the
principal amount outstanding.
A financial asset being equity instrument is measured at FVTPL.
All financial assets not classified as measured at amortised cost or FVTOCI as described above are measured at
FVTPL.
Subsequent measurement
Financial assets at amortised cost
These assets are subsequently measured at amortised cost using the effective interest method. The amortised
cost is reduced by impairment losses, if any. Interest income and impairment are recognised in the Standalone
Statement of Profit and Loss.
Financial assets at FVTPL

These assets are subsequently measured at fair value. Net gains and losses, including any interest income, are
recognised in the Standalone Statement of Profit and Loss.
Derecognition
The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset
expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the
risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor
retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.
Any gain or loss on derecognition is recognised in the Standalone Statement of Profit and Loss.

Standalone

Impairment of financial assets (other than at fair value)

The Company recognises loss allowances using the Expected Credit Loss (ECL) model for the financial assets
which are not fair valued through profit or loss. Loss allowance for trade receivables with no significant financing
component is measured at an amount equal to lifetime ECL. For all other financial assets, expected credit losses
are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk
from initial recognition, in which case those financial assets are measured at lifetime ECL. The changes (incremental
or reversal) in loss allowance computed using ECL model, are recognised as an impairment gain or loss in the
Standalone Statement of Profit and Loss.
Write-off
‘The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is
no realistic prospect of recovery. This is generally the case when the Company determines that the counterparty
does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject
to write-off. However, financial assets that are written off could still be subject to enforcement activities in order to
comply with the Company’s procedures for recovery of amounts due.
Financial liabilities
‘All financial liabilities are initially recognised when the Company becomes a party to the contractual provisions of
the instrument. All financial liabilities are initially measured at fair value minus, in the case of financial liabilities
not recorded at fair value through profit or loss, transaction costs that are attributable to the liability.

Financial liabilities are classified as measured at amortised cost or FVTPL.
A financial liability is classified as FVTPL if it is classified as held-for-trading, or it is a derivative or it is designated

as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses,
including any interest expense, are recognised in the Standalone Statement of Profit and Loss.
‘Financial liabilities other than classified as FVTPL, are subsequently measured at amortised cost using the effective
interest method. Interest expense are recognised in Standalone Statement of Profit and Loss. Any gain or loss on
derecognition is also recognised in the Standalone Statement of Profit and Loss.
Derecognition
The Company derecognises a financial liability when its contractual obligations are discharged or cancelled, or
expire.
The Company also derecognises a financial liability when its terms are modified and the cash flows under the
modified terms are substantially different. In this case, a new financial liability based on modified terms is
recognised at fair value. The difference between the carrying amount of the financial liability extinguished and the
new financial liability with modified terms is recognised in the Standalone Statement of Profit and Loss.
Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount presented in the Standalone Balance Sheet
when, and only when, the Company currently has a legally enforceable right to set off the amounts and it intends
either to settle them on a net basis or to realise the assets and settle the liabilities simultaneously.
Compound financial instruments - convertible preference shares

Compound financial instruments issued by the Company comprises of convertible preference shares that can be
converted to equity shares of the Company.

Financial Statement

Convertible preference shares are bifurcated into liability and equity components based on the terms of the contract.
The liability component of convertible preference shares is initially recognised at the fair value of a similar liability
that does not have an equity conversion option. The equity component is initially recognised at the difference
between the fair value of the compound financial instrument as a whole and the fair value of the liability component.
Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their
initial carrying amounts.
Subsequent to initial recognition, the liability component of a compound financial instrument is measured at
amortised cost using the effective interest method. The equity component of convertible preference shares is not
remeasured subsequently.
Interest related to the liability component is recognised in Standalone Statement of Profit and Loss. On conversion,
the liability component is reclassified to equity and no gain or loss is recognised.
(vi) Share capital

Equity share capital
Issuance of ordinary shares are recognised as equity share capital in equity. Incremental costs directly attributable
to the issuance of new equity shares are recognized as a deduction from equity, net of any tax effects.
(vii) Cash and cash equivalents

Cash and cash equivalents comprises of cash at banks and on hand, cheques on hand and short-term deposits with
an original maturity of three months or less, which are subject to an insignificant risk of changes in value.
(viii) Property, plant and equipment

Recognition and measurement
Items of property, plant and equipment are measured at cost, less accumulated depreciation and accumulated
impairment losses, if any.
The cost of an item of property, plant and equipment comprises: (a) its purchase price, including import duties and
non-refundable purchase taxes, after deducting trade discounts and rebates; (b) any costs directly attributable to
bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended
by management.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted
for as separate component of property, plant and equipment. The Company has recognised major inspection costs
relating to engine and airframe overhauls and other heavy maintenance as separate components for owned aircraft
and aircraft taken on finance lease (“Leased Aircraft”).
The cost of improvements to aircraft taken on operating lease, if recognition criteria are met, have been capitalised
and disclosed separately as leasehold improvement - aircraft.
An item of property, plant and equipment and any significant part initially recognised is derecognised upon
disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on
derecognition of property, plant and equipment (calculated as the difference between the net disposal proceeds
and the carrying amount of property, plant and equipment) is included in the Standalone Statement of Profit and
Loss when property, plant and equipment is derecognised. The carrying amount of any component accounted as
a separate component is derecognised, when replaced or when the property, plant and equipment to which the
component relates gets derecognised.
Subsequent costs
Subsequent costs are included in the asset’s carrying amount or recognised as separate assets, as appropriate,
only when it is probable that the future economic benefits associated with expenditure will flow to the Company
and the cost of the item can be measured reliably. All other repairs and maintenance are charged to Standalone
Statement of Profit and Loss at the time of incurrence.

Standalone

Depreciation
Depreciation is calculated on cost of items of property, plant and equipment less their estimated residual values
and is charged to Standalone Statement of Profit and Loss. Depreciation on property, plant and equipment, except
aircraft (including aircraft taken on finance lease) and spare engine, rotables and non-aircraft equipment, leasehold
improvements - aircraft and leasehold improvements, is provided on written down value method at the rates and
in the manner provided in Schedule II of the Companies Act, 2013. Depreciation on aircraft (including aircraft taken
on finance lease) and spare engine, rotables and non-aircraft equipment is provided on the straight line method at
the rates and in the manner prescribed in Schedule II of the Companies Act, 2013.
Major inspection costs relating to engine and airframe overhauls and other heavy maintenance are identified as
separate components for owned and Leased Aircraft and are depreciated over the expected lives between major
overhauls and remaining useful life of the aircraft, whichever is lower.
Depreciation has been charged based on the following useful lives:
Asset Head Useful life in years

Owned and Leased Aircraft and owned spare engines
- Aircraft and engine components including spare engines 20
- Major inspection and overhaul costs 2 - 12
Rotables and non-aircraft equipment 20
Furniture and fixtures 10
Computer
- End user devices 3
- Server and networks 6
Office equipment
- Office equipment 5
- Electrical equipment 10
Ground support equipment 15
Vehicles (including ground support vehicles)
- Motor vehicles (ground support equipment) 8
- Motor vehicles 8
Expenditure incurred towards leasehold improvements - aircraft (other than asset recognised towards redelivery of
aircraft taken on operating lease) is depreciated on a straight line basis over the remaining period of the lease
of the aircraft or 5 years, whichever is lower. Leasehold improvements - aircraft representing cost of redelivery of
aircraft is amortised on a straight line basis over the initial period of lease for which the asset is expected to be
used.
Leasehold improvements are depreciated on a straight line basis over the period of the initial lease term or their
estimated useful life, whichever is lower.
The useful lives have been determined based on internal evaluation done by management and are in line with the
estimated useful lives, to the extent prescribed by the Schedule II of the Companies Act, 2013, in order to reflect
the technological obsolescence and actual usage of the asset. The residual values are not more than 5% of the
original cost of the asset.
Depreciation is calculated on a pro-rata basis for assets purchased/sold during the period.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed by
management at each reporting date and adjusted prospectively, as appropriate.

Financial Statement

Capital work-in-progress
Cost of property, plant and equipment not ready for use as at the reporting date are disclosed as capital work-in-
progress.
(ix) Intangible assets

Intangible assets that are acquired are recognised only if it is probable that the expected future economic benefits
that are attributable to the asset will flow to the Company and the cost of assets can be measured reliably.
The intangible assets are recorded at cost of acquisition including incidental costs related to acquisition and
installation and are carried at cost less accumulated amortisation and impairment losses, if any.
Gain or losses arising from derecognition of an intangible assets are measured as the difference between the net
disposal proceeds and the carrying amount of the intangible asset and are recognised in the Standalone Statement
of Profit and Loss when the asset is derecognised.
Subsequent costs
Subsequent costs are capitalised only when it increases the future economic benefits embodied in the specific
asset to which it relates. All other expenditure on intangible assets is recognised in the Standalone Statement of
Profit and Loss, as incurred.
Amortisation
Amortisation is calculated to write off the cost of intangible assets over their estimated useful lives of 3 years using
the straight-line method. Amortisation is calculated on a pro-rata basis for assets purchased/ disposed during the
period.
Amortisation method, useful life and residual values are reviewed at each reporting date and adjusted prospectively,
if appropriate.
Intangible assets under development

Cost of intangible assets under development as at the reporting date are disclosed as intangible assets under
development.
(x) Leases
Leased assets
Leases of property, plant and equipment that transfer to the Company substantially all of the risks and rewards of
ownership are classified as finance lease. The leased assets are measured initially at an amount equal to the lower
of their fair value and the present value of the minimum lease payments. The corresponding rental obligations, net
of finance charges, are included in borrowings or other financial liabilities, as appropriate. Subsequent to initial
recognition, the assets are accounted for in accordance with the accounting policy applicable to similar owned
assets.
Leases in which significant portion of risks and rewards of ownership are not transferred are classified as operating
leases. In determining the appropriate classification, the substance of the transaction rather than the form is
considered. In case, the lease arrangement includes other consideration, it is separated at the inception of the
lease arrangement or upon a reassessment of the lease arrangement into those for the lease and those for other
elements on the basis of their relative fair values.
Lease classification is made at the inception of the lease. Lease classification is changed only if, at any time
during the lease, the parties to the lease agreement agree to revise the terms of the lease (without renewing
it) in a way that it would have been classified differently, had the changed terms been in effect at inception. The
revised agreement involves renegotiation of original terms and conditions and are accounted prospectively over
the remaining term of the lease.

Standalone

Lease payments
Minimum lease payments made under finance lease are apportioned between the finance costs and the reduction
of the outstanding liability. The finance costs is allocated to each period during the lease term so as to produce a
constant periodic rate of interest on the remaining balance of the liability.
Lease payments in respect of assets taken on operating lease are charged to the Standalone Statement of Profit
and Loss on a straight line basis over the initial period for which the asset is expected to be used unless the
payments are structured to increase in line with the expected general inflation to compensate the lessor’s expected
inflationary cost increases.
Sale and lease back transactions

Gains and losses arising on sale and leaseback transactions resulting in an operating lease and where the sale
price is at fair value, are recognised immediately in the Standalone Statement of Profit and Loss. Where the sale
price is below fair value, any losses are immediately recognised in the Standalone Statement of Profit and Loss,
except where the loss is compensated for by future lease payments at below market price, it is deferred and
amortised in proportion to the lease payments over the initial period for which the asset is expected to be used.
Where the sale price is above fair value, the excess over fair value is amortised over the initial period of the lease
which coincides with the period for which the asset is expected to be used.
Any excess of sale proceeds over the carrying amount in case a sale and leaseback transaction results in a finance
lease, is deferred and amortised over the expected period of use of leased asset in proportion to the depreciation
of the leased asset.
(xi) Incentive - non-refundable

Cash incentives
The Company receives non-refundable incentives in connection with the acquisition of aircraft and engines. In case
of owned aircraft or aircraft under finance lease, incentives are recorded as a reduction to the cost of related aircraft
and engines. Where the aircraft is held under operating lease, the incentives are deferred and reduced from the
operating lease rentals on a straight line basis over the initial lease period of the respective aircraft for which the
aircraft is expected to be used. In case of return of an aircraft taken on operating lease before the expiry of the
lease term, the unamortised balance of deferred incentive is recorded in the Standalone Statement of Profit and
Loss.
The Company also receives non-refundable milestone incentives from the engine manufacturer on achievement
of certain milestones relating to acquisition and delivery of aircraft. These milestone incentives are recorded as
reduction to the carrying value of aircraft and engines in case of owned aircraft and engines. Where the aircraft is
held under operating lease, the milestone incentives are deferred and reduced from the lease rentals on a straight
line basis over the remaining initial lease period of the respective aircraft for which the aircraft expected to be
used. Where the aircraft is held under finance lease, the milestone incentives are deferred and recognised under
the head ‘Other operating revenue’ in the Standalone Statement of Profit and Loss, on a straight line basis over
the remaining initial lease period of the respective aircraft for which the aircraft is expected to be used. In case of
prepayment of finance lease obligations for aircraft taken on finance lease and consequently taking the ownership
of the aircraft, before the expiry of the lease term, the unamortised balance of such deferred incentive is recorded
as a reduction to the carrying value of the aircraft. In case of return of an aircraft taken on operating lease before
the expiry of the lease term, the unamortised balance of such deferred incentive is recorded in the Standalone
Non-cash incentives
Non-cash incentives are recorded as and when due to the Company by setting up a deferred asset and a
corresponding deferred incentive. These incentives are recorded as a reduction to the cost of related aircraft and
engines in case of owned aircraft and aircraft held under finance lease. Where the aircraft is held under operating

Financial Statement

lease, the incentives are deferred and reduced from the lease rentals on a straight line basis over the estimated
period of use of these incentives, which coincides with the initial lease period for which the asset is expected to
be used.
The deferred asset explained above is reduced on the basis of utilisation of incentives against liability towards
purchase of goods and services.
(xii) Inventories
Inventories primarily includes stores and spares and loose tools (other than those which meet the criteria of
property, plant and equipment), fuel and in-flight inventories. Inventories are valued at lower of cost and Net
Realisable Value (‘NRV’). Cost of inventories comprise all costs of purchase after deducting non refundable rebates
and discounts and all other costs incurred in bringing the inventories to their present location and condition. Cost
are assigned to individual items of inventory on the weighted average cost basis. NRV for in-flight inventory is
the estimated selling price of goods sold less the estimated cost necessary to make the sale. NRV for stores and
spares, loose tools and fuel used in rendering of services are not written down below cost except in cases where
the price of such materials have declined and it is estimated that the cost of rendering of services will exceed their
selling price. Where necessary, due allowance is made for all damaged, obsolete and slow moving items. The
comparison of cost and net realizable value is made on an item by item basis at each reporting date.
(xiii) Impairment - non-financial assets

At each reporting date, the Company reviews the carrying amounts of its non-financial assets to determine whether
there is any indication of impairment. If any such indication of impairment exists, then the asset’s recoverable
amount is estimated. For impairment testing, assets are grouped together into the smallest group of assets that
generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash
generating units (CGUs).
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell.
Value in use is based on the estimated future cash flows, discounted to their present value using a discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An
impairment loss is recognised if the carrying amount of an asset or CGU exceeds its estimated recoverable amount.
Impairment losses are recognised in the Standalone Statement of Profit and Loss.
An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable
amount. Such a reversal is made only to the extent that the asset’s carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been
recognised.
(xiv) Employee benefits

Short-term employee benefits
Employee benefit liabilities such as salaries, wages and bonus, etc. that are expected to be settled wholly
within twelve months after the end of the reporting period in which the employees render the related service
are recognised in respect of employees’ services up to the end of the reporting period and are measured at an
undiscounted amount expected to be paid when the liabilities are settled.
Post-employment benefit plans

Defined contribution plans
The Company pays provident fund contributions to the appropriate government authorities. The Company has no
further payment obligations once the contributions have been paid. The contributions are accounted for as defined
contribution plans and the contributions are recognised as employee benefits expense when they are due.
Defined benefit plans

Defined benefit plans of the Company comprise gratuity.
The Company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees.
The plan provides for a lump sum payment to vested employees at retirement, death while in employment or on

Standalone

termination of employment, of an amount based on the respective employee’s salary and the tenure of employment.
Vesting occurs upon completion of five years of service. The gratuity plan of the Company is unfunded.
The liability recognised in the Standalone Balance Sheet in respect of defined benefit gratuity plan is the present
value of the defined benefit obligation at the end of the reporting period. The defined benefit obligation is
calculated by actuary using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows
by reference to market yields at the end of the reporting period on government bonds that have terms approximating
to the terms of the related obligation.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation.
This cost and other costs are included in employee benefits expense in the Standalone Statement of Profit and Loss.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are
recognised in the period in which they occur, directly in other comprehensive income. They are included in “other
equity” in the Standalone Statement of Changes in Equity and in the Standalone Balance Sheet.
Changes in the present value of the defined benefit obligation resulting from settlement or curtailments are
recognised immediately in Standalone Statement of Profit and Loss as past service cost.
Other long-term employee benefits

i. Compensated absences
The Company’s net obligation in respect of compensated absences is the amount of benefit to be settled in
future, that employees have earned in return for their service in the current and previous periods. The benefit is
discounted to determine its present value. The obligation is measured on the basis of an actuarial valuation using
the projected unit credit method. Remeasurements are recognised in Standalone Statement of Profit and Loss in the
period in which they arise.
ii. Others
The Company’s net obligation in respect of long-term employee benefits other than post-employment benefits is the
amount of benefit to be settled in future, that employees have earned in return for their service in the current and
previous periods. The benefit is discounted to determine its present value. The obligation is measured on the basis
of an actuarial valuation using the projected unit credit method. Remeasurements are recognised in Standalone
Statement of Profit and Loss in the period in which they arise.
Share-based payment arrangements

The grant-date fair value of equity-settled share-based payment arrangements granted to employees under the
Employee Stock Option Scheme (‘ESOS’) is generally recognised as an employee stock option scheme expense, with
a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an expense
is adjusted to reflect the number of awards for which the related service and non-market performance conditions
are expected to be met, such that the amount ultimately recognised is based on the number of awards that meet
the related service and non-market performance conditions at the vesting date. The increase in equity recognised
in connection with a share based payment transaction is presented in the “Employee stock option outstanding
account”, as separate component in equity. For share-based payment awards with market conditions, the grant-
date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for
differences between expected and actual outcomes. At the end of each period, the Company revises its estimates
of the number of options that are expected to be vested based on the non-market performance conditions at the
vesting date.
(xv) Provisions and contingent liabilities and assets

Provisions
Provisions are recognised when the Company has a present legal or constructive obligation as a result of a past
events, it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation.

Financial Statement

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects
current market assessments of the time value of money and the risks specific to the liability. When discounting is
used, the increase in the provision due to the passage of time is recognised as a finance cost.
Contingent liabilities and assets

Contingent liabilities are possible obligations that arise from past events and whose existence will only be
confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control
of the Company. Where it is not probable that an outflow of economic benefits will be required, or the amount
cannot be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow
of economic benefits is remote.
Contingent assets are possible assets that arises from past events and whose existence will be confirmed only
by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the
Company.
(xvi)Revenue recognition
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the
revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair
value of the consideration received or receivable, net of discounts. Revenue is recorded provided the recovery of
consideration is probable and determinable.
Passenger and cargo revenue

Passenger revenue is recognised on flown basis i.e. when the service is rendered, net of discounts given to the
passengers, applicable taxes and airport levies such as passenger service fee, user development fee, etc., if
any. Cargo revenue is recognised when service is rendered i.e. goods are transported, net of airport levies and
applicable taxes.
The sale of tickets not yet flown is credited to unearned revenue i.e. ‘Forward Sales’ disclosed under other current
liabilities. Fees charged for modification and cancellation of flight tickets and towards special service request are
recognised as revenue on rendering of the said service.
The unutilised balance in Forward Sales for more than a year is recognised as revenue based on historical statistics,
data and management estimates and considering the Company’s cancellation policy.
In flight sales
Revenue from sale of merchandise is recognised on transfer of all significant risks and rewards to the passenger.
Revenue from sale of food and beverages is recognised on sale of goods to the passenger, net of applicable taxes.
Tours and packages

Income and related expense from sale of tours and packages are recognised upon services being rendered and
where applicable, are stated net of discounts and applicable taxes. The income and expense are stated on gross
basis.
The sale of tours and packages not yet serviced is credited to unearned revenue, i.e. ‘Forward Sales’ disclosed
under other current liabilities.
Interest income
Interest income on financial assets (including deposits with banks) is recognised using the effective interest rate
method on a time proportionate basis.
Claims and other credits - non-refundable

Claims relate to reimbursement towards operational expenses such as operating lease rentals, aircraft repair and
maintenance, etc, are adjusted against such expenses over the estimated period for which these reimbursements
pertains. When credits are used against purchase of goods and services such as operating lease rentals, aircraft

Standalone

repair and maintenance, etc, these are adjusted against such expenses on utilization basis. The claims and credits
are netted off against related expense arising on the same transaction as it reflects the substance of transaction.
Further, any claim or credit not related to reimbursement towards operational expenses or used for purchase of
goods and services are recognised as income in the Standalone Statement of Profit and Loss when a contractual
entitlement exists, the amount can be reliably measured and receipt is virtually certain.
(xvii) Commission
The commission paid / payable on sales is recognised on sale of ticket and in accordance with the terms of contracts
with agents (customers). As the Company acts as a principal, the commission is recognised as an expense in the
(xviii)Expenditure
Expenses are accounted for on the accrual basis and provisions are made for all known losses and liabilities.
(xix) Borrowing costs

Borrowing costs attributable to the acquisition or construction of a qualifying asset are capitalised as part of
the cost of the asset. A qualifying asset is one that necessarily takes substantial period of time to get ready
for intended use. Other borrowing costs are recognised as an expense in the period in which they are incurred.
Borrowing cost includes exchange differences to the extent regarded as an adjustment to the borrowing costs.
(xx) Aircraft repair, maintenance and redelivery cost

The Company recognises aircraft repair and maintenance cost in the Standalone Statement of Profit and Loss (except
heavy maintenance visits, engine overhaul and landing gear overhaul expenses for owned aircraft and aircraft taken
on finance lease) on incurred basis, except for aircraft maintenance covered by third party maintenance agreements,
where in a portion of the cost are charged to the Standalone Statement of Profit and Loss at a contractual rate per
hour in accordance with the terms of the agreements.
Aircraft maintenance costs also includes provision for overhaul expenses for certain aircraft held under operating
leases. These are recorded at discounted value, where effect of the time value of money is material.
The Company has in its fleet aircraft on operating lease. As contractually agreed under the lease contracts, the
aircraft have to be redelivered to the lessors at the end of the lease term under stipulated contractual return
conditions. At inception of the lease, the redelivery obligations are determined by management based on historical
trends and data, and are capitalised under ‘Leasehold improvements-aircraft’ at the present value of expected
outflow, where effect of the time value of money is material.
(xxi) Aircraft fuel expense

Aircraft fuel expenses are recognised in the Standalone Statement of Profit and Loss as uplifted and consumed, net
off any discounts.
(xxii)Tax expense
Tax expense comprises of current tax and deferred tax. It is recognised in the Standalone Statement of Profit and
Loss except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current tax
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any
adjustment to the tax payable or receivable in respect of previous years. The amount of current tax reflects the
best estimate of the tax amount expected to be paid or received after considering the uncertainty, if any relating
to income taxes. It is measured using tax rates enacted for the relevant reporting period. Minimum Alternative Tax
(‘MAT’) for the year is charged to the Standalone Statement of Profit and Loss as current tax.
Current tax assets and current tax liabilities are offset only if there is a legally enforceable right to set off the
recognised amounts, and it is intended to realise the asset and settle the liability on a net basis.

Financial Statement

Deferred tax
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the corresponding amounts used for taxation purposes.
Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised
for unused tax losses, unused tax credits and deductible temporary differences to the extent that is probable
that future taxable profits will be available against which they can be used. Deferred tax assets unrecognised or
recognised, are reviewed at each reporting date and are recognised / reduced to the extent that it is probable /
no longer probable respectively that the related tax benefit will be realised. Significant management judgement is
required to determine the probability of deferred tax asset.
Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is realised or
liability is settled, based on the laws that have been enacted or substantively enacted by the reporting date.
The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the
Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
Minimum Alternative Tax (‘MAT’) credit entitlement under the provisions of the Income-tax Act, 1961 is recognised as
a deferred tax asset when it is probable that future economic benefit associated with it in the form of adjustment of
future income tax liability, will flow to the Company and the asset can be measured reliably. MAT credit entitlement
is set off to the extent allowed in the year in which the Company becomes liable to pay income taxes at the
enacted tax rates. MAT credit entitlement is reviewed at each reporting date and is recognised to the extent that
is probable that future taxable profits will be available against which they can be used. MAT credit entitlement has
been presented as deferred tax asset in Standalone Balance Sheet. Significant management judgement is required
to determine the probability of recognition of MAT credit entitlement.
Deferred tax assets and deferred tax liabilities are offset only if there is a legally enforceable right to offset current
tax liabilities and assets levied by the same tax authorities.
(xxiii) Earnings per share

The Company presents basic and diluted earnings per share (EPS) data for its equity shares.
Basic EPS is calculated by dividing the profit attributable to equity shareholders of the Company by the weighted
average number of equity shares outstanding during the period.
Diluted EPS is determined by adjusting profit attributable to equity shareholders and the weighted average number
of equity shares outstanding, for the effects of all dilutive potential equity shares, which comprise share options
granted to employees.
(xxiv) Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker. The chief operating decision maker is considered to be the Board of Directors who makes strategic
decisions and is responsible for allocating resources and assessing performance of the operating segments.
(xxv) Dividend
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the
discretion of the Company, on or before the end of the reporting period but not distributed at the end of the
reporting period.
(xxv) Recent accounting pronouncements

Standards issued but not yet effective
Appendix B to Ind AS 21, Foreign currency transactions and advance consideration: On 28 March 2018, Ministry
of Corporate Affairs (“MCA”) has notified the Companies (Indian Accounting Standards) Amendment Rules, 2018
containing Appendix B to Ind AS 21, Foreign currency transactions and advance consideration which clarifies the

Standalone

date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related
asset, expense or income, when an entity has received or paid advance consideration in a foreign currency.
The amendment will come into force from 1 April 2018. The Company has evaluated the effect of this on the
standalone financial statements and is of the view that no change in accounting policy is required and the impact
is not material.
Ind AS 115- Revenue from Contracts with Customers: On 28 March 2018, Ministry of Corporate Affairs (“MCA”) has
notified the Ind AS 115, Revenue from Contract with Customers. The core principle of the new standard is that an
entity should recognise revenue to depict the transfer of promised goods or services to customers in an amount that
reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
Under Ind AS 115, an entity recognises revenue when (or as) a performance obligation is satisfied, i.e. when
‘control’ of the goods or services underlying the particular performance obligation is transferred to the customer.
Moreover, the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of
revenue and cash flows arising from the entity’s contracts with customers.
The effective date for adoption of Ind AS 115 is financial periods beginning on or after 1 April 2018. The Company
will adopt the standard on 1 April 2018 by using the cumulative catch-up transition method as defined under
standard and accordingly, comparatives for the year ending or ended 31 March 2018 will not be retrospectively
adjusted.
While, the Company is in the process of quantifying the impact of Ind AS 115 on standalone financial statement, it
is of the view that the accounting policy for certain streams of revenue and related expenses may undergo a change
primarily on account of deferment of recognition of revenue for certain services relating to air transport services
upon flown basis, considering certain commissions paid to agents as variable considerations and netting them
from related revenues, establishing and recognising the fair value and the stand-alone selling prices of the services
and goods, which presently are recognised as a single arrangement, estimating and recognising ticket breakage
revenue, etc.

Standalone
3. Property, plant and equipment

Financial Statement
As at 31 March 2018

Particulars Owned Leased Furniture Computer Office Ground Vehicles Leasehold Leasehold Rotables and Total
aircraft aircraft and equipment support (including improvements improvements non-aircraft
and spare fixtures equipment ground - aircraft equipment
engines support
vehicles)
Gross value
Balance at the beginning of the year 7,698.99 33,176.04 194.53 435.94 101.45 1,213.69 813.70 631.59 960.43 741.85 45,968.21
Additions during the year 7,530.67 2,394.89 27.97 262.97 18.98 201.25 136.32 68.93 561.23 679.27 11,882.48
Disposals during the year 68.11 371.47 - 0.34 0.26 1.80 2.91 - - 69.25 514.14
Adjustments during the year * - 128.52 - - - - - - - - 128.52
Balance at the end of the year 15,161.55 35,327.98 222.50 698.57 120.17 1,413.14 947.11 700.52 1,521.66 1,351.87 57,465.07
Accumulated depreciation
Balance at the beginning of the year 2,049.83 4,637.70 65.41 266.66 46.25 346.69 295.80 289.23 427.64 68.28 8,493.49
Depreciation for the year 668.87 2,236.41 38.95 165.97 24.35 181.63 176.50 193.62 338.90 56.67 4,081.87
Depreciation on disposals 68.11 371.47 - 0.17 0.16 0.64 1.46 - - 15.84 457.85
Balance at the end of the year 2,650.59 6,502.64 104.36 432.46 70.44 527.68 470.84 482.85 766.54 109.11 12,117.51
Net carrying value as at 31 March 2018 12,510.96 28,825.34 118.14 266.11 49.73 885.46 476.27 217.67 755.12 1,242.76 45,347.56
As at 31 March 2017
engines support
vehicles)
Gross value
Overview
Additions during the year 574.67 236.19 37.83 120.02 31.16 114.84 281.90 188.99 172.53 259.44 2,017.57
Disposals during the year # 7,741.62 38.85 0.03 1.85 0.22 - 8.11 - - 45.87 7,836.55
Adjustments during the year */ ** 5,718.07 (6,981.99) - - - - - - - - (1,263.92)
Balance at the end of the year 7,698.99 33,176.04 194.53 435.94 101.45 1,213.69 813.70 631.59 960.43 741.85 45,968.21
Reports
Depreciation on disposals 1,639.28 38.93 0.01 0.21 0.07 - 2.87 - - - 1,681.37

Adjustments during the year ** 524.29 (524.29) - - - - - - - - -

Net carrying value as at 31 March 2017 5,649.16 28,538.34 129.12 169.28 55.20 867.00 517.90 342.36 532.79 673.57 37,474.72
Financials
*The Company has adjusted foreign currency loss amounting to Rs. 128.52 during the year ended 31 March 2018 (previous year foreign currency gain amounting to Rs.
111
369.17), arising on re-statement of long-term foreign currency monetary loans used for acquisition of a depreciable capital asset.
Standalone

3. Property, plant and equipment (continued)

**During the previous year ended 31 March 2017, the Company had utilised its Initial Public Offer proceeds towards
retirement of certain outstanding finance lease liabilities in foreign currency and consequent acquisition of aircraft.
The adjustment in the Gross value of owned aircraft of Rs. 5,718.07 represents the cost of the acquired finance
leased aircraft as reduced by the outstanding deferred incentives amounting to Rs. 894.75 in respect of these
aircraft, as on the date of the acquisition. The adjustment in the Accumulated Depreciation of owned aircraft of
Rs. 524.29 represents the accumulated depreciation of the acquired finance leased aircraft as on the date of acquisition.
Consequently, the adjustment in the Gross value of finance leased aircraft of Rs. 6,612.82 represents the cost of the
transferred finance leased aircraft to owned aircraft, as on the date of the acquisition. Moreover, the adjustment in
the Accumulated Depreciation of finance leased aircraft of Rs. 524.29 represents the accumulated depreciation of the
transferred finance leased aircraft to owned aircraft as on the date of acquisition.
# During the previous year ended 31 March 2017, the Company had sold and leased back on operating lease, certain
owned aircraft. Net gain amounting to Rs. 26.02 on account of such sale and lease back transaction has been recognised
in the Standalone Statement of Profit and Loss under other income as the transaction has been established at fair value.
4. Intangible assets
As at 31 March 2018
Particulars Computer Total
software
Gross value
Balance at the beginning of the year 755.11 755.11
Additions during the year 263.74 263.74
Balance at the end of the year 1,018.85 1,018.85
Accumulated amortisation
Amortisation for the year 286.90 286.90
Balance at the end of the year 578.32 578.32
Net carrying value as at 31 March 2018 440.53 440.53
As at 31 March 2017
software
Gross value

Financial Statement

5. Investments
Particulars As at As at
31 March 2018 31 March 2017
Non-current investments
Equity investments in subsidiary 1.10 0.10
Equity investments 0.17 0.18
Total 1.27 0.28
Current investments
Mutual funds 63,439.12 37,134.10
Total 63,439.12 37,134.10
Grand Total 63,440.39 37,134.38
Particulars As at 31 March 2018 As at 31 March 2017

Non-current Current Non-current Current
Investments in equity instruments - at cost
Equity investments in subsidiary, unquoted
110,000 (previous year 10,000) equity shares of Rs. 1.10 - 0.10 -
10 each of Agile Airport Services Private Limited*
Investments at fair value through profit or loss (FVTPL)
Equity investments, unquoted
1,270 (previous year 1,280) equity shares of Thai Baht 0.17 - 0.18 -
(THB) 100 each, fully paid up, of Aeronautical Radio
of Thailand, a state enterprise under the Ministry of
Transport**
Mutual funds, unquoted
2,015,905 (previous year 2,271,407) units of face - 4,916.17 - 5,170.90
value of Rs. 1,000 each of Reliance Money Manager
Fund-Direct Growth Plan-Growth Option
value of Rs. 10 each of Reliance Medium Term Fund-
Direct Growth Plan- Growth Option
value of Rs. 100 each of Aditya Birla Sun Life Savings
Fund Growth - Direct Plan
value of Rs. 100 each of Aditya Birla Sun Life Floating
Rate Fund- Long term- Growth Direct Plan
Nil (previous year 141,600,564) units of face value of - - - 3,216.53
Rs. 10 each of DHFL-Pramerica Low Duration Fund-Direct
Plan-Growth
value of Rs. 10 each of DHFL-Pramerica Ultra Short Term
Fund-Direct Plan-Growth
14,688,175 (previous year Nil) units of face value of - 4,921.73 - -
Rs. 100 each of ICICI Prudential Flexible Income Fund -
Direct Plan -Growth

Standalone

5. Investments (contd...)
Nil (previous year 53,788,491) units of face value of Rs. - - - 1,844.69
10 each of Sundaram Money Fund -Direct Plan- Growth
value of Rs. 10 each of Sundaram Ultra Short Term Fund
-Direct Plan- Growth
1,620,806 (previous year Nil) units of face value of Rs. - 452.71 - -
100 each of Aditya Birla Sun Life Cash Plus - Growth -
Direct Plan
value of Rs. 100 each of Aditya Birla Sun Life Cash
Manager -Growth-Direct Plan
Nil (previous year 727,958 ) units of face value of - - - 1,478.18
Rs. 10 each of Kotak-Low Duration Fund-Direct Growth
Rs. 10 each of HDFC Floating Rate Income Fund-Short
Term Plan-Wholesale Option Growth Option
1,268,617 (previous year 730,035) units of face - 2,623.14 - 1,403.42
value of Rs. 1,000 each of Baroda Pioneer Treasury
Advantage Fund-Plan B Growth
Nil (previous year 323,751) units of face value of Rs. - - - 849.93
1,000 each of Reliance Liquid Fund - Cash Plan - Direct
Growth Plan
10 each of LIC MF Saving Plus Fund-Direct-Growth Plan
Rs. 10 each of ICICI Prudential- Ultra Short Term- Direct
Plan - Growth
2,305,672 (previous year 489,933) units of face value - 4,567.20 - 904.47
of Rs. 1,000 each of Axis Treasury Advantage Fund –
Direct Growth
1,000 each of UTI-Treasury Advantage-Institutional Plan-
Direct Plan-Growth
942,786 (previous year 46,359) units of face value of - 2,504.97 - 115.04
Rs. 1,000 each of Tata Ultra Short Term Fund Direct Plan
- Growth
Rs. 10 each of Kotak Treasury Advantage Fund - Direct
Plan - Growth
2,182,763 (previous year Nil) units of face value of Rs. - 4,915.25 - -
1,000 of SBI Ultra Short Term Debt Fund Direct Plan-
Growth
Rs. 1,000 of Invesco India Ultra Short Term Fund - Direct
Plan - Growth Option
100 of DHFL Pramerica Insta Cash Plus Fund - Direct Plan
Growth

Financial Statement

Rs. 10 of Aditya Birla Sun Life Banking & PSU Debt Fund
Growth - Direct Plan
699,193 (previous year Nil) units of face value of Rs. - 1,672.52 - -
1,000 of Invesco India Liquid Fund - Direct Plan - Growth
Option
Total 1.27 63,439.12 0.28 37,134.10
Aggregate value of unquoted investments 1.27 63,439.12 0.28 37,134.10
There are no quoted investments during the current and previous year.
* On 14 February 2017, a wholly owned subsidiary, Agile Airport Services Private Limited (“Agile”) was incorporated, having
registered office in New Delhi, India, for the purpose of carrying out the work of ground handling and other allied services at
the airports. The Company had invested in 10,000 shares (fully paid-up of Rs. 10 each) in Agile on 30 March 2017. 100 of such
shares are held by a nominee of the Company. On 11 September 2017, the Company has further invested in Agile by subscribing
on right basis, 100,000 equity shares of Rs. 10 each (fully paid-up) in cash at par to existing equity shareholders.
** The transfer of the investment is restricted to airline members flying in Thailand.
Information about the Company’s exposure to credit and market risks, and fair value measurement, is included in Note 28.
6. Loans
Unsecured, considered good, unless otherwise stated
Security deposit 6,831.34 1,914.95 5,440.26 39.76
Total 6,831.34 1,914.95 5,440.26 39.76
7. Other financial assets

Bank deposits (due for maturity after twelve months 7,837.43 - 9,972.40 -
from the reporting date) *
Interest accrued but not due on bank deposits 357.79 1,876.59 383.99 3,152.79
Maintenance recoverable - 2,176.14 - 620.21
Insurance claim recoverable - 0.07 - 46.66
Others (including credit recoverable)** - 527.45 - 281.44
Total 8,195.22 4,580.25 10,356.39 4,101.10
* Bank deposits include Rs. 7,747.51 (previous year Rs. 9,633.84) as deposits with banks under lien. These deposits are used
for issuing letter of credit/ standby letter of credit/ bank guarantees.
** Includes related party advances amounting to Rs. 0.24 (previous year Rs. 0.24) [Refer to Note 34].

