AIR INDIA LIMITED

CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH 2022

(Rupees in Million)
Note
Particulars As at March 31, 2022 As at March 31, 2021
No.

ASSETS :
Non-current Assets
(i) Property, Plant & Equipment 1 321,771.7 238,361.3
(ii) Right of Use Assets 1 80,485.6 194,420.6
(iii) Capital Work-in-Progress 1 349.2 353.6
(iv) Investment Property 1 - 4,373.7
(iv) Intangible Assets 1 2.8 15.8
(vi) Intangible Assets under development 1 - 12.5
402,609.3 437,537.5
(v) Investments accounted for using the 2 2,477.9 2,315.0
Equity Method
405,087.2 439,852.5
(viii) Financial Assets:
a) Investments 2.1 798.3 797.2
b) Others 4 1,465.6 4,811.8

ix) Income Tax Assets (Net) 6 1,474.9 1,046.2

x) Deferred Tax Assets (net) 42 26,435.2 28,425.2
xi) Other Non Current Assets 5 1,534.6 2,210.8
436,795.8 477,143.7
Current Assets
i) Inventories 7 7,874.7 8,019.0
ii) Financial Assets:
a) Investment 2.2 14,344.1
b) Trade Receivables 3 15,647.0 11,729.7
c) Cash and Cash Equivalents 8 17,689.4 6,699.4
d) Bank Balance other than (b) above 9 12,989.7 7,421.4
e) Other Financial assets 4 1,106.2 3,112.2
61,776.4 28,962.7
iii) Income Tax Assets 6 51.7 23.5
iv) Other Current Assets 5 11,822.4 10,907.4
81,525.2 47,912.6
Assets held for Sale and Assets included in
Disposal Group Held for Sale 10 253.9 128,099.7
TOTAL 518,574.9 653,156.0

EQUITY AND LIABILITIES :

Equity
i) Equity Share Capital 11 326,652.2 326,652.2
ii) Other Equity 12 (167,865.6) (841,105.8)
158,786.6 (514,453.6)
Receipts from Air India Assets Holding Ltd.(AIAHL)
towards Restructuring 217,549.5

Liabilities:
Non Current Liabilities
a) Financial Liabilities
i) Borrowings 13 - 55,248.4
ii) Lease Liabilities 77,697.2 162,308.7
iii) Other Financial Liabilites 15 4.3 52.2
77,701.5 217,609.3
b) Provisions 16 24,982.8 36,905.0
c) Other Non Current Liabilities 17 1,668.6 1,121.0
104,352.9 255,635.3
Current Liabilities
a) Financial Liabilities
i) Borrowings 18 153,173.6 395,122.2
ii) Lease Liabilities 13,687.7 30,357.5
iii) Trade Payables 14
a) Total outstanding dues of micro enterprises and
159.1 173.1
small enterprises
b)Total outstanding dues of creditors other than
30,993.1 94,778.9
micro enterprises and small enterprises
iv) Other Financial Liabilites 15 12,603.0 80,466.2
210,616.5 600,897.9

b) Other Current Liabilities 17 43,013.7 36,118.8

c) Provisions 16 1,805.2 2,547.0
d) Current Tax Liabilities - 381.4
255,435.4 639,945.1

Liabilities included in disposal group held for Sale 17.1 - 54,479.7

TOTAL 518,574.9 653,156.0

Significant Accounting Policies and A

Notes forming part of the Financial Statements 1-59
The accompanying notes are an integral part of the Financial Statements
This is the Consolidated Balance Sheet referred to in our report of even date

For and on Behalf of For and on Behalf of For and on behalf of the Board
Khandelwal Jain & Co. Jagdish Chand & Co.
Chartered Accountants Chartered Accountants
FRN : 105049W FRN : 000129N Sd/-
Sd/- Sd/- (N.Chandrasekaran)
Non-executive Chairman
(Narendra Jain) (Praveen Kumar Jain) DI No.00121863
Partner Partner
M.No. 048725 M.No. 085629
Sd/-
For and on Behalf of
Sd/- (Sanjiv Mehta)
PKF Sridhar & Santhanam LLP (V.S. Hejmadi) Director
Chartered Accountants Chief Financial Officer DI No.06699923
FRN : 003990S/S200018

