All costs in INR millions

FY 2007 2008 2009 2010

Revenue Projections
Total Aeronautical Revenue 508.9 545.7 633 761.5
Cargo Revenue 300.9 328.5 347.4 374.1
Total Trading Concession Revenue 193.9 252.2 317 360.4
Total Rent and Service Revenue 97.2 101.1 111.1 118.5
Total Other Income 48 52.2 30.2 126.3
Total Revenue 1148.9 1279.7 1438.7 1740.8

Cost Projections
Staff Costs Variable 310 355.2 405.4 412.6
Voluntary Retirement Scheme Costs Fixed 0 0 0 0
Repairs and Maintenance Variable 46.7 57.8 63.9 67.6
Consumption of Stores and Spares Variable 5 5.2 5.4 5.7
Net Electricity and Water Charges Variable 57.8 61.5 65.2 87.4
Rent Rate and Taxes Fixed 13.5 13.5 13.5 26.1
Insurance Premium Fixed 25.9 29.1 33.5 39.6
Rehabilitation Expenses Fixed 0 0 0 0
Other Operating Expenses Variable 212 233.5 257.6 298.5
Total Operating Expenses 670.9 755.8 844.5 937.5
Depreciation and Amortization 10.9 324 92.6 82.2
Capital Expenditure 622 2443 1513.5 1611.7
Total Cost 1303.8 3522.8 2450.6 2631.4
Adding back D&A 1292.9 3198.8 2358 2549.2

FCFF -144 -1919.1 -919.3 -808.4

NPV (Discounting at WACC) INR 9,810.40

IRR 23.80%
 2011 2012 2013 2014 2015 2016 2017 2018

887.6 1057.6 1247.2 1477.4 1433.3 1385.2 1330.2 1271.5

410.4 462 519.1 584.1 657.4 739.8 831.7 930.9
505.9 632.2 783.7 923.7 1018.7 1136.5 1354.3 1494.1
137.2 191.7 199.3 280.9 300.2 306.3 317.2 338.7
211.5 252.2 370 440.2 476.5 611.7 684.8 701.5
2152.6 2595.7 3119.3 3706.3 3886.1 4179.5 4518.2 4736.7 CAGR

439.8 468.7 499.8 532.8 568 605.9 646.1 689.2

0 0 0 0 0 0 0 0
106.1 95 97.6 97.6 97.6 97.8 171.1 173.2
5.9 6.1 6.5 6.7 7 7.2 7.6 7.8
134.3 142.4 151.1 160.2 170 180.4 191.3 202.6
26.1 26.1 30.4 30.4 30.4 37.6 37.6 37.6
47.8 82.2 92.6 104.3 107.8 113.7 120.7 139.3
0 0 0 0 0 0 0 0
351.1 393.5 459.1 530.9 563.9 610.4 662.2 703.5
1111.1 1214 1337.1 1462.9 1544.7 1653 1836.6 1953.2
168.9 288.9 295.4 302 302 304.1 364.6 592.8
0 247.4 0 823.7 253.7 1508 173.9 173.9
1280 1750.3 1632.5 2588.6 2100.4 3465.1 2375.1 2719.9
1111.1 1461.4 1337.1 2286.6 1798.4 3161 2010.5 2127.1

1041.5 1134.3 1782.2 1419.7 2087.7 1018.5 2507.7 2609.6

12.53%
 (in crores)
Equity 2450
Debt 10407

Cost of Equity 8.00%

Cost of Debt 6.00%

WACC 6.38%