Standalone

8. Other assets
Prepaid expenses - 1,704.19 - 1,327.65
Balance with tax authorities* - 3,407.60 - 965.76
Deferred incentive (non-cash) - 6.59 - 28.91
Capital advances 103.68 - 119.65 -
Advance to employees 59.17 195.61 49.32 145.48
Deferred rent 3,288.37 671.57 3,379.77 592.35
Other recoverable - 212.42 - 150.86
3,451.22 6,197.98 3,548.74 3,211.01
Advance to suppliers
- Considered good - 281.24 - 434.22
- Considered doubtful - 3.94 - 3.94
- 285.18 - 438.16
Less: Impairment allowances for doubtful advances - 3.94 - 3.94
- 281.24 - 434.22
Total 3,451.22 6,479.22 3,548.74 3,645.23
* Balance with tax authorities includes Integrated Goods and Services Tax (‘IGST’) amounting to Rs. 1,829.50 (previous year Rs.
Nil) paid under protest to custom authorities, on re-import of repaired aircraft, aircraft engines and other certain aircraft parts
and Rs. 278.17 (previous year Rs. 140.34) paid under protest to various tax authorities.
9. Inventories
31 March 2018 31 March 2017
Valued at lower of cost and net realisable value
Stores and spares
- Engineering stores and spares 1,141.55 767.80
- Goods in transit 79.74 39.26
1,221.29 807.06
Loose tools 27.91 22.55
Stock-in-trade
- In-flight inventory 64.95 77.60
Fuel
- Fuel 518.12 6.21
- Goods in transit - 718.08
Total 1,832.27 1,631.50

Financial Statement

10. Trade receivables

31 March 2018 31 March 2017
Trade receivables
- Considered good 2,263.15 1,587.02
- Considered doubtful 71.45 71.45
2,334.60 1,658.47
Less: Impairment allowances for doubtful receivables 71.45 71.45
Total 2,263.15 1,587.02
Trade receivables includes receivables from related parties amounting Rs. 85.48 (previous year Rs. Nil). Refer to Note 34.
The carrying amount of trade receivables approximates their fair value, is included in Note 28.
The Company’s exposure to credit and currency risks, and impairment allowances related to trade receivables is disclosed in
Note 28.
11. Cash and cash equivalents

31 March 2018 31 March 2017
Balance with banks:
- On current account# 5,510.97 1,487.92
- On deposit account (with original maturity of three months or less) 1,165.00 -
Total 6,706.28 1,531.09
# Current account balance with banks includes Rs. 2,278.35 (previous year Rs. 71.43) held in foreign currency which are freely
remissible to the Company.
12. Bank balances other than cash and cash equivalents

31 March 2018 31 March 2017
Bank balances other than cash and cash equivalents*
- On deposit account 59,099.73 44,794.26
Total 59,099.73 44,794.26
*Bank deposits include Rs. 58,748.41 (previous year: Rs. 39,471.53) as deposits with banks under lien. These deposits are
used for issuing letter of credit/ standby letter of credit/ bank guarantees.

Standalone

13. Share capital

31 March 2018 31 March 2017
a. Authorised
Equity shares
750,000,000 (previous year 750,000,000) equity shares of Rs. 10 each 7,500.00 7,500.00
Total 7,500.00 7,500.00
b. Issued, subscribed and paid up
384,406,838 (previous year 361,468,363) equity shares of Rs. 10 each fully 3,844.07 3,614.68
paid up
Total 3,844.07 3,614.68
c. Reconciliation of number of equity shares outstanding at the beginning and end of the year :
Particulars For the year ended For the year ended
31 March 2018 31 March 2017
Equity shares issued, subscribed and paid up
Equity shares at the beginning of the year 361,468,363 360,356,544
Equity shares increased during the year :
- Issued during the year pursuant to exercise of employee stock options 552,861 1,111,819
scheme (Refer to Note 37)
- Issued during the year - Institutional Placement Programme (Refer to Note 22,385,614 -
13.i.(i))
Equity shares at the end of the year 384,406,838 361,468,363
d. Terms / rights attached to the equity shares

The Company has only one class of equity share having a par value of Rs. 10 per share. Each holder of the equity share
is entitled to one vote per share and is entitled to dividend, declared if any. The paid up equity shares of the Company
rank pari-pasu in all respects, including dividend. The final dividend proposed by the Board of Directors is subject to
the approval of the shareholders in the ensuing Annual General Meeting. The interim dividend is declared by the Board
of Directors. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive
the remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution will be in
proportion to the number of equity shares held by the shareholders.
e. Aggregate number of bonus shares issued during the period of five years immediately
preceding the reporting date
Number of Amount Number of Amount
Shares Shares
Equity shares allotted as fully paid bonus shares by 155,400,000 1,554.00 155,400,000 1,554.00
capitalisation of capital redemption reserve in the year
ended 31 March 2016
capitalisation of general reserve in the year ended 31
March 2016
Total 309,344,400 3,093.44 309,344,400 3,093.44
During the year ended 31 March 2016, the Company had issued 309,344,400 equity shares of Rs. 10 each as bonus shares.

Financial Statement

13. Share capital (contd...)

f. Aggregate number of equity shares issued for consideration other than cash during the
period of five years immediately preceding the reporting date
31 March 2018 31 March 2017
Number of Shares Number of Shares
Equity shares allotted pursuant to scheme of merger 147,000 147,000
147,000 147,000
The Company had issued 147,000 fully paid equity shares having a par value of Rs. 1,000 each for consideration other than
cash during the year ended 31 March 2016, which were subsequently sub divided into 14,700,000 equity shares of Rs. 10 each.
g. Shareholders holding more than 5% equity shares in the Company:

Shares Shares
InterGlobe Enterprises Limited* - - 153,649,581 42.51%
InterGlobe Enterprises Private Limited (formerly known 145,706,774 37.90% - -
as Acquire Services Private Limited)*
Rakesh Gangwal 56,421,132 14.68% 60,860,713 16.84%
The Chinkerpoo Family Trust (Trustee: Shobha Gangwal 52,263,313 13.60% 56,375,730 15.60%
& J.P.Morgan Trust Company of Delaware)
Shobha Gangwal 32,310,461 8.41% 34,852,858 9.64%
* During the current year ended 31 March 2018, pursuant to the Composite Scheme of Arrangement, InterGlobe Enterprises
Limited was amalgamated with Acquire Services Private Limited with effect from 29 November 2017. Consequently, 153,649,581
equity shares of the Company held by InterGlobe Enterprises Limited were transferred to Acquire Services Private Limited.
Subsequently, the name of Acquire Services Private Limited has been changed to InterGlobe Enterprises Private Limited on 18
December 2017.
h. Shares reserved for issuance under Stock Option Plans of the Company
For details of shares reserved for issue under the employee stock option scheme (ESOS) of the Company. (Refer to Note
37)
i. Other Notes
(i) During the current year ended 31 March 2018, the Company has completed the Institutional Placement Programme
(“IPP”) under Chapter VIII-A of the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2009, as amended, pursuant to which 33,578,421 equity shares having a face value
of Rs. 10 each were allotted/ allocated, at an issue price of Rs. 1,130 per equity share, consisting of fresh issue of
22,385,614 equity shares and an offer for sale of 11,192,807 equity shares by certain selling shareholders.
(ii) The proceeds of fresh issue of equity shares from IPP amounts to Rs. 24,796.69 (net of Company’s share of fresh
issue related expenses, which has been adjusted against Securities Premium Reserve). As per the Prospectus, the
IPP proceeds can be utilised for one or more of the following: acquisition of aircraft, purchase of ground support
equipment, repayment / prepayment of debt, including finance leases for aircraft, and general corporate purposes.
As at 31 March 2018, 71% of IPP proceeds are unutilised and have been temporarily invested/ deposited in cash
and cash equivalents including fixed deposits and/or debt mutual funds.

Standalone

14. Other equity

31 March 2018 31 March 2017
Equity component of compound financial instruments 58.79 58.79
Reserves and surplus 66,903.49 34,153.10
Other comprehensive income - Remeasurement of defined benefit plans (net of tax) (31.89) (34.40)
Total 66,930.39 34,177.49
a. Equity component of compound financial instruments

31 March 2018 31 March 2017
Nil (previous year Nil) 0.00% convertible preference shares of Rs. 1,000 each *
* The fully paid up convertible preference shares of Rs. 1,000 each were issued at a premium ranging from Rs. 5,650 to Rs.
6,642 per share with 0.00% coupon rate and are convertible into equity shares of the Company in the ratio of 1:1 not earlier
than (a) the initial public offer of the Company; or (b) a strategic sale of the Company. In the event of liquidation of the
Company before conversion of convertible preference shares, the preference shareholders had priority over the equity shares
in the repayment of the capital. The holder of preference shares were entitled to one vote per share at any meeting of the
Company on any resolutions of the Company directly affecting their rights.
During the year ended 31 March 2016, 36,716 fully paid up 0.00% convertible preference shares were converted into equity
shares of the Company in the prescribed ratio of 1:1, vide resolution passed by the Board at its meeting held on 23 June 2015.
b. Reserves and surplus

31 March 2018 31 March 2017
Employee stock option outstanding account (Refer to Note 37) 540.10 549.12
Securities premium reserve 37,740.96 12,604.58
General reserve 389.07 389.07
Retained earnings 28,233.36 20,610.33
Total 66,903.49 34,153.10
(i) Employee stock option outstanding account

31 March 2018 31 March 2017
Employee stock option scheme expense (Refer to Note 37) 274.91 504.89
Amount utilised / transfer for issue of shares pursuant to exercise of employee (283.93) (632.84)
stock options scheme (Refer to Note 37)
Employee stock option outstanding account is used to record the impact of employee stock option schemes. Refer to Note 37
for further details of these plans.

Financial Statement

14. Other equity (contd...)

(ii) Securities premium reserve
31 March 2018 31 March 2017
Balance at the beginning of the year 12,604.58 11,971.74
Amount utilised / transfer for issue of shares pursuant to exercise of employee 283.93 632.84
Premium received during the year on account of issue of shares (Refer to Note 25,351.50 -
13.i.(i) and 37)
Utilised for share issue expenses* (499.05) -
Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the
provisions of the Companies Act, 2013.
* Expenses incurred by the Company during the current year ended 31 March 2018, aggregating to Rs. 801.74 (including Goods
and Services Tax (“GST”)) in connection with the IPP have been partly adjusted towards the securities premium reserve and
partly recovered from the selling shareholders. The IPP expenses amounting to Rs. 801.74 (including GST), excluding certain
expenses which are directly attributable to the Company amounting to Rs. 95.53 (including GST), have been allocated between
the Company and each of the selling shareholders in proportion to the equity shares allotted under the IPP by the Company and
offer for sale by the existing selling shareholders.
(iii) General reserve

31 March 2018 31 March 2017
The Company had transferred certain percentage of retained earnings to general reserve as per the provisions for dividend
distribution under the Companies Act, 1956.
(iv) Retained earnings

31 March 2018 31 March 2017
Add: Profit for the year 22,423.74 16,591.88
Amount available for appropriation 43,034.07 27,136.16
Less: Appropriations
Final dividend (Refer note below) (12,297.27) (5,422.03)
Corporate dividend tax (2,503.44) (1,103.80)

Standalone


Dividends
The following dividends were declared and paid by the Company

31 March 2018 31 March 2017
Final dividend of Rs. 34 per share** (previous year Rs. 15 per share*) 12,297.27 5,422.03
After the reporting dates the following dividends were proposed by the Board of Directors subject to the approval of shareholders
at Annual General Meeting. Accordingly, the following dividends have not been recognised in the respective financial years.
Dividends would attract corporate dividend tax when declared.

31 March 2018 31 March 2017
Final dividend of Rs. 6 per share*** (previous year Rs. 34 per share**) 2,306.44 12,289.92
Corporate dividend tax 474.09 2,501.94
* On 29 April 2016, the Board of Directors had recommended a final dividend of Rs. 15 per share (face value of Rs. 10 per share)
for the financial year ended 31 March 2016 and the same was approved by the shareholders at the Annual General Meeting
held on 21 September 2016.
**On 9 May 2017, the Board of Directors has recommended a final dividend of Rs. 34 per share (face value of Rs. 10 per share)
held on 28 August 2017.
***On 2 May 2018, the Board of Directors has recommended a final dividend of Rs. 6 per share (face value of Rs. 10 per share)
for the financial year ended 31 March 2018, subject to approval of the shareholders in the upcoming Annual General Meeting.
c. Other comprehensive income - Remeasurement of defined benefit plans (net of tax)

31 March 2018 31 March 2017
Other comprehensive income
Balance at the beginning of the year (34.40) (12.68)
Actuarial gains/ (losses) on defined benefit plan for the year (net of tax) (Refer 2.51 (21.72)
to Note 32)
Balance at the end of the year (31.89) (34.40)

Financial Statement

15. Financial liabilities

15.a Borrowings
31 March 2018 31 March 2017
Secured
Term loans:
Foreign currency term loan
- From others 5,082.09 4,604.00
Other loans:
Long-term maturities of finance lease obligations 17,331.61 19,353.08
Total 22,413.70 23,957.08
Current maturities of foreign currency term loan and finance lease obligations amounting to Rs. Nil and Rs. 2,113.51 (previous
year Rs. Nil and Rs. 2,004.66), respectively have been disclosed under ‘Other financial liabilities’ (Refer to Note 15.b).
Information about the Company’s exposure to interest rate, foreign currency and liquidity risks is included in Note 28.
Secured - Term loans

As at 31 March 2018
Particulars Disclosed under As at Interest Period of maturity
31 March 2018 rate* from
the reporting date
Foreign currency term loan - USD# Financial liabilities - 5,082.09 USD LIBOR plus 69 months
borrowings markup
* Markup is 275 basis points over 6 month USD LIBOR. The period of maturity from the date of origination is 137 months.
# The above mentioned loan is repayable in twenty unequal instalments ranging between USD 4 million to USD 6 million
between the period September 2022 - December 2023.
Foreign currency term loan is secured by way of assignment of rights, title, benefits and interests of the Company in respect
to Buyer-furnished equipment (‘BFE’) installed or to be installed in the aircraft under BFE Security and Assignment Agreement.
Moreover, the lender has a contractual right to buy certain aircraft to be delivered to the Company partially by utilising the pre-
delivery payments under the agreement signed by Airbus S.A.S, lender and the Company.
There are no defaults as on reporting date in repayment of principal and interest.
As at 31 March 2017
the reporting date
borrowings markup

Standalone

15. Financial liabilities (contd...)

Secured - Other loans
Finance lease obligations
Certain aircraft have been obtained on finance lease, the obligation of which will be contractually settled in USD. The legal
title to these items vests with the lessors. The lease term for aircraft is 12 years (previous year 12 years) and year of maturity
ranges between March 2025 to September 2026 (previous year March 2025 to September 2026) with quarterly payments
beginning from the quarter subsequent to the commencement of the lease. The total future minimum lease payments as at
the reporting date, element of interest included in such payments and present value of these minimum lease payments are as
follows:
Particulars Non-current Current

As at As at As at As at
31 March 2018 31 March 2017 31 March 2018 31 March 2017
(a) Total future minimum lease payments 20,419.58 23,317.11 3,008.14 2,992.98
(b) Future interest included in (a) above 3,087.97 3,964.03 894.63 988.32
(c) Present value of future minimum lease payments 17,331.61 19,353.08 2,113.51 2,004.66
[(a-b)]
The rate of interest for aircraft acquired on finance lease is inclusive of transaction costs and margin over 3 months USD LIBOR
(previous year margin over 3 months USD LIBOR). Interest is paid with margin over 3 months USD LIBOR, margin is less than 250
basis points (previous year margin is less than 250 basis points).
Finance lease obligation amounting to Rs. 19,445.12 (previous year Rs. 21,357.74) are secured against the respective aircraft.
There are no defaults as on reporting date in repayment of principal lease and interest payments.
The future minimum lease payments and their present value as at 31 March 2018 is as follows:
Present value of Future Minimum lease
minimum lease interest payments
payments
Not later than one year 2,113.51 894.63 3,008.14
Later than one year and not later than five years 9,546.92 2,494.63 12,041.55
Later than five years 7,784.69 593.34 8,378.03
Total 19,445.12 3,982.60 23,427.72
payments
Later than five years 10,297.73 1,038.82 11,336.55
Total 21,357.74 4,952.35 26,310.09

Financial Statement


15.b Other financial liabilities
Interest accrued but not due on borrowings - 129.25 - 112.57
Current maturities of finance lease obligations (Refer to - 2,113.51 - 2,004.66
note 15.a)
Supplementary rentals 29,700.32 11,977.81 22,685.34 9,248.51
Aircraft maintenance 233.03 1,252.19 - 2,956.93
Unclaimed dividend - 0.07 - -
Other liabilities 25.73 - - -
Total 29,959.08 15,472.83 22,685.34 14,322.67
The Company’s exposure to currency and liquidity risk related to the above financial liabilities is disclosed in Note 28.
16. Provisions
Provision for employee benefits
- Provision for defined benefit plans (Refer to Note 32) 582.58 99.56 420.21 74.75
- Provision for other long term employee benefits 573.77 378.58 407.30 348.85
Others
- Provision for redelivery and overhaul cost (Refer to 812.58 554.32 396.43 243.46
Note below)
Total 1,968.93 1,032.46 1,223.94 667.06
Provision for redelivery and overhaul cost

The schedule of provision as required to be disclosed in compliance with Ind AS 37 on ‘Provisions, Contingent Liabilities and
Contingent Assets’ is as under:
31 March 2018 31 March 2017
Balance as at beginning of the year 639.89 339.16
Provisions created during the year 920.53 286.55
Interest accretion on provisions during the year 23.70 26.38
Amounts utilised during the year (221.55) -
Impact of exchange loss on restatement of opening provision (36.92) (49.12)
Impact of exchange loss on restatement of closing provision 41.25 36.92
Balance as at end of the year 1,366.90 639.89
Balance as at end of the year - Non-current 812.58 396.43

Balance as at end of the year - Current 554.32 243.46
Aircraft maintenance costs also includes provision for overhaul expenses for certain aircraft held under operating leases. These
are recorded at discounted value, where effect of the time value of money is material.
The Company has in its fleet aircraft on operating lease. As contractually agreed under the lease contracts, the aircraft have
to be redelivered to the lessors at the end of the lease term under stipulated contractual return conditions. At inception of the
lease, the redelivery obligations are determined by management based on historical trends and data, and are capitalised at
the present value of expected outflow, where effect of the time value of money is material.

Standalone

16. Provisions (contd...)

The measurement of the provision for redelivery and overhaul cost includes assumptions primarily relating to expected costs and
discount rates commensurate with the expected obligation maturity schedules. An estimate is therefore made to ensure that
the provision corresponds to the present value of the expected costs to be borne by the Company. Judgement is exercised by
management given the long-term nature of assumptions that go into the determination of the provision. The assumption made
in relation to the current year are consistent with those in the previous year.
Expected timing of resulting outflow of economic benefit is financial year 2019-2024 (previous year 2018-2023) and the
Company calculates the provision using Discounted Cash Flow (DCF) method.
Sensitivity analysis for key assumptions used:

If expected cost differ by 10% from management’s estimate, while holding all other assumptions constant, the provision for
redelivery and overhaul cost may increase/ decrease by Rs. 136.69 (previous year by Rs. 63.31).
If expected discount rate differ by 1%, while holding all other assumptions constant, the provision for redelivery and overhaul
cost may increase/ decrease by Rs. 14.88 (previous year by Rs. 3.75).
17. Trade payables

31 March 2018 31 March 2017
- Related parties (Refer to Note 34) 131.91 205.79
- Micro and small enterprises (Refer to Note below) 18.27 29.98
- Other trade payables 9,851.38 7,510.17
Total 10,001.56 7,745.94
The Company’s exposure to currency and liquidity risk related to the above financial liabilities is disclosed in Note 28.
Dues to micro and small enterprises

31 March 2018 31 March 2017
The amounts remaining unpaid to micro and small suppliers as at the end of the year
- Principal 18.27 29.98
- Interest - -
The amount of interest paid by the buyer as per the Micro Small and Medium - -
Enterprises Development Act, 2006 (MSMED Act, 2006)
The amounts of the payments made to micro and small suppliers beyond the - -
appointed day during each accounting year
The amount of interest due and payable for the period of delay in making - -
payment (which have been paid but beyond the appointed day during the year)
but without adding the interest specified under MSMED Act, 2006
The amount of interest accrued and remaining unpaid at the end of each - -
accounting year
The amount of further interest remaining due and payable even in the - -
succeeding years, until such date when the interest dues as above are actually
paid to the small enterprise for the purpose of disallowance as a deductible
expenditure under the MSMED Act, 2006

Financial Statement

18. Other liabilities

Advances from customers - 3,724.67 - 1,770.40
Forward sales - 19,749.35 - 15,584.20
Employee related liabilities 198.84 1,455.19 75.00 1,151.61
Statutory dues - 1,947.06 - 1,219.63
Others - credit received in advance 475.09 2,280.43 - -
Total 673.93 29,156.70 75.00 19,725.84
19. Tax expense

a. Amounts recognised in the Standalone Statement of Profit and Loss comprises :
31 March 2018 31 March 2017
Current tax:
- Current year* 6,764.23 4,943.11
- Previous years (74.41) (31.60)
6,689.82 4,911.51
Deferred tax expense:
Attributable to-
Origination and reversal of temporary differences 2,453.08 524.83
MAT credit entitlement (299.87) -
MAT credit entitlement written back - (584.82)
2,153.21 (59.99)
* Represents minimum alternate tax for the current year ended 31 March 2018.
Income tax recognised in other comprehensive income

31 March 2018 31 March 2017
Remeasurements of defined benefit plans 3.84 (33.22)
Income tax relating to above mentioned item (1.33) 11.50

Standalone

19. Tax expense (contd...)

b. Reconciliation of effective tax rate
31 March 2018 31 March 2017
Tax using the Company’s domestic tax rate - 34.608% (previous year 34.608%) 10,820.80 7,421.13
Tax effect of:
Income not liable to tax (2,013.11) (1,707.57)
Additional deduction on employee stock option scheme expense (25.86) (144.73)
Adjustments in current tax of previous years (74.41) (31.60)
Rate change impact on deferred tax* 75.61 -
Others 60.00 (100.89)
Income tax expense 8,843.03 4,851.52
* Represents the change in substantively enacted tax rate as on the reporting date.
c. Income tax assets and income tax liabilities:

31 March 2018 31 March 2017
Income tax assets [net of current income tax liabilities Rs. 13,661.23 (previous 386.39 97.60
year: Rs. 5,071.48)]*
Less: Current income tax liabilities [net of current income tax assets of Rs. 127.51 446.77
12,735.23 (previous year Rs. 14,238.55)]
Net income tax assets/ (liability) at the year end 258.88 (349.17)
* Includes Rs. 276.44 (previous year Rs. 26.44) paid under protest to Income Tax Authorities.
d. The tax effect of deferred tax assets and liabilities comprises of :

31 March 2018 31 March 2017
Property, plant and equipment and intangible assets (6,359.59) (5,018.33)
Other non-current assets (1,383.76) (1,374.67)
Investments at FVTPL (633.27) (189.11)
Financial liabilities at amortised cost (1,962.38) (1,262.91)
Financial assets at amortised cost 1,638.37 1,599.96
MAT credit entitlement 4,169.95 3,792.73
Employee related provisions and liabilities 772.97 623.35
Other liabilities and provisions 54.18 162.92
Others 8.28 48.00
Deferred tax assets / (liabilities) (net) (3,695.25) (1,618.06)
The Company has recognised MAT credit entitlement in the current and previous years. The utilisation of MAT credit entitlement
(unused tax credits) is depended on future taxable profits. The MAT credit entitlement is recognised only to the extent that it
is probable that future taxable profits will be available against which such MAT credit entitlement can be utilised. However, if
there is a change in future taxable profits, which will also make the Company to foresee recognition of such unrecognised MAT
credit entitlement amounting to Rs. 1,017.21, the same may be recognised.

Financial Statement


e. Movement in deferred tax assets / (liabilities) balances
Particulars Net balance Recognised in Recognised Others* Net balance
1 April 2017 profit or loss in OCI 31 March 2018
Property, plant and equipment and (5,018.33) (1,341.26) - - (6,359.59)
intangible assets
Other non-current assets (1,374.67) (9.09) - - (1,383.76)
Investments at FVTPL (189.11) (444.16) - - (633.27)
Financial liabilities at amortised cost (1,262.91) (699.47) - - (1,962.38)
Financial assets at amortised cost 1,599.96 38.41 - - 1,638.37
MAT credit entitlement 3,792.73 299.87 - 77.35 4,169.95
Employee related provisions and 623.35 150.95 (1.33) - 772.97
liabilities
Other liabilities and provisions 162.92 (108.74) - - 54.18
Others 48.00 (39.72) - - 8.28
Deferred tax assets / (liabilities) (net) (1,618.06) (2,153.21) (1.33) 77.35 (3,695.25)
* Represents minimum alternative tax reversed during the years.
f. Expiry of unrecognised MAT credit entitlement:

Amount Year of Amount Year of
expiry upto expiry upto
MAT credit entitlement - written off 1,017.21 2026 1,017.21 2021
20. Revenue from operations

31 March 2018 31 March 2017
Sale of services
- Passenger services 213,423.37 174,009.88
- Cargo services 10,085.21 8,761.86
- Tours and packages 22.08 33.04
Sale of products
- In-flight sales (traded goods) 1,474.52 1,595.90
Other operating revenue
- Incentives 476.04 504.43
- Others* 4,727.65 899.89
Total 230,208.87 185,805.00
* Others includes claims received from original equipment manufacturer and income from advertisement.

Standalone

21. Other income

31 March 2018 31 March 2017
Interest income from bank deposits 4,008.05 3,913.27
Interest income from financial assets at amortised cost 589.97 488.02
Net gain on sale of current investments 2,056.49 1,221.27
Marked to market gain on current investments 1,712.97 546.42
Other non-operating income (net):
- Profit on sale of property, plant and equipment [net of loss on sale of - 24.58
property, plant and equipment Rs. Nil (previous year Rs. 210.80)]
- Foreign exchange gain (net) - 825.99
- Liabilities no longer required written back 252.46 414.93
- Miscellaneous income 848.62 456.22
Total 9,468.56 7,890.70
22. Purchase of stock-in-trade

31 March 2018 31 March 2017
In-flight purchases 1,238.76 1,238.32
Total 1,238.76 1,238.32
23. Changes in inventories of stock-in-trade

31 March 2018 31 March 2017
In-flight purchases
- Opening stock 77.60 74.66
- Closing stock (64.95) (77.60)
Net (increase) / decrease in stock-in-trade 12.65 (2.94)
24. Employee benefits expense

31 March 2018 31 March 2017
Salaries, wages and bonus 23,663.69 19,471.41
Contribution to provident and other funds (Refer to Note 32) 482.51 373.13
Staff welfare expenses 129.11 132.47
Total 24,550.22 20,481.90

Financial Statement

25. Finance costs

31 March 2018 31 March 2017
Interest expenses:
- Interest on borrowings measured at amortised cost 219.16 179.98
- Finance lease charges on finance lease obligations measured at amortised 872.47 1,298.99
cost
- Interest accretion on provisions and other financial liabilities measured at 2,275.91 1,670.58
amortised cost
- Interest others 4.20 158.25
Net loss on foreign currency transactions and translation to the extent regarded 26.41 -
as borrowing cost*
Total 3,398.15 3,307.80
* Schedule III to the Companies Act, 2013 requires disclosure of exchange differences arising from foreign currency term loan
to the extent that they are regarded as an adjustment to interest cost. The amount of Rs. 26.41 (previous year Rs. Nil)
representing this adjustment has been disclosed in the above note. The remaining exchange loss of Rs. 516.17 (previous year
Rs. Nil) has been disclosed under “Other expenses”.
26. Depreciation and amortisation expense

31 March 2018 31 March 2017
Depreciation on property, plant and equipment (Refer to Note 3) 4,081.87 4,398.09
Amortisation on intangible assets (Refer to Note 4) 286.90 174.44
Total 4,368.77 4,572.53
27. Other expenses

31 March 2018 31 March 2017
Landing fees and en-route charges 23,768.35 18,680.18
Aircraft repair and maintenance (net) 11,637.42 6,905.98
Consumption of stores and spares and loose tools 2,036.66 1,211.68
Repairs and maintenance 593.82 413.96
Insurance
- aircraft 352.28 306.02
- others 201.87 139.48
Tours and packages 11.57 15.45
Reservation cost 1,491.50 1,231.38
Commission 6,324.06 6,878.51
Sales promotion and advertisement 1,029.77 943.84
In-flight and passenger cost 1,080.74 1,002.79
Crew accommodation and transportation 2,904.96 2,505.90
Operating cost of software 1,135.96 1,155.22
Training 1,238.81 1,132.87
Legal and professional 917.47 980.87
Auditor's remuneration:

Standalone

27. Other expenses (contd...)

31 March 2018 31 March 2017
- Audit fees 13.40 10.50
- Limited reviews 6.00 5.25
- Tax audit 0.80 0.80
- Other matters* 1.25 3.05
- Reimbursement of expenses 2.42 2.26
Recruitment cost 94.79 76.14
Rent (Refer to Note below) 1,009.64 897.02
Rates and taxes 45.54 71.91
Bank charges 732.74 753.71
Loss on sale of property, plant and equipment [net of profit on sale of property, 0.45 -
plant and equipment Rs. 0.62 (previous year Rs. Nil)]
Travelling and conveyance 819.64 620.40
Printing and stationery 199.25 174.67
Communication and information technology 86.14 77.15
Donation** 300.00 -
Other operating cost 1,219.17 906.75
Advance written off - 9.09
Foreign exchange loss (net) 516.17 -
Corporate social responsibility expenses (Refer to Note 36) 276.04 215.81
Sitting fees and commission 12.11 2.00
Miscellaneous expenses 363.78 321.18
Total 61,138.76 47,985.83
* Excludes fee paid to statutory auditor amounting to Rs. 6.50 (previous year Rs. Nil) for other services.
** Donation represents contribution under section 182 of the Companies Act, 2013.
Operating leases for aircraft and engines

The Company has taken aircraft on operating lease from lessors. Under the aircraft operating lease arrangement, the Company
accrue monthly rental in the form of base and supplementary rentals. Base rental payments are either based on floating interest
rates or on fixed rentals. Supplementary rentals are based on aircraft utilisation and are calculated with reference to the
number of hours or cycles operated during each month. Both base and supplementary rentals have been charged to Standalone
Statement of Profit and Loss. The Lease has varying terms, escalation clauses and renewal rights. On renewal the terms of
leases are renegotiated.

