Operation exp at 100% utilisation ₹ 25.

00
inflation 3.50%
Passengers pa at 100% 1,000,000
Revenue increase 8.50% 5.00%
life of project 20
Revenue per passanger ₹ 0.000100
Operation Capacity
1 to 5 50%
6 to 10 60%
11 to 15 70%
16 to 20 80%

debt 350.00
equity 150.00

Loan Duration 12
kd 8.50%
ke 12%
beta 1
Rf 7%
Rm 12%
Tax 20%
Start date 1/1/2020 1/1/2021
end date 1/1/2021 1/1/2022

year 0 1
yearfrac(principle) 12 11

Debt schedule
opening balance ₹ 350.00 ₹ 332.10
Repayment ₹ 17.90 ₹ 19.43
closing balance ₹ 350.00 ₹ 332.10 ₹ 312.67
interest ₹ 29.75 ₹ 28.23
total payment ₹ 47.65 ₹ 47.65

Passengers 500,000 500,000

Revenue per pasenger ₹ 0.00 ₹ 0.00
Revenue ₹ 50.00 ₹ 54.34
Operating expense ₹ 12.50 ₹ 12.94

EBITDA ₹ 37.50 ₹ 41.40

depriciation ₹ 25.00 ₹ 25.00

EBIT ₹ 12.50 ₹ 16.40

interest ₹ 29.75 ₹ 28.23

PBT ₹ -17.25 ₹ -11.83

tax ₹ - ₹ -
PAT ₹ -17.25 ₹ -11.83

FCFF
EBIT ₹ 12.50 ₹ 16.40
tax on EBIT ₹ 2.50 ₹ 3.28
depriciation ₹ 25.00 ₹ 25.00
FCFF ₹ -500.00 ₹ 35.00 ₹ 38.12
PIRR 13.99%

FCFE
EBIT ₹ 12.50 ₹ 16.40
Debt service ₹ 47.65 ₹ 47.65
tax ₹ - ₹ -
depriciation ₹ 25.00 ₹ 25.00
FCFF ₹ -150.00 ₹ -10.15 ₹ -6.25
EIRR 17.96%

Debt ₹ 350.00 ₹ 332.10

PV of CFADS ₹ 525.79 ₹ 580.64
PLCR 1.50 1.75
PV of CFADS ₹ 114.72 ₹ 134.62
LLCR 0.33 0.41
 1/1/2022 1/1/2023 1/1/2024 1/1/2025
1/1/2023 1/1/2024 1/1/2025 1/1/2026

2 3 4 5
10 9 8 7

₹ 312.67 ₹ 291.59 ₹ 268.73 ₹ 243.92

₹ 21.08 ₹ 22.87 ₹ 24.81 ₹ 26.92
₹ 291.59 ₹ 268.73 ₹ 243.92 ₹ 216.99
₹ 26.58 ₹ 24.79 ₹ 22.84 ₹ 20.73
₹ 47.65 ₹ 47.65 ₹ 47.65 ₹ 47.65

500,000 500,000 500,000 500,000

₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00
₹ 59.05 ₹ 64.17 ₹ 69.74 ₹ 75.79
₹ 13.39 ₹ 13.86 ₹ 14.34 ₹ 14.85

₹ 45.66 ₹ 50.32 ₹ 55.40 ₹ 60.95

₹ 25.00 ₹ 25.00 ₹ 25.00 ₹ 25.00

₹ 20.66 ₹ 25.32 ₹ 30.40 ₹ 35.95

₹ 26.58 ₹ 24.79 ₹ 22.84 ₹ 20.73

₹ -5.92 ₹ 0.53 ₹ 7.56 ₹ 15.21

₹ - ₹ 0.11 ₹ 1.51 ₹ 3.04
₹ -5.92 ₹ 0.42 ₹ 6.04 ₹ 12.17

₹ 20.66 ₹ 25.32 ₹ 30.40 ₹ 35.95

₹ 4.13 ₹ 5.06 ₹ 6.08 ₹ 7.19
₹ 25.00 ₹ 25.00 ₹ 25.00 ₹ 25.00
₹ 41.53 ₹ 45.25 ₹ 49.32 ₹ 53.76