Sd/- Sd/- Sd/-

(V. Kothandaraman) (Kalpana Rao) (Alice Vaidyan)
Partner Company Secretary Director
M.No.025973 M.No.ACS8194 DI No.07394437

Place : Mumbai
Date : 31 May, 2022
152 Place : Mumbai
Date : 31 May, 2022
AIR INDIA LIMITED
CONSOLIDATED STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH 2022
(Rupees in Million)
Particulars Note No. 2021-22 2020-21

I Income
1. Revenue from Operations 19
i) Scheduled Traffic Services 188,208.1 103,412.7
ii) Non-Scheduled Traffic Services 4,516.8 12,165.2
iii) Other Operating Revenue 8,894.0 4,475.8
Revenue from Operations 201,618.9 120,053.7
II 2. Other Income 20 23,802.3 14,011.2
III Total Revenue (I+II) 225,421.2 134,064.9
IV Expenses
1. Aircraft Fuel & Oil 79,145.4 29,593.4
2. Other Operating Expenses 21 72,610.2 44,636.6
3. Employee Benefit Expenses 22 25,454.1 24,322.5
4. Finance Costs 23 40,115.1 40,075.7
5. Depreciation and Amortization Expenses 24 46,634.9 48,540.0
6. Other Expenses 25 21,883.6 12,480.3

Total Expenses 285,843.3 199,648.5

V Profit/(Loss) before Exceptional item, Share of Profit/(Loss) of (III-IV) (60,422.1) (65,583.6)
JV and Tax
VI a Exceptional Items (Net) 25.1 (26,129.3) 2,501.0
b Profit/(Loss) share of joint venture 2 172.5 (179.6)
VII Profit/(Loss) before Tax (V+VI) (86,378.9) (63,262.2)
VIII Tax Expenses :
i) Current Tax - -
ii) Tax for earlier years - 381.4
(Amount settled under 'Vivad Se Vishwas' Scheme)
iii) Deferred Tax 42 1,990.0 -
IX Profit/(Loss) for the year from continuing operations (after Tax) (VII-VIII) (88,368.9) (63,643.6)

X Profit/(Loss) from discontinued operations 57 (7,431.8) (12,535.2)

XI Tax expense of discontinued operations 57 461.3 (194.3)

XII Profit/(Loss) from discontinued operations (after Tax ) (X-XI) (7,893.1) (12,340.9)

XIII Profit/(Loss) for the year (IX+XII) (96,262.0) (75,984.5)

XIV Other Comprehensive Income (OCI)
Items that will not be reclassified to Profit & Loss and its
related income tax effect :
i) Re-measurements of Defined Benefits Plans (389.0) (600.2)
ii) Fair value changes on Equity Instruments through Other omprehensive
Income 45.6 (69.4)
iii) Share of Joint Venture for Re-measurement of Defined Benefit Plan 2 (14.8) 8.0
iv) Income Tax on share of Other Comprehensive income of Joint Venture 2 5.2 (2.8)
v) Re-measurements of Defined Benefits Plans from discontinued operations 57 (0.9) 230.3
vi) Income Tax relating to Re-measurement of Defined Benefit Plans from 57 - -
Discontinued operations
Other Comprehensive Income for the year (353.9) (434.1)

XV Total Comprehensive Income for the year (XIII+XIV) (96,615.9) (76,418.6)

XVI Earning per Equity Share of face value of Rs. 10 each, Basic & Diluted : 43
From continuing operations
Basic (Rs 2.71) (Rs 1.95)
Diluted (Rs 2.71) (Rs 1.95)
From discontinuing operations
Basic (Rs.0.24) (Rs.0.38)
Diluted (Rs.0.24) (Rs.0.38)
From continuing and discontinuing operations
Basic (Rs.2.95) (Rs.2.33)
Diluted (Rs.2.95) (Rs.2.33)