Financial Statement


Total future minimum lease payments due under non-cancellable operating leases (except supplementary rental which are
based on aircraft utilization and calculated on number of hours or cycles operated) are as follows:
31 March 2018 31 March 2017
Less than one year 29,447.88 25,603.42
Between one and five years 68,724.08 54,159.89
More than five years 1,827.90 3,445.52
Total 99,999.86 83,208.83
Aircraft and engine rentals, recognised in Standalone Statement of Profit and Loss amounting to Rs. 36,101.99 (previous year
Rs. 31,253.73) are also net of cash and non-cash incentives and certain other credits exclusive of claims, amounting to Rs.
6,442.62 (previous year Rs. 5,332.06).
Operating leases for assets other than aircraft and engines

The Company has taken its office premises, various commercial premises and residential premises for its employees under
cancellable operating lease arrangements.
The lease payments charged during the year to the Standalone Statement of Profit and Loss amounting to Rs. 1,009.64
(previous year Rs. 897.02.). The lease has varying terms, escalation clauses and renewal rights. On renewal the terms of leases
are renegotiated.
28. Fair value measurement and financial instruments

a. Financial instruments – by category and fair values hierarchy
The following table shows the carrying amounts and fair value of financial assets and financial liabilities, including their
levels in the fair value hierarchy.
(i) As at 31 March 2018

Particulars Note Carrying value Fair value measurement using
FVTPL FVOCI Amortised Total Level 1 Level 2 Level 3
Cost
Financial assets
Non-current
Investments** 5 0.17 - - 0.17 - - 0.17
Loans 6 - - 6,831.34 6,831.34 - - 7,075.92
Other financial assets* 7 - - 8,195.22 8,195.22
Current
Investments 5 63,439.12 - - 63,439.12 - 63,439.12 -
Trade receivables* 10 - - 2,263.15 2,263.15
Cash and cash equivalents* 11 - - 6,706.28 6,706.28
Bank balances other than 12 - - 59,099.73 59,099.73
cash and cash equivalents*
Loans 6 - - 1,914.95 1,914.95 - - 1,914.95
Total 63,439.29 - 89,590.92 153,030.21

Standalone

28. Fair value measurement and financial instruments (contd...)

Cost
Non-current
Borrowings# 15.a - - 22,413.70 22,413.70 - - 22,413.70
Other financial liabilities
Supplementary rentals 15.b - - 29,700.32 29,700.32 - - 30,051.06
Aircraft maintenance 15.b - - 233.03 233.03 - - 233.03
Other liabilities 15.b - - 25.73 25.73 - - 25.73
Current
Trade payables* 17 - - 10,001.56 10,001.56
Other current financial
liabilities
Interest accrued but not due 15.b - - 129.25 129.25 - - 129.25
on borrowings#
Current maturities of finance 15.b - - 2,113.51 2,113.51 - - 2,113.51
lease obligations#
Aircraft maintenance* 15.b - - 1,252.19 1,252.19
Unclaimed dividend* 15.b - - 0.07 0.07
Total - - 77,847.17 77,847.17
(ii) As at 31 March 2017

Cost
Financial assets
Non-current
Investments** 5 0.18 - - 0.18 - - 0.18
Loans 6 - - 5,440.26 5,440.26 - - 5,706.99
Current
Investments 5 37,134.10 - - 37,134.10 - 37,134.10 -
Loans 6 - - 39.76 39.76 - - 39.76
Other financial assets* 7 4,101.10 4,101.10
Total 37,134.28 - 67,849.88 104,984.16

Financial Statement


Cost
Non-current
Borrowings# 15.a - - 23,957.08 23,957.08 - - 23,957.08
Current
Trade payables* 17 - - 7,745.94 7,745.94
liabilities
on borrowings#
lease obligations#
Total - - 68,711.03 68,711.03
# The Company’s borrowings have been contracted at floating rates of interest, which resets at short intervals. Accordingly, the
carrying value of such borrowings (including interest accrued but not due) approximates fair value.
* The carrying amounts of trade receivables, trade payables, cash and cash equivalents, bank balances other than cash and cash
equivalents, aircraft maintenance-current, unclaimed dividend and other current financial assets, approximates the fair values,
due to their short-term nature. The other non-current financial assets represents bank deposits (due for maturity after twelve
months from the reporting date) and interest accrued but not due on bank deposits, the carrying value of which approximates
the fair values as on the reporting date.
** Non-current investments excludes investment in subsidiary which is carried at cost.
The fair values for loans were calculated based on discounted cash flows using a current lending rate. They are classified as
level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counterparty credit risk.
The fair values of supplementary rentals, aircraft maintenance-non-current and other liabilities are based on discounted cash
flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of
unobservable inputs, including own credit risk.
There has been no transfers between Level 1, Level 2 and Level 3 for the year ended 31 March 2018 and 31 March 2017.
Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:
- the use of NAV for unquoted mutual funds.
- the fair value of the remaining financial instruments is determined using discounted cash flow method.

Standalone


Valuation processes
The finance department of the Company includes a team that performs the valuations of financial assets and liabilities required
for financial reporting purposes, including level 3 fair values. This team reports directly to the Senior Management. Discussions
on valuation and results are held between the Senior Management and valuation team atleast once every quarter in line with
the Company’s quarterly reporting periods.
b. Financial risk management

The Company has exposure to the following risks arising from financial instruments:
• Credit risk ;
• Liquidity risk ;
• Market Risk - Foreign currency ; and
• Market Risk - Interest rate
Risk management framework

The Board of Directors of the Company has formed a risk management committee to frame, implement and monitor the
risk management plan for the Company. The committee is responsible for reviewing the risk management policies and
ensuring its effectiveness.
The Company’s risk management policies are established to identify and analyse the risks faced by the Company to set
appropriate risks limits and controls and to monitor risks and adherence to limits. Risk management policies are reviewed
regularly to reflect changes in market conditions and the Company’s activities.
The Risk management committee oversees how management monitors compliance with Company’s risk management
policies and procedures and reviews the adequacy of the risk management framework in relation to the risk faced by the
Company.
(i) Credit risk

The maximum exposure to credit risks is represented by the total carrying amount of these financial assets in the Standalone
Balance Sheet
31 March 2018 31 March 2017
Trade receivables 2,263.15 1,587.02
Loans 8,746.29 5,480.02
Cash and cash equivalents 6,706.28 1,531.09
Other bank balances other than cash and cash equivalents 59,099.73 44,794.26
Other financial assets 12,775.47 14,457.49
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations.
Credit risk on cash and cash equivalents and bank deposits is limited as the Company generally invests in deposits with banks
with high credit ratings assigned by domestic credit rating agencies. The loans primarily represents security deposits given to
aircraft manufacturer. Such deposit will be returned to the Company on deliveries of the aircraft by the aircraft manufacturer. The
credit risk associated with such security deposits is relatively low.
Trade receivables are typically unsecured and are derived from revenue earned from customers primarily located in India and
certain parts of Middle East and South Asia. Trade receivables also includes receivables from credit card companies which are
realisable within a period 2 to 21 working days. The Company monitors the economic environment in which it operates. The
Company manages its credit risk through establishing credit limits and continuously monitoring credit worthiness of customers
to which the Company grants credit terms in the normal course of business.

Financial Statement


The Company sells majority of its air transportation services against advances made by agents (customers) and through online
channels.
The Company uses expected credit loss model to assess the impairment loss or gain. The Company uses a provision matrix to
compute the expected credit loss allowance for trade receivables. The provision matrix takes into account available internal
credit risk factors such as the Company’s historical experience for customers. Based on the business environment in which the
Company operates, management considers that the trade receivables (other than receivables from government departments)
are in default (credit impaired) if the payments are more than 90 days past due however the Company based upon past trends
determine an impairment allowance for loss on receivables outstanding for more than 180 days past due.
Majority of trade receivables are from domestic customers, which are fragmented and are not concentrated to individual
customers. Trade receivables as at year end primarily includes Rs. 1,256.16 (previous year Rs. 730.62) relating to revenue
generated from passenger services and Rs. 1,078.44 (previous year Rs. 920.36) relating to revenue generated from cargo
services.
The Company’s exposure to credit risk for trade receivables is as follows:

Particulars Gross carrying amount
As at As at
31 March 2018 31 March 2017
1-90 days past due * 1,847.94 1,268.62
91 to 180 days past due 192.34 191.26
More than 180 days past due # 294.32 198.59
2,334.60 14,457.49
* The Company believes that the unimpaired amounts that are past due by more than 30 days are still collectible in full, based
on historical payment behaviour.
# The Company based upon past trends determine an impairment allowance for loss on receivables outstanding for more than
180 days past due.
# Receivables more than 180 days past due primarily comprises receivables from government departments, which are fully
realisable on historical payment behaviour and hence no loss allowance has been recognised, and from agents for which the
impairment allowance has already been recognised on specific credit risk factor.
The allowance for lifetime expected credit loss on customer balances for the year ended 31 March 2018 and 31 March 2017 is
insignificant and hence the same has not been recognised. The reversal for lifetime expected credit loss on customer balances
for the current year is Rs. Nil (previous year Rs. Nil).
Movement in the allowance for impairment in respect of trade receivables

31 March 2018 31 March 2017
Impairment loss recognised / (reversed) - -
Amount written off - -

Standalone


(ii) Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial assets. The Company’s approach to manage liquidity is to have
sufficient liquidity to meet its liabilities when they are due, under both normal and stressed circumstances, without incurring
unacceptable losses or risking damage to the Company’s reputation.
The Company believes that its liquidity position, comprising of total cash (including bank deposits under lien and excluding
interest accrued but not due) and short-term investments, of Rs. 137,082.56 as at 31 March 2018 (previous year Rs. 93,431.85),
anticipated future internally generated funds from operations, and its fully available, revolving undrawn credit facility of
Rs. 37,426.22 (previous year Rs. 46,271.25) will enable it to meet its future known obligations in the ordinary course of
business. However, if a liquidity needs were to arise, the Company believes it has access to financing arrangements, value
of unencumbered assets, which should enable it to meet its ongoing capital, operating, and other liquidity requirements. The
Company will continue to consider various borrowing or leasing options to maximize liquidity and supplement cash requirements
as necessary.
The Company’s liquidity management process as monitored by management, includes the following:
- Day to day funding, managed by monitoring future cash flows to ensure that requirements can be met.
- Maintaining rolling forecasts of the Company’s liquidity position on the basis of expected cash flows.
- Maintaining diversified credit lines.
Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The contractual cash flow
amounts are gross and undiscounted, and includes interest accrued but not due on borrowings.
As at 31 March 2018 Carrying Contractual cash flows
amount Less than Between six Between More than Total
six months months and one and five years
one year five years
Foreign currency term loans from others 5,082.09 - - 2,345.58 2,736.51 5,082.09
Finance lease obligations (including 19,445.12 1,201.48 1,218.23 10,426.62 7,998.76 20,845.09
current maturities)
Interest accrued but not due on borrowings 129.25 120.79 - - - 120.79
Supplementary rentals* 41,678.13 7,975.66 4,607.76 35,050.61 188.79 47,822.82
Aircraft maintenance 1,485.22 1,252.19 - 275.16 - 1,527.35
Trade payables 10,001.56 10,001.56 - - - 10,001.56
Unclaimed dividend 0.07 0.07 - - - 0.07
Other liabilities 25.73 - - - 44.18 44.18
Total 77,847.17 20,551.75 5,825.99 48,097.97 10,968.24 85,443.95

Financial Statement


one year five years
Foreign currency term loans from others 4,604.00 - - - 4,604.00 4,604.00
current maturities)
Aircraft maintenance 2,956.93 1,744.33 1,212.60 - - 2,956.93
Trade payables 7,745.94 7,745.94 - - - 7,745.94
Total 68,711.03 13,763.78 9,027.11 36,276.16 15,454.36 74,521.41
* Against payments for supplementary rentals amounting to Rs. 41,531.90 (previous year Rs. 31,682.76), the Company has
issued letter of credit/ standby letter of credit which are backed by deposits with banks.
(iii) Market risk

Market risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market risk comprises two types of risk namely: currency risk and interest rate risk. The objective of market risk management is
to manage and control market risk exposures within acceptable parameters, while optimising the return.
A. Interest rate risk

Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s
borrowings with floating interest rates.
Exposure to interest rate risk

The Company’s interest rate risk arises majorly from the foreign currency term loan and finance lease obligations carrying
floating rate of interest. These obligations expose the Company to cash flow interest rate risk. The exposure of the Company’s
borrowing to interest rate changes as reported to the management at the end of the reporting period are as follows:
Variable-rate instruments As at As at
31 March 2018 31 March 2017
Foreign currency term loan- from others 5,082.09 4,604.00
Finance lease obligations (including current maturities) 19,445.12 21,357.74
Total 24,527.21 25,961.74
Interest rate sensitivity analysis

A reasonably possible change of 0.50 % in interest rates at the reporting date would have affected the profit or loss by the
amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain
constant.
Particulars Standalone Statement of Profit and Loss
Increase by 0.50 % Decrease by 0.50 %
Increase/ (decrease) in interest on foreign currency term loans-from others and
on finance lease obligations
For the year ended 31 March 2018 121.50 (121.50)

Standalone


B. Currency risk
Currency risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in foreign exchange
rates. The Company is exposed to the effects of fluctuation in the prevailing foreign currency exchange rates on its financial
position and cash flows. Exposure arises primarily due to exchange rate fluctuations between the functional currency and other
currencies from the Company’s operating, investing and financing activities.
Exposure to foreign currency risk

The summary of quantitative data about the Company’s exposure to currency risk, as expressed in Indian Rupees, as at 31 March
2018 and 31 March 2017 are as below:
As at 31 March 2018
Particulars USD EUR GBP AED NPR OMR SGD THB QAR BDT LKR
Financial assets
Trade receivables 22.35 2.50 - 305.06 8.85 24.58 - - 91.42 54.78 -
Cash and cash - - - 985.20 28.16 152.27 54.79 14.62 1,043.31 - -
equivalents
Loans 8,102.00 - - 0.18 5.94 - 0.50 0.52 0.36 - -
Other financial assets 721.38 14.20 7.90 1.60 - - - - 1.89 - -
Total financial assets 8,845.73 16.70 7.90 1,292.04 42.95 176.85 55.29 15.14 1,136.98 54.78 -
Borrowings 24,527.21 - - - - - - - - - -
Other financial 43,318.40 - - - - - - - - - -
liabilities
Trade payables 4,743.62 117.01 37.73 392.32 21.79 78.52 37.20 18.49 76.35 1.44 15.83
Total financial liabilities 72,589.23 117.01 37.73 392.32 21.79 78.52 37.20 18.49 76.35 1.44 15.83
As at 31 March 2017
Particulars USD EUR GBP AED NPR OMR SGD THB CHF QAR
Financial assets
Trade receivables 0.20 2.15 - 161.34 9.92 44.58 2.44 1.00 - -
Cash and cash equivalents - - - 39.97 5.12 5.86 8.79 11.89 - -
Loans 5,038.97 - - 0.13 5.94 - 0.52 0.24 - -
Other financial assets 1,179.76 - - 37.67 - - 2.06 0.63 - -
Total financial assets 6,218.93 2.15 - 239.11 20.98 50.44 13.81 13.76 - -
Borrowings 25,961.74 - - - - - - - - -
Other financial liabilities 35,003.35 - - - - - - - - -
Trade payables 2,145.14 80.46 16.28 267.62 18.02 44.71 15.74 14.70 9.10 2.48
Total financial liabilities 63,110.23 80.46 16.28 267.62 18.02 44.71 15.74 14.70 9.10 2.48
Sensitivity analysis
A reasonably possible strengthening (weakening) of the Indian Rupee against below currencies as at 31 March 2018 and
31 March 2017 would have affected the measurement of financial instruments denominated in foreign currency and affected
Standalone Statement of Profit and Loss by the amounts shown below. This analysis is performed on foreign currency denominated
monetary financial assets and financial liabilities outstanding as at the year end. This analysis assumes that all other variables,
in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.

Financial Statement


Particulars Standalone Statement of Profit Standalone Statement of Profit
and Loss for the year ended 31 and Loss for the year ended 31
March 2018 March 2017
Gain/ (loss) on Gain/ (loss) Gain/ (loss) Gain/ (loss)
appreciation on depreciation on appreciation on depreciation
1% depreciation / appreciation in Indian Rupees
against following foreign currencies:
AED (9.00) 9.00 0.29 (0.29)
CHF - - 0.09 (0.09)
EUR 1.00 (1.00) 0.78 (0.78)
GBP 0.30 (0.30) 0.16 (0.16)
NPR (0.21) 0.21 (0.03) 0.03
OMR (0.97) 0.97 (0.06) 0.06
SGD (0.18) 0.18 0.02 (0.02)
THB 0.03 (0.03) 0.01 (0.01)
QAR (10.62) 10.62 0.02 (0.02)
LKR 0.16 (0.16) - -
BDT (0.53) 0.53 - -
USD* 442.98 (442.98) 355.34 (355.34)
Total 422.96 (422.96) 356.62 (356.62)
USD: United States Dollar, GBP: Great British Pound, AED: Arab Emirates Dirham, NPR: Nepalese Rupee, OMR: Omani Rial, THB:
Thai Baht, CHF: Swiss Franc, SGD: Singapore Dollar, EUR: Euro, QAR: Qatari Riyal, BDT: Bangladeshi Taka, LKR: Sri Lankan Rupee.
*The sensitivity analysis to foreign currency risk excludes an exposure to foreign exchange fluctuations on long term foreign
currency loans that have been capitalised in the cost of the related property plant and equipment. For the year ended 31 March
2018 and 31 March 2017, 1% depreciation / appreciation in Indian Rupees against USD, affects the adjustment to leased asset
(aircraft taken on finance lease) by Rs. 194.45 (previous year: Rs. 213.58). It is expected to impact the Standalone Statement
of Profit and Loss over the remaining life of the property, plant and equipment as an adjustment to depreciation charge.

29. Capital Management
The primary objective of the management of the Company’s capital structure is to maintain an efficient mix of debt and equity
in order to achieve a low cost of capital, while taking into account the desirability of retaining financial flexibility to pursue
business opportunities and adequate access to liquidity to mitigate the effect of unforeseen events on cash flows. Management
also monitors the return on equity.
The Board of directors regularly review the Company’s capital structure in light of the economic conditions, business strategies
and future commitments.
For the purpose of the Company’s capital management, capital includes issued share capital, securities premium reserves and
all other equity reserves. Debt includes, foreign currency term loan and finance lease obligations.
During the current year ended 31 March 2018, the Company has raised equity share capital primarily through IPP. Refer to Note
13.i.(i).

Standalone

29. Capital Management (contd...)

Debt equity ratio:
31 March 2018 31 March 2017
Finance lease obligations 19,445.12 21,357.74
Total Debt (A) 24,527.21 25,961.74
Equity share capital 3,844.07 3,614.68

Other equity 66,930.39 34,177.49
Total Equity (B) 70,774.46 37,792.17
Debt equity ratio (C = A/B) 0.35 0.69
Return on equity:
31 March 2018 31 March 2017
Other equity 66,930.39 34,177.49
Total equity 70,774.46 37,792.17
Return on equity Ratio (%) 32% 44%
30. Contingent liabilities (to the extent not provided for)

The Company is a party to various taxation disputes and legal claims, which are not acknowledged as debts. Significant
management judgement is required to ascertain that it is not probable that an outflow of resources embodying economic
benefits will be required to settle the taxation disputes and legal claims.
(i) Income tax

The income tax authority has assessed and revised the taxable income for various assessment years on account of
disallowance of certain expenses, provisions, depreciation and/or adjustments, and in respect of the tax treatment of
certain incentives received from the manufacturer with the acquisition of aircraft and engines. The Company has received
favourable order from the final fact finding authority, Income Tax Appellate Tribunal (“ITAT”) for Assessment Year 2007-
08 against certain such disallowance and/or adjustments made by tax authority. However, the tax authority has filed an
appeal before the Hon’ble High Court against the order of the ITAT. The Company believes, based on legal advice from
counsels, that the view taken by the ITAT is sustainable in higher court and accordingly no provision is required to be
recorded in the books of account.
The tax exposure (excluding interest and penalty) estimated by the Company pertaining to these matters for various
assessment years, which are under dispute, amounts to Rs. 6,346.42 (previous year Rs. 4,177.82) as at 31 March 2018.
This exposure is net of Rs. 1,017.21 (previous year Rs. 1,017.21), which represents minimum alternate tax recoverable
written off in the earlier years.
(ii) The Company is in legal proceedings for various disputed legal matters related to Customs, Octroi, Service Tax,
Integrated Goods and Services Tax (‘IGST’) and Value Added Tax (‘VAT’). The amounts involved in these proceedings, not
acknowledged as debt, are:
(1) Service Tax- Rs. 145.68 (previous year Rs. 145.68),
(2) Value Added Tax - Rs. 13.13 (previous year Rs. 7.85),

Financial Statement

30. Contingent liabilities (to the extent not provided for) (contd...)
(3) Octroi - Rs. 74.39 (previous year Rs. 74.45) and
(4) IGST on re-imports* - Rs. 1,829.50 (previous year Rs. Nil).
The Company believes, based on advice from counsels/experts, that the views taken by authorities are not sustainable
and accordingly no provision is required to be recorded in the books of account.
*During the year ended 31 March 2018, the Company has paid Integrated Goods and Services Tax (‘IGST’) amounting to
Rs. 1,829.50 under protest, on re-import of repaired aircraft, aircraft engines and other certain aircraft parts, to custom
authorities. The Company, based on legal advice from counsels, believes that no IGST is payable on such re-import of
repaired aircraft and aircraft engines and accordingly, such amount has been shown as recoverable.
(ii) The Competition Commission of India (“CCI”) passed an order dated 17 November, 2015 against, inter alia, the Company,
imposing a penalty of Rs. 637.40 million on the Company on account of cartelization for determination of fuel surcharge
included a component of Cargo services. The Company has filed an appeal against this order with Competition Appellate
Tribunal and it has referred the matter back to the CCI for fresh adjudication. CCI passed a final order dated 07 March 2018
reducing the penalty amount to Rs. 94.50 million. The Company is in process of filing an appeal against the order passed
by CCI before National Company Law Appellate Tribunal.
The Company based on legal advice from counsel, believes that the views taken by authorities are not sustainable and
accordingly no provision is required to be recorded in the books of account.
(iv) Legal cases

As per the notification dated 1 January 2016, The Payment of Bonus (Amendment) Act, 2015 is applicable retrospectively
w.e.f 1 April 2014. In view of the partial stay granted by Karnataka and Kerala High Court, the impact of this amendment
for the period 1 April 2014 till 31 March 2015 amounting to Rs. 19.47 has not been acknowledged as debt.
(v) Other legal proceedings for which the Company is contingently liable
The Company is party to various legal proceedings in the normal course of business and does not expect the outcome of
these proceedings to have any adverse effect on the standalone financial statements and hence, no provision has been
set-up against the same.
Notes:
Pending resolution of the respective proceedings, it is not practicable for the Company to estimate the timings of cash
outflows, if any, in respect of the above as it is determinable only on receipt of judgements or decisions pending with
various forums or authorities. Accordingly, the above mentioned contingent liabilities are disclosed at undiscounted
amount.
31. Commitments
31 March 2018 31 March 2017
a. Estimated amount of contracts remaining to be executed on capital account 1,493,679.60 1,430,211.59
and other commitments, and not provided for in the books of account [net of
advances Rs. 103.68 (previous year Rs. 119.65)]
For non-cancellable operating and finance leases commitments Refer to Note 27 and Note 15.a.

Standalone

32. Employee benefits

The Company contributes to the following post-employment benefit plans.
Defined contribution plan

The Company pays provident fund contributions to the appropriate government authorities at rate specified as per regulations.
An amount of Rs. 439.33 (previous year Rs. 362.55) has been recognised as an expense in respect of the Company’s contribution
to Provident Fund deposited with the relevant authorities and has been shown under Employee benefits expense in the
Defined benefit plan

The Company operates gratuity plan wherein every employee is entitled to the benefit equivalent to 15 days of total basic
salary last drawn for each completed year of service. Gratuity is payable to all eligible employees of the Company on retirement,
separation, death or permanent disablement, in terms of the provisions of the Payment of Gratuity Act, 1972.
The following table sets out the status of the defined benefit plan as required under Ind-AS 19 - Employee Benefits:
a. Passenger services
(i) Changes in present value of defined benefit obligation:

31 March 2018 31 March 2017
Present value of obligation at the beginning of the year 479.50 364.18
Interest cost 36.54 30.15
Current service cost 143.49 99.78
Past service cost 40.10 -
Benefits paid (32.87) (46.15)
Remeasurements - experience adjustments - 1.13
Remeasurements - actuarial loss/ (gain) from changes in assumptions (3.46) 30.41
Present value of obligation at the end of the year 663.30 479.50
(ii) Assumptions:

31 March 2018 31 March 2017
Economic assumptions
Discount rate 7.75% 7.11%
Rate of increase in compensation levels Non crew 10.75% Non crew 10.75%
Crew 5.75% Crew 5.75%
Demographic assumptions:
Retirement age Pilot : 65 years Pilot : 65 years
Cabin Crew : 40 years Cabin Crew : 40 years
Non Crew : 60 years Non Crew : 60 years
Mortality table IALM (2006-08) IALM (2006-08)
Withdrawal 18% 18%
Assumptions regarding future mortality have been based on published statistics and mortality tables.

Financial Statement

32. Employee benefits (contd...)

(iii) Sensitivity analysis
Defined benefit obligation
Change in assumptions As at 31 March 2018 As at 31 March 2017
Increase by 1% Decrease by 1% Increase by 1% Decrease by 1%
Increase/ (decrease) in obligation with 1% movement in (48.07) 51.52 (34.97) 35.58
discount rate
Increase/ (decrease) in obligation with 1% movement in 70.39 (67.07) 49.54 (48.92)
future rate in compensation levels
The sensitivity analysis are based on a change in above assumption while holding all other assumptions constant. The changes
in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant
actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the projected unit
credit method at the end of the reporting year) has been applied, as has been applied when calculating the provision for
defined benefit plan recognised in the Standalone Balance Sheet.
The method and types of assumptions used in preparing the sensitivity analysis did not change compared to the previous
years.
Risk exposure:
The defined benefit plan is exposed to a number of risks, the most significant of which are detailed below:
Change in discount rates: A decrease in discount yield will increase plan liabilities.
Mortality table: The gratuity plan obligations are to provide benefits for the life of the member, so increase in life expectancy
will result in an increase in plan liabilities.
(iv) Defined benefit liability and employer contribution

The expected maturity analysis of undiscounted defined benefit liability is as follows:
Particulars Less than a Between Between Over Total
year 1 - 2 years 2 - 5 years 5 years
As at 31 March 2018 100.55 95.51 273.80 366.79 836.65
As at 31 March 2017 75.21 74.70 207.28 301.87 659.06
b. Cargo services
31 March 2018 31 March 2017

Standalone


(ii) Assumptions:
31 March 2018 31 March 2017
Economic assumptions:
Rate of increase in compensation levels 10.75% 10.75%
- Retirement age 60 years 60 years
- Mortality table IALM (2006-08) IALM (2006-08)
- Withdrawal 18% 18%

discount rate
defined benefit plan recognised in the Standalone Balance Sheet.
years.
Risk exposure:

As at 31 March 2018 2.79 2.63 7.29 11.12 23.83
As at 31 March 2017 2.14 2.17 5.82 9.62 19.75

Financial Statement


c. Bifurcation of provision for defined benefit plan at the end of year:
31 March 2018 31 March 2017
Provision for defined benefit plans
Passenger services
- Current 96.87 72.68
- Non-current 566.43 406.82
Cargo services
- Current 2.69 2.07
- Non-current 16.15 13.39
Total 682.14 494.96
33. Segment reporting

Based on the “management approach” as defined in Ind AS 108 – Operating Segments, with effect from 1 April 2017, the Chief
Operating Decision Maker (‘CODM’) has realigned the evaluation of the Company’s performance at an overall company level
as one segment i.e. ‘air transportation services’. Till the previous year, CODM evaluated the Company performance based
on geographical segments. However, after considering the nature of operations, the risks and rewards and the nature of the
regulatory environment across the Company’s network and the interchangeability of use of assets across the network routes of
the Company, the CODM has started evaluating the Company’s performance based on air transportation services.
Segment wise information for the year ended 31 March 2018 and 31 March 2017 are as follows:
Information about services - Income

31 March 2018 31 March 2017
a. Air transportation services 230,208.87 185,805.00
b. Other income 9,468.56 7,890.70
Total 239,677.43 193,695.70
Information about geographical areas - Income

31 March 2018 31 March 2017
a. Air transportation services
I. Domestic 205,224.28 170,254.03
II. International 24,984.59 15,550.97
b. Other income 9,468.56 7,890.70
Total 239,677.43 193,695.70
Revenue from air transportation services is directly attributed to domestic and international operations or are attributed on
a reasonable basis. Other income is not allocated as the underlying assets/ liabilities/services are used interchangeably.
Non-current assets other than financial instruments and income tax assets (net) primarily comprises of aircraft, spare engines,
leasehold improvements-aircraft and rotables and non-aircraft equipment, which cannot be bifurcated between domestic and
international locations, as such assets are used interchangeably. Accordingly, the same has not been bifurcated between
domestic and international locations.
No single external customer amounts to 10% or more of the Company’s revenue. Accordingly, information about major customer
is not provided.

Standalone

34. Related party disclosures

a. List of related parties and nature of relationship where control exists:
(i) Subsidiaries
Agile Airport Services Private Limited (Incorporated on 14 February 2017)
b. List of related parties and nature of relationship with whom transactions have taken place
during the current/ previous year
(i) Entity/ person with direct or indirect significant influence over the Company
InterGlobe Enterprises Limited (till 28 November 2017)
InterGlobe Enterprises Private Limited - Formerly known as Acquire Services Private Limited (with effect from 29
November 2017) (Refer to Note 13(g))
Ms. Shobha Gangwal - Wife of Mr. Rakesh Gangwal
(ii) Subsidiaries
(iii) Key managerial personnel of the Company and their close family members
Mr. Aditya Ghosh – President and Whole Time Director (Resigned as Whole Time Director with effect from 26 April 2018)
(Refer to Note 39)
Mr. Rahul Bhatia – Director (Appointed as Interim Chief Executive Officer with effect from 27 April 2018) (Refer to Note 39)
Ms. Rohini Bhatia – Director
Mr. Rakesh Gangwal - Director
Mr. Devadas Mallya Mangalore - Independent Director
Dr. Anupam Khanna - Independent Director
Dr. Asha Mukherjee - Sister of Mr. Rakesh Gangwal
Mr. Kapil Bhatia – Father of Mr. Rahul Bhatia
Mr. Alok Mehta - Brother of Ms. Rohini Bhatia
Mr. Rohit Philip - Chief Financial Officer (with effect from 18 July 2016)
Mr. Pankaj Madan - Chief Financial Officer (till 17 July 2016)
Mr. Sanjay Gupta - Company Secretary and Chief Compliance Officer (with effect from 18 August 2016)
Mr. Suresh Kumar Bhutani - Company Secretary (till 15 July 2016)
(iv) Other related parties - Entities which are joint ventures or subsidiaries or where control/ significant influence
exists of parties as given in (a) or (b)(i), (b)(ii) and (b)(iii) above
InterGlobe Air Transport Limited
InterGlobe Foundation
InterGlobe Technologies Private Limited
InterGlobe Hotels Private Limited
CAE Simulation Training Private Limited

Financial Statement

34. Related party disclosures (contd...)

The Chinkerpoo Family Trust (Trustee: Ms. Shobha Gangwal & J.P.Morgan Trust Company of Delaware)
Caddie Hotels Private Limited
IGE (Mauritius) Private Limited
Pegasus Buildtech Private Limited
Pegasus Utility Maintenance & Services Private Limited
InterGlobe Real Estate Ventures Private Limited
InterGlobe Business Solutions Private Limited
InterGlobe Air Transport Limited W.L.L.
c. Transactions with related parties during the current / previous year:

S. Particulars For the year ended For the year ended
No. 31 March 2018 31 March 2017
(i) Rent
InterGlobe Enterprises Limited 33.35 43.05
InterGlobe Enterprises Private Limited 24.39 -
InterGlobe Air Transport Limited 3.17 2.03
Pegasus Buildtech Private Limited 5.42 4.89
InterGlobe Real Estate Ventures Private Limited 15.15 -
(ii) Commission
InterGlobe Air Transport Limited W.L.L. 17.68 -
(iii) Sale of tickets - General sales agent (GSA)

InterGlobe Air Transport Limited W.L.L. 1,192.71 -
(iv) Reservation cost

InterGlobe Technologies Private Limited 473.60 294.56
(v) Legal and professional

InterGlobe Enterprises Limited - 161.78
(vi) Crew accommodation and transportation

InterGlobe Hotels Private Limited 75.35 79.34
Caddie Hotels Private Limited 115.64 94.22
(vii) Training
CAE Simulation Training Private Limited 774.76 635.72
(viii) Operating cost of software
InterGlobe Business Solutions Private Limited 152.21 -

Standalone


No. 31 March 2018 31 March 2017
(ix) Repairs and maintenance
Pegasus Utility Maintenance & Services Private Limited 1.27 1.16
(x) Corporate social responsibility expenses

InterGlobe Foundation 21.80 -
(xi) Miscellaneous income

InterGlobe Hotels Private Limited - 0.20
InterGlobe Air Transport Limited 0.70 -
CAE Simulation Training Private Limited 1.01 -
(xii) Reimbursement for expenses received

InterGlobe Enterprises Limited 1.25 -
(xiii) Reimbursement for expenses paid

(xiv) Miscellaneous expenses

Pegasus Buildtech Private Limited - 0.07
(xv) Purchase of property, plant and equipment, capital work-in-progress,

intangible assets and other assets
InterGlobe Air Transport Limited - 3.88
(xvi) Vehicle security received
Mr. Rohit Philip - 2.37
Mr. Sanjay Gupta - 0.31
(xvii) Compensation to key managerial personnel

Short-term employee benefits 148.81 189.82
Post-employment benefits 3.62 3.49
Share-based payment 207.43 221.57
Other long-term benefits 98.93 60.17

Financial Statement


No. 31 March 2018 31 March 2017
(xviii) Sitting fees and commission*
Mr. Rahul Bhatia 0.25 0.15
Ms. Rohini Bhatia 0.70 0.35
Mr. Rakesh Gangwal 0.30 0.20
Mr. Devadas Mallya Mangalore** 5.00 0.65
Dr. Anupam Khanna** 5.00 0.60
* Excludes applicable taxes
**Includes commission provided for the financial year ended 31 March 2018, subject to the approval of shareholders of
the Company at the ensuing Annual General Meeting.
(xix) Final dividend paid (Refer to Note 14.b.(iv))

InterGlobe Enterprises Limited 5,224.09 2,304.74
Mr. Kapil Bhatia 1.70 0.75
Mr. Rakesh Gangwal 2,069.26 912.91
Ms. Shobha Gangwal 1,185.00 522.79
Dr. Asha Mukherjee 45.87 20.24
The Chinkerpoo Family Trust (Trustee: Ms. Shobha Gangwal & J.P.Morgan 1,916.77 845.64
Trust Company of Delaware)
IGE (Mauritius) Private Limited 110.16 48.60
Mr. Alok Mehta 0.01 0.00
Mr. Aditya Ghosh 1.29 -
(xx) Investment in equity shares of subsidiary (Refer to Note 5)

Agile Airport Services Private Limited 1.00 0.10
(xxi) Advances given for expenses

Agile Airport Services Private Limited - 0.24
d. Outstanding balances
31 March 2018 31 March 2017
(i) Payables
Key managerial personnel 148.37 92.47

Standalone


31 March 2018 31 March 2017
(ii) Advance for expenses

(iii) Investment in equity shares of subsidiary (Refer to Note 5)

(iv) Receivables - General sales agent (GSA)

InterGlobe Air Transport Limited W.L.L 85.48 -
e. Terms and Conditions

All transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions and
within the ordinary course of business. Outstanding balances at the year end are unsecured and settlement occurs in cash.
Transactions relating to dividend, subscriptions for new equity shares are on the same terms and conditions that are offered
to other shareholders.
35. Earnings per share (EPS)

a. Profit attributable to equity share holders
31 March 2018 31 March 2017
Profit attributable to equity share holders:
Profit attributable to equity share holders for basic earnings 22,423.74 16,591.88
Present value of obligation at the end of the year 22,423.74 16,591.88
b. Weighted average number of equity shares

31 March 2018 31 March 2017
Weighted average number of equity shares
- For basic earnings per share 373,507,593 361,156,673
Dilutive effect of stock options* 826,038 706,140
374,333,631 361,862,813
Basic earnings per share (Rs.) 60.03 45.94
Diluted earnings per share (Rs.) 59.90 45.85
Nominal value per share (Rs.) 10 10
* Includes 826,038 (previous year 706,140) of stock options granted to employees under the employee stock option schemes
are considered to be potential equity shares. They have been included in the determination of diluted earnings per share to
the extent to which they are dilutive.
Nil (previous year 307,411) of the stock options granted to employees under the existing employee share option schemes have
not been included in the calculation of diluted earnings per share because they are anti-dilutive for the current and previous
year presented.