₹ 20.66 ₹ 25.32 ₹ 30.40 ₹ 35.95

₹ 47.65 ₹ 47.65 ₹ 47.65 ₹ 47.65
₹ - ₹ 0.11 ₹ 1.51 ₹ 3.04
₹ 25.00 ₹ 25.00 ₹ 25.00 ₹ 25.00
₹ -1.99 ₹ 2.56 ₹ 6.23 ₹ 10.25

₹ 312.67 ₹ 291.59 ₹ 268.73 ₹ 243.92

₹ 636.24 ₹ 692.32 ₹ 748.61 ₹ 806.01
2.03 2.37 2.79 3.30
₹ 152.32 ₹ 167.26 ₹ 178.92 ₹ 187.90
0.49 0.57 0.67 0.77
 1/1/2026 1/1/2027 1/1/2028 1/1/2029
1/1/2027 1/1/2028 1/1/2029 1/1/2030

6 7 8 9
6 5 4 3

₹ 216.99 ₹ 187.79 ₹ 156.09 ₹ 121.71

₹ 29.21 ₹ 31.69 ₹ 34.39 ₹ 37.31
₹ 187.79 ₹ 156.09 ₹ 121.71 ₹ 84.40
₹ 18.44 ₹ 15.96 ₹ 13.27 ₹ 10.35
₹ 47.65 ₹ 47.65 ₹ 47.65 ₹ 47.65

600,000 600,000 600,000 600,000

₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00
₹ 98.84 ₹ 107.41 ₹ 116.73 ₹ 126.86
₹ 18.44 ₹ 19.08 ₹ 19.75 ₹ 20.44

₹ 80.40 ₹ 88.33 ₹ 96.98 ₹ 106.41

₹ 25.00 ₹ 25.00 ₹ 25.00 ₹ 25.00

₹ 55.40 ₹ 63.33 ₹ 71.98 ₹ 81.41

₹ 18.44 ₹ 15.96 ₹ 13.27 ₹ 10.35

₹ 36.96 ₹ 47.37 ₹ 58.71 ₹ 71.07

₹ 7.39 ₹ 9.47 ₹ 11.74 ₹ 14.21
₹ 29.56 ₹ 37.89 ₹ 46.97 ₹ 56.86

₹ 55.40 ₹ 63.33 ₹ 71.98 ₹ 81.41

₹ 11.08 ₹ 12.67 ₹ 14.40 ₹ 16.28
₹ 25.00 ₹ 25.00 ₹ 25.00 ₹ 25.00
₹ 69.32 ₹ 75.66 ₹ 82.58 ₹ 90.13

₹ 55.40 ₹ 63.33 ₹ 71.98 ₹ 81.41

₹ 47.65 ₹ 47.65 ₹ 47.65 ₹ 47.65
₹ 7.39 ₹ 9.47 ₹ 11.74 ₹ 14.21
₹ 25.00 ₹ 25.00 ₹ 25.00 ₹ 25.00
₹ 25.36 ₹ 31.20 ₹ 37.58 ₹ 44.55

₹ 216.99 ₹ 187.79 ₹ 156.09 ₹ 121.71

₹ 864.27 ₹ 912.38 ₹ 958.73 ₹ 1,002.64
3.98 4.86 6.14 8.24
₹ 193.62 ₹ 184.72 ₹ 169.22 ₹ 146.02
0.89 0.98 1.08 1.20
 1/1/2030 1/1/2031 1/1/2032 1/1/2033
1/1/2031 1/1/2032 1/1/2033 1/1/2034

10 11 12 13
2 1

₹ 84.40 ₹ 43.92
₹ 40.48 ₹ 43.92
₹ 43.92 ₹ -
₹ 7.17 ₹ 3.73
₹ 47.65 ₹ 47.65

600,000 700,000 700,000 700,000

₹ 0.00 ₹ 0.00 ₹ 0.00 ₹ 0.00
₹ 137.86 ₹ 174.79 ₹ 189.96 ₹ 206.44
₹ 21.16 ₹ 25.55 ₹ 26.44 ₹ 27.37