Significant Accounting Policies and A

Notes forming part of the Financial Statements 1-59
The accompanying notes are an integral part of the Financial Statements
This is the Consolidated statement of Profit and Loss referred to in our report of even date

For and on Behalf of For and on Behalf of For and on behalf of the Board
Khandelwal Jain & Co. Jagdish Chand & Co.
Chartered Accountants Chartered Accountants
FRN : 105049W FRN : 000129N Sd/-
Sd/- Sd/- (N.Chandrasekaran)
Non-executive Chairman
(Narendra Jain) (Praveen Kumar Jain) DI No.00121863
Partner Partner
M.No. 048725 M.No. 085629
Sd/-
Sd/-
For and on Behalf of (Sanjiv Mehta)
PKF Sridhar & Santhanam LLP (V.S. Hejmadi) Director
Chartered Accountants Chief Financial Officer DI No.06699923
FRN : 003990S/S200018

Sd/- Sd/- Sd/-

(V. Kothandaraman) (Kalpana Rao) (Alice Vaidyan)
Partner Company Secretary Director
M.No.025973 M.No.ACS8194 DI No.07394437

Place : Mumbai Place : Mumbai

Date : 31 May, 2022 Date : 31 May, 2022

153
AIR INDIA LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH 2022

A. Equity Share Capital (Refer Note 11) (Figures in Million)

Particulars For the year ended 31.03.2022 For the Period ended 20.01.2022
No. of Shares Amount in No. of Shares Amount in
Rupees Rupees
Balance at the beginning of the year 32,665.22 326,652.2 32,665.22 326,652.2
Changes in Equity Share Capital due to prior period errors - - - -
Restated Balance at the Beginning of the year 32,665.22 326,652.2 32,665.22 326,652.2
Changes in the Equity Share Capital during the year
Add : Equity Shares Allotted during the year - -

Balance at the end of the year 32,665.22 326,652.2 32,665.22 326,652.2

B. Other Equity (Refer Note 12) (Rupees in Million)

Reserves and Surplus
Particulars Share Capital General FCMITDA Other Equity Retained Equity Total
Application Reserve Reserve on Earnings Instruments
Money disinvestment through OCI

Balance as at 01.04.2020 0.1 7,550.5 - (322.4) - (772,406.3) 564.4 (764,613.7)

Changes in Accounting Policy or Prior period errors - - - - - - - -
Restated Balance at the Beginning of the year 0.1 7,550.5 - (322.4) - (772,406.3) 564.4 (764,613.7)
(Loss) for the year - (75,984.5) - (75,984.5)
Other Comprehensive Income for the year (69.4) (69.4)
Total Comprehensive income for the year (364.7) (364.7)
Additions during the year 78.7 - - 78.7
Shares allotted during the year (0.1) (0.1)
Amortization during the year (474.5) 322.4 - (152.1)
Balance as at 31.03.2021 - 7,154.7 - - - (848,755.5) 495.0 (841,105.8)
Changes in Accounting Policy or Prior period errors
Restated Balance at the Beginning of the year - 7,154.7 - - - (848,755.5) 495.0 (841,105.8)
(Loss) for the year - - - - - (96,262.0) - (96,262.0)
Other Comprehensive Income for the year (399.5) 45.6 (353.9)
Total Comprehensive income for the year - 7,154.7 - - - (945,417.0) 540.6 (937,721.7)
Additions during the year (Refer Note No. 28(ii)(m) & - - - - 709,888.9 - - 709,888.9
(iii)(a&b))
Amortization during the year - (68.7) - - - - - (68.7)
Transferred from Fair Value Changes on Equity (131.4) 131.4 -
Instruments through OCI
Transferred from Capital Reserve pertaining to (6,301.1) 6,301.1 -
MRO Nagpur (Refer Note No. 28(ii)(l))
Reversal on disposal of Subsidiary companies 60,035.9 60,035.9
Balance as at 31.03.2022 - 784.9 - - 709,888.9 (879,211.4) 672.0 (167,865.6)
Significant Accounting Policies A
Notes forming part of the Financial Statements 1-59
This is the Consolidated Balance Sheet referred to in our report of even date