Financial Statement

36. Corporate social responsibility

Under Section 135 of the Companies Act, 2013, the Company is required to spend, in every financial year, atleast 2% of
the average net profits of the Company made during the three immediately preceding financial years on Corporate Social
Responsibility (CSR), pursuant to its policy in this regard.
31 March 2018 31 March 2017
a) Gross amount required to be spent by the Company during the year 420.33 312.60
b) Amount spent and paid during the year 276.04 215.81
Particulars of amount spent and paid during the year:

(i) Construction/acquisition of any asset - -
(ii) On purposes other than (i) above 276.04 215.81
276.04 215.81
37. Share-based payment arrangements

a. Description of share-based payment arrangements
(i) InterGlobe Aviation Limited Tenured Employees Stock Option Scheme - 2015 (ESOS 2015 - I)
On 23 June 2015, the Board of Directors approved the InterGlobe Aviation Limited Tenured Employees Stock Option
Scheme - 2015 (the “ESOS 2015 - I”), which was subsequently approved in the Extraordinary General Meeting held on
25 June 2015. ESOS 2015 - I comprises 1,111,819 options, granted to eligible employees determined by Compensation
Committee, which are convertible into equivalent number of equity shares of Rs. 10 each as per the terms of the scheme.
Upon vesting, the employees can acquire one common equity share of the Company for every option granted. The options
were granted on 25 June 2015.
Vesting of the Options granted under the ESOS 2015 – I shall be one year from the Grant Date or completion of the listing
of the shares of the Company on a recognized stock exchange in India in an initial public offering, whichever is later. In
case the listing is not completed within two years from the date of Grant, the Options shall automatically lapse on the
expiry of such two year period.
S Grant Number Exercise Vesting Conditions Vesting Period Contractual
No. Date of Price (Rs.) period
Options
(i) 25-Jun-15 1,111,819 10 1 year from the Grant Date or 1 year from 2 years
completion of listing, whichever is the Grant Date
later. If listing is not completed for or completion
a period of 2 years from grant date, of listing,
the options shall lapse on expiry of whichever is
2 years. later.
During the previous year ended 31 March 2017, all the options granted under ESOS 2015 - I were exercised and
consequently, equity share capital has been increased by Rs. 11.11.
(ii) InterGlobe Aviation Limited Employees Stock Option Scheme - 2015 (ESOS 2015 - II)
On 23 June 2015, the Board of Directors approved the InterGlobe Aviation Limited Employees Stock Option Scheme -
2015 (the “ESOS 2015 - II”), which was subsequently approved in the Extraordinary General Meeting held on 25 June
2015. ESOS 2015 - II, comprises 3,107,674 options, which are granted to eligible employees of the Company determined
by Compensation Committee, which are convertible into equivalent number of equity shares of Rs. 10 each as per the
terms of the scheme. Upon vesting, the employees can acquire one common equity share of the Company for every option.
The options were granted on the dates as mentioned in table below.

Standalone

37. Share-based payment arrangements (contd...)

Options
(i) 30-Oct-15 420,530 10 Graded vesting to President and 4 years 2 years to
Whole Time Director of the Company, 5 years
can be exercised within 1 year from
the respective vesting dates.
(ii) 30-Oct-15 1,514,587 765 Graded vesting to other employees 4 years 5 years to
of the Company, can be exercised 8 years
within 4 years from the respective
vesting dates.
(iii) 30-Oct-15 332,026 765 Subject to market condition being After 4.5 years 8.5 years
met, the options granted to President
and Whole Time Director of the
Company, can be exercised within 4
years of vesting.
(iv) 16-Sep-16 353,299 10 Graded vesting to other employees 4 years 1.5 years
of the Company, can be exercised to 7 years
within 15 March of the calendar year
following the calendar year in which
the applicable vesting occurs, but in
any event no Option will be Exercised
later than 7 (seven) years after the
Date of Grant or 3 (three) months
after termination of employment of
the Optionee.
b. Measurement of fair values

The weighted average fair value of stock options as on grant date
Particulars Method of Valuation Weighted average fair value
as on the grant date (Rs.)
ESOS 2015 - I Black Scholes option pricing model 569
ESOS 2015 - II
- President and whole time director covered Black Scholes option pricing model 756-758
in a.(ii)(i) above
- Employees other than President and whole Black Scholes option pricing model 360-488
time director covered in a.(ii)(ii) above
- President and whole time director covered Black Scholes option pricing model 448
in a.(ii)(iii) above and Monte Carlo Stimulation
time director covered in a.(ii)(iv) above

Financial Statement


The inputs used in the measurement of grant date fair value are as follows:
Particulars Share Price Exercise Expected Expected Life Expected Risk free
(Rs.) Price (Rs.) Volatility (in years) Dividend Interest Rate
ESOS 2015 - I 578 10 57.0% 1 0.0% 7.5%
ESOS 2015 - II
- President and whole time director 765 10 60.5% - 1.5 - 4.5 0.0% 7.5%
covered in a.(ii)(i) above 66.7%
- Employees other than President 765 765 60.0% - 3-6 0.0% 7.5%
and whole time director covered in 61.1%
a.(ii)(ii) above
- President and whole time director 765 765 62.4% 2 0.0% 7.5%
covered in a.(ii)(iii) above
- Employees other than President 868 10 52.7% 1.25 - 4.25 3.62% 7.5%
and whole time director covered in
a.(ii)(iv) above
The risk-free interest rates are determined based on current yield to maturity of Government Bonds with 10 years residual
maturity. Expected volatility calculation is based on historical daily closing stock prices of competitors / Company using
standard deviation of daily change in stock price. The minimum life of stock option is the minimum period before which
the options cannot be exercised and the maximum life is the period after which the options cannot be exercised. The
expected life has been considered based on average sum of maximum life and minimum life and may not necessarily
indicative of exercise patterns that may occur. Dividend yield has been calculated taking into account expected rate of
dividend on equity share price as on grant date. For the measurement of grant date fair value certain market conditions
were considered in the method of valuation.
c. Effect of employee stock option scheme on the Standalone Statement of Profit and Loss:
31 March 2018 31 March 2017
Total 274.91 504.89
d. Reconciliation of outstanding share options

The number and weighted-average exercise prices of share options under the share option schemes were as follows:
Number of Weighted Number of Weighted
options average options average
exercise price exercise price
(Rs.) (Rs.)
Options outstanding as at the beginning of the year 2,312,472 512.35 3,378,962 422.61
Add: Options granted during the year - - 353,299 10.00
Less: Options forfeited and expired during the year 149,154 765.00 307,970 765.00
Less: Options exercised during the year* 552,861 515.75 1,111,819 10.00
Options outstanding as at the year end 1,610,457 487.79 2,312,472 512.35
Exercisable at the end of the year 39,594 765.00 247,432 572.52

Standalone


31 March 2018 31 March 2017
Weighted average remaining life of options outstanding at the end of the year 4.68 5.28
*The weighted average share price at the date of exercise of options exercised during the year was Rs. 1,164.48 (previous
year Rs. 944.10).
38. Disclosure on specified bank notes

During the previous year ended 31 March 2017, the Company had Specified Bank Notes (SBN) or other denomination note
as defined in the MCA notification G.S.R. 308(E) dated 30 March 2017 on the details of SBN held and transacted during
the period from 8 November 2016 to 30 December 2016, the details of SBNs and other denomination notes as per the
notification is given below:
(In Indian Rupees)
Particulars Specified Bank Other Total
Notes* denomination
Notes**
Closing cash on hand as on 8 November 2016 7,162,000 5,640,505 12,802,505
Add: Permitted receipts 373,032,500 603,690,917 976,723,417
Less: Permitted payments - 4,654,537 4,654,537
Less: Amount deposited in Banks 380,194,500 594,454,425 974,648,925
Closing cash on hand as on 30 December 2016 - 10,222,460 10,222,460
* For the purposes of this disclosure, the term ‘Specified Bank Notes’ shall have the same meaning provided in the
notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E),
dated the 8 November 2016.
** excluding foreign currency notes.
39. Subsequent to the year ended 31 March 2018, the Board has appointed Mr. Rahul Bhatia as the Interim Chief Executive
Officer of the Company. Mr. Rahul Bhatia will continue as Director of the Company. Further, the Board has accepted
resignation of Mr. Aditya Ghosh, President and Whole Time Director of the Company, from the post of President of the
Company effective 31 July 2018 and as a Director of the Company with effect from 26 April 2018. Currently, the Company
is in the process of estimating its impact which will be recognised in the subsequent period.
40. The public shareholding as at 31 March 2018 is 25.07% of the total paid up equity share capital of the Company. The
Company has complied with the minimum public shareholding requirements specified in Rule 19(2) and Rule 19A of the
Securities Contracts (Regulations) Rules, 1957 within the stipulated period of three years from the date of listing of
equity shares of the Company, as allowed under Rule 19(2)(b)(ii) of Securities Contracts (Regulations) Rules, 1957.
41. The Company has established a comprehensive system of maintenance of information and documents that are required
by the transfer pricing legislation under section 92-92F of the Income Tax Act, 1961. Since the law requires existence
of such information and documentation to be contemporaneous in nature, the Company is in the process of updating
the documentation for the international transactions entered into with the associated enterprises during the financial
year and expects such records to be in existence latest by due date as required under the law. The management is of
the opinion that its international transactions with the associated enterprises are at arm’s length so that the aforesaid
legislation will not have any impact on the financial statements, particularly on the amount of tax expense and that of
provision for taxation.

Financial Statement

42. Previous year’s figures have been regrouped / reclassed, where necessary, to confirm to current year’s classification. This
does not impact recognition and measurement principles followed for preparation of standalone financial statements.




Consolidated
Independent Auditor’s Report

To the Members of InterGlobe Aviation Limited
Report on the Audit of the Consolidated Ind AS Financial Statements

We have audited the accompanying consolidated Ind AS financial statements of InterGlobe Aviation Limited (hereinafter
referred to as “the Holding Company”), and its subsidiary (the Holding Company and its subsidiary together referred to as “the
Group”), which comprise the Consolidated Balance Sheet as at 31 March 2018, the Consolidated Statement of Profit and Loss,
Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flow for the year then ended, including
a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the consolidated Ind
AS financial statements”).
Management’s Responsibility for the Consolidated Ind AS Financial Statements

The Holding Company’s Board of Directors is responsible for the preparation of these consolidated Ind AS financial statements in
terms of the requirements of the Companies Act, 2013 (hereinafter referred to as “the Act”) that give a true and fair view of the
consolidated state of affairs, consolidated profit and other comprehensive income, consolidated statement of changes in equity
and consolidated cash flows of the Group in accordance with the accounting principles generally accepted in India, including the
Indian Accounting Standards (Ind AS) specified under section 133 of the Act. The respective Board of Directors of the companies
included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; the selection
and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the
design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring
the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated Ind
AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error
which have been used for the purpose of preparation of the consolidated Ind AS financial statements by the Directors of the
Holding Company, as aforesaid.
In preparing the consolidated Ind AS financial statements, the respective Board of Directors of the companies included in the
Group are responsible for assessing the ability of the Group to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless management either intends to liquidate the
Group or to cease operations, or has no realistic alternative but to do so.
Our responsibility is to express an opinion on these consolidated Ind AS financial statements based on our audit.
While conducting the audit, we have taken into account the provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those
Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether the consolidated Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the consolidated
Ind AS financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks
of material misstatement of the consolidated Ind AS financial statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial control relevant to the Holding Company’s preparation of the consolidated
Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of
the accounting estimates made, as well as evaluating the overall presentation of the consolidated Ind AS financial statements.
We are also responsible to conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we
are required to draw attention in the auditor’s report to the related disclosures in the consolidated Ind AS financial statements
or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause Group to cease to continue as a going concern.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the
consolidated Ind AS financial statements.

Consolidated Overview Reports Financials
Financial Statement
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid consolidated
Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in
conformity with the accounting principles generally accepted in India of the consolidated state of affairs of the Group as at 31
March 2018 and their consolidated profit and other comprehensive income, consolidated statement of changes in equity and
consolidated cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit of the aforesaid consolidated Ind AS financial statements.
b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated Ind
AS financial statements have been kept so far as it appears from our examination of those books.
c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss, the Consolidated Statement of
Cash Flows and Consolidated Statement of Changes in Equity dealt with by this Report are in agreement with
the relevant books of account maintained for the purpose of preparation of the consolidated Ind AS financial
statements.
d) In our opinion, the aforesaid consolidated Ind AS financial statements comply with the Indian Accounting Standards
specified under section 133 of the Act.
e) On the basis of the written representations received from the directors of the Holding Company as on 31 March
2018 taken on record by the Board of Directors of the Holding Company and the report of the statutory auditors of
its subsidiary company incorporated in India, none of the directors of the Group companies incorporated in India is
disqualified as on 31 March 2018 from being appointed as a director in terms of Section 164(2) of the Act;
f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Holding
Company and its subsidiary company and the operating effectiveness of such controls, refer to our separate Report
in “Annexure A”.
g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies
(Audit and Auditor’s) Rules, 2014, in our opinion and to the best of our information and according to the explanations
given to us:
i. The consolidated Ind AS financial statements disclose the impact of pending litigations on the consolidated
financial position of the Group– Refer Note 30 to the consolidated Ind AS financial statement;
ii. The Group did not have any material foreseeable losses on long-term contracts including derivative contracts
during the year ended 31 March 2018;
iii. There was no amounts which were required to be transferred to the Investor Education and Protection Fund by
the Holding Company and its subsidiary company during the year ended 31 March 2018 and
iv. The disclosures in the consolidated Ind AS financial statements regarding holdings as well as dealings in
specified bank notes during the period from 8 November 2016 to 30 December 2016 have not been made
since they do not pertain to the financial year ended 31 March 2018. However amounts as appearing in the
audited consolidated financial statements for the period ended 31 March 2017 have been disclosed. – Refer
Note 38 to the consolidated Ind AS financial statement.
For B S R & Co. LLP

Jiten Chopra

Consolidated
Annexure A to the Independent Auditor’s Report of even date on the consolidated

Ind AS financial statements of InterGlobe Aviation Limited
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the
Companies Act, 2013 (“the Act”)
In conjunction with our audit of the consolidated Ind AS financial statements of the Group as of and for the year ended 31
March 2018, we have audited the internal financial controls with reference to the consolidated Ind AS financial statements of
InterGlobe Aviation Limited(hereinafter referred to as “the Holding Company”) and its subsidiary company which is a company
incorporated in India, as of that date.
Management’s Responsibility for Internal Financial Controls

The respective Board of Directors of the Holding Company and its subsidiary company, which is a company incorporated in India,
are responsible for establishing and maintaining internal financial controls based on the internal control with reference to the
financial statements criteria established by the Company considering the essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”)issued by the Institute of
Chartered Accountants of India (“ICAI”). These responsibilities include the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including
adherence to the respective company’s policies, the safeguarding of its assets, the prevention and detection of frauds and
errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as
required under the Companies Act, 2013.
Our responsibility is to express an opinion on the Holding Company’s internal financial controls with reference to the consolidated
Ind AS financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the
Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to
the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and,
both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to
the consolidated Ind AS financial statements was established and maintained and if such controls operated effectively in all
material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system
with reference to the consolidated Ind AS financial statements and their operating effectiveness. Our audit of internal financial
controls with reference to the consolidated Ind AS financial statements included obtaining an understanding of internal financial
controls with reference to the consolidated Ind AS financial statements, assessing the risk that a material weakness exists, and
testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures
selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the consolidated
Ind AS financial statements, whether due to fraud or error.
the Holding Company’s internal financial controls system with reference to the consolidated Ind AS financial statements.
Meaning of Internal Financial Controls with reference to the Consolidated Ind AS Financial
Statements
A company’s internal financial control with reference to the consolidated Ind AS financial statements is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles. A company’s internal financial control with
reference to the consolidated Ind AS financial statements includes those policies and procedures that (1) pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of
the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable
assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company’s assets
that could have a material effect on the financial statements.

Financial Statement
Inherent Limitations of Internal Financial Controls with reference to the Consolidated Ind AS
Financial Statements
Because of the inherent limitations of internal financial controls with reference to the consolidated Ind AS financial statements,
including the possibility of collusion or improper management override of controls, material misstatements due to error or
fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to the
consolidated Ind AS financial statements to future periods are subject to the risk that the internal financial control with reference
to the consolidated Ind AS financial statements may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Holding Company and its subsidiary company, which is a company incorporated in India, have, in all material
respects, an adequate internal financial controls system with reference to the consolidated Ind AS financial statements and such
internal financial controls with reference to the consolidated Ind AS financial statements were operating effectively as at 31
March 2018, based on the internal control with reference to the consolidated Ind AS financial statements criteria established by
the Holding Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls over financial reporting issued by the Institute of Chartered Accountants of India.
For B S R & Co. LLP

Jiten Chopra

Consolidated
Consolidated Balance Sheet

as at March 31, 2018
Note As at As at
31 March 2018 31 March 2017
I. Assets
Non-current assets
a. Property, plant and equipment 3 45,347.56 37,474.72
b. Capital work-in-progress 294.20 233.03
c. Intangible assets 4 440.53 463.69
d. Intangible assets under development 30.70 18.83
e. Financial assets
(i) Investments 5 0.17 0.18
(ii) Loans 6 6,831.34 5,440.26
(iii) Other financial assets 7 8,195.22 10,356.39
f. Income tax assets (net) 19.c 386.39 97.60
g. Other non-current assets 8 3,451.22 3,548.74
Total non-current assets 64,977.33 57,633.44
Current assets
a. Inventories 9 1,832.27 1,631.50
b. Financial assets
(i) Investments 5 63,439.12 37,134.10
(ii) Trade receivables 10 2,263.15 1,587.02
(iii) Cash and cash equivalents 11 6,707.18 1,531.19
(iv) Bank balances other than cash and cash equivalents, above 12 59,099.73 44,794.26
(v) Loans 6 1,914.95 39.76
(vi) Other financial assets 7 4,580.01 4,100.86
c. Other current assets 8 6,479.22 3,645.23
Total current assets 146,315.63 94,463.92
Total Assets 211,292.96 152,097.36
II. Equity and Liabilities

Equity
a. Equity share capital 13 3,844.07 3,614.68
b. Other equity 14 66,929.48 34,177.08
Equity attributable to owners of the Company 70,773.55 37,791.76
c. Non-controlling interest - -
Total equity 70,773.55 37,791.76
Liabilities
Non-current liabilities
(i) Borrowings 15.a 22,413.70 23,957.08
b. Provisions 16 1,968.93 1,223.94
c. Deferred tax liabilities (net) 19.d 3,695.25 1,618.06
d. Other non-current liabilities 18 673.93 75.00
Total non-current liabilities 79,289.08 66,459.32
Current liabilities
(i) Trade payables 17 10,002.01 7,746.10
b. Provisions 16 1,032.46 667.06
c. Current tax liabilities (net) 19.c 127.51 446.77
d. Other current liabilities 18 29,156.72 19,725.85
Total current liabilities 61,230.33 47,846.28
Total Equity and Liabilities 211,292.96 152,097.36
The accompanying notes form an integral part of the consolidated financial statements

Financial Statement
Consolidated Statement of Profit and Loss


31 March 2018 31 March 2017
Income
Revenue from operations 20 230,208.87 185,805.00
Other income 21 9,468.56 7,890.70
Total income 239,677.43 193,695.70
Expenses
Aircraft fuel expenses 77,601.36 63,415.13
Aircraft and engine rentals (net) (Refer to Note 27) 36,101.99 31,253.73
Purchase of stock-in-trade 22 1,238.76 1,238.32
Changes in inventories of stock-in-trade 23 12.65 (2.94)
Employee benefits expense 24 24,550.22 20,481.90
Finance costs 25 3,398.15 3,307.80
Depreciation and amortisation expense 26 4,368.77 4,572.53
Other expenses 27 61,139.26 47,986.24
Total expenses 208,411.16 172,252.71
Tax expense 19
Current tax 6,689.82 4,911.51
Deferred tax (credit) / charge 2,153.21 (59.99)
Other comprehensive income 14.c

Items that will not be reclassified to profit or loss
- Remeasurements of defined benefit plans 3.84 (33.22)
- Income tax relating to above mentioned item (1.33) 11.50
Other comprehensive income for the year, net of tax 2.51 (21.72)
Total comprehensive income for the year 22,425.75 16,569.75
Profit for the year attributable to 42

- Owners of the Company 22,423.24 16,591.47
- Non-controling interest - -
Other comprehensive income for the year attributable to 42
- Owners of the Company 2.51 (21.72)
Total comprehensive income for the year attributable to 42
- Owners of the Company 22,425.75 16,569.75
Earnings per equity share of face value of Rs. 10 each (previous year Rs. 10 each) 35
Basic (Rs.) 60.03 45.94
Diluted (Rs.) 59.90 45.85

Consolidated
Consolidated Cash Flow Statement


31 March 2018 31 March 2017
A. Cash flows from operating activities
Adjustments for:
Depreciation and amortisation expense 4,368.77 4,572.53
Liabilities no longer required written back (252.46) (414.93)
Loss/(profit) on sale of property, plant and equipment (net) 0.45 (24.58)
Non cash incentives, claims and credits (net) (809.83) (2,152.27)
Interest accretion on provisions and other financial liabilities measured at 2,275.91 1,670.58
amortised cost
Deferred rent amortisation (included in aircraft and engine rentals) 646.97 535.97
Advance write off - 9.09
Unrealised foreign exchange (gain) / loss (net) 99.76 (861.80)
Interest on borrowings measured at amortised cost 219.16 179.98
Finance lease charges on finance lease obligations measured at amortised 872.47 1,298.99
cost
Interest income from bank deposits (4,008.05) (3,913.27)
Interest income from financial assets at amortised cost (589.97) (488.02)
Marked to market gain on current investments (1,712.97) (546.42)
Net gain on sale of current investments (2,056.49) (1,221.27)
Operating profit before working capital changes 31,309.09 20,926.47
Adjustments for:
Increase in trade receivables (674.37) (21.45)
Increase in inventories (200.77) (868.68)
Increase in loans, other financial assets, and other assets (7,775.66) (2,432.46)
Increase in trade payables, other financial liabilities and other liabilities 19,548.02 17,338.75
Increase in deferred incentives 4,199.75 7,119.03
Cash generated from operating activities 46,406.06 42,061.66
Income tax paid (7,375.22) (4,240.96)
Net cash generated from operating activities 39,030.84 37,820.70
B. Cash flows from investing activities

Purchase of property, plant and equipment and intangible assets (including (12,202.15) (2,372.38)
capital advances)
Proceeds from sale of property, plant and equipment 2.43 6,132.30
Deposits made with banks due to mature within 12 months from the reporting (14,305.47) (15,661.24)
date (net) Refer to Note 12 [deposits under lien Rs. 58,748.41 (previous year Rs.
39,471.53)]
Deposits made with banks due to mature after 12 months from the reporting 2,134.97 3,567.53
date (net) Refer to Note 7 [deposits under lien Rs. 7,747.51 (previous year Rs.
9,633.84)]
Purchase of mutual funds / shares (157,721.19) (126,733.58)
Proceeds from sale of mutual funds / shares 135,185.63 101,228.56
Interest received 5,310.45 3,460.24
Net cash used in investing activities (41,595.33) (30,378.57)
C. Cash flows from financing activities

Proceeds from secured loans (Refer to Note 3 below) 449.77 676.61
Repayment of secured loans (Refer to Note 3 below) (2,328.81) (7,526.39)
Interest paid (209.20) (168.77)
Finance lease charges paid (533.41) (478.79)
Proceeds from Institutional Placement Programme (Refer to Note 13.i.) 223.86 -
Proceeds from issue of shares on exercise of stock options 5.53 11.11
Securities premium received on account of issue of shares (net of share issue 24,852.45 -
expenses)
Final dividend paid (12,297.20) (5,422.03)
Corporate dividend tax paid (2,503.44) (1,103.80)
Net cash generated from/(used in) financing activities 7,659.55 (14,012.06)

Financial Statement
Consolidated Cash Flow Statement

for the year ended March 31, 2018 (contd...)

31 March 2018 31 March 2017
Net increase/(decrease) in cash and cash equivalents during the year (A+B+C) 5,095.06 (6,569.93)
Effect of exchange rate changes on cash and cash equivalents held in foreign 80.93 47.44
currency
D. Cash and cash equivalents at the beginning of the year

Balance with banks:
- On deposit accounts (with original maturity of three months or less) - 5,358.83
1,531.19 8,053.68
E. Cash and cash equivalents as at the end of the year

Balance with banks:
- On deposit accounts (with original maturity of three months or less) 1,165.00 -
6,707.18 1,531.19
Notes:
1. The Consolidated Cash Flow Statement has been prepared in accordance with ‘Indirect method’ as set out in Ind AS - 7 - ‘Statement
of Cash Flows’, as notified under Section 133 of the Companies Act, 2013, read with the relevant rules issued thereunder.
2. Current account balance with banks includes Rs. 2,278.35 (previous year Rs. 71.43) held in foreign currency which are freely remissible
to the Group.
3. Changes in liabilities arising from financing activities

31 March 2018 31 March 2017
Opening balance of secured loans
- Finance lease obligations (including current maturities of finance lease obligations) 21,357.74 28,410.83
Cash flows
Repayment of secured loans (2,328.81) (7,526.39)
Proceeds from secured loans 449.77 676.61
Non-cash changes
Foreign currency exchange fluctuations 112.17 (469.22)
Changes in finance lease obligation measured at amortised cost 332.34 834.45
Closing balance of secured loans

- Finance lease obligations (including current maturities of finance lease obligations) 19,445.12 21,357.74

166
Consolidated Statement of Changes in Equity
A. Equity share capital

31 March 2018 31 March 2017
Number of shares Amount Number of shares Amount
Balance at the beginning of the year 361,468,363 3,614.68 360,356,544 3,603.57

Changes in equity share capital during the year:
Issued during the year pursuant to exercise of employee stock options scheme 37 552,861 5.53 1,111,819 11.11
Issued during the year - Institutional Placement Programme 13.i.(i) 22,385,614 223.86 - -
Balance at the end of the year 384,406,838 3,844.07 361,468,363 3,614.68
B. Other equity
Note Equity Other Total
Other comprehensive income for the year 14.c. 2.51 2.51
Total comprehensive income for the year 22,423.24 2.51 22,425.75
Premium received during the year on 14.b.(ii) - - 25,351.50 - - - 25,351.50
account of issue of shares
Utilised for share issue expenses 14.b.(ii) - - (499.05) - - - (499.05)
14.a.

Financial Statement
Consolidated
Consolidated Statement of Changes in Equity
for the year ended March 31, 2018 (contd..)
Consolidated
B. Other equity (contd...)

Financial Statement

Note Equity Other Total
Profit for the year 16,591.47 - 16,591.47
Other comprehensive income for the year 14.c. (21.72) (21.72)
Total comprehensive income for the year 16,591.47 (21.72) 16,569.75
14.a.
Overview


Reports


Financials
167
Consolidated
Notes forming part of the consolidated financial statements

1. Company Information / Overview

InterGlobe Aviation Limited (the “Company”) is a public limited company domiciled in India. The Company was incorporated
on 13 January 2004 as a private limited company in India. Subsequently, the Company changed its legal status from a
private company to a public company on 11 August 2006. The Company’s registered office is at Central Wing, Ground
Floor, Thapar House, 124 Janpath, New Delhi - 110 001. The shares were listed on National Stock Exchange of India
Limited (NSE) and BSE Limited (BSE) on 10 November 2015. The Company is in the low cost carrier (LCC) segment of the
airline industry in India.
The subsidiary of the Company, i.e. Agile Airport Services Private Limited (“Agile”) has been incorporated on 14 February
2017 and the operations of Agile has not yet commenced.
InterGlobe Aviation Limited together with its subsidiary is hereinafter referred to as the “Group”. The activities of the
Group comprises of air transportation and pre-flight and post flight ground handling operations which includes passenger
and cargo services and providing related allied services such as in-flight catering services, business of ground handling
and other allied services at the airports.
2.a Basis of preparation

(i) Statement of compliance
The consolidated financial statements comply with Indian Accounting Standards (“Ind AS”) as prescribed under
section 133 of the Companies Act, 2013 (the “Act”), read together with Rule 3 of the Companies (Indian Accounting
Standards) Rules, 2015, relevant provisions of the Act and other accounting principles generally accepted in India.
The Group had adopted Ind AS with effect from 1 April 2016, with transition date of 1 April 2015, pursuant to
notification issued by Ministry of Corporate Affairs dated 16 February 2015, notifying the Companies (Indian
Accounting Standard) Rules, 2015.
During the previous year ended 31 March 2017, Agile was incorporated as a wholly owned subsidiary of the Company
for the purpose of carrying out the work of ground handling and other allied services at the airports. Accordingly,
the comparative figures of Agile for the purpose of consolidated financial statements have been presented for the
period 14 February 2017 to 31 March 2017, which is not comparable with the current year ended 31 March 2018.
The consolidated financial statements were authorised for issue by the Board of Directors of the Company on 2 May
2018.
(ii) Basis of measurement

The consolidated financial statements have been prepared on the historical cost basis except certain financial
assets and liabilities that are measured at fair value or amortised cost.
(iii) Critical accounting estimates and judgements

In preparing these consolidated financial statements, management has made judgements, estimates and
assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities,
income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised prospectively.
Information about significant areas of estimation/uncertainty and judgements in applying accounting policies that
have the most significant effect on the consolidated financial statements are as follows:
Note 2.(b) (xiii) and 32 - measurement of defined benefit obligations: key actuarial assumptions.
Note 2.(b) (ix) and (x) - judgement required to ascertain lease classification and fair value of aircraft.
Note 2.(b) (vii) and (viii) - measurement of useful life and residual values of property, plant and equipment and
useful life of intangile assets.

Financial Statement

Note 2.(b) (vii) and (viii) - Determination of major engine and airframe overhauls and other heavy maintenance as
separate components for owned aircraft and aircraft taken on finance lease (‘Leased Aircraft’), and their associated
costs.
Note 2.(b) (xix) and 16. - estimation of provision of redelivery and overhaul cost.
Note 2.(b) (xiv) and 30. - judgement is required to ascertain whether it is probable or not that an outflow of
resources embodying economic benefits will be required to settle all disputes including taxation and legal claim.
Note 37 - judgement required to determine grant date fair value technique.
Note 2.(b) (iii), (iv) and 28 - fair value measurement of financial instruments.
Note 2.(b) (xxi) - judgement required to determine probability of recognition of deferred tax assets and Minimum
Alternative Tax (‘MAT’) credit entitlement.
There are no assumptions and estimation uncertainties that have a significant risk of resulting in a material
adjustment within the next financial year.
(iv) Basis of consolidation

The Company consolidates entity which it owns or controls. The consolidated financial statements comprise the
standalone financial statements of the Company and its subsidiary as disclosed in Note 42. Control exists when
the parent has power over the entity, is exposed, or has rights, to variable returns from its involvement with the
entity and has the ability to affect those returns by using its power over the entity. Power is demonstrated through
existing rights that give the ability to direct relevant activities, those which significantly affect the entity’s returns.
Subsidiaries are consolidated from the date control commences until the date control ceases.
The financial statements of the Group companies are consolidated on a line-by-line basis and intra-group balances
and transactions are eliminated upon consolidation. These consolidated financial statements are prepared by
applying uniform accounting policies in use at the Group. Non-controlling interest which represents part of net profit
or loss and net assets of subsidiary that are not, directly or indirectly, owned or controlled by the Company, are
excluded.
2.b Significant accounting policies

The accounting policies set out below have been applied consistently to the periods presented in these consolidated
financial statements.
(i) Current - non-current classification

All assets and liabilities are classified into current and non-current.
Assets
An asset is classified as current when it satisfies any of the following criteria:
• it is expected to be realised in, or is intended for sale or consumption in, the normal operating cycle of the
respective company of the Group;
• it is expected to be realised within 12 months after the reporting period; or
• it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least
12 months after the reporting period.
Current assets include the current portion of non-current financial assets. All other assets are classified as non-
current.
Liabilities
A liability is classified as current when it satisfies any of the following criteria:
• it is expected to be settled in the normal operating cycle of the respective company of the Group;
• it is due to be settled within 12 months after the reporting period; or

Consolidated

• the respective company of the Group does not have an unconditional right to defer settlement of the liability
for at least 12 months after the reporting period. Terms of a liability that could, at the option of the counter
party, result in its settlement by the issue of equity instruments do not affect its classification.
Current liabilities include the current portion of non-current financial liabilities. All other liabilities are classified as
non-current.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
Operating cycle
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash
equivalents. Based on the nature of operations and the time between the acquisition of assets for processing and
their realisation in cash and cash equivalents, the respective company of the Group has ascertained its operating
cycle being a period of 12 months for the purpose of classification of assets and liabilities as current and non-
current.
(ii) Foreign currency transactions and translations

Functional and presentation currency
The management has determined the currency of the primary economic environment in which the Group operates
i.e., functional currency, to be Indian Rupees (Rs.). The consolidated financial statements are presented in Indian
Rupees, which is the Group’s functional and presentation currency. All amounts have been rounded to the nearest
millions upto two decimal places, unless otherwise stated.
Transactions and Balances

Monetary and non-monetary transactions in foreign currencies are initially recorded in the functional currency of the
Group at the exchange rates at the date of the transactions or at an average rate if the average rate approximates
the actual rate at the date of the transaction.
Monetary foreign currency assets and liabilities remaining unsettled on reporting date are translated at the rates
of exchange prevailing on reporting date. Gains/(losses) arising on account of realisation/settlement of foreign
exchange transactions and on translation of monetary foreign currency assets and liabilities are recognised in the
Consolidated Statement of Profit and Loss, except for gains / (losses) arising on translation of long-term foreign
currency monetary loans taken before 31 March 2016 and used for acquisition of depreciable property, plant and
equipment, are adjusted in the cost of property, plant and equipment. The above treatment will continue till the
repayment of the long-term foreign currency monetary loans.
Foreign exchange gains / (losses) arising on translation of foreign currency monetary loans are presented in
the Consolidated Statement of Profit and Loss on net basis. However, foreign exchange differences arising from
foreign currency monetary loans to the extent regarded as an adjustment to borrowing costs are presented in the
Consolidated Statement of Profit and Loss, within finance costs.
(iii) Fair value measurement

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. The fair value measurement is based on the presumption
that the transaction to sell the asset or transfer the liability takes place either:
- In the principal market for the asset or liability, or

- In the absence of a principal market, in the most advantageous market for the asset or liability
The principal or the most advantageous market must be accessible to/ by the Group.
All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are
categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant
to the fair value measurement as a whole:

Financial Statement

• Level 1 — Quoted (unadjusted) prices in active markets for identical assets or liabilities
• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable
‘For assets and liabilities that are recognised in the consolidated financial statements on a recurring basis, the
Group determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation
(based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each
reporting period.
For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the basis
of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy as explained
above.
The Group measures financial instruments, such as, investments, at fair value at each reporting date. Also, fair value
of financial instruments measured at amortised cost is disclosed in Note 28.
(iv) Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or
equity instrument of another entity.
Financial assets
All financial assets are initially recognised when the Group becomes a party to the contractual provisions of the
instrument. All financial assets are initially measured at fair value plus, in the case of financial assets not recorded
at fair value through profit or loss, transaction costs that are attributable to the acquisition of the financial asset.