₹ 116.70 ₹ 149.24 ₹ 163.51 ₹ 179.07

₹ 25.00 ₹ 25.00 ₹ 25.00 ₹ 25.00

₹ 91.70 ₹ 124.24 ₹ 138.51 ₹ 154.07

₹ 7.17 ₹ 3.73 ₹ - ₹ -

₹ 84.53 ₹ 120.51 ₹ 138.51 ₹ 154.07

₹ 16.91 ₹ 24.10 ₹ 27.70 ₹ 30.81
₹ 67.62 ₹ 96.41 ₹ 110.81 ₹ 123.25

₹ 91.70 ₹ 124.24 ₹ 138.51 ₹ 154.07

₹ 18.34 ₹ 24.85 ₹ 27.70 ₹ 30.81
₹ 25.00 ₹ 25.00 ₹ 25.00 ₹ 25.00
₹ 98.36 ₹ 124.39 ₹ 135.81 ₹ 148.25

₹ 91.70 ₹ 124.24 ₹ 138.51 ₹ 154.07

₹ 47.65 ₹ 47.65 ₹ - ₹ -
₹ 16.91 ₹ 24.10 ₹ 27.70 ₹ 30.81
₹ 25.00 ₹ 25.00 ₹ 25.00 ₹ 25.00
₹ 52.14 ₹ 77.49 ₹ 135.81 ₹ 148.25

₹ 84.40 ₹ 43.92
₹ 1,043.31 ₹ 1,079.85
12.36 24.59
₹ 113.88 ₹ 71.42
1.35 1.63
 1/1/2034 1/1/2035 1/1/2036
1/1/2035 1/1/2036 1/1/2037

14 15 16

700,000 700,000 800,000

₹ 0.00 ₹ 0.00 ₹ 0.00
₹ 224.34 ₹ 243.81 ₹ 302.81
₹ 28.33 ₹ 29.32 ₹ 34.68

₹ 196.02 ₹ 214.49 ₹ 268.13

₹ 25.00 ₹ 25.00 ₹ 25.00

₹ 171.02 ₹ 189.49 ₹ 243.13

₹ - ₹ - ₹ -

₹ 171.02 ₹ 189.49 ₹ 243.13

₹ 34.20 ₹ 37.90 ₹ 48.63
₹ 136.81 ₹ 151.59 ₹ 194.50

₹ 171.02 ₹ 189.49 ₹ 243.13

₹ 34.20 ₹ 37.90 ₹ 48.63
₹ 25.00 ₹ 25.00 ₹ 25.00
₹ 161.81 ₹ 176.59 ₹ 219.50

₹ 171.02 ₹ 189.49 ₹ 243.13

₹ - ₹ - ₹ -
₹ 34.20 ₹ 37.90 ₹ 48.63
₹ 25.00 ₹ 25.00 ₹ 25.00
₹ 161.81 ₹ 176.59 ₹ 219.50
 1/1/2037 1/1/2038 1/1/2039 1/1/2040
1/1/2038 1/1/2039 1/1/2040

17 18 19

800,000 800,000 800,000

₹ 0.00 ₹ 0.00 ₹ 0.00
₹ 329.07 ₹ 357.62 ₹ 388.65
₹ 35.89 ₹ 37.15 ₹ 38.45

₹ 293.18 ₹ 320.47 ₹ 350.20

₹ 25.00 ₹ 25.00 ₹ 25.00

₹ 268.18 ₹ 295.47 ₹ 325.20

₹ - ₹ - ₹ -

₹ 268.18 ₹ 295.47 ₹ 325.20

₹ 53.64 ₹ 59.09 ₹ 65.04
₹ 214.54 ₹ 236.38 ₹ 260.16

₹ 268.18 ₹ 295.47 ₹ 325.20

₹ 53.64 ₹ 59.09 ₹ 65.04
₹ 25.00 ₹ 25.00 ₹ 25.00
₹ 239.54 ₹ 261.38 ₹ 285.16

₹ 268.18 ₹ 295.47 ₹