For and on Behalf of For and on Behalf of For and on behalf of the Board
Khandelwal Jain & Co. Jagdish Chand & Co.
Chartered Accountants Chartered Accountants
FRN : 105049W FRN : 000129N Sd/-

Sd/- Sd/- (N.Chandrasekaran)

Non-executive Chairman
(Narendra Jain) (Praveen Kumar Jain) DI No.00121863
Partner Partner
M.No. 048725 M.No. 085629
Sd/-
Sd/-
For and on Behalf of (Sanjiv Mehta)
PKF Sridhar & Santhanam LLP (V.S. Hejmadi) Director
Chartered Accountants Chief Financial Officer DI No.06699923
FRN : 003990S/S200018

Sd/- Sd/- Sd/-

(V. Kothandaraman) (Kalpana Rao) (Alice Vaidyan)
Partner Company Secretary Director
M.No.025973 M.No.ACS8194 DI No.07394437

Place : Mumbai Place : Mumbai

Date : 31 May, 2022 Date : 31 May, 2022

154
AIR INDIA LIMITED
STANDALONE STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31ST MARCH 2022

(Rupsses in Million)
Particulars 2021-22 2020-21
A. CASH FLOW FROM OPERATING ACTIVITIES
(Loss) before Exceptional Items and Tax
- Continuing operations (86,378.9) (63,262.2)
- Discontinued operations (7,431.8) (12,535.2)
Loss before income tax including discontinued operations (93,810.7) (75,797.4)
Adjustments for :
Foreign Exchange (Gain)/Loss on Translation Differences (1,865.6) (8,457.3)
Depreciation and amortisation on tangible assets 48,997.2 51,595.5
Exceptional Items 26,129.3 (2,501.0)
Interest on Borrowings measured at amortised cost 2,615.8
Provision for Obsolescence / Inventory Reconciliation 1,737.6 258.6
Allowance for credit risk, credit impairment & doubtful advances 1,077.1 637.3
Bad Debts Written off 2,152.9 2,251.4
Provision for Employee Benefits 2,852.7 (753.3)
Post Retirement Medical Scheme Provision
Provision for shortfall in PF Trusts 58.3 1,423.6
Profit share of Joint Venture (172.5) 179.5
Provisions/Liabilities No Longer Required written back (19,584.3) (3,594.4)
MTM Gain or loss on investment (43.5)
Provision for Diminution in Value of Assets held for Sale - 1,774.8
(Profit)/Loss on sale of fixed assets/AHFS (Net) (2,784.6) (1.1)
Dividend income (26.2) (53.1)
Other adjustments - 215.2
Interest income (on Bank Deposits & others) (1,376.9) (313.2)
Interest on Income Tax - (6.3)
Interest Cost on Lease Liabilities 3,017.6 2,860.8
Interest and Finance Charges 31,808.7 36,983.3
94,593.6 82,500.3
Operating (Loss) / Profit Before Working Capital Changes 782.9 6,702.9
Adjustments for :
(Increase) / Decrease in Inventories (1,589.5) 2,863.5
(Increase) / Decrease in Trade and Other Receivables 4,227.8 11,460.7
(Increase) / Decrease in other fiancial asset -
(Increase) / Decrease in other current asset -
Increase / (Decrease) in Trade and Other Payables (72,536.4) (7,924.9)
Increase / (Decrease) in other financials liabilities -
Changes in financial assets -
Changes in other non current asset -
Changes in other financial liabilities -
Change in other non current liability -
Change in provisions (4,980.5) (168.9)
Changes in other equity -
Change in other current liability -
Cash Generated from Operations
Direct Taxes Refund/(Paid) (1,252.4) 1,558.2