Classification
For the purpose of subsequent measurement, the Group classifies financial assets in following categories:
• Financial assets at amortised cost
• Financial assets at fair value through other comprehensive income (FVTOCI)
• Financial assets at fair value through profit or loss (FVTPL)
A financial asset being ‘debt instrument’ is measured at the amortised cost if both of the following conditions are
met:
• The financial asset is held within a business model whose objective is to hold assets for collecting
contractual cash flows, and
• The contractual terms of the financial asset give rise on specified dates to cash flows that are Solely
Payments of Principal and Interest (SPPI) on the principal amount outstanding.
A financial asset being ‘debt instrument’ is measured at the FVTOCI if both of the following criteria are met:
• The asset is held within the business model, whose objective is achieved both by collecting contractual cash
flows and selling the financial assets, and
• The contractual terms of the financial asset give rise on specified dates to cash flows that are SPPI on the
principal amount outstanding.
A financial asset being equity instrument is measured at FVTPL.
All financial assets not classified as measured at amortised cost or FVTOCI as described above are measured at
FVTPL.

Consolidated

Subsequent measurement
Financial assets at amortised cost
These assets are subsequently measured at amortised cost using the effective interest method. The amortised
cost is reduced by impairment losses, if any. Interest income and impairment are recognised in the Consolidated
Financial assets at FVTPL

These assets are subsequently measured at fair value. Net gains and losses, including any interest income, are
recognised in the Consolidated Statement of Profit and Loss.
Derecognition
The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset
expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of
the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor
retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset.
Any gain or loss on derecognition is recognised in the Consolidated Statement of Profit and Loss.
Impairment of financial assets (other than at fair value)

The Group recognises loss allowances using the Expected Credit Loss (ECL) model for the financial assets which are
not fair valued through profit or loss. Loss allowance for trade receivables with no significant financing component
is measured at an amount equal to lifetime ECL. For all other financial assets, expected credit losses are measured
at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from initial
recognition, in which case those financial assets are measured at lifetime ECL. The changes (incremental or reversal)
in loss allowance computed using ECL model, are recognised as an impairment gain or loss in the Consolidated
Write-off
‘The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that there is no
realistic prospect of recovery. This is generally the case when the Group determines that the counterparty does not
have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to write-off.
However, financial assets that are written off could still be subject to enforcement activities in order to comply with
the Group’s procedures for recovery of amounts due.
‘All financial liabilities are initially recognised when the Group becomes a party to the contractual provisions of the
instrument. All financial liabilities are initially measured at fair value minus, in the case of financial liabilities not
recorded at fair value through profit or loss, transaction costs that are attributable to the liability.

Financial liabilities are classified as measured at amortised cost or FVTPL.
A financial liability is classified as FVTPL if it is classified as held-for-trading, or it is a derivative or it is designated

as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses,
including any interest expense, are recognised in the Consolidated Statement of Profit and Loss.
‘Financial liabilities other than classified as FVTPL, are subsequently measured at amortised cost using the effective
interest method. Interest expense are recognised in Consolidated Statement of Profit and Loss. Any gain or loss on
derecognition is also recognised in the Consolidated Statement of Profit and Loss.
Derecognition
The Group derecognises a financial liability when its contractual obligations are discharged or cancelled, or
expire.

Financial Statement

The Group also derecognises a financial liability when its terms are modified and the cash flows under the modified
terms are substantially different. In this case, a new financial liability based on modified terms is recognised at
fair value. The difference between the carrying amount of the financial liability extinguished and the new financial
liability with modified terms is recognised in the Consolidated Statement of Profit and Loss.
Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount presented in the Consolidated Balance Sheet
when, and only when, the Group currently has a legally enforceable right to set off the amounts and it intends either
to settle them on a net basis or to realise the assets and settle the liabilities simultaneously.
Compound financial instruments - convertible preference shares

Compound financial instruments issued by the Company comprises of convertible preference shares that can be
converted to equity shares of the Company.
Convertible preference shares are bifurcated into liability and equity components based on the terms of the contract.
The liability component of convertible preference shares is initially recognised at the fair value of a similar liability
that does not have an equity conversion option. The equity component is initially recognised at the difference
between the fair value of the compound financial instrument as a whole and the fair value of the liability component.
Any directly attributable transaction costs are allocated to the liability and equity components in proportion to their
initial carrying amounts.
Subsequent to initial recognition, the liability component of a compound financial instrument is measured at
amortised cost using the effective interest method. The equity component of convertible preference shares is not
remeasured subsequently.
Interest related to the liability component is recognised in Consolidated Statement of Profit and Loss. On conversion,
the liability component is reclassified to equity and no gain or loss is recognised.
(v) Share capital

Equity share capital
Issuance of ordinary shares are recognised as equity share capital in equity. Incremental costs directly attributable
to the issuance of new equity shares are recognized as a deduction from equity, net of any tax effects.
(vi) Cash and cash equivalents

Cash and cash equivalents comprises of cash at banks and on hand, cheques on hand and short-term deposits with
an original maturity of three months or less, which are subject to an insignificant risk of changes in value.
(vii) Property, plant and equipment

Items of property, plant and equipment are measured at cost, less accumulated depreciation and accumulated
impairment losses, if any.
The cost of an item of property, plant and equipment comprises: (a) its purchase price, including import duties and
non-refundable purchase taxes, after deducting trade discounts and rebates; (b) any costs directly attributable to
bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended
by management.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted
for as separate component of property, plant and equipment. The Group has recognised major inspection costs
relating to engine and airframe overhauls and other heavy maintenance as separate components for owned aircraft
and aircraft taken on finance lease (“Leased Aircraft”).
The cost of improvements to aircraft taken on operating lease, if recognition criteria are met, have been capitalised
and disclosed separately as leasehold improvement - aircraft.

Consolidated

An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal
or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition
of property, plant and equipment (calculated as the difference between the net disposal proceeds and the carrying
amount of property, plant and equipment) is included in the Consolidated Statement of Profit and Loss when
property, plant and equipment is derecognised. The carrying amount of any component accounted as a separate
component is derecognised, when replaced or when the property, plant and equipment to which the component
relates gets derecognised.
Subsequent costs
Subsequent costs are included in the asset’s carrying amount or recognised as separate assets, as appropriate,
only when it is probable that the future economic benefits associated with expenditure will flow to the Group and
the cost of the item can be measured reliably. All other repairs and maintenance are charged to Consolidated
Statement of Profit and Loss at the time of incurrence.
Depreciation
Depreciation is calculated on cost of items of property, plant and equipment less their estimated residual values
and is charged to Consolidated Statement of Profit and Loss. Depreciation on property, plant and equipment,
except aircraft (including aircraft taken on finance lease) and spare engine, rotables and non-aircraft equipment,
leasehold improvements - aircraft and leasehold improvements, is provided on written down value method at the
rates and in the manner provided in Schedule II of the Companies Act, 2013. Depreciation on aircraft (including
aircraft taken on finance lease) and spare engine, rotables and non-aircraft equipment is provided on the straight
line method at the rates and in the manner prescribed in Schedule II of the Companies Act, 2013.
Major inspection costs relating to engine and airframe overhauls and other heavy maintenance are identified as
separate components for owned and Leased Aircraft and are depreciated over the expected lives between major
overhauls and remaining useful life of the aircraft, whichever is lower.
Depreciation has been charged based on the following useful lives:
Asset Head Useful life in years

Owned and Leased Aircraft and owned spare engines
- Aircraft and engine components including spare engines 20
- Major inspection and overhaul costs 2 - 12
Rotables and non-aircraft equipment 20
Furniture and fixtures 10
Computer
- End user devices 3
- Server and networks 6
Office equipment
- Office equipment 5
- Electrical equipment 10
Ground support equipment 15
Vehicles (including ground support vehicles)
- Motor vehicles (ground support equipment) 8
- Motor vehicles 8
Expenditure incurred towards leasehold improvements - aircraft (other than asset recognised towards redelivery of
aircraft taken on operating lease) is depreciated on a straight line basis over the remaining period of the lease
of the aircraft or 5 years, whichever is lower. Leasehold improvements - aircraft representing cost of redelivery of
aircraft is amortised on a straight line basis over the initial period of lease for which the asset is expected to be
used.

Financial Statement

Leasehold improvements are depreciated on a straight line basis over the period of the initial lease term or their
estimated useful life, whichever is lower.
The useful lives have been determined based on internal evaluation done by management and are in line with the
estimated useful lives, to the extent prescribed by the Schedule II of the Companies Act, 2013, in order to reflect
the technological obsolescence and actual usage of the asset. The residual values are not more than 5% of the
original cost of the asset.
Depreciation is calculated on a pro-rata basis for assets purchased/sold during the period.
The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed by
management at each reporting date and adjusted prospectively, as appropriate.
Capital work-in-progress
Cost of property, plant and equipment not ready for use as at the reporting date are disclosed as capital work-in-
progress.
(viii) Intangible assets

Intangible assets that are acquired are recognised only if it is probable that the expected future economic benefits
that are attributable to the asset will flow to the Group and the cost of assets can be measured reliably. The
intangible assets are recorded at cost of acquisition including incidental costs related to acquisition and installation
and are carried at cost less accumulated amortisation and impairment losses, if any.
Gain or losses arising from derecognition of an intangible assets are measured as the difference between the
net disposal proceeds and the carrying amount of the intangible asset and are recognised in the Consolidated
Statement of Profit and Loss when the asset is derecognised.
Subsequent costs
Subsequent costs are capitalised only when it increases the future economic benefits embodied in the specific
asset to which it relates. All other expenditure on intangible assets is recognised in the Consolidated Statement of
Profit and Loss, as incurred.
Amortisation
Amortisation is calculated to write off the cost of intangible assets over their estimated useful lives of 3 years using
the straight-line method. Amortisation is calculated on a pro-rata basis for assets purchased/ disposed during the
period.
Amortisation method, useful life and residual values are reviewed at each reporting date and adjusted prospectively,
if appropriate.
Intangible assets under development

Cost of intangible assets under development as at the reporting date are disclosed as intangible assets under
development.
(ix) Leases
Leased assets
Leases of property, plant and equipment that transfer to the Group substantially all of the risks and rewards of
ownership are classified as finance lease. The leased assets are measured initially at an amount equal to the lower
of their fair value and the present value of the minimum lease payments. The corresponding rental obligations, net
of finance charges, are included in borrowings or other financial liabilities, as appropriate. Subsequent to initial
recognition, the assets are accounted for in accordance with the accounting policy applicable to similar owned
assets.

Consolidated

Leases in which significant portion of risks and rewards of ownership are not transferred are classified as operating
leases. In determining the appropriate classification, the substance of the transaction rather than the form is
considered. In case, the lease arrangement includes other consideration, it is separated at the inception of the
lease arrangement or upon a reassessment of the lease arrangement into those for the lease and those for other
elements on the basis of their relative fair values.
Lease classification is made at the inception of the lease. Lease classification is changed only if, at any time
during the lease, the parties to the lease agreement agree to revise the terms of the lease (without renewing
it) in a way that it would have been classified differently, had the changed terms been in effect at inception. The
revised agreement involves renegotiation of original terms and conditions and are accounted prospectively over
the remaining term of the lease.
Lease payments
Minimum lease payments made under finance lease are apportioned between the finance costs and the reduction
of the outstanding liability. The finance costs is allocated to each period during the lease term so as to produce a
constant periodic rate of interest on the remaining balance of the liability.
Lease payments in respect of assets taken on operating lease are charged to the Consolidated Statement of
Profit and Loss on a straight line basis over the initial period for which the asset is expected to be used unless the
payments are structured to increase in line with the expected general inflation to compensate the lessor’s expected
inflationary cost increases.
Sale and lease back transactions

Gains and losses arising on sale and leaseback transactions resulting in an operating lease and where the sale
price is at fair value, are recognised immediately in the Consolidated Statement of Profit and Loss. Where the
sale price is below fair value, any losses are immediately recognised in the Consolidated Statement of Profit and
Loss, except where the loss is compensated for by future lease payments at below market price, it is deferred and
amortised in proportion to the lease payments over the initial period for which the asset is expected to be used.
Where the sale price is above fair value, the excess over fair value is amortised over the initial period of the lease
which coincides with the period for which the asset is expected to be used.
Any excess of sale proceeds over the carrying amount in case a sale and leaseback transaction results in a finance
lease, is deferred and amortised over the expected period of use of leased asset in proportion to the depreciation
of the leased asset.
(x) Incentive - non-refundable

Cash incentives
The Group receives non-refundable incentives in connection with the acquisition of aircraft and engines. In case of
owned aircraft or aircraft under finance lease, incentives are recorded as a reduction to the cost of related aircraft
and engines. Where the aircraft is held under operating lease, the incentives are deferred and reduced from the
operating lease rentals on a straight line basis over the initial lease period of the respective aircraft for which the
aircraft is expected to be used. In case of return of an aircraft taken on operating lease before the expiry of the
lease term, the unamortised balance of deferred incentive is recorded in the Consolidated Statement of Profit and
Loss.
The Group also receives non-refundable milestone incentives from the engine manufacturer on achievement of
certain milestones relating to acquisition and delivery of aircraft. These milestone incentives are recorded as
reduction to the carrying value of aircraft and engines in case of owned aircraft and engines. Where the aircraft is
held under operating lease, the milestone incentives are deferred and reduced from the lease rentals on a straight
line basis over the remaining initial lease period of the respective aircraft for which the aircraft expected to be
used. Where the aircraft is held under finance lease, the milestone incentives are deferred and recognised under
the head ‘Other operating revenue’ in the Consolidated Statement of Profit and Loss, on a straight line basis over
the remaining initial lease period of the respective aircraft for which the aircraft is expected to be used. In case of

Financial Statement

prepayment of finance lease obligations for aircraft taken on finance lease and consequently taking the ownership
of the aircraft, before the expiry of the lease term, the unamortised balance of such deferred incentive is recorded
as a reduction to the carrying value of the aircraft. In case of return of an aircraft taken on operating lease before
the expiry of the lease term, the unamortised balance of such deferred incentive is recorded in the Consolidated
Non-cash incentives
Non-cash incentives are recorded as and when due to the Group by setting up a deferred asset and a corresponding
deferred incentive. These incentives are recorded as a reduction to the cost of related aircraft and engines in case
of owned aircraft and aircraft held under finance lease. Where the aircraft is held under operating lease, the
incentives are deferred and reduced from the lease rentals on a straight line basis over the estimated period of use
of these incentives, which coincides with the initial lease period for which the asset is expected to be used.
The deferred asset explained above is reduced on the basis of utilisation of incentives against liability towards
purchase of goods and services.
(xi) Inventories
Inventories primarily includes stores and spares and loose tools (other than those which meet the criteria of
property, plant and equipment), fuel and in-flight inventories. Inventories are valued at lower of cost and Net
Realisable Value (‘NRV’). Cost of inventories comprise all costs of purchase after deducting non refundable rebates
and discounts and all other costs incurred in bringing the inventories to their present location and condition. Cost
are assigned to individual items of inventory on the weighted average cost basis. NRV for in-flight inventory is
the estimated selling price of goods sold less the estimated cost necessary to make the sale. NRV for stores and
spares, loose tools and fuel used in rendering of services are not written down below cost except in cases where
the price of such materials have declined and it is estimated that the cost of rendering of services will exceed their
selling price. Where necessary, due allowance is made for all damaged, obsolete and slow moving items. The
comparison of cost and net realizable value is made on an item by item basis at each reporting date.
(xii) Impairment - non-financial assets

At each reporting date, the Group reviews the carrying amounts of its non-financial assets to determine whether
there is any indication of impairment. If any such indication of impairment exists, then the asset’s recoverable
amount is estimated. For impairment testing, assets are grouped together into the smallest group of assets that
generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash
generating units (CGUs).
The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell.
Value in use is based on the estimated future cash flows, discounted to their present value using a discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An
impairment loss is recognised if the carrying amount of an asset or CGU exceeds its estimated recoverable amount.
Impairment losses are recognised in the Consolidated Statement of Profit and Loss.
An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable
amount. Such a reversal is made only to the extent that the asset’s carrying amount does not exceed the carrying
amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been
recognised.
(xiii) Employee benefits

Short-term employee benefits
Employee benefit liabilities such as salaries, wages and bonus, etc. that are expected to be settled wholly
within twelve months after the end of the reporting period in which the employees render the related service
are recognised in respect of employees’ services up to the end of the reporting period and are measured at an
undiscounted amount expected to be paid when the liabilities are settled.

Consolidated

Post-employment benefit plans

Defined contribution plans
The Group pays provident fund contributions to the appropriate government authorities. The Group has no further
payment obligations once the contributions have been paid. The contributions are accounted for as defined
contribution plans and the contributions are recognised as employee benefits expense when they are due.
Defined benefit plans

Defined benefit plans of the Group comprise gratuity.
The Group has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees.
The plan provides for a lump sum payment to vested employees at retirement, death while in employment or on
termination of employment, of an amount based on the respective employee’s salary and the tenure of employment.
Vesting occurs upon completion of five years of service. The gratuity plan of the Group is unfunded.
The liability recognised in the Consolidated Balance Sheet in respect of defined benefit gratuity plan is the present
value of the defined benefit obligation at the end of the reporting period. The defined benefit obligation is
calculated by actuary using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows
by reference to market yields at the end of the reporting period on government bonds that have terms approximating
to the terms of the related obligation.
The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation.
This cost and other costs are included in employee benefits expense in the Consolidated Statement of Profit and
Loss.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are
recognised in the period in which they occur, directly in other comprehensive income. They are included in “other
equity” in the Consolidated Statement of Changes in Equity and in the Consolidated Balance Sheet.
Changes in the present value of the defined benefit obligation resulting from settlement or curtailments are
recognised immediately in Consolidated Statement of Profit and Loss as past service cost.
Other long-term employee benefits

i. Compensated absences
The Group’s net obligation in respect of compensated absences is the amount of benefit to be settled in future, that
employees have earned in return for their service in the current and previous years. The benefit is discounted to
determine its present value. The obligation is measured on the basis of an actuarial valuation using the projected
unit credit method. Remeasurements are recognised in Consolidated Statement of Profit and Loss in the period in
which they arise.
ii. Others
The Group’s net obligation in respect of long-term employee benefits other than post-employment benefits is the
amount of benefit to be settled in future, that employees have earned in return for their service in the current and
previous years. The benefit is discounted to determine its present value. The obligation is measured on the basis
of an actuarial valuation using the projected unit credit method. Remeasurements are recognised in Consolidated
Statement of Profit and Loss in the period in which they arise.
Share-based payment arrangements

The grant-date fair value of equity-settled share-based payment arrangements granted to employees under the
Employee Stock Option Scheme (‘ESOS’) is generally recognised as an employee stock option scheme expense,
with a corresponding increase in equity, over the vesting period of the awards. The amount recognised as an
expense is adjusted to reflect the number of awards for which the related service and non-market performance
conditions are expected to be met, such that the amount ultimately recognised is based on the number of awards
that meet the related service and non-market performance conditions at the vesting date. The increase in equity

Financial Statement

recognised in connection with a share based payment transaction is presented in the “Employee stock option
outstanding account”, as separate component in equity. For share-based payment awards with market conditions,
the grant-date fair value of the share-based payment is measured to reflect such conditions and there is no true-
up for differences between expected and actual outcomes. At the end of each period, the Company revises its
estimates of the number of options that are expected to vest based on the non-market performance conditions at
the vesting date.
(xiv) Provisions and contingent liabilities and assets

Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of a past
events, it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation and a reliable estimate can be made of the amount of the obligation.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects
current market assessments of the time value of money and the risks specific to the liability. When discounting is
used, the increase in the provision due to the passage of time is recognised as a finance cost.
Contingent liabilities and assets

Contingent liabilities are possible obligations that arise from past events and whose existence will only be
confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control
of the Group. Where it is not probable that an outflow of economic benefits will be required, or the amount cannot
be estimated reliably, the obligation is disclosed as a contingent liability, unless the probability of outflow of
economic benefits is remote.
Contingent assets are possible assets that arises from past events and whose existence will be confirmed only by
the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Group.
(xv) Revenue recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the
revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair
value of the consideration received or receivable, net of discounts. Revenue is recorded provided the recovery of
consideration is probable and determinable.
Passenger and cargo revenue

Passenger revenue is recognised on flown basis i.e. when the service is rendered, net of discounts given to the
passengers, applicable taxes and airport levies such as passenger service fee, user development fee, etc., if
any. Cargo revenue is recognised when service is rendered i.e. goods are transported, net of airport levies and
applicable taxes.
The sale of tickets not yet flown is credited to unearned revenue i.e. ‘Forward Sales’ disclosed under other current
liabilities. Fees charged for modification and cancellation of flight tickets and towards special service request are
recognised as revenue on rendering of the said service.
The unutilised balance in Forward Sales for more than a year is recognised as revenue based on historical statistics,
data and management estimates and considering the Group’s cancellation policy.
In flight sales
Revenue from sale of merchandise is recognised on transfer of all significant risks and rewards to the passenger.
Revenue from sale of food and beverages is recognised on sale of goods to the passenger, net of applicable taxes.
Tours and packages

Income and related expense from sale of tours and packages are recognised upon services being rendered and
where applicable, are stated net of discounts and applicable taxes. The income and expense are stated on gross
basis.

Consolidated

The sale of tours and packages not yet serviced is credited to unearned revenue, i.e. ‘Forward Sales’ disclosed
under other current liabilities.
Interest income
Interest income on financial assets (including deposits with banks) is recognised using the effective interest rate
method on a time proportionate basis.
Claims and other credits - non-refundable

Claims relate to reimbursement towards operational expenses such as operating lease rentals, aircraft repair and
maintenance, etc, are adjusted against such expenses over the estimated period for which these reimbursements
pertains. When credits are used against purchase of goods and services such as operating lease rentals, aircraft
repair and maintenance, etc, these are adjusted against such expenses on utilization basis. The claims and credits
are netted off against related expense arising on the same transaction as it reflects the substance of transaction.
Further, any claim or credit not related to reimbursement towards operational expenses or used for purchase of
goods and services are recognised as income in the Consolidated Statement of Profit and Loss when a contractual
entitlement exists, the amount can be reliably measured and receipt is virtually certain.
(xvi) Commission
The commission paid / payable on sales is recognised on sale of ticket and in accordance with the terms of contracts
with agents (customers). As the Group acts as a principal, the commission is recognised as an expense in the
Consolidated Statement of Profit and Loss.
(xvii) Expenditure
Expenses are accounted for on the accrual basis and provisions are made for all known losses and liabilities.
(xviii)Borrowing costs
Borrowing costs attributable to the acquisition or construction of a qualifying asset are capitalised as part of
the cost of the asset. A qualifying asset is one that necessarily takes substantial period of time to get ready
for intended use. Other borrowing costs are recognised as an expense in the period in which they are incurred.
Borrowing cost includes exchange differences to the extent regarded as an adjustment to the borrowing costs.
(xix) Aircraft repair, maintenance and redelivery cost

The Group recognises aircraft repair and maintenance cost in the Consolidated Statement of Profit and Loss (except
heavy maintenance visits, engine overhaul and landing gear overhaul expenses for owned aircraft and aircraft taken
on finance lease) on incurred basis, except for aircraft maintenance covered by third party maintenance agreements,
where in a portion of the cost are charged to the Consolidated Statement of Profit and Loss at a contractual rate per
hour in accordance with the terms of the agreements.
Aircraft maintenance costs also includes provision for overhaul expenses for certain aircraft held under operating
leases. These are recorded at discounted value, where effect of the time value of money is material.
The Group has in its fleet aircraft on operating lease. As contractually agreed under the lease contracts, the aircraft
have to be redelivered to the lessors at the end of the lease term under stipulated contractual return conditions. At
inception of the lease, the redelivery obligations are determined by management based on historical trends and
data, and are capitalised under ‘Leasehold improvements-aircraft’ at the present value of expected outflow, where
effect of the time value of money is material.
(xx) Aircraft fuel expense

Aircraft fuel expenses are recognised in the Consolidated Statement of Profit and Loss as uplifted and consumed,
net off any discounts.

Financial Statement

(xxi) Tax expense

Tax expense comprises of current tax and deferred tax. It is recognised in the Consolidated Statement of Profit and
Loss except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current tax
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any
adjustment to the tax payable or receivable in respect of previous years. The amount of current tax reflects the
best estimate of the tax amount expected to be paid or received after considering the uncertainty, if any relating
to income taxes. It is measured using tax rates enacted for the relevant reporting period. Minimum Alternative Tax
(‘MAT’) for the year is charged to the Consolidated Statement of Profit and Loss as current tax.
Current tax assets and current tax liabilities are offset only if there is a legally enforceable right to set off the
recognised amounts, and it is intended to realise the asset and settle the liability on a net basis.
Deferred tax
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities
for financial reporting purposes and the corresponding amounts used for taxation purposes.
Deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised
for unused tax losses, unused tax credits and deductible temporary differences to the extent that is probable
that future taxable profits will be available against which they can be used. Deferred tax assets unrecognised or
recognised, are reviewed at each reporting date and are recognised / reduced to the extent that it is probable /
no longer probable respectively that the related tax benefit will be realised. Significant management judgement is
required to determine the probability of deferred tax asset.
Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is realised or
liability is settled, based on the laws that have been enacted or substantively enacted by the reporting date.
The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the
Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
Minimum Alternative Tax (‘MAT’) credit entitlement under the provisions of the Income-tax Act, 1961 is recognised as
a deferred tax asset when it is probable that future economic benefit associated with it in the form of adjustment of
future income tax liability, will flow to the Group and the asset can be measured reliably. MAT credit entitlement is
set off to the extent allowed in the year in which the Group becomes liable to pay income taxes at the enacted tax
rates. MAT credit entitlement is reviewed at each reporting date and is recognised to the extent that is probable
that future taxable profits will be available against which they can be used. MAT credit entitlement has been
presented as deferred tax asset in Consolidated Balance Sheet. Significant management judgement is required to
determine the probability of recognition of MAT credit entitlement.
Deferred tax assets and deferred tax liabilities are offset only if there is a legally enforceable right to offset current
tax liabilities and assets levied by the same tax authorities.
(xxii) Earnings per share

The Group presents basic and diluted earnings per share (EPS) data for its equity shares.
Basic EPS is calculated by dividing the profit attributable to equity shareholders of the Group by the weighted
average number of equity shares outstanding during the period.
Diluted EPS is determined by adjusting profit attributable to equity shareholders and the weighted average number
of equity shares outstanding, for the effects of all dilutive potential equity shares, which comprise share options
granted to employees.

Consolidated

(xxiii) Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating
decision maker. The chief operating decision maker is considered to be the Board of Directors who makes strategic
decisions and is responsible for allocating resources and assessing performance of the operating segments.
(xxiv) Dividend
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the
discretion of the Company, on or before the end of the reporting period but not distributed at the end of the
reporting period.
(xxv) Recent accounting pronouncements

Standards issued but not yet effective
Appendix B to Ind AS 21, Foreign currency transactions and advance consideration: On 28 March 2018, Ministry
of Corporate Affairs (“MCA”) has notified the Companies (Indian Accounting Standards) Amendment Rules, 2018
containing Appendix B to Ind AS 21, Foreign currency transactions and advance consideration which clarifies the
date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related
asset, expense or income, when an entity has received or paid advance consideration in a foreign currency.
The amendment will come into force from 1 April 2018. The Group has evaluated the effect of this on the consolidated
financial statements and is of the view that no change in accounting policy is required and the impact is not
material.
Ind AS 115- Revenue from Contracts with Customers: On 28 March 2018, Ministry of Corporate Affairs (“MCA”) has
notified the Ind AS 115, Revenue from Contracts with Customers. The core principle of the new standard is that an
entity should recognise revenue to depict the transfer of promised goods or services to customers in an amount that
reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
Under Ind AS 115, an entity recognises revenue when (or as) a performance obligation is satisfied, i.e. when
‘control’ of the goods or services underlying the particular performance obligation is transferred to the customer.
Moreover, the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of
revenue and cash flows arising from the entity’s contracts with customers.
The effective date for adoption of Ind AS 115 is financial periods beginning on or after 1 April 2018. The Group will
adopt the standard on 1 April 2018 by using the cumulative catch-up transition method as defined under standard
and accordingly, comparatives for the year ending or ended 31 March 2018 will not be retrospectively adjusted.
While, the Group is in the process of implementing Ind AS 115 on consolidated financial statement, it is of the view
that the accounting policy for certain streams of revenue and related expenses may undergo a change primarily
on account of deferment of recognition of revenue for certain services relating to air transport services upon flown
basis, considering certain commissions paid to agents as variable considerations and netting them from related
revenues, establishing and recognising the fair value and the stand-alone selling prices of the services and goods,
which presently are recognised as a single arrangement, estimating and recognising ticket breakage revenue, etc.

Consolidated
3. Property, plant and equipment

Financial Statement
As at 31 March 2018

engines support
vehicles)
Gross value
Additions during the year 7,530.67 2,394.89 27.97 262.97 18.98 201.25 136.32 68.93 561.23 679.27 11,882.48
Disposals during the year 68.11 371.47 - 0.34 0.26 1.80 2.91 - - 69.25 514.14
Adjustments during the year * - 128.52 - - - - - - - - 128.52
Balance at the end of the year 15,161.55 35,327.98 222.50 698.57 120.17 1,413.14 947.11 700.52 1,521.66 1,351.87 57,465.07
Depreciation on disposals 68.11 371.47 - 0.17 0.16 0.64 1.46 - - 15.84 457.85
Net carrying value as at 31 March 2018 12,510.96 28,825.34 118.14 266.11 49.73 885.46 476.27 217.67 755.12 1,242.76 45,347.56
As at 31 March 2017
engines support
vehicles)
Gross value
Additions during the year 574.67 236.19 37.83 120.02 31.16 114.84 281.90 188.99 172.53 259.44 2,017.57
Disposals during the year # 7,741.62 38.85 0.03 1.85 0.22 - 8.11 - - 45.87 7,836.55
Overview
Adjustments during the year */ ** 5,718.07 (6,981.99) - - - - - - - - (1,263.92)

Balance at the end of the year 7,698.99 33,176.04 194.53 435.94 101.45 1,213.69 813.70 631.59 960.43 741.85 45,968.21
Depreciation on disposals 1,639.28 38.93 0.01 0.21 0.07 - 2.87 - - - 1,681.37
Reports
Adjustments during the year ** 524.29 (524.29) - - - - - - - - -


Net carrying value as at 31 March 2017 5,649.16 28,538.34 129.12 169.28 55.20 867.00 517.90 342.36 532.79 673.57 37,474.72
*The Group has adjusted foreign currency loss amounting to Rs. 128.52 during the year ended 31 March 2018 (previous year foreign currency gain amounting to Rs. 369.17),
arising on re-statement of long-term foreign currency monetary loans used for acquisition of a depreciable capital asset.
Financials
183
Consolidated

3. Property, plant and equipment (continued)

**During the previous year ended 31 March 2017, the Group had utilised its Initial Public Offer proceeds towards
retirement of certain outstanding finance lease liabilities in foreign currency and consequent acquisition of aircraft. The
adjustment in the Gross value of owned aircraft of Rs. 5,718.07 represents the cost of the acquired finance leased
aircraft as reduced by the outstanding deferred incentives amounting to Rs. 894.75 in respect of these aircraft, as on the
date of the acquisition. The adjustment in the Accumulated Depreciation of owned aircraft of Rs. 524.29 represents the
accumulated depreciation of the acquired finance leased aircraft as on the date of acquisition.
Consequently, the adjustment in the Gross value of finance leased aircraft of Rs. 6,612.82 represents the cost of the
transferred finance leased aircraft to owned aircraft, as on the date of the acquisition. Moreover, the adjustment in
the Accumulated Depreciation of finance leased aircraft of Rs. 524.29 represents the accumulated depreciation of the
transferred finance leased aircraft to owned aircraft as on the date of acquisition.
# During the previous year ended 31 March 2017, the Group had sold and leased back on operating lease, certain owned
aircraft. Net gain amounting to Rs. 26.02 on account of such sale and lease back transaction has been recognised in the
Consolidated Statement of Profit and Loss under other income as the transaction has been established at fair value.
4. Intangible assets
As at 31 March 2018
software
Gross value
As at 31 March 2017
software
Gross value

Financial Statement

5. Investments
31 March 2018 31 March 2017
Non-current investments
Equity investments 0.17 0.18
Total 0.17 0.18
Current investments
Mutual funds 63,439.12 37,134.10
Total 63,439.12 37,134.10
Grand Total 63,439.29 37,134.28

Investments at fair value through profit or loss (FVTPL)
Equity investments, unquoted
1,270 (previous year 1,280) equity shares of Thai Baht 0.17 - 0.18 -
(THB) 100 each, fully paid up, of Aeronautical Radio
of Thailand, a state enterprise under the Ministry of
Transport*
Mutual funds, unquoted
2,015,905 (previous year 2,271,407) units of face value - 4,916.17 - 5,170.90
of Rs. 1,000 each of Reliance Money Manager Fund-
Direct Growth Plan-Growth Option
value of Rs. 10 each of Reliance Medium Term Fund-
Direct Growth Plan- Growth Option
value of Rs. 100 each of Aditya Birla Sun Life Savings
Fund Growth - Direct Plan
value of Rs. 100 each of Aditya Birla Sun Life Floating
Rate Fund- Long term- Growth Direct Plan
Rs. 10 each of DHFL-Pramerica Low Duration Fund-Direct
Plan-Growth
value of Rs. 10 each of DHFL-Pramerica Ultra Short Term
Fund-Direct Plan-Growth
100 each of ICICI Prudential Flexible Income Fund - Direct
Plan -Growth
10 each of Sundaram Money Fund -Direct Plan- Growth
value of Rs. 10 each of Sundaram Ultra Short Term Fund
-Direct Plan- Growth
100 each of Aditya Birla Sun Life Cash Plus - Growth -
Direct Plan
9,112,236 (previous year 3,903,681) units of face value - 3,973.15 - 1,585.01
of Rs. 100 each of Aditya Birla Sun Life Cash Manager
-Growth-Direct Plan

Consolidated

Nil (previous year 727,958 ) units of face value of Rs. - - - 1,478.18
10 each of Kotak-Low Duration Fund-Direct Growth
10 each of HDFC Floating Rate Income Fund-Short Term
Plan-Wholesale Option Growth Option
1,268,617 (previous year 730,035) units of face value of - 2,623.14 - 1,403.42
Rs. 1,000 each of Baroda Pioneer Treasury Advantage
Fund-Plan B Growth
1,000 each of Reliance Liquid Fund - Cash Plan - Direct
Growth Plan
10 each of LIC MF Saving Plus Fund-Direct-Growth Plan
10 each of ICICI Prudential- Ultra Short Term- Direct Plan
- Growth
2,305,672 (previous year 489,933) units of face value - 4,567.20 - 904.47
of Rs. 1,000 each of Axis Treasury Advantage Fund –
Direct Growth
1,000 each of UTI-Treasury Advantage-Institutional Plan-
Direct Plan-Growth
942,786 (previous year 46,359) units of face value of - 2,504.97 - 115.04
Rs. 1,000 each of Tata Ultra Short Term Fund Direct Plan
- Growth
Rs. 10 each of Kotak Treasury Advantage Fund - Direct
Plan - Growth
Rs. 1,000 of SBI Ultra Short Term Debt Fund Direct Plan-
Growth
1,000 of Invesco India Ultra Short Term Fund - Direct Plan
- Growth Option
100 of DHFL Pramerica Insta Cash Plus Fund - Direct Plan
Growth
Rs. 10 of Aditya Birla Sun Life Banking & PSU Debt Fund
Growth - Direct Plan
699,193 (previous year Nil) units of face value of Rs. - 1,672.52 - -
1,000 of Invesco India Liquid Fund - Direct Plan - Growth
Option
Total 0.17 63,439.12 0.18 37,134.10
Aggregate value of unquoted investments 0.17 63,439.12 0.18 37,134.10
There are no quoted investments during the current and previous year.
* The transfer of the investment is restricted to airline members flying in Thailand.
Information about the Group’s exposure to credit and market risks, and fair value measurement, is included in Note 28.

Financial Statement

6. Loans
Security deposit 6,831.34 1,914.95 5,440.26 39.76
Total 6,831.34 1,914.95 5,440.26 39.76
7. Other financial assets

Bank deposits (due for maturity after twelve months 7,837.43 - 9,972.40 -
from the reporting date) *
Interest accrued but not due on bank deposits 357.79 1,876.59 383.99 3,152.79
Maintenance recoverable - 2,176.14 - 620.21
Insurance claim recoverable - 0.07 - 46.66
Others (including credit recoverable) - 527.21 - 281.20
Total 8,195.22 4,580.01 10,356.39 4,100.86
* Bank deposits include Rs. 7,747.51 (previous year Rs. 9,633.84) as deposits with banks under lien. These deposits are used
for issuing letter of credit/ standby letter of credit/ bank guarantees.
8. Other assets
Prepaid expenses - 1,704.19 - 1,327.65
Balance with tax authorities* - 3,407.60 - 965.76
Deferred incentive (non-cash) - 6.59 - 28.91
Capital advances 103.68 - 119.65 -
Advance to employees 59.17 195.61 49.32 145.48
Deferred rent 3,288.37 671.57 3,379.77 592.35
Other recoverable - 212.42 - 150.86
3,451.22 6,197.98 3,548.74 3,211.01
Advance to suppliers
- Considered good - 281.24 - 434.22
- Considered doubtful - 3.94 - 3.94
- 285.18 - 438.16
Less: Impairment allowances for doubtful advances - 3.94 - 3.94
- 281.24 - 434.22
Total 3,451.22 6,479.22 3,548.74 3,645.23
* Balance with tax authorities includes Integrated Goods and Services Tax (‘IGST’) amounting to Rs. 1,829.50 (previous year Rs.
Nil) paid under protest to custom authorities, on re-import of repaired aircraft, aircraft engines and other certain aircraft parts
and Rs. 278.17 (previous year Rs. 140.34) paid under protest to various tax authorities.

Consolidated

9. Inventories
31 March 2018 31 March 2017
Valued at lower of cost and net realisable value
Stores and spares
- Engineering stores and spares 1,141.55 767.80
- Goods in transit 79.74 39.26
1,221.29 807.06
Loose tools 27.91 22.55
Stock-in-trade
- In-flight inventory 64.95 77.60
Fuel
- Fuel 518.12 6.21
- Goods in transit - 718.08
Total 1,832.27 1,631.50
10. Trade receivables

31 March 2018 31 March 2017
Trade receivables
- Considered good 2,263.15 1,587.02
- Considered doubtful 71.45 71.45
2,334.60 1,658.47
Less: Impairment allowances for doubtful receivables 71.45 71.45
Total 2,263.15 1,587.02
Trade receivables includes receivables from related parties amounting Rs. 85.48 (previous year Rs. Nil). Refer to Note 34.
The carrying amount of trade receivables approximates their fair value, is included in Note 28.
The Group’s exposure to credit and currency risks, and impairment allowances related to trade receivables is disclosed in Note
28.
11. Cash and cash equivalents

31 March 2018 31 March 2017
Balance with banks:
- On current account# 5,511.87 1,488.02
- On deposit account (with original maturity of three months or less) 1,165.00 -
Total 6,707.18 1,531.19
# Current account balance with banks includes Rs. 2,278.35 (previous year Rs. 71.43) held in foreign currency which are freely
remissible to the Group.

Financial Statement

12. Bank balances other than cash and cash equivalents

31 March 2018 31 March 2017
Bank balances other than cash and cash equivalents*
- On deposit account 59,099.73 44,794.26
Total 59,099.73 44,794.26
*Bank deposits include Rs. 58,748.41 (previous year: Rs. 39,471.53) as deposits with banks under lien. These deposits are
used for issuing letter of credit/ standby letter of credit/ bank guarantees.
13. Share capital

31 March 2018 31 March 2017
a. Authorised
Equity shares
750,000,000 (previous year 750,000,000) equity shares of Rs. 10 each 7,500.00 7,500.00
Total 7,500.00 7,500.00
b. Issued, subscribed and paid up
384,406,838 (previous year 361,468,363) equity shares of Rs. 10 each fully 3,844.07 3,614.68
paid up
Total 3,844.07 3,614.68
c. Reconciliation of number of equity shares outstanding at the beginning and end of the year :
31 March 2018 31 March 2017
Equity shares issued, subscribed and paid up
Equity shares at the beginning of the year 361,468,363 360,356,544
Equity shares increased during the year :
- Issued during the year pursuant to exercise of employee stock options 552,861 1,111,819
scheme (Refer to Note 37)
- Issued during the year - Institutional Placement Programme - fresh issue (Refer 22,385,614 -
to Note 13.i.(i))
Equity shares at the end of the year 384,406,838 361,468,363
d. Terms / rights attached to the equity shares

The Company has only one class of equity share having a par value of Rs. 10 per share. Each holder of the equity share
is entitled to one vote per share and is entitled to dividend, declared if any. The paid up equity shares of the Company
rank pari-pasu in all respects, including dividend. The final dividend proposed by the Board of Directors is subject to
the approval of the shareholders in the ensuing Annual General Meeting. The interim dividend is declared by the Board
of Directors. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive
the remaining assets of the Company, after distribution of all preferential amounts, if any. The distribution will be in
proportion to the number of equity shares held by the shareholders.
e. Aggregate number of bonus shares issued during the period of five years immediately
preceding the reporting date
Shares Shares
capitalisation of capital redemption reserve in the year
ended 31 March 2016
capitalisation of general reserve in the year ended 31
March 2016
Total 309,344,400 3,093.44 309,344,400 3,093.44
During the year ended 31 March 2016, the Company had issued 309,344,400 equity shares of Rs. 10 each as bonus shares.

Consolidated

13. Share capital (contd...)

f. Aggregate number of equity shares issued for consideration other than cash during the
period of five years immediately preceding the reporting date
31 March 2018 31 March 2017
Number of Shares Number of Shares
Equity shares allotted pursuant to scheme of merger 147,000 147,000
147,000 147,000
The Company had issued 147,000 fully paid equity shares having a par value of Rs. 1,000 each for consideration other than
cash during the year ended 31 March 2016, which were subsequently sub divided into 14,700,000 equity shares of Rs. 10 each.
g. Shareholders holding more than 5% equity shares in the Company:

Shares Shares
InterGlobe Enterprises Limited* - - 153,649,581 42.51%
InterGlobe Enterprises Private Limited (formerly known 145,706,774 37.90% - -
as Acquire Services Private Limited)*
Rakesh Gangwal 56,421,132 14.68% 60,860,713 16.84%
The Chinkerpoo Family Trust (Trustee: Shobha Gangwal 52,263,313 13.60% 56,375,730 15.60%
& J. P. Morgan Trust Company of Delaware)
Shobha Gangwal 32,310,461 8.41% 34,852,858 9.64%
* During the current year ended 31 March 2018, pursuant to the Composite Scheme of Arrangement, InterGlobe Enterprises
Limited was amalgamated with Acquire Services Private Limited with effect from 29 November 2017. Consequently, 153,649,581
equity shares of the Company held by InterGlobe Enterprises Limited were transferred to Acquire Services Private Limited.
Subsequently, the name of Acquire Services Private Limited has been changed to InterGlobe Enterprises Private Limited on 18
December 2017.
h. Shares reserved for issuance under Stock Option Plans of the Company
For details of shares reserved for issue under the employee stock option scheme (ESOS) of the Company. (Refer to Note
37)
i. Other Notes
(i) During the current year ended 31 March 2018, the Company has completed the Institutional Placement Programme
(“IPP”) under Chapter VIII-A of the Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2009, as amended, pursuant to which 33,578,421 equity shares having a face value
of Rs. 10 each were allotted/ allocated, at an issue price of Rs. 1,130 per equity share, consisting of fresh issue of
22,385,614 equity shares and an offer for sale of 11,192,807 equity shares by certain selling shareholders.
(ii) The proceeds of fresh issue of equity shares from IPP amounts to Rs. 24,796.69 (net of Company’s share of fresh
issue related expenses, which has been adjusted against Securities Premium Reserve). As per the Prospectus, the
IPP proceeds can be utilised for one or more of the following: acquisition of aircraft, purchase of ground support
equipment, repayment / prepayment of debt, including finance leases for aircraft, and general corporate purposes.
As at 31 March 2018, 71% of IPP proceeds are unutilised and have been temporarily invested/ deposited in cash
and cash equivalents including fixed deposits and/or debt mutual funds.

Financial Statement

14. Other equity

31 March 2018 31 March 2017
Equity component of compound financial instruments 58.79 58.79
Reserves and surplus 66,902.58 34,152.69
Other comprehensive income - Remeasurement of defined benefit plans (net of (31.89) (34.40)
tax)
Total 66,929.48 34,177.08
a. Equity component of compound financial instruments

31 March 2018 31 March 2017
Nil (previous year Nil) 0.00% convertible preference shares of Rs. 1,000 each *
* The fully paid up convertible preference shares of Rs. 1,000 each were issued at a premium ranging from Rs. 5,650 to Rs.
6,642 per share with 0.00% coupon rate and are convertible into equity shares of the Company in the ratio of 1:1 not earlier
than (a) the initial public offer of the Company; or (b) a strategic sale of the Company. In the event of liquidation of the
Company before conversion of convertible preference shares, the preference shareholders had priority over the equity shares
in the repayment of the capital. The holder of preference shares were entitled to one vote per share at any meeting of the
Company on any resolutions of the Company directly affecting their rights.
During the year ended 31 March 2016, 36,716 fully paid up 0.00% convertible preference shares were converted into equity
shares of the Company in the prescribed ratio of 1:1, vide resolution passed by the Board at its meeting held on 23 June 2015.
b. Reserves and surplus

31 March 2018 31 March 2017
Employee stock option outstanding account (Refer to Note 37) 540.10 549.12
Securities premium reserve 37,740.96 12,604.58
General reserve 389.07 389.07
Retained earnings 28,232.45 20,609.92
Total 66,902.58 34,152.69
(i) Employee stock option outstanding account

31 March 2018 31 March 2017
Amount utilized / transfer for issue of shares pursuant to exercise of employee (283.93) (632.84)
Employee stock option outstanding account is used to record the impact of employee stock option schemes. Refer to Note 37
for further details of these plans.

Consolidated


(ii) Securities premium reserve
31 March 2018 31 March 2017
Amount utilized / transfer for issue of shares pursuant to exercise of employee 283.93 632.84
Premium received during the year on account of issue of shares (Refer to Note 25,351.50 -
13.i.(i) and 37)
Utilised for share issue expenses* (499.05) -
Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the
provisions of the Companies Act, 2013.
* Expenses incurred by the Company during the current year ended 31 March 2018, aggregating to Rs. 801.74 (including Goods
and Services Tax (“GST”)) in connection with the IPP have been partly adjusted towards the securities premium reserve and
partly recovered from the selling shareholders. The IPP expenses amounting to Rs. 801.74 (including GST), excluding certain
expenses which are directly attributable to the Company amounting to Rs. 95.53 (including GST), have been allocated between
the Company and each of the selling shareholders in proportion to the equity shares allotted under the IPP by the Company and
offer for sale by the existing selling shareholders.
(iii) General reserve

31 March 2018 31 March 2017
The Company had transferred certain percentage of retained earnings to general reserve as per the provisions for dividend
distribution under the Companies Act, 1956.
(iv) Retained earnings

31 March 2018 31 March 2017
Add: Profit for the year 22,423.24 16,591.47
Amount available for appropriation 43,033.16 27,135.75
Less: Appropriations
Final dividend (Refer note below) (12,297.27) (5,422.03)
Corporate dividend tax (2,503.44) (1,103.80)

Financial Statement


Dividends
The following dividends were declared and paid by the Company

31 March 2018 31 March 2017
Final dividend of Rs. 34 per share** (previous year Rs. 15 per share*) 12,297.27 5,422.03
After the reporting dates the following dividends were proposed by the Board of Directors subject to the approval of shareholders
at Annual General Meeting. Accordingly, the following dividends have not been recognised in the respective financial years.
Dividends would attract corporate dividend tax when declared.
31 March 2018 31 March 2017
Final dividend of Rs. 6 per share*** (previous year Rs. 34 per share**) 2,306.44 12,289.92
Corporate dividend tax 474.09 2,501.94
* On 29 April 2016, the Board of Directors had recommended a final dividend of Rs. 15 per share (face value of Rs. 10 per share)
held on 21 September 2016.
**On 9 May 2017, the Board of Directors has recommended a final dividend of Rs. 34 per share (face value of Rs. 10 per share)
held on 28 August 2017.
***On 2 May 2018, the Board of Directors has recommended a final dividend of Rs. 6 per share (face value of Rs. 10 per share)
for the financial year ended 31 March 2018, subject to approval of the shareholders in the upcoming Annual General Meeting.
c. Other comprehensive income - Remeasurement of defined benefit plans (net of tax)

31 March 2018 31 March 2017
Other comprehensive income
Balance at the beginning of the year (34.40) (12.68)
Actuarial gains/ (losses) on defined benefit plan for the year (net of tax) (Refer 2.51 (21.72)
to Note 32)
Balance at the end of the year (31.89) (34.40)

Consolidated

15. Financial liabilities

15.a Borrowings
31 March 2018 31 March 2017
Secured
Term loans:
Foreign currency term loan
- From others 5,082.09 4,604.00
Other loans:
Long-term maturities of finance lease obligations 17,331.61 19,353.08
Total 22,413.70 23,957.08
Current maturities of foreign currency term loan and finance lease obligations amounting to Rs. Nil and Rs. 2,113.51 (previous
year Rs. Nil and Rs. 2,004.66), respectively have been disclosed under ‘Other financial liabilities’ (Refer to Note 15.b).
Information about the Group’s exposure to interest rate, foreign currency and liquidity risks is included in Note 28.
Secured - Term loans

As at 31 March 2018
the reporting date
borrowings markup
As at 31 March 2017
the reporting date
borrowings markup

Financial Statement


Secured - Other loans
Finance lease obligations
Certain aircraft have been obtained on finance lease, the obligation of which will be contractually settled in USD. The legal
title to these items vests with the lessors. The lease term for aircraft is 12 years (previous year 12 years) and year of maturity
ranges between March 2025 to September 2026 (previous year March 2025 to September 2026) with quarterly payments
beginning from the quarter subsequent to the commencement of the lease. The total future minimum lease payments as at
the reporting date, element of interest included in such payments and present value of these minimum lease payments are as
follows:
Particulars Non-current Current

As at As at As at As at
31 March 2018 31 March 2017 31 March 2018 31 March 2017
(a) Total future minimum lease payments 20,419.58 23,317.11 3,008.14 2,992.98
(b) Future interest included in (a) above 3,087.97 3,964.03 894.63 988.32
(c) Present value of future minimum lease payments 17,331.61 19,353.08 2,113.51 2,004.66
[(a-b)]
The rate of interest for aircraft acquired on finance lease is inclusive of transaction costs and margin over 3 months USD LIBOR
(previous year margin over 3 months USD LIBOR). Interest is paid with margin over 3 months USD LIBOR, margin is less than
250 basis points (previous year margin is less than 250 basis points).
Finance lease obligation amounting to Rs. 19,445.12 (previous year Rs. 21,357.74) are secured against the respective aircraft.
There are no defaults as on reporting date in repayment of principal lease and interest payments.
payments
Later than five years 7,784.69 593.34 8,378.03
Total 19,445.12 3,982.60 23,427.72
payments
Later than five years 10,297.73 1,038.82 11,336.55
Total 21,357.74 4,952.35 26,310.09

Consolidated


15.b Other financial liabilities
Interest accrued but not due on borrowings - 129.25 - 112.57
Current maturities of finance lease obligations (Refer to - 2,113.51 - 2,004.66
note 15.a)
Supplementary rentals 29,700.32 11,977.81 22,685.34 9,248.51
Aircraft maintenance 233.03 1,252.19 - 2,956.93
Unclaimed dividend - 0.07 - -
Other liabilities 25.73 - - -
Total 29,959.08 15,472.83 22,685.34 14,322.67
The Group’s exposure to currency and liquidity risk related to the above financial liabilities is disclosed in Note 28.
16. Provisions
Provision for employee benefits
- Provision for defined benefit plans (Refer to Note 32) 582.58 99.56 420.21 74.75
- Provision for other long term employee benefits 573.77 378.58 407.30 348.85
Others
- Provision for redelivery and overhaul cost (Refer to 812.58 554.32 396.43 243.46
Note below)
Total 1,968.93 1,032.46 1,223.94 667.06
Provision for redelivery and overhaul cost

The schedule of provision as required to be disclosed in compliance with Ind AS 37 on ‘Provisions, Contingent Liabilities and
Contingent Assets’ is as under:
31 March 2018 31 March 2017
Balance as at beginning of the year 639.89 339.16
Provisions created during the year 920.53 286.55
Interest accretion on provisions during the year 23.70 26.38
Amounts utilized during the year (221.55) -
Impact of exchange loss on restatement of opening provision (36.92) (49.12)
Impact of exchange loss on restatement of closing provision 41.25 36.92
Balance as at end of the year 1,366.90 639.89
Balance as at end of the year - Non-current 812.58 396.43

Balance as at end of the year - Current 554.32 243.46
Aircraft maintenance costs also includes provision for overhaul expenses for certain aircraft held under operating leases. These
are recorded at discounted value, where effect of the time value of money is material.

Financial Statement

16. Provisions (contd...)

The Group has in its fleet aircraft on operating lease. As contractually agreed under the lease contracts, the aircraft have to be
redelivered to the lessors at the end of the lease term under stipulated contractual return conditions. At inception of the lease,
the redelivery obligations are determined by management based on historical trends and data, and are capitalised at the
present value of expected outflow, where effect of the time value of money is material.
The measurement of the provision for redelivery and overhaul cost includes assumptions primarily relating to expected costs
and discount rates commensurate with the expected obligation maturity schedules. An estimate is therefore made to ensure
that the provision corresponds to the present value of the expected costs to be borne by the Group. Judgement is exercised by
management given the long-term nature of assumptions that go into the determination of the provision. The assumption made
in relation to the current year are consistent with those in the previous year.
Expected timing of resulting outflow of economic benefit is financial year 2019-2024 (previous year 2018-2023) and the Group
calculates the provision using Discounted Cash Flow (DCF) method.
Sensitivity analysis for key assumptions used:

If expected cost differ by 10% from management’s estimate, while holding all other assumptions constant, the provision for
redelivery and overhaul cost may increase/ decrease by Rs. 136.69 (previous year by Rs. 63.31).
If expected discount rate differ by 1%, while holding all other assumptions constant, the provision for redelivery and overhaul
cost may increase/ decrease by Rs. 14.88 (previous year by Rs. 3.75).
17. Trade payables

31 March 2018 31 March 2017
- Related parties (Refer to Note 34) 132.19 205.82
- Other trade payables 9,869.82 7,540.28
Total 10,002.01 7,746.10
The Group’s exposure to currency and liquidity risk related to the above financial liabilities is disclosed in Note 28.
18. Other liabilities

Advances from customers - 3,724.67 - 1,770.40
Forward sales - 19,749.35 - 15,584.20
Employee related liabilities 198.84 1,455.19 75.00 1,151.61
Statutory dues - 1,947.08 - 1,219.64
Others - credit received in advance 475.09 2,280.43 - -
Total 673.93 29,156.72 75.00 19,725.85

Consolidated

19. Tax expense

a. Amounts recognised in the Consolidated Statement of Profit and Loss comprises :
31 March 2018 31 March 2017
Current tax:
- Current year* 6,764.23 4,943.11
- Previous years (74.41) (31.60)
6,689.82 4,911.51
Deferred tax expense:
Attributable to-
Origination and reversal of temporary differences 2,453.08 524.83
MAT credit entitlement (299.87) -
2,153.21 (59.99)
* Represents minimum alternate tax for the current year ended 31 March 2018.
Income tax recognised in other comprehensive income

31 March 2018 31 March 2017
Remeasurements of defined benefit plans 3.84 (33.22)
Income tax relating to above mentioned item (1.33) 11.50
b. Reconciliation of effective tax rate

31 March 2018 31 March 2017
Tax using the Group’s domestic tax rate - 34.608% (previous year 34.608%) 10,820.63 7,420.99
Tax effect of:
Income not liable to tax (2,013.11) (1,707.57)
Additional deduction on employee stock option scheme expense (25.86) (144.73)
Adjustments in current tax of previous years (74.41) (31.60)
Rate change impact on deferred tax* 75.61 -
Others 60.17 (100.75)
Income tax expense 8,843.03 4,851.52
* Represents the change in substantively enacted tax rate as on the reporting date.

Financial Statement


c. Income tax assets and income tax liabilities:
31 March 2018 31 March 2017
Income tax assets [net of current income tax liabilities Rs. 13,661.23 (previous 386.39 97.60
year: Rs. 5,071.48)]*
Less: Current income tax liabilities [net of current income tax assets of Rs. 127.51 446.77
12,735.23 (previous year Rs. 14,238.55)]
Net income tax assets/ (liability) at the year end 258.88 (349.17)
* Includes Rs. 276.44 (previous year Rs. 26.44) paid under protest to Income Tax Authorities.
d. The tax effect of deferred tax assets and liabilities comprises of :

31 March 2018 31 March 2017
Property, plant and equipment and intangible assets (6,359.59) (5,018.33)
Other non-current assets (1,383.76) (1,374.67)
Investments at FVTPL (633.27) (189.11)
Financial liabilities at amortised cost (1,962.38) (1,262.91)
Financial assets at amortised cost 1,638.37 1,599.96
MAT credit entitlement 4,169.95 3,792.73
Employee related provisions and liabilities 772.97 623.35
Other liabilities and provisions 54.18 162.92
Others 8.28 48.00
Deferred tax assets / (liabilities) (net) (3,695.25) (1,618.06)
The Group has recognised MAT credit entitlement in the current and previous years. The utilisation of MAT credit entitlement
(unused tax credits) is depended on future taxable profits. The MAT credit entitlement is recognised only to the extent that
it is probable that future taxable profits will be available against which such MAT credit entitlement can be utilised. However,
if there is a change in future taxable profits, which will also make the Group to foresee recognition of such unrecognised MAT
credit entitlement amounting to Rs. 1,017.21, the same may be recognised.
e. Movement in deferred tax assets / (liabilities) balances

Particulars Net balance Recognised in Recognised Others* Net balance
1 April 2017 profit or loss in OCI 31 March 2018
Property, plant and equipment and (5,018.33) (1,341.26) - - (6,359.59)
intangible assets
Other non-current assets (1,374.67) (9.09) - - (1,383.76)
Investments at FVTPL (189.11) (444.16) - - (633.27)
Financial liabilities at amortised cost (1,262.91) (699.47) - - (1,962.38)
Financial assets at amortised cost 1,599.96 38.41 - - 1,638.37
MAT credit entitlement 3,792.73 299.87 - 77.35 4,169.95
Employee related provisions and 623.35 150.95 (1.33) - 772.97
liabilities
Other liabilities and provisions 162.92 (108.74) - - 54.18
Others 48.00 (39.72) - - 8.28
Deferred tax assets / (liabilities) (net) (1,618.06) (2,153.21) (1.33) 77.35 (3,695.25)
* Represents minimum alternative tax recognised during current year pertaining to previous years

Consolidated


f. Expiry of unrecognised MAT credit entitlement:
Amount Year of Amount Year of
expiry upto expiry upto
MAT credit entitlement - written off 1,017.21 2026 1,017.21 2021
20. Revenue from operations

31 March 2018 31 March 2017
Sale of services
- Passenger services 213,423.37 174,009.88
- Cargo services 10,085.21 8,761.86
- Tours and packages 22.08 33.04
Sale of products
- In-flight sales (traded goods) 1,474.52 1,595.90
Other operating revenue
- Incentives 476.04 504.43
- Others* 4,727.65 899.89
Total 230,208.87 185,805.00
* Others includes claims received from original equipment manufacturer and income from advertisement.
21. Other income

31 March 2018 31 March 2017
Interest income from bank deposits 4,008.05 3,913.27
Interest income from financial assets at amortised cost 589.97 488.02
Net gain on sale of current investments 2,056.49 1,221.27
Marked to market gain on current investments 1,712.97 546.42
Other non-operating income (net):
- Profit on sale of property, plant and equipment [net of loss on sale of - 24.58
property, plant and equipment Rs. Nil (previous year Rs. 210.80)]"
- Foreign exchange gain (net) - 825.99
- Liabilities no longer required written back 252.46 414.93
- Miscellaneous income 848.62 456.22
Total 9,468.56 7,890.70
22. Purchase of stock-in-trade

31 March 2018 31 March 2017
In-flight purchases 1,238.76 1,238.32
Total 1,238.76 1,238.32

Financial Statement

23. Changes in inventories of stock-in-trade

31 March 2018 31 March 2017
In-flight purchases
- Opening stock 77.60 74.66
- Closing stock (64.95) (77.60)
Net (increase) / decrease in stock-in-trade 12.65 (2.94)
24. Employee benefits expense

31 March 2018 31 March 2017
Salaries, wages and bonus 23,663.69 19,471.41
Contribution to provident and other funds (Refer to Note 32) 482.51 373.13
Staff welfare expenses 129.11 132.47
Total 24,550.22 20,481.90
25. Finance costs

31 March 2018 31 March 2017
Interest expenses:
- Interest on borrowings measured at amortised cost 219.16 179.98
- Finance lease charges on finance lease obligations measured at amortised 872.47 1,298.99
cost
- Interest accretion on provisions and other financial liabilities measured at 2,275.91 1,670.58
amortised cost
- Interest others 4.20 158.25
Net loss on foreign currency transactions and translation to the extent regarded 26.41 -
as borrowing cost*
Total 3,398.15 3,307.80
* Schedule III to the Companies Act, 2013 requires disclosure of exchange differences arising from foreign currency term loan
to the extent that they are regarded as an adjustment to interest cost. The amount of Rs. 26.41 (previous year Rs. Nil)
representing this adjustment has been disclosed in the above note. The remaining exchange loss of Rs. 516.17 (previous year
Rs. Nil) has been disclosed under “Other expenses”.

Consolidated

26. Depreciation and amortisation expense

31 March 2018 31 March 2017
Depreciation on property, plant and equipment (Refer to Note 3) 4,081.87 4,398.09
Amortisation on intangible assets (Refer to Note 4) 286.90 174.44
Total 4,368.77 4,572.53
27. Other expenses

31 March 2018 31 March 2017
Landing fees and en-route charges 23,768.35 18,680.18
Aircraft repair and maintenance (net) 11,637.42 6,905.98
Consumption of stores and spares and loose tools 2,036.66 1,211.68
Repairs and maintenance 593.82 413.96
Insurance
- aircraft 352.28 306.02
- others 201.87 139.48
Tours and packages 11.57 15.45
Reservation cost 1,491.50 1,231.38
Commission 6,324.06 6,878.51
Sales promotion and advertisement 1,029.77 943.84
In-flight and passenger cost 1,080.74 1,002.79
Crew accommodation and transportation 2,904.96 2,505.90
Operating cost of software 1,135.96 1,155.22
Training 1,238.81 1,132.87
Legal and professional 917.51 980.90
Auditor's remuneration:
- Audit fees 13.55 10.60
- Limited reviews 6.00 5.25
- Tax audit 0.80 0.80
- Other matters* 1.25 3.05
- Reimbursement of expenses 2.42 2.26
Recruitment cost 94.79 76.14
Rent (Refer to Note below) 1,009.92 897.07
Rates and taxes 45.57 72.14
Bank charges 732.74 753.71
Loss on sale of property, plant and equipment [net of profit on sale of property, 0.45 -
plant and equipment Rs. 0.62 (previous year Rs. Nil)]

Financial Statement


31 March 2018 31 March 2017
Travelling and conveyance 819.64 620.40
Printing and stationery 199.25 174.67
Communication and information technology 86.14 77.15
Donation** 300.00 -
Other operating cost 1,219.17 906.75
Advance written off - 9.09
Foreign exchange loss (net) 516.17 -
Corporate social responsibility expenses (Refer to Note 36) 276.04 215.81
Sitting fees and commission 12.11 2.00
Miscellaneous expenses 363.78 321.18
Total 61,139.26 47,986.24
* Excludes fee paid to statutory auditor amounting to Rs. 6.50 (previous year Rs. Nil) for other services.
** Donation represents contribution under section 182 of the Companies Act, 2013.
Operating leases for aircraft and engines

The Group has taken aircraft on operating lease from lessors. Under the aircraft operating lease arrangement, the Group accrue
monthly rental in the form of base and supplementary rentals. Base rental payments are either based on floating interest rates
or on fixed rentals. Supplementary rentals are based on aircraft utilisation and are calculated with reference to the number
of hours or cycles operated during each month. Both base and supplementary rentals have been charged to Consolidated
Statement of Profit and Loss. The Lease has varying terms, escalation clauses and renewal rights. On renewal the terms of
leases are renegotiated.
Total future minimum lease payments due under non-cancellable operating leases (except supplementary rental which are
based on aircraft utilization and calculated on number of hours or cycles operated) are as follows:
31 March 2018 31 March 2017
Less than one year 29,447.88 25,603.42
Between one and five years 68,724.08 54,159.89
More than five years 1,827.90 3,445.52
Total 99,999.86 83,208.83
Aircraft and engine rentals, recognised in Consolidated Statement of Profit and Loss amounting to Rs. 36,101.99 (previous
year Rs. 31,253.73) are also net of cash and non-cash incentives and certain other credits exclusive of claims, amounting to Rs.
6,442.62 (previous year Rs. 5,332.06).
Operating leases for assets other than aircraft and engines

The Group has taken its office premises, various commercial premises and residential premises for its employees under
cancellable operating lease arrangements.
The lease payments charged during the year to the Consolidated Statement of Profit and Loss amounting to Rs. 1,009.92
(previous year Rs. 897.07). The lease has varying terms, escalation clauses and renewal rights. On renewal the terms of leases
are renegotiated.

Consolidated

28. Fair value measurement and financial instruments

a. Financial instruments – by category and fair values hierarchy
The following table shows the carrying amounts and fair value of financial assets and financial liabilities, including their
levels in the fair value hierarchy.
(i) As at 31 March 2018

Cost
Financial assets
Non-current
Investments 5 0.17 - - 0.17 - - 0.17
Loans 6 - - 6,831.34 6,831.34 - - 7,075.92
Current
Investments 5 63,439.12 - - 63,439.12 - 63,439.12 -
Loans 6 - - 1,914.95 1,914.95 - - 1,914.95
Total 63,439.29 - 89,591.58 153,030.87
Non-current
Borrowings# 15.a - - 22,413.70 22,413.70 - - 22,413.70
Aircraft maintenance 15.b - - 233.03 233.03 - - 233.03
Other liabilities 15.b - - 25.73 25.73 - - 25.73
Current
Trade payables* 17 - - 10,002.01 10,002.01
liabilities
on borrowings#
lease obligations#
Unclaimed dividend* 15.b - - 0.07 0.07
Total - - 77,847.62 77,847.62

Financial Statement


(ii) As at 31 March 2017
Cost
Financial assets
Non-current
Investments 5 0.18 - - 0.18 - - 0.18
Loans 6 - - 5,440.26 5,440.26 - - 5,305.46
Current
Investments 5 37,134.10 - - 37,134.10 - 37,134.10 -
Loans 6 - - 39.76 39.76 - - 39.76
Other financial assets* 7 4,100.86 4,100.86
Total 37,134.28 - 67,849.74 104,984.02
Non-current
Borrowings# 15.a - - 23,957.08 23,957.08 - - 23,957.08
Current
Trade payables* 17 - - 7,746.10 7,746.10
liabilities
on borrowings#
lease obligations#
Total - - 68,711.19 68,711.19
# The Group’s borrowings have been contracted at floating rates of interest, which resets at short intervals. Accordingly, the
carrying value of such borrowings (including interest accrued but not due) approximates fair value.
* The carrying amounts of trade receivables, trade payables, cash and cash equivalents, bank balances other than cash and cash
equivalents, aircraft maintenance-current, unclaimed dividend and other current financial assets, approximates the fair values,
due to their short-term nature. The other non-current financial assets represents bank deposits (due for maturity after twelve
months from the reporting date) and interest accrued but not due on bank deposits, the carrying value of which approximates
the fair values as on the reporting date.

Consolidated


The fair values for loans were calculated based on discounted cash flows using a current lending rate. They are classified as
level 3 fair values in the fair value hierarchy due to the inclusion of unobservable inputs including counterparty credit risk.
The fair values of supplementary rentals, aircraft maintenance-non-current and other liabilities are based on discounted cash
flows using a current borrowing rate. They are classified as level 3 fair values in the fair value hierarchy due to the use of
unobservable inputs, including own credit risk.
There has been no transfers between Level 1, Level 2 and Level 3 for the year ended 31 March 2018 and 31 March 2017.
Valuation technique used to determine fair value

Specific valuation techniques used to value financial instruments include:
- the use of NAV for unquoted mutual funds.
- the fair value of the remaining financial instruments is determined using discounted cash flow method.
Valuation processes
The finance department of the Group includes a team that performs the valuations of financial assets and liabilities required
for financial reporting purposes, including level 3 fair values. This team reports directly to the Senior Management. Discussions
on valuation and results are held between the Senior Management and valuation team atleast once every quarter in line with
the Group’s quarterly reporting periods.
b. Financial risk management

The Group has exposure to the following risks arising from financial instruments:
• Credit risk ;
• Liquidity risk ;
• Market Risk - Foreign currency ; and
• Market Risk - Interest rate
Risk management framework

The Board of Directors of the Company has formed a risk management committee to frame, implement and monitor the
risk management plan for the Company. The committee is responsible for reviewing the risk management policies and
ensuring its effectiveness.
The Group’s risk management policies are established to identify and analyse the risks faced by the Group to set
appropriate risks limits and controls and to monitor risks and adherence to limits. Risk management policies are reviewed
regularly to reflect changes in market conditions and the Group’s activities.
The Risk management committee oversees how management monitors compliance with Group’s risk management policies
and procedures and reviews the adequacy of the risk management framework in relation to the risk faced by the Group.
(i) Credit risk

The maximum exposure to credit risks is represented by the total carrying amount of these financial assets in the Consolidated
Balance Sheet
31 March 2018 31 March 2017
Trade receivables 2,263.15 1,587.02
Loans 8,746.29 5,480.02
Cash and cash equivalents 6,707.18 1,531.19
Other bank balances other than cash and cash equivalents 59,099.73 44,794.26
Other financial assets 12,775.23 14,457.25

Financial Statement


Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its
contractual obligations.
Credit risk on cash and cash equivalents and bank deposits is limited as the Group generally invests in deposits with banks
with high credit ratings assigned by domestic credit rating agencies. The loans primarily represents security deposits given to
aircraft manufacturer. Such deposit will be returned to the Group on deliveries of the aircraft by the aircraft manufacturer. The
credit risk associated with such deposits is relatively low.
Trade receivables are typically unsecured and are derived from revenue earned from customers primarily located in India and
certain parts of Middle East and South Asia. Trade receivables also includes receivables from credit card companies which are
realisable within a period 2 to 21 working days. The Group does monitor the economic environment in which it operates. The
Group manages its credit risk through establishing credit limits and continuously monitoring credit worthiness of customers to
which the Group grants credit terms in the normal course of business.
The Group sells majority of its air transportation services against deposits made by agents (customers) and through online
channels.
The Group uses expected credit loss model to assess the impairment loss or gain. The Group uses a provision matrix to
compute the expected credit loss allowance for trade receivables. The provision matrix takes into account available internal
credit risk factors such as the Group’s historical experience for customers. Based on the business environment in which the
Group operates, management considers that the trade receivables (other than receivables from government departments)
are in default (credit impaired) if the payments are more than 90 days past due however the Group based upon past trends
determine an impairment allowance for loss on receivables outstanding for more than 180 days past due.
Majority of trade receivables are from domestic customers, which are fragmented and are not concentrated to individual
customers. Trade receivables as at year end primarily includes Rs. 1,256.16 (previous year Rs. 730.62) relating to revenue
generated from passenger services and Rs. 1,078.44 (previous year 920.36) relating to revenue generated from cargo services.
The Group’s exposure to credit risk for trade receivables is as follows:

Particulars Gross carrying amount
As at As at
31 March 2018 31 March 2017
1-90 days past due * 1,847.94 1,268.62
91 to 180 days past due 192.34 191.26
More than 180 days past due # 294.32 198.59
2,334.60 1,658.47
* The Group believes that the unimpaired amounts that are past due by more than 30 days are still collectible in full, based on
historical payment behaviour.
# The Group based upon past trends determine an impairment allowance for loss on receivables outstanding for more than 180
days past due.
# Receivables more than 180 days past due primarily comprises receivables from government departments, which are fully
realisable on historical payment behaviour and hence no loss allowance has been recognised and from agents for which the
impairment allowance has already been recognised on specific credit risk factor.
The allowance for lifetime expected credit loss on customer balances for the year ended 31 March 2018 and 31 March 2017 is
insignificant and hence the same has not been recognised. The reversal for lifetime expected credit loss on customer balances
for the current year is Rs. Nil (previous year Rs. Nil).

Consolidated


Movement in the allowance for impairment in respect of trade receivables
31 March 2018 31 March 2017
Impairment loss recognised / (reversed) - -
Amount written off - -
(ii) Liquidity risk

Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another financial assets. The Group’s approach to manage liquidity is to have sufficient
liquidity to meet it’s liabilities when they are due, under both normal and stressed circumstances, without incurring unacceptable
losses or risking damage to the Group’s reputation.
The Group believes that its liquidity position, comprising of total cash (including bank deposits under lien and excluding
interest accrued but not due) and short-term investments, of Rs. 137,083.46 as at 31 March 2018 (previous year Rs. 93,431.95),
anticipated future internally generated funds from operations, and its fully available, revolving undrawn credit facility of Rs.
37,426.22 (previous year Rs. 46,271.25) will enable it to meet its future known obligations in the ordinary course of business.
However, if a liquidity needs were to arise, the Group believes it has access to financing arrangements, value of unencumbered
assets, which should enable it to meet its ongoing capital, operating, and other liquidity requirements. The Group will continue
to consider various borrowing or leasing options to maximize liquidity and supplement cash requirements as necessary.
The Group’s liquidity management process as monitored by management, includes the following:
- Day to day funding, managed by monitoring future cash flows to ensure that requirements can be met.
- Maintaining rolling forecasts of the Group’s liquidity position on the basis of expected cash flows.
- Maintaining diversified credit lines.
Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The contractual cash flow
amounts are gross and undiscounted, and includes interest accrued but not due on borrowings.
one year five years
Foreign currency term loans from others 5,082.09 - - 2,345.58 2,736.51 5,082.09
current maturities)
Aircraft maintenance 1,485.22 1,252.19 - 275.16 - 1,527.35
Trade payables 10,002.01 10,002.01 - - - 10,002.01
Unclaimed dividend 0.07 0.07 - - - 0.07
Other liabilities 25.73 - - - 44.18 44.18
Total 77,847.62 20,552.20 5,825.99 48,097.97 10,968.24 85,444.40

Financial Statement


one year five years
Foreign currency term loans from others 4,604.00 - - - 4,604.00 4,604.00
current maturities)
Aircraft maintenance 2,956.93 1,744.33 1,212.60 - - 2,956.93
Trade payables 7,746.10 7,746.10 - - - 7,746.10
Total 68,711.19 13,763.94 9,027.11 36,276.16 15,454.36 74,521.57
* Against payments for supplementary rentals amounting to Rs. 41,531.90 (previous year Rs. 31,682.76), the Group has issued
letter of credit/ standby letter of credit which are backed by deposits with banks.
(iii) Market risk

Market risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market risk comprises two types of risk namely: currency risk and interest rate risk. The objective of market risk management is
to manage and control market risk exposures within acceptable parameters, while optimising the return.
A. Interest rate risk

Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market
interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to the Group’s borrowings
with floating interest rates.
Exposure to interest rate risk

The Group’s interest rate risk arises majorly from the foreign currency term loan and finance lease obligations carrying floating
rate of interest. These obligations expose the Group to cash flow interest rate risk. The exposure of the Group’s borrowing to
interest rate changes as reported to the management at the end of the reporting period are as follows:
Variable-rate instruments As at As at
31 March 2018 31 March 2017
Finance lease obligations (including current maturities) 19,445.12 21,357.74
Total 24,527.21 25,961.74
Interest rate sensitivity analysis

A reasonably possible change of 0.50 % in interest rates at the reporting date would have affected the profit or loss by the
amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain
constant.
Particulars Standalone Statement of Profit and Loss
Increase by 0.50 % Decrease by 0.50 %
Increase/ (decrease) in interest on foreign currency term loans-from others and
on finance lease obligations

Consolidated


B. Currency risk
Currency risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in foreign exchange
rates. The Group is exposed to the effects of fluctuation in the prevailing foreign currency exchange rates on its financial
position and cash flows. Exposure arises primarily due to exchange rate fluctuations between the functional currency and other
currencies from the Group’s operating, investing and financing activities.
Exposure to foreign currency risk

The summary of quantitative data about the Group’s exposure to currency risk, as expressed in Indian Rupees, as at 31 March
2018 and 31 March 2017 are as below:
As at 31 March 2018
Particulars USD EUR GBP AED NPR OMR SGD THB QAR BDT LKR
Financial assets
Trade receivables 22.35 2.50 - 305.06 8.85 24.58 - - 91.42 54.78 -
Cash and cash - - - 985.20 28.16 152.27 54.79 14.62 1,043.31 - -
equivalents
Loans 8,102.00 - - 0.18 5.94 - 0.50 0.52 0.36 - -
Other financial assets 721.38 14.20 7.90 1.60 - - - - 1.89 - -
Total financial assets 8,845.73 16.70 7.90 1,292.04 42.95 176.85 55.29 15.14 1,136.98 54.78 -
Borrowings 24,527.21 - - - - - - - - - -
Other financial 43,318.40 - - - - - - - - - -
liabilities
Trade payables 4,743.62 117.01 37.73 392.32 21.79 78.52 37.20 18.49 76.35 1.44 15.83
Total financial liabilities 72,589.23 117.01 37.73 392.32 21.79 78.52 37.20 18.49 76.35 1.44 15.83
As at 31 March 2017
Particulars USD EUR GBP AED NPR OMR SGD THB CHF QAR
Financial assets
Trade receivables 0.20 2.15 - 161.34 9.92 44.58 2.44 1.00 - -
Cash and cash equivalents - - - 39.97 5.12 5.86 8.79 11.89 - -
Loans 5,038.97 - - 0.13 5.94 - 0.52 0.24 - -
Other financial assets 1,179.76 - - 37.67 - - 2.06 0.63 - -
Total financial assets 6,218.93 2.15 - 239.11 20.98 50.44 13.81 13.76 - -
Borrowings 25,961.74 - - - - - - - - -
Other financial liabilities 35,003.35 - - - - - - - - -
Trade payables 2,145.14 80.46 16.28 267.62 18.02 44.71 15.74 14.70 9.10 2.48
Total financial liabilities 63,110.23 80.46 16.28 267.62 18.02 44.71 15.74 14.70 9.10 2.48
Sensitivity analysis
A reasonably possible strengthening (weakening) of the Indian Rupee against below currencies as at 31 March 2018 and
31 March 2017 would have affected the measurement of financial instruments denominated in foreign currency and affected
Consolidated Statement of Profit and Loss by the amounts shown below. This analysis is performed on foreign currency
denominated monetary financial assets and financial liabilities outstanding as at the year end. This analysis assumes that all
other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.

Financial Statement


Particulars Consolidated Statement of Profit Consolidated Statement of Profit
and Loss for the year ended 31 and Loss for the year ended 31
March 2018 March 2017
Gain/ (loss) on Gain/ (loss) Gain/ (loss) Gain/ (loss)
appreciation on depreciation on appreciation on depreciation
1% depreciation / appreciation in Indian Rupees
against following foreign currencies:
AED (9.00) 9.00 0.29 (0.29)
CHF - - 0.09 (0.09)
EUR 1.00 (1.00) 0.78 (0.78)
GBP 0.30 (0.30) 0.16 (0.16)
NPR (0.21) 0.21 (0.03) 0.03
OMR (0.97) 0.97 (0.06) 0.06
SGD (0.18) 0.18 0.02 (0.02)
THB 0.03 (0.03) 0.01 (0.01)
QAR (10.62) 10.62 0.02 (0.02)
LKR 0.16 (0.16) - -
BDT (0.53) 0.53 - -
USD* 442.98 (442.98) 355.34 (355.34)
Total 422.96 (422.96) 356.62 (356.62)
USD: United States Dollar, GBP: Great British Pound, AED: Arab Emirates Dirham, NPR: Nepalese Rupee, OMR: Omani Rial, THB:
Thai Baht, CHF: Swiss Franc, SGD: Singapore Dollar, EUR: Euro, QAR: Qatari Riyal, BDT: Bangladeshi Taka, LKR: Sri Lankan Rupee.
*The sensitivity analysis to foreign currency risk excludes an exposure to foreign exchange fluctuations on long term foreign
currency loans that have been capitalised in the cost of the related property plant and equipment. For the year ended 31
March 2018 and 31 March 2017, 1% depreciation / appreciation in Indian Rupees against USD, affects the adjustment to leased
asset (aircraft taken on finance lease) by Rs. 194.45 (previous year: Rs. 213.58). It is expected to impact the Consolidated
Statement of Profit and Loss over the remaining life of the property, plant and equipment as an adjustment to depreciation
charge.
29. Capital Management

The primary objective of the management of the Group’s capital structure is to maintain an efficient mix of debt and equity
in order to achieve a low cost of capital, while taking into account the desirability of retaining financial flexibility to pursue
business opportunities and adequate access to liquidity to mitigate the effect of unforeseen events on cash flows. Management
also monitors the return on equity.
The Board of directors regularly review the Group’s capital structure in light of the economic conditions, business strategies and
future commitments.
For the purpose of the Group’s capital management, capital includes issued share capital, securities premium reserves and all
other equity reserves. Debt includes, foreign currency term loan and finance lease obligations.
During the current year ended 31 March 2018, the Group has raised equity share capital primarily through IPP. Refer to Note
13.i.(i).

Consolidated

29. Capital Management (contd...)

Debt equity ratio:
31 March 2018 31 March 2017
Finance lease obligations 19,445.12 21,357.74
Total Debt (A) 24,527.21 25,961.74

Other equity 66,929.48 34,177.08
Total Equity (B) 70,773.55 37,791.76
Debt equity ratio (C = A/B) 0.35 0.69
Return on equity:
31 March 2018 31 March 2017
Other equity 66,929.48 34,177.08
Total equity 70,773.55 37,791.76
Return on equity Ratio (%) 32% 44%
30. Contingent liabilities (to the extent not provided for)

The Group is a party to various taxation disputes and legal claims, which are not acknowledged as debts. Significant management
judgement is required to ascertain that it is not probable that an outflow of resources embodying economic benefits will be
required to settle the taxation disputes and legal claims.
(i) Income tax

“The income tax authority has assessed and revised the taxable income for various assessment years on account of
disallowance of certain expenses, provisions, depreciation and/or adjustments, and in respect of the tax treatment of
certain incentives received from the manufacturer with the acquisition of aircraft and engines. The Group has received
favourable order from the final fact finding authority, Income Tax Appellate Tribunal (“ITAT”) for Assessment Year
2007-08 against certain such disallowance and/or adjustments made by tax authority. However, the tax authority has
filed an appeal before the Hon’ble High Court against the order of the ITAT. The Group believes, based on advice from
counsels/experts, that the view taken by the ITAT is sustainable in higher court and accordingly no provision is required
to be recorded in the books of account.
The tax exposure (excluding interest and penalty) estimated by the Group pertaining to these matters for various
assessment years, which are under dispute, amounts to Rs. 6,346.42 as at 31 March 2018 (previous year Rs. 4,177.82).
This exposure is net of Rs. 1,017.21 (previous year Rs. 1,017.21), which represents minimum alternate tax recoverable
written off in the earlier years.

Financial Statement

(ii) The Group is in legal proceedings for various disputed legal matters related to Customs, Octroi, Service Tax, Integrated
Goods and Services Tax (‘IGST’) and Value Added Tax (‘VAT’). The amounts involved in these proceedings, not acknowledged
as debt, are:
(1) Service Tax- Rs. 145.68 (previous year Rs. 145.68),
(2) Value Added Tax - Rs. 13.13 (previous year Rs. 7.85),
(3) Octroi - Rs. 74.39 (previous year Rs. 74.45) and
(4) IGST on re-imports* - Rs. 1,829.50 (previous year Rs. Nil).
The Group believes, based on advice from counsels/experts, that the views taken by authorities are not sustainable and
*During the year ended 31 March 2018, the Group has paid Integrated Goods and Services Tax (‘IGST’) amounting to
Rs. 1,829.50 under protest, on re-import of repaired aircraft, aircraft engines and other certain aircraft parts, to custom
authorities. The Group, based on legal advice from counsels, believes that no IGST is payable on such re-import of
repaired aircraft and aircraft engines and accordingly, such amount has been shown as recoverable.
(iii) The Competition Commission of India (“CCI”) passed an order dated 17 November, 2015 against, inter alia, the Company,
imposing a penalty of Rs. 637.40 million on the Company on account of cartelization for determination of fuel surcharge
included a component of Cargo services. The Company has filed an appeal against this order with Competition Appellate
Tribunal and it has referred the matter back to the CCI for fresh adjudication. CCI passed a final order dated 07 March 2018
reducing the penalty amount to Rs. 94.50 million. The Company is in process of filing an appeal against the order passed
by CCI before National Company Law Appellate Tribunal.
The Company based on legal advice from counsel, believes that the views taken by authorities are not sustainable and
(iv) Other legal cases

As per the notification dated 1 January 2016, The Payment of Bonus (Amendment) Act, 2015 is applicable retrospectively
w.e.f 1 April 2014. In view of the partial stay granted by Karnataka and Kerala High Court, the impact of this amendment
for the period 1 April 2014 till 31 March 2015 amounting to Rs. 19.47 has not been acknowledged as debt.
(v) Other legal proceedings for which the Group is contingently liable
The Group is party to various legal proceedings in the normal course of business and does not expect the outcome of
these proceedings to have any adverse effect on the consolidated financial statements and hence, no provision has been
set-up against the same.
Notes:
Pending resolution of the respective proceedings, it is not practicable for the Group to estimate the timings of cash
outflows, if any, in respect of the above as it is determinable only on receipt of judgements / decisions pending with
various forums/ authorities. Accordingly, the above mentioned contingent liabilities are disclosed at undiscounted amount.
31. Commitments
31 March 2018 31 March 2017
a. Estimated amount of contracts remaining to be executed on capital account 1,493,679.60 1,430,211.59
and other commitments, and not provided for in the books of account [net of
advances Rs. 103.68 (previous year Rs. 119.65)]
For non-cancellable operating and finance leases commitments Refer to Note 27 and Note 15.a.

Consolidated

32. Employee benefits

The Group contributes to the following post-employment benefit plans.
Defined contribution plan

The Group pays provident fund contributions to the appropriate government authorities at rate specified as per regulations.
An amount of Rs. 439.33 (previous year Rs. 362.55) has been recognised as an expense in respect of the Group’s contribution
to Provident Fund deposited with the relevant authorities and has been shown under Employee benefits expense in the
Consolidated Statement of Profit and Loss.
Defined benefit plan

The Group operates gratuity plan wherein every employee is entitled to the benefit equivalent to 15 days of total basic
salary last drawn for each completed year of service. Gratuity is payable to all eligible employees of the Group on retirement,
separation, death or permanent disablement, in terms of the provisions of the Payment of Gratuity Act, 1972.
The following table sets out the status of the defined benefit plan as required under Ind-AS 19 - Employee Benefits:
a. Passenger services

31 March 2018 31 March 2017
(ii) Assumptions:

31 March 2018 31 March 2017
Economic assumptions
Rate of increase in compensation levels Non crew 10.75% Non crew 10.75%
Crew 5.75% Crew 5.75%
Retirement age Pilot : 65 years Pilot : 65 years
Cabin Crew : 40 years Cabin Crew : 40 years
Non Crew : 60 years Non Crew : 60 years
Mortality table IALM (2006-08) IALM (2006-08)
Withdrawal 18% 18%

Financial Statement


Assumptions regarding future mortality have been based on published statistics and mortality tables.

discount rate
The sensitivity analysis is based on a change in above assumption while holding all other assumptions constant. The changes
defined benefit plan recognised in the Consolidated Balance Sheet.
years.
Risk exposure:

As at 31 March 2018 100.55 95.51 273.80 366.79 836.65
As at 31 March 2017 75.21 74.70 207.28 301.87 659.06
b. Cargo services
31 March 2018 31 March 2017

Consolidated


(ii) Assumptions:
31 March 2018 31 March 2017
Economic assumptions:
Rate of increase in compensation levels 10.75% 10.75%
- Retirement age 60 years 60 years
- Mortality table IALM (2006-08) IALM (2006-08)
- Withdrawal 18% 18%

discount rate
defined benefit plan recognised in the Consolidated Balance Sheet.
years.
Risk exposure:

As at 31 March 2018 2.79 2.63 7.29 11.12 23.83
As at 31 March 2017 2.14 2.17 5.82 9.62 19.75

Financial Statement


c. Bifurcation of provision for defined benefit plan at the end of year:
31 March 2018 31 March 2017
Provision for defined benefit plans
Passenger services
- Current 96.87 72.68
- Non-current 566.43 406.82
Cargo services
- Current 2.69 2.07
- Non-current 16.15 13.39
Total 682.14 494.96
33. Segment reporting

Based on the “management approach” as defined in Ind AS 108 – Operating Segments, with effect from 1 April 2017, the
Chief Operating Decision Maker (‘CODM’) has realigned the evaluation of the Group’s performance at an overall company
level as one segment i.e. ‘air transportation services’. Till the previous year, CODM evaluated the Group performance based
on geographical segments. However, after considering the nature of operations, the risks and rewards and the nature of the
regulatory environment across the Group’s network and the interchangeability of use of assets across the network routes of the
Group, the CODM has started evaluating the Group’s performance based on air transportation services.
Segment wise information for the year ended 31 March 2018 and 31 March 2017 are as follows:
Information about services - Income

31 March 2018 31 March 2017
a. Air transportation services 230,208.87 185,805.00
b. Other income 9,468.56 7,890.70
Total 239,677.43 193,695.70
Information about geographical areas - Income

31 March 2018 31 March 2017
a. Air transportation services
I. Domestic 205,224.28 170,254.03
II. International 24,984.59 15,550.97
b. Other income 9,468.56 7,890.70
Total 239,677.43 193,695.70
Revenue from air transportation services is directly attributed to domestic and international operations or are attributed on
a reasonable basis. Other income is not allocated as the underlying assets/ liabilities/services are used interchangeably.
Non-current assets other than financial instruments and income tax assets (net) primarily comprises of aircraft, spare engines,
leasehold improvements-aircraft and rotables and non-aircraft equipment, which cannot be bifurcated between domestic and
international locations, as such assets are used interchangeably. Accordingly, the same has not been bifurcated between
domestic and international locations.
No single external customer amounts to 10% or more of the Group’s revenue. Accordingly, information about major customer is
not provided.

Consolidated

34. Related party disclosures

a. List of related parties and nature of relationship where control exists:
(i) Subsidiaries of the Company
b. List of related parties and nature of relationship with whom transactions have taken place
during the current/ previous year
(i) Entity/ person with direct or indirect significant influence over the Group
InterGlobe Enterprises Limited (till 28 November 2017)
InterGlobe Enterprises Private Limited - Formerly known as Acquire Services Private Limited (with effect from 29
November 2017) (Refer to Note 13(g))
Ms. Shobha Gangwal - Wife of Mr. Rakesh Gangwal
(ii) Key managerial personnel of the Group and their close family members
Mr. Aditya Ghosh – President and Whole Time Director of the Company (Resigned as Whole Time Director with effect from
26 April 2018) (Refer to Note 39)
Mr. Rahul Bhatia – Director of the Company (Appointed as Interim Chief Executive Officer with effect from 27 April 2018)
(Refer to Note 39)
Ms. Rohini Bhatia – Director of the Company
Mr. Rakesh Gangwal - Director of the Company
Mr. Devadas Mallya Mangalore - Independent Director of the Company
Dr. Anupam Khanna - Independent Director of the Company
Dr. Asha Mukherjee - Sister of Mr. Rakesh Gangwal
Mr. Kapil Bhatia – Father of Mr. Rahul Bhatia
Mr. Alok Mehta - Brother of Ms. Rohini Bhatia
Mr. Rohit Philip - Chief Financial Officer of the Company (with effect from 18 July 2016)
Mr. Pankaj Madan - Chief Financial Officer of the Company (till 17 July 2016)
Mr. Sanjay Gupta - Company Secretary and Chief Compliance Officer of the Company (with effect from 18 August 2016)
Mr. Suresh Kumar Bhutani - Company Secretary of the Company (till 15 July 2016)
(iv) Other related parties - Entities which are joint ventures or subsidiaries or where control/ significant influence
exists of parties as given in (a) or (b)(i), and (b)(ii) above
InterGlobe Air Transport Limited
InterGlobe Foundation
InterGlobe Technologies Private Limited
InterGlobe Hotels Private Limited
CAE Simulation Training Private Limited
The Chinkerpoo Family Trust (Trustee: Ms. Shobha Gangwal & J.P.Morgan Trust Company of Delaware)
Caddie Hotels Private Limited
IGE (Mauritius) Private Limited
Pegasus Buildtech Private Limited
Pegasus Utility Maintenance & Services Private Limited
InterGlobe Real Estate Ventures Private Limited
InterGlobe Business Solutions Private Limited
InterGlobe Air Transport Limited W.L.L.

Financial Statement


c. Transactions with related parties during the current / previous year:
No. 31 March 2018 31 March 2017
(i) Rent
InterGlobe Enterprises Private Limited 24.39 -
(ii) Commission
(iii) Sale of tickets - General sales agent (GSA)

InterGlobe Air Transport Limited W.L.L. 1,192.71 -
(iv) Reservation cost

(v) Legal and professional

(vi) Crew accommodation and transportation

(vii) Training
(viii) Operating cost of software

(ix) Repairs and maintenance

(x) Corporate social responsibility expenses (Refer to Note 36)

InterGlobe Foundation 21.80 -

Consolidated


No. 31 March 2018 31 March 2017
(xi) Miscellaneous income
InterGlobe Hotels Private Limited - 0.20
InterGlobe Air Transport Limited 0.70 -
CAE Simulation Training Private Limited 1.01 -
(xii) Reimbursement for expenses received

(xiii) Reimbursement for expenses paid

(xiv) Miscellaneous expenses

Pegasus Buildtech Private Limited - 0.07
(xv) Purchase of property, plant and equipment, capital work-in-progress,

intangible assets and other assets
InterGlobe Air Transport Limited - 3.88
(xvi) Vehicle security received

Mr. Rohit Philip - 2.37
Mr. Sanjay Gupta - 0.31
(xvii) Compensation to key managerial personnel

Short-term employee benefits 148.81 189.82
Post-employment benefits 3.62 3.49
Share-based payment 207.43 221.57
Other long-term benefits 98.93 60.17
(xviii) Sitting fees and commission*

Mr. Rakesh Gangwal 0.30 0.20
Mr. Devadas Mallya Mangalore** 5.00 0.65
Dr. Anupam Khanna** 5.00 0.60
* Excludes applicable taxes
**Includes commission provided for the financial year ended 31 March 2018, subject to the approval of shareholders of
the Company at the ensuing Annual General Meeting.

Financial Statement


No. 31 March 2018 31 March 2017
(xix) Final dividend paid (Refer to Note 14.b.(iv))
InterGlobe Enterprises Limited 5,224.09 2,304.74
Mr. Kapil Bhatia 1.70 0.75
Mr. Rakesh Gangwal 2,069.26 912.91
Ms. Shobha Gangwal 1,185.00 522.79
Dr. Asha Mukherjee 45.87 20.24
The Chinkerpoo Family Trust (Trustee: Ms. Shobha Gangwal & J.P.Morgan 1,916.77 845.64
Trust Company of Delaware)
IGE (Mauritius) Private Limited 110.16 48.60
Mr. Alok Mehta 0.01 0.00
Mr. Aditya Ghosh 1.29 -
d. Outstanding balances
31 March 2018 31 March 2017
(i) Payables
Key managerial personnel 148.37 92.47
(ii) Receivables - General sales agent (GSA)

InterGlobe Air Transport Limited W.L.L 85.48 -
e. Terms and Conditions

All transactions with related parties are made on terms equivalent to those that prevail in arm’s length transactions and
within the ordinary course of business. Outstanding balances at the year end are unsecured and settlement occurs in cash.
Transactions relating to dividend, subscriptions for new equity shares are on the same terms and conditions that are offered
to other shareholders.

Consolidated

35. Earnings per share (EPS)

a. Profit attributable to equity share holders
31 March 2018 31 March 2017
Profit attributable to equity share holders:
Profit attributable to equity share holders for basic earnings 22,423.24 16,591.47
Profit attributable to equity share holders adjusted for the effect of dilution 22,423.24 16,591.47
b. Weighted average number of equity shares

31 March 2018 31 March 2017
Weighted average number of equity shares
- For basic earnings per share 373,507,593 361,156,673
Dilutive effect of stock options* 826,038 706,140
374,333,631 361,862,813
Basic earnings per share (Rs.) 60.03 45.94
Diluted earnings per share (Rs.) 59.90 45.85
Nominal value per share (Rs.) 10 10
* Includes 826,038 (previous year 706,140) of stock options granted to employees under the employee stock option schemes
are considered to be potential equity shares. They have been included in the determination of diluted earnings per share to
the extent to which they are dilutive.
Nil (previous year 307,411) of the stock options granted to employees under the existing employee share option schemes have
not been included in the calculation of diluted earnings per share because they are anti-dilutive for the current and previous
year presented.
36. Corporate social responsibility

Under Section 135 of the Companies Act, 2013, the Company is required to spend, in every financial year, atleast 2% of
the average net profits of the Company made during the three immediately preceding financial years on Corporate Social
Responsibility (CSR), pursuant to its policy in this regard.
31 March 2018 31 March 2017
a) Gross amount required to be spent by the Company during the year 420.33 312.60
b) Amount spent and paid during the year 276.04 215.81
Particulars of amount spent and paid during the year:

(i) Construction/acquisition of any asset - -
(ii) On purposes other than (i) above 276.04 215.81
276.04 215.81
The subsidiary of the Company, i.e. Agile has been incorporated on 14 February 2017 and the operations of Agile has not yet
commenced. Therefore, there is no requirement towards contribution to CSR during the year.

Financial Statement

37. Share-based payment arrangements

a. Description of share-based payment arrangements
(i) InterGlobe Aviation Limited Tenured Employees Stock Option Scheme - 2015 (ESOS 2015 - I)
On 23 June 2015, the Board of Directors approved the InterGlobe Aviation Limited Tenured Employees Stock Option
Scheme - 2015 (the “ESOS 2015 - I”), which was subsequently approved in the Extraordinary General Meeting held on
25 June 2015. ESOS 2015 - I comprises 1,111,819 options, granted to eligible employees determined by Compensation
Committee, which are convertible into equivalent number of equity shares of Rs. 10 each as per the terms of the scheme.
Upon vesting, the employees can acquire one common equity share of the Company for every option granted. The options
were granted on 25 June 2015.
Vesting of the Options granted under the ESOS 2015 – I shall be one year from the Grant Date or completion of the listing
of the shares of the Company on a recognized stock exchange in India in an initial public offering, whichever is later. In
case the listing is not completed within two years from the date of Grant, the Options shall automatically lapse on the
expiry of such two year period.
Options
(i) 25-Jun-15 1,111,819 10 1 year from the Grant Date or 1 year from 2 years
completion of listing, whichever is the Grant Date
later. If listing is not completed for or completion
a period of 2 years from grant date, of listing,
the options shall lapse on expiry of whichever is
2 years. later.
During the previous year ended 31 March 2017, all the options granted under ESOS 2015 - I were exercised and
consequently, equity share capital has been increased by Rs. 11.11.
(ii) InterGlobe Aviation Limited Employees Stock Option Scheme - 2015 (ESOS 2015 - II)
On 23 June 2015, the Board of Directors approved the InterGlobe Aviation Limited Employees Stock Option Scheme -
2015 (the “ESOS 2015 - II”), which was subsequently approved in the Extraordinary General Meeting held on 25 June
2015. ESOS 2015 - II, comprises 3,107,674 options, which are granted to eligible employees of the Company determined
by Compensation Committee, which are convertible into equivalent number of equity shares of Rs. 10 each as per the
terms of the scheme. Upon vesting, the employees can acquire one common equity share of the Company for every option.
The options were granted on the dates as mentioned in table below.

Options
(i) 30-Oct-15 420,530 10 Graded vesting to President and 4 years 2 years to
Whole Time Director of the Company, 5 years
can be exercised within 1 year from
the respective vesting dates.
(ii) 30-Oct-15 1,514,587 765 Graded vesting to other employees 4 years 5 years to
of the Company, can be exercised 8 years
within 4 years from the respective
vesting dates.
(iii) 30-Oct-15 332,026 765 Subject to market condition being After 4.5 years 8.5 years
met, the options granted to President
and Whole Time Director of the
Company, can be exercised within 4
years of vesting.

Consolidated


Options
(iv) 16-Sep-16 353,299 10 Graded vesting to other employees 4 years 1.5 years
of the Company, can be exercised to 7 years
within 15 March of the calendar year
following the calendar year in which
the applicable vesting occurs, but in
any event no Option will be Exercised
later than 7 (seven) years after the
Date of Grant or 3 (three) months
after termination of employment of
the Optionee.
b. Measurement of fair values

The weighted average fair value of stock options as on grant date
Particulars Method of Valuation Weighted average fair value
as on the grant date (Rs.)
ESOS 2015 - I Black Scholes option pricing model 569
ESOS 2015 - II
- President and whole time director covered Black Scholes option pricing model 756-758
in a.(ii)(i) above
time director covered in a.(ii)(ii) above
- President and whole time director covered Black Scholes option pricing model 448
in a.(ii)(iii) above and Monte Carlo Stimulation
time director covered in a.(ii)(iv) above
The inputs used in the measurement of grant date fair value are as follows:
Particulars Share Price Exercise Expected Expected Life Expected Risk free
(Rs.) Price (Rs.) Volatility (in years) Dividend Interest Rate
ESOS 2015 - I 578 10 57.0% 1 0.0% 7.5%
ESOS 2015 - II
- President and whole time director 765 10 60.5% - 1.5 - 4.5 0.0% 7.5%
covered in a.(ii)(i) above 66.7%
- Employees other than President 765 765 60.0% - 3-6 0.0% 7.5%
and whole time director covered in 61.1%
a.(ii)(ii) above
- President and whole time 765 765 62.4% 2 0.0% 7.5%
director covered in a.(ii)(iii)
above
- Employees other than President 868 10 52.7% 1.25 - 4.25 3.62% 7.5%
and whole time director covered in
a.(ii)(iv) above

Financial Statement


The risk-free interest rates are determined based on current yield to maturity of Government Bonds with 10 years residual
maturity. Expected volatility calculation is based on historical daily closing stock prices of competitors / Company using
standard deviation of daily change in stock price. The minimum life of stock option is the minimum period before which
the options cannot be exercised and the maximum life is the period after which the options cannot be exercised. The
expected life has been considered based on average sum of maximum life and minimum life and may not necessarily
indicative of exercise patterns that may occur. Dividend yield has been calculated taking into account expected rate of
dividend on equity share price as on grant date. For the measurement of grant date fair value certain market conditions
were considered in the method of valuation.
c. Effect of employee stock option scheme on the Consolidated Statement of Profit and Loss:
31 March 2018 31 March 2017
Total 274.91 504.89
d. Reconciliation of outstanding share options

The number and weighted-average exercise prices of share options under the share option schemes were as follows:
Number of Weighted Number of Weighted
options average options average
exercise price exercise price
(Rs.) (Rs.)
Options outstanding as at the beginning of the year 2,312,472 512.35 3,378,962 422.61
Add: Options granted during the year - - 353,299 10.00
Less: Options forfeited and expired during the year 149,154 765.00 307,970 765.00
Less: Options exercised during the year* 552,861 515.75 1,111,819 10.00
Options outstanding as at the year end 1,610,457 487.79 2,312,472 512.35
Exercisable at the end of the year 39,594 765.00 247,432 572.52
31 March 2018 31 March 2017
Weighted average remaining life of options outstanding at the end of the year 4.68 5.28
*The weighted average share price at the date of exercise of options exercised during the year was Rs. 1,164.48 (previous
year Rs. 944.10).

Consolidated

38. Disclosure on specified bank notes

During the previous year ended 31 March 2017, the Company had Specified Bank Notes (SBN) or other denomination note
as defined in the MCA notification G.S.R. 308(E) dated 30 March 2017 on the details of SBN held and transacted during
the period from 8 November 2016 to 30 December 2016, the details of SBNs and other denomination notes as per the
notification is given below:
(In Indian Rupees)
Particulars Specified Bank Other Total
Notes* denomination
Notes**
Closing cash on hand as on 8 November 2016 7,162,000 5,640,505 12,802,505
Add: Permitted receipts 373,032,500 603,690,917 976,723,417
Less: Permitted payments - 4,654,537 4,654,537
Less: Amount deposited in Banks 380,194,500 594,454,425 974,648,925
Closing cash on hand as on 30 December 2016 - 10,222,460 10,222,460
* For the purposes of this disclosure, the term ‘Specified Bank Notes’ shall have the same meaning provided in the
notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs number S.O. 3407(E),
dated the 8 November 2016.
** excluding foreign currency notes.
The subsidiary of the Company, i.e. Agile has been incorporated on 14 February 2017 (after the period from 8 November
2016 to 30 December 2016). Therefore, there was no requirement to disclose details of SBN during the previous
year.
39. Subsequent to the year ended 31 March 2018, the Board has appointed Mr. Rahul Bhatia as the Interim Chief Executive
Officer of the Company. Mr. Rahul Bhatia will continue as Director of the Company. Further, the Board has accepted
resignation of Mr. Aditya Ghosh, President and Whole Time Director of the Company, from the post of President of the
Company effective 31 July 2018 and as a Director of the Company with effect from 26 April 2018. Currently, the Company
is in the process of estimating its impact which will be recognised in the subsequent period.
40. The public shareholding as at 31 March 2018 is 25.07% of the total paid up equity share capital of the Company. The
Company has complied with the minimum public shareholding requirements specified in Rule 19(2) and Rule 19A of the
Securities Contracts (Regulations) Rules, 1957 within the stipulated period of three years from the date of listing of
equity shares of the Company, as allowed under Rule 19(2)(b)(ii) of Securities Contracts (Regulations) Rules, 1957.
41. The respective company of the Group has established a comprehensive system of maintenance of information and
documents that are required by the transfer pricing legislation under section 92-92F of the Income Tax Act, 1961. Since
the law requires existence of such information and documentation to be contemporaneous in nature, the respective
company of the Group is in the process of updating the documentation for the international transactions entered into
with the associated enterprises during the financial year and expects such records to be in existence latest by due date
as required under the law. The management is of the opinion that its international transactions with the associated
enterprises are at arm’s length so that the aforesaid legislation will not have any impact on the financial statements,
particularly on the amount of tax expense and that of provision for taxation.

Financial Statement

42. Additional information required by schedule III of the Companies Act, 2013
As at 31 March 2018
Name of the entity in the Net assets (total assets Share in profit / (loss) for Share in other Share in total
group minus total liabilities) the year comprehensive income comprehensive income for
(net of tax) the year
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated consolidated consolidated consolidated
net assets profit / (loss) other total
comprehensive comprehensive
income income
Parent
InterGlobe Aviation Limited 100.00% 70,774.46 100.00% 22,423.74 100.00% 2.51 100.00% 22,426.25
Subsidiary
Indian
Agile Airport Services Private 0.00% (0.91) 0.00% (0.50) 0.00% - 0.00% (0.50)
Limited
Non-controlling interests 0.00% - 0.00% - 0.00% - 0.00% -

Total 100% 70,773.55 100% 22,423.24 100% 2.51 100% 22,425.75
As at 31 March 2017
Name of the entity in the Net assets (total assets Share in profit / (loss) for Share in other Share in total
group minus total liabilities) the year comprehensive income comprehensive income for
(net of tax) the year
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated consolidated consolidated consolidated
net assets profit / (loss) other total
comprehensive comprehensive
income income
Parent
InterGlobe Aviation Limited 100.00% 37,792.17 100.00% 16,591.88 100.00% (21.72) 100.00% 16,570.16
Subsidiary
Indian
Agile Airport Services Private 0.00% (0.41) 0.00% (0.41) 0.00% - 0.00% (0.41)
Limited
Non-controlling interests 0.00% - 0.00% - 0.00% - 0.00% -

Total 100% 37,791.76 100% 16,591.47 100% (21.72) 100% 16,569.75
43. Previous year’s figures have been regrouped / reclassed, where necessary, to confirm to current year’s classification. This
does not impact recognition and measurement principles followed for preparation of consolidated financial statements.





Consolidated
Form AOC-1
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries or associate companies or joint ventures
Part-A Subsidiaries
(Information in respect of each subsidiary to be presented with amounts in Rs.)
S. Particulars Information
No.
1 Name of the subsidiary Agile Airport Services Private Limited
2 The date since when subsidiary was acquired 14 February 2017 (incorporated as wholly owned
subsidiary of the Company)
3 Reporting period for the subsidiary concerned, if different 01 April 2017 to 31 March 2018
from the holding company’s reporting period
4 Reporting currency and Exchange rate as on the last Not Applicable
date of the relevant financial year in the case of foreign
subsidiaries.
5 Share capital Authorised Capital : 10,000,000
Paid-up Capital: 1,100,000
6 Reserves and surplus Retained earnings : [911,334]
7 Total assets 897,430
8 Total Liabilities 708,764 [excluding share capital & Reserves and surplus]
9 Investments Nil
10 Turnover Nil
11 Profit before taxation [499,218]
12 Provision for taxation Nil
13 Profit after taxation [499,218]
14 Proposed Dividend Nil
15 Extent of shareholding (in percentage) 100
Note: 1. The subsidiary is yet to commence its operations.

2. The Company do not have any associate companies and joint venture hence PART B is not applicable
3. Figures in [ ] represents negative balances.
For and on behalf of the Board of Directors of


Chairman Director and Interim Chief Executive Officer
DIN: 01804955 DIN: 00090860
Place: Gurgaon
Date: 02 May 2018

Notice
Notice
Notice is hereby given that the Fifteenth Annual General Meeting of the shareholders of InterGlobe Aviation Limited
(the “Company”) will be held on Friday, August 10, 2018 at 10:30 a.m. Indian Standard Time at Manekshaw Centre, Khyber
Lines, Delhi Cantonment, New Delhi – 110010 to transact the following business:
Ordinary Business:
1. To consider and adopt:
a. the audited standalone financial statements of the Company for the financial year ended March 31, 2018 along with
the reports of the Board of Directors and the Auditors thereon; and
b. the audited consolidated financial statements of the Company for the financial year ended March 31, 2018 along
with the report of the Auditors thereon.
2. To declare Final Dividend of Rs. 6 per equity share for the financial year ended March 31, 2018.
3. To appoint a Director in place of Mr. Rakesh Gangwal (DIN 03426679), who retires by rotation and being eligible, offers
himself for re-appointment.
Special Business
4. Payment of profit related commission to the Independent Directors
To consider and if thought fit, to pass the following resolution as a ‘Special Resolution’:
“RESOLVED THAT pursuant to the provisions of Sections 149(9), 197 and any other applicable provisions, if any, of the
Companies Act, 2013, as amended (”Act”) and the rules made thereunder, as amended and the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015, as amended and the Articles of Association of the Company,
approval of members be and is hereby accorded for payment of remuneration in the form of profit related commission
(“Remuneration”), not exceeding Rs. 50,00,000 (Rupees fifty lakh) each to Mr. Devadas Mallya Mangalore and Dr. Anupam
Khanna, Independent Directors of the Company (“Independent Directors”) for each financial year during their tenure as
Independent Directors with effect from financial year 2017-18, provided however that the aggregate Remuneration to
be paid to the Independent Directors shall not exceed such percentage of the net profits of the Company in any financial
year as specified under Section 197 of the Act and calculated in accordance with the provisions of Section 198 of the Act
in respect of each financial year.
RESOLVED FURTHER THAT the Board of Directors of the Company (the ”Board”) be and is hereby authorised to do all such
acts, deeds, matters and things as may be necessary, and to execute all such documents, instruments and writings as
may be required, proper or expedient, to give effect to this resolution and the Board may, by a resolution, delegate
the aforementioned powers to any committee of directors, director(s) or any other officer(s) of the Company on such
conditions as the Board may prescribe.”
5. Increase in the borrowing powers

“RESOLVED THAT in partial modification of the earlier special resolution approved by the members at the Annual General
Meeting of the Company held on September 21, 2016, authorising the Board of Directors of the Company (the “Board”)
to borrow, from time to time, any sum or sums of money not exceeding Rs. 20,000 crore (Rupees twenty thousand crore),
approval of the members be and is hereby accorded to the Board pursuant to Section 180(1)(c) and other applicable
provisions, if any, of the Companies Act, 2013, as amended (“Act”) and the rules made thereunder, as amended, to
borrow, from time to time, an additional sum or sums of money, not exceeding Rs. 10,000 crore (Rupees ten thousand
crore) towards the Company’s requirement of issuing standby letters of credit in favor of the lessors in the ordinary course
of business, notwithstanding that such borrowings, together with the money already borrowed by the Company (apart
from temporary loans obtained/to be obtained from the Company’s bankers in the ordinary course of business), exceeds
the aggregate for the time being of the paid up capital and free reserves of the Company.
RESOLVED FURTHER THAT the Board be and is hereby authorised to do all such acts, deeds, matters and things as may be
necessary, and to execute all such documents, instruments and writings as may be required, proper or expedient, to give

InterGlobe Aviation Limited Notice
effect to this resolution and the Board may, by a resolution, delegate the aforementioned powers to any committee of
directors, director(s) or any other officer(s) of the Company on such conditions as the Board may prescribe.”
6. Creation of charges against borrowings

“RESOLVED THAT in supersession of the earlier special resolution approved by the members at the Extraordinary General
Meeting of the Company held on March 27, 2015, approval of the members be and is hereby granted to the Board of
Directors of the Company (the “Board”), pursuant to Section 180(1)(a) and other applicable provisions, if any, of the
Companies Act, 2013, as amended (“Act”) and the rules made thereunder, as amended, to pledge and/or mortgage and/
or hypothecate and/or create lien and/or create charge in addition to the existing pledges, mortgages, hypothecations,
liens and charges created by the Company, on all or any one or more of the movable and/or immovable properties or
such other assets of the Company, wheresoever situated, both present and future, whether presently belonging to the
Company or not, on such terms and conditions and at such time or times and in such form or manner as it may deem fit,
to or in favour of banks, financial institutions, non-banking finance companies or such other lenders or other investing
agencies (“Lenders”) to secure any financing facilities, term loans/credit facilities or otherwise (“Borrowings”), obtained/
to be obtained from any of the aforesaid Lenders, such security to rank in such manner as may be agreed to between the
Company and the Lenders and as may be thought expedient by the Board for securing the Borrowings up to Rs.30,000
crore (Rupees thirty thousand crore).
RESOLVED FURTHER THAT the Board be and is hereby authorised to do all such acts, deeds, matters and things as may be
necessary, and to execute all such documents, instruments and writings as may be required, proper or expedient, to give
effect to this resolution and the Board may, by a resolution, delegate the aforementioned powers to any committee of
directors, director(s) or any other officer(s) of the Company on such conditions as the Board may prescribe.”
Notes:
1. An explanatory statement pursuant to Section 102 of the Companies Act, 2013 (the “Act”) relating to the Special Business
to be transacted at the Annual General Meeting (“AGM”) is annexed hereto.
2. A member entitled to attend and vote is entitled to appoint a proxy or proxies to attend and, on a poll, to vote on his /
her behalf. A proxy need not be a member of the Company. Pursuant to Section 105 of the Act, a person can act as a Proxy
on behalf of not more than fifty members holding in aggregate not more than ten percent of the total share capital of the
Company. Members holding more than ten percent of the total share capital of the Company may appoint a single person
as Proxy, who shall not act as a Proxy for any other Member. The instrument of Proxy, in order to be effective, should
be deposited at the Registered Office of the Company, duly completed and signed, not later than 48 hours before the
commencement of the meeting. A Proxy Form is annexed to this Report. Proxies submitted on behalf of limited companies,
societies, etc., must be supported by an appropriate resolution / authority, as applicable.
3. Corporate Members intending to send their authorised representatives to attend the AGM, pursuant to Section 113 of
the Act, are requested to send to the Company, a certified copy of relevant Board Resolution together with the respective
specimen signature(s) of those representative(s) authorised under the said resolution to attend and vote on their behalf
at the meeting.
4. The Register of Members and Share Transfer Books of the Company will remain closed from Saturday, August 04, 2018
to Frdiay, August 10, 2018 (both days inclusive).
5. Members/Proxies are requested to bring duly filled attendance slip attached herewith for attending the meeting and
copy of the Annual Report.
6. Members are requested to quote their Registered Folio Number or Demat Account Number & Depository Participant (DP)
ID number in all correspondence with the Company.
7. The Final Dividend for the financial year ended March 31, 2018, as recommended by the Board, if approved at the
AGM, will be paid on or after Saturday, August 11, 2018 to those Members whose names appear in the Register
of Members as on Friday, August 03, 2018 i.e. the record date for payment of dividend. In respect of shares held in
electronic form, the dividend will be payable on the basis of beneficial ownership as at the close of business hours on
Friday, August 03, 2018 as per the details furnished by the Depositories, viz. National Securities Depository Limited
(NSDL)/Central Depository Services (India) Limited (CDSL).

Notice
8. Members holding shares in demat form are hereby informed that bank particulars registered with their respective
Depository Participants, with whom they maintain their demat accounts, will be used by the Company for the payment of
dividend.
9. Members holding shares in demat form are advised to send the requests for change of address, bank particulars, bank
mandate, residential status or requests for transmission of shares etc. to their Depository Participants immediately.
Members holding shares in physical form are requested to intimate any change of address and/or bank mandate to
Company’s RTA immediately.
10. Members are requested to send to the Company their queries, if any, on accounts and operations of the Company at least
ten days before the AGM so that the same could be suitably answered at the AGM.
11. Details as required under Regulation 36(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
(“Listing Regulations”) and Secretarial Standard-2 in respect of the Director seeking re-appointment at the AGM is given
in the Annexure to this Notice.
12. Members of the Company at their eleventh AGM held on September 08, 2014 approved the appointment of B S R & Co.
LLP, Chartered Accountants, as the Statutory Auditors of the Company for five consecutive years i.e. until the conclusion
of the sixteenth AGM of the Company. In accordance with the Companies (Amendment) Act, 2017, the appointment of
Statutory Auditors is not required to be ratified at every AGM.
13. Pursuant to Section 101 and Section 136 of the Act read with relevant Rules made thereunder, companies can serve
Annual Reports and other communications through electronic mode to those Members who have registered their email
address either with the Company or with the Depository Participant(s). The Notice of AGM, Annual Report and Attendance
Slip are being sent in electronic mode to Members whose email address is registered with the Company, it’s RTA or the
Depository participant(s), unless the Members have registered their request for the hard copy of the same. Physical copy
of the Notice of AGM, Annual Report and Attendance Slip are being sent to those Members who have not registered their
email address with the Company, it’s RTA or depository participant(s). Members who have received the Notice of AGM,
Annual Report and Attendance slip in electronic mode are requested to print the Attendance slip and submit a duly filled
in Attendance slip at the Registration Counter at the AGM.
14. Members may also note that the Notice of AGM, Attendance Slip, Proxy Form and Annual Report for the financial year
2017-18 will also be available at Investor Relations section of the website of the Company at www.goindigo.in for
download. The physical copies of the aforesaid documents and all documents referred to in the accompanying Notice
shall be open for inspection at the Registered Office and copies thereof shall also be made available for inspection at
the Corporate Office of the Company during normal business hours (9.30 am to 5.30 pm) on all working days except
Saturdays, up to and including the date of the AGM of the Company.
15. In terms of Section 72 of the Companies Act, 2013 and related rules thereunder, a Member of the Company may nominate
a person on whom the Shares held by him/her shall vest in the event of his/her death. Member(s) desirous of availing this
facility may submit nomination in the prescribed Form SH-13 to the Company or it’s RTA in case shares are held in Physical
form, and to their respective depository participant, if held in electronic form.
16. Even after registering for e-communication, Members are entitled to receive such communication(s) in physical form, upon
making a request for the same, by post free of cost. For any communication, the Members may also send requests to the
Company’s investors email id: [email protected]. Members are requested to quote the Registered Folio Number or
Demat Account Number & Depository Participant (DP) ID in all correspondence with the Company.
17. Members who are holding shares in physical form in identical names in more than one folio are requested to write to RTA
enclosing their Share Certificate(s) to enable the Company to consolidate their holding into one folio.
18. Pursuant to Section 108 of the Act, Rule 20 of the Companies (Management and Administration) Rules, 2014, as amended
and Regulation 44 of the Listing Regulations, the Company is pleased to provide the facility to Members to exercise their
right to vote on the resolutions proposed to be passed at AGM by electronic means. The Members, whose names appear
in the Register of Members/list of Beneficial Owners as on Friday, August 03, 2018 being the cut-off date, are entitled to
vote on the Resolutions set forth in this Notice. Members may cast their votes on electronic voting system from any place
other than the venue of the meeting (remote e-voting) (a person who is not a Member as on the cut-off date should treat
this Notice for information purposes only). The remote e-voting period will commence at 10:00 a.m. on Tuesday, August
07, 2018 and will end at 05:00 p.m. on Thursday, August 09, 2018 and at the end of remote e-voting period, the facility
shall forthwith be blocked.

19. Contact details of the official responsible to address the grievances connected with voting by electronic means are set
out below;
Mr. I L Murthy, Manager-Corporate Registry
Karvy Computershare Private Limited,
Unit : InterGlobe Aviation Limited
Karvy Selenium, Tower B, Plot 31-32,
Gachibowli, Financial District,
Nanakramguda, Hyderabad – 500 032.
Tel. No.: +91 40 6716 1500; Toll Free No.: 1800-345-4001
Fax No.: +91 40 2300 1153.
E-mail: [email protected] or [email protected]
20. The facility for voting through ballot paper shall be made available at the venue of the AGM and the members attending
the meeting who had not cast their vote by remote e-voting shall be able to exercise their right of voting at the meeting
through ballot paper. The Members who had cast their vote by remote e-voting prior to the AGM may also attend the
AGM but shall not be entitled to cast their vote again. The Members desiring to vote through remote e-voting are
requested to refer to the detailed procedure given hereinafter.
21. The Company has appointed Ms. Amrita D.C. Nautiyal, Company Secretary in whole time practice (email: scrutinizerindigo@
gmail.com), to act as the Scrutinizer for conducting the remote electronic voting process and voting at the AGM in a fair
and transparent manner.
22. Members may please note that no gifts / gift coupons shall be distributed at the venue of the AGM.
23. For the immediate reference, route map for reaching the venue of the AGM is given at the back side of Attendance Slip.
24. Procedure for Remote E-Voting
I. The Company has entered into an arrangement with Karvy Computershare Private Limited for facilitating remote
e-voting for the AGM. The instructions for remote e-voting are as under:
a) In case of Members receiving an e-mail from Karvy Computershare Private Limited:
i. Launch an internet browser and open https:// evoting.karvy.com
ii. Members of the Company holding shares either in physical form or in dematerialised form, as on the cutoff
date i.e. closing hours of Friday, August 03, 2018 may cast their vote electronically.
iii. Enter the login credentials i.e. User ID and password, provided in the email received from Karvy Computershare
Private Limited (“Karvy”). However, if you are already registered with Karvy for e-voting, you can use your
existing User ID and password for casting your vote.
iv. After entering the above details click on - Login :
v. Password change menu will appear. Change the Password with a new Password of your choice. The new
password shall comprise of minimum 8 characters with at least one upper case (A-Z), one lower case (a-
z), one numeric (0-9) and a special character (@,#,$,etc.). The system will also prompt you to update your
contact details like mobile number, email ID, etc. on first login. You may also enter a secret question and
answer of your choice to retrieve your password in case you forget it. It is strongly recommended that you
do not share your password with any other person and that you take utmost care to keep your password
confidential. After changing the password, you need to login again with the new credentials.
vi. On successful login, the system will prompt you to select the E-voting Event.
vii. Select ‘EVENT’ of InterGlobe Aviation Limited - AGM and click on – Submit.
viii. Now you are ready for e-voting as ‘Ballot Form’ page opens.
ix. Cast your vote by selecting appropriate option and click on ‘Submit’. Click on ‘OK’ when prompted.
x. Upon confirmation, the message ‘Vote cast successfully’ will be displayed.
xi. Once you have confirmed your vote on the resolution, you cannot modify your vote.
xii. The Portal will remain open for voting from: 10:00 A.M. on Tuesday, August 07, 2018 to 5:00 P.M. on Thursday,
August 09, 2018.

Notice
xiii. Institutional members (i.e. other than individuals, HUF, NRI, etc.) are required to send scanned copy (PDF/JPG
Format) of the relevant Board Resolution/ Authority Letter, along with attested specimen signature of the duly
authorised signatory(ies) who are authorized to vote, to the Scrutinizer by an e-mail at scrutinizerindigo@
gmail.com. They may also upload the same in the e-voting module in their login. The scanned image of the
above mentioned documents should be in the naming format “Corporate Name EVENT NO.”
b) In case of Members receiving physical copy of the Notice of AGM and Attendance slip
i. Initial Password is provided at the bottom of the Attendance Slip in the following format:
User Id Password
- -
ii. Please follow all steps from Sr. No. (a)(i) to Sr. No. (a)(xi) mentioned above, to cast vote.
II. In case of any queries, you may refer to the ‘Frequently Asked Questions’ (FAQs) and ‘e-voting user manual’
available in the downloads section of the e-voting website of Karvy Computershare Private Limited https:// evoting.
karvy.com.
III. The voting rights shall be as per the number of equity shares held by the Member(s) as on Friday, August 03, 2018,
being the cut-off date. Members are eligible to cast vote electronically only if they are holding shares as on that
date.
IV. The Scrutinizer shall after the conclusion of voting at the AGM, will first count the votes cast at the meeting and
thereafter unblock the votes cast through remote e-voting in the presence of at least two witnesses not in the
employment of the Company and shall make, not later than forty eight hours of the conclusion of the AGM, a
consolidated scrutinizer’s report of the total votes cast in favour or against, if any, to the Chairman or a Director
authorized by him in writing, who shall countersign the same and declare the result of the voting forthwith.
V. The results declared along with the report of the Scrutinizer shall be placed on the website of the Company i.e.
www.goindigo.in immediately after the declaration of result by the Chairman or a director authorised by him in
writing and at the website of e-voting agency viz. Karvy Computershare Private Limited at https://evoting.karvy.com
and shall also be immediately forwarded to BSE Limited and National Stock Exchange of India Limited.
VI. In case a person has become a Member of the Company after dispatch of Notice of AGM but on or before the cut -
off date for E-voting i.e., Friday, August 03, 2018, he or she may obtain the User ID and Password in the manner as
mentioned below
i. If mobile number of the Member is registered against Folio No. / DP ID. Client ID, the member may send SMS:
MYEPWD E-voting EVEN Number + Folio No. or DP ID Client ID to +91 9212993399
Example for NSDL:

MYEPWD <SPACE> IN12345612345678
Example for CDSL:

MYEPWD <SPACE> 1402345612345678
Example for Physical:

MYEPWD <SPACE> XXXX1234567890
ii. if e-mail address or mobile number of the member is registered against Folio No. / DP ID Client ID, then on the
home page of https://evoting.karvy.com, the member may click “Forgot Password” and enter Folio No. or DP ID
Client ID and PAN to generate a password.
iii. Alternatively, Members may also obtain the User Id and Password by sending a request at [email protected].
However, if you are already registered with Karvy Computershare Private Limited for remote e-voting, then
you can use your existing User Id and Password for casting your vote. If you have forgotten your password,
you can reset your password by using “Forgot Password” option available on https://evoting.karvy.com or
contact Karvy Computershare Private Limited at toll free no. 1800-345-4001or email at [email protected].
In case of any other queries/grievances connected with voting by electronic means, you may also contact
Mr. I L Murthy, Manager – Corporate Registry of Karvy Computershare Private Limited, at telephone no
+91 40 6716 1500.

25. In case of joint holders attending the meeting, only such joint holder who is higher in the order of names, will be entitled
to vote at the meeting.
26. The Register of Directors and Key Managerial Personnel and their shareholding maintained under Section 170 of the Act,
the Register of Contracts or arrangements in which Directors are interested under Section 189 of Act and the Certificate
from Statutory Auditors of the Company certifying that the InterGlobe Aviation Limited Employee Stock Option Scheme
- 2015 is being implemented in accordance with the Securities and Exchange Board of India (Share Based Employee
Benefits) Regulations, 2014, will be available for inspection at the AGM.
27. Members are requested to note that as per Section 124 of the Act, dividends not encashed / claimed within seven years
from the date of declaration will be transferred to the Investor Education and Protection Fund (IEPF).
28. Members may utilize the facility extended by the RTA for redressal of queries. Members may visit http://karisma.karvy.com
and click on Members option for query registration through free identity registration process.
29. For convenience of the Members and proper conduct of the meeting, entry to the meeting venue will be regulated by
Attendance Slip, which is enclosed with this Annual Report. Members are requested to sign at the place provided on the
Attendance Slip and hand it over at the Registration Counter at the venue.
30. Members are requested to carry their original Government Photo ID proof such as PAN CARD, Aadhar Card, Voter ID, Driving
License or Passport. Please note that the entry to AGM venue will not be allowed without Original Government Photo ID
proof as mentioned above.
By order of the Board of Directors

For InterGlobe Aviation Limited
Sanjay Gupta
July 05, 2018

CIN: L62100DL2004PLC129768
Registered Office: Central Wing, Ground Floor,
Thapar House, 124 Janpath, New Delhi-110 001
Tel: +91 96500 98905; Fax: 011 - 4351 3200
Email: [email protected];
Website: www.goindigo.in

Notice
Explanatory Statement
(Pursuant to Section 102 of the Companies Act, 2013)
Item no. 4
Section 197 of the Companies Act, 2013, as amended (“Act”) provides for payment of remuneration to the Non - Executive
Directors including Independent Directors, by way of commission on the net profits of the Company for a financial year; computed
in the manner referred to in Section 198 of the Act; after obtaining the approval of the members of the Company. However
the aggregate remuneration to be paid to the Non-Executive Directors including Independent Directors shall not exceed such
percentage of the net profits of the Company in any financial year as may be specified under Section 197 of the Act. Further,
as per Section 149(9) of the Act read with Regulation 17(6) of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, the Independent Directors may receive remuneration by way of profit related commission as may be
approved by the members of the Company.
The Independent Directors bring with them significant professional expertise and rich experience across a wide spectrum of
functional areas such as corporate strategy, finance, information technology and business management etc. Therefore, the
Board is of the view that it is necessary that adequate compensation be paid to the Independent Directors so as to compensate
them for their time, efforts and value they add to the Company.
Accordingly, it is proposed that in terms of Section 197 of the Act, Mr. Devadas Mallya Mangalore and Dr. Anupam Khanna,
Independent Directors be paid, a profit related commission as may be decided by the Board, not exceeding Rs. 50,00,000
(Rupees fifty lakh), for each financial year during their tenure as Independent Directors with effect from financial year 2017-
18, provided however that the aggregate remuneration paid to the Independent Directors shall not exceed such percentage
of the net profits of the Company in any financial year as specified under Section 197 of the Act and calculated in accordance
with the provisions of Section 198 of the Act. During the financial year 2017-18, sitting fees of Rs. 12.50 lakh was paid to Mr.
Devadas Mallya Mangalore and Rs. 10.50 lakh was paid to Dr. Anupam Khanna, for attending the meetings of the Board and
its Committees, of which they are members.
The Board, at its meeting held on May 02, 2018, has recommended payment of profit related commission to the Independent
Directors, subject to the approval of the members. The approval of the members of the Company is sought by a Special
Resolution as set out at Item No. 4.
Save and except Mr. Devadas Mallya Mangalore and Dr. Anupam Khanna, Independent Directors and their relatives to the
extent of their shareholding interest, if any, none of the other Directors and the Key Managerial Personnel and their relatives
are concerned or interested financially or otherwise, in the resolution set out at Item No. 4 of the Notice.
The Board recommends the resolution set out in this notice at Item no. 4 for approval by the members of the Company by a
special resolution.
Item no. 5 & 6

The members of the Company at its annual general meeting held on September 21, 2016, accorded the approval to the
Board of Directors (the “Board”) for borrowing any sums or sums of money to borrow, from time to time, notwithstanding that
such borrowings together with the money already borrowed by the Company (apart from temporary loans obtained or to be
obtained from the Company’s bankers in the ordinary course of business), exceeds the aggregate for the time being of the
paid up capital of the Company and its free reserves, provided that the total amount of the money/ moneys so borrowed by the
Board shall not at any time exceed the limit of Rs. 20,000 crore.
The Company securitizes its Supplementary Rental obligations due towards the lessors for aircraft on operating leases and
issues standby letters of credit (“SBLCs”) in favor of the lessors. The Company will be taking deliveries of a significant number
of additional aircraft on a operating lease basis for which new SBLCs will be required to be issued to the lessors. The Company
has also undertaken cost saving initiatives on the charges payable to the banks for availing such facilities. In order to cater for
the growth and introduction of new banks for cost reduction, the Company will be seeking fresh sanctions from banks/financial
institutions for issuing SBLCs to lessors. Therefore, it is proposed to seek the approval of the members of the Company by
a special resolution pursuant to Section 180(1)(c) and other applicable provisions, if any, of the Companies Act, 2013, as
amended (“Act”), authorising the Board to borrow, from time to time, an additional sum or sums of money, not exceeding Rs.
10,000 crore (Rupees ten thousand crore), which will only be utilized towards the Company’s requirements of issuing SBLCs in
the favor of the lessors in the ordinary course of business, .
Further, in order to secure the proposed borrowings of the Company, if necessary, by way of mortgage/hypothecation/lien/
charge on all or any one or more of the movable and / or immovable properties or such other assets of the Company, as may be

required, from time to time, it is proposed to seek the approval of the members of the Company by a special resolution, pursuant
to Section 180(1)(a) of the Act, for enhancing the powers of the Board for creation of pledges, mortgages, hypothecations and
charges etc. on the movable and / or immovable properties or such other assets of the Company in favour of banks, financial
institutions, non-banking finance companies or such other lenders to secure the borrowings to the extent of Rs. 30,000 crore
(Rupees thirty thousand crore). The members of the Company, at the Extraordinary General Meeting of the Company held
on March 27, 2015, had authorised the Board to create charges etc. on the properties/ assets of the Company to secure the
borrowings to the extent of Rs. 15,000 crore.
None of the Directors and Key Managerial Personnel of the Company or their relatives are interested or concerned in the
resolutions set out at Item nos. 5 and 6 of the Notice.
The Board recommends the resolutions as set out at Item nos. 5 and 6 of this notice for approval of the members of the Company
by a special resolution.
By order of the Board of Directors

For InterGlobe Aviation Limited
Sanjay Gupta
July 05, 2018

CIN: L62100DL2004PLC129768
Registered Office: Central Wing, Ground Floor,
Thapar House, 124 Janpath, New Delhi-110 001
Tel: +91 96500 98905; Fax: 011 - 4351 3200
Email: [email protected];
Website: www.goindigo.in
Annexure to this Notice

Mr. Rakesh Gangwal, aged 64 years, is a Promoter and Non- Executive Director on our Board since June 25, 2015. He holds a
bachelor’s degree in mechanical engineering from the Indian Institute of Technology, Kanpur and a master’s degree in business
administration from the Wharton School, University of Pennsylvania, with a major in finance. He has more than 32 years
of experience in the aviation industry. He had worked with United Airlines, Air France and US Airways Group, Inc. in senior
positions and has wide experience in Aviation Industry.
He does not hold any Directorships in any other company. Further, he does not hold any memberships/ chairmanships of any
committee of the Board of Directors of the Company or of any other public companies.
He holds 56,421,132 equity shares in the Company, as on date.
For other details such as number of meetings of the board attended during the year, remuneration drawn and relationship with
other directors and key managerial personnel in respect of Mr. Gangwal, please refer to the corporate governance report which
is a part of this Annual Report.

Route Map
Route Map
GUIDE MAP OF MANEKSHAW CENTER DELHI CANTT.

InterGlobe Aviation Limited Corporate Information
Corporate Information
Board of Directors Registered Office

Mr. Devadas Mallya Managlore Central Wing, Ground Floor,
Chairman Thapar House, 124 Janpath,
New Delhi – 110 001, India
Dr. Anupam Khanna
Tel: +91 96500 98905;
Director
Fax: +91 11 4351 3200
Mr. Rahul Bhatia
Director and Interim Chief Executive Officer
Mr. Rakesh Gangwal
Corporate Office
Director Levels 1-5, Tower–C, Global Business Park,
M.G. Road, Gurgaon – 122 002,
Mrs. Rohini Bhatia Haryana, India
Director Tel: +91 124 435 2500;
Fax: +91 124 406 8536
Company Secretary and Chief

Compliance Officer Registrar & Share Transfer Agent
Mr. Sanjay Gupta Karvy Computershare Private Limited
Karvy Selenium Tower B
Plot 31-32, Gachibowli,
Statutory Auditors Financial District, Nanakramguda,
Hyderabad – 500 032, India
B S R & Co., LLP Tel: +91 40 6716 2222
Chartered Accountants Fax: +91 40 2343 1551
Internal Auditors
PricewaterhouseCoopers Private Limited

Notes
Notes

InterGlobe Aviation Limited Notes
Notes

•
••••••
••
•• •
••••• ••
•
www.goindigo.in

I2018

Uploaded by

I2018

Uploaded by

August 10, 2018 IGAVSECT/08-18/05

Sub : Disclosure under ~ulatlon 34 of the SE6L(Llstlng_Obllgatlons and

Ref : lnterGlobe Aviation Limited (S_i.imbol: INDIGO/ScrlR Code: 539448)

This is for your information and record.

For lnterGlobe Aviation Limited

lnterGlobe Avlotlon limited

Interim CEO’s Message..................................................... 02

Management Discussion and Analysis.............................. 10

Auditor’s Report-Standalone Financial Statements............ 80

Notice of Annual General Meeting................................. 229

Annual Report 2017-18 01

These positive developments led us on a growth trajectory, as the

Reflecting on our remarkable journey, one thing that has remained

02 Annual Report 2017-18

“ We also continue to focus on creating long-term

While the progress we made and the growth witnessed has

Annual Report 2017-18 03

“ We have invested heavily in training and leadership

growing scale, we believe these leaders will help us successfully

During the year, we successfully completed an Institutional

Amidst our plans of further growth, we at IndiGo, recognise our

04 Annual Report 2017-18

“ We have set an ambitious growth path for the years to come

I would also like to sincerely thank our customers and our

Annual Report 2017-18 05

Rs. 22.4 billion : Record profitability

25% : Public shareholding achieved Shareholders

AON Best Employer – India

‘Excellence in Learning & Development’

24,500 : Rural Women benefited with our partnership with AFARM,

20,000 : Children benefited from our project with SRFF to develop a

10,000 : Street vendors to sell up scaled products made by 2,600 Community

Turboprop Operations : Launched in Tier II & III Cities

18,000+ : Employees as of March 31, 2018

Devadas Mallya Mangalore

08 Annual Report 2017-18

Rahul Bhatia Gregory Taylor

Wolfgang Prock-Schauer Rohit Philip

*Effective from July 16, 2018

Priya Mehra Raj Raghavan

Annual Report 2017-18 09

“ For last three consecutive years ending

The Airline that

10 Annual Report 2017-18

Annual Report 2017-18 11

Expansion in Aviation Infrastructure

12 Annual Report 2017-18

Annual Report 2017-18 13

Our Strategy, Going Forward: Our Financial Overview

14 Annual Report 2017-18

“ Our total cash

Aircraft ownership cost: Aircraft

Employee benefits expense: Employee

Other expenses: Other expenses

Annual Report 2017-18 15

16 Annual Report 2017-18

Annual Report 2017-18 17

(Rupees in million, except earnings per share)

18 Annual Report 2017-18

5. Minimum Public Shareholding

6. Utilisation of IPP proceeds

7. Composite scheme of arrangement amongst InterGlobe Enterprises Limited,

8. Employee stock option scheme

Annual Report 2017-18 19

9. Increase in Share Capital

10. Subsidiary Company

11. Related Party Transactions

12. Directors and Key Managerial Personnel

20 Annual Report 2017-18

13. Number of meetings of the Board

14. Committees of the Board

15. Board Evaluation

16. Remuneration Policy

17. Risk Management

Annual Report 2017-18 21

18. Corporate Social Responsibility