Net Cash Flow from/(used in) Operating Activities (76,131.0) 7,788.6
B. CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of Property, Plant & Equipment ( incl SLB) (121,839.2) (11,591.2)
Additions (Right of User Assets) - (16.2)
Proceeds from sale of Property, Plant & Equipment (Incl Assets Held For Sale) 11,064.3 11,827.4
Purchase of Investments (17,664.3) -
Sale of Investments 3,295.6 0.2
(Increase) / Decrease in Bank Deposits (Maturity of more than 3 months) (5,547.1) (64.5)
Interest received (on Bank Deposits, advances to subsidiary companies & others) 1,102.5 209.3
Advance to subsidiaries - -
Dividend Received 26.2 53.1
Net Cash Flow from/(used in) Investing Activities (129,562.0) 418.1
C. CASH FLOW FROM FINANCING ACTIVITIES
Repayment of Borrowings (495,389.9) (52,787.2)
Proceeds from Borrowings 198,192.9 103,610.5
Hire charges paid for Right of Use Assets - (33,303.9)
Repayment of leases (28,467.3) 41.3
Payment of guarantee Fee (25,605.7)
Receipts from Air India Assets Holding Ltd. (AIAHL) towards restructuring 607,314.2 (917.3)
Receipts from parent - opertaional funding 19,440.0
Receipts from AIAHL - Interest reimbursed 16,593.7
Increase / (Decrease) in Capital & Other Reserves (Net) 78.7
Interest Paid (75,442.8) (32,343.0)
Net Cash Flow from/(used in) Financing Activities 216,635.1 (15,620.9)
Net increase/ (Decrease) in Cash and Cash equivalents 11,725.0 (711.3)
Unrealised Foreign Exchange Gain/(Loss) in Cash & Bank Balances (74.2) 116.6
Cash and Cash equivalents (Opening balance) 6,833.7 7,428.4
Reduction on disposal of components (943.5) -
Cash and Cash equivalents (Closing balance) * 17,689.4 6,833.7
Notes 11,725.0
* Cash and cash equivalent (closing balance) includes cash and cash equivalents of discontinued operation Rs. NIL (Previous Year : Rs.134.3 Million)
1 These figures have been arrived at by consolidating line-by-line Cash Flow Statement of respective entities
2 For details of components of Cash and Cash equivalents, see Note No.8
3 Reconciliation of Liabilities arising from Financing Activities:-
(Rupees in Million)
Financing Cash Flows Non Cash As at
Particulars As at 31.03.2021
Proceeds Repayment Flows/Exchan 31.3.2022
Long Term Borrowings 55,248.4 - 55,248.4 - -
Short Term Borrowings 395,122.2 198,192.9 440,141.5 - 153,173.6

The Accompaning Notes are an integral part of the Financial Statements

As per our report of even date attached

For and on Behalf of For and on Behalf of For and on behalf of the Board
Khandelwal Jain & Co. Jagdish Chand & Co.
Chartered Accountants
FRN : 105049W
Chartered Accountants
FRN : 000129N
Sd/-
Sd/- Sd/- (N. Chandrasekaran)
Non-executive Chairman
(Narendra Jain) (Praveen Kumar Jain) DI No.00121863
Partner Partner
M.No. 048725 M.No. 085629
Sd/-
Sd/-
For and on Behalf of (Sanjiv Mehta)
PKF Sridhar & Santhanam LLP (V.S. Hejmadi) Director
Chartered Accountants Chief Financal Officer DI No.06699923
FRN : 003990S/S200018

Sd/- Sd/-
Sd/-
(V. Kothandaraman) (Kalpana Rao) (Alice Vaidyan)
Partner Company Secretary Director
M.No.025973 M.No.ACS8194 DI No.07394437

Place : Place :
Date : Date :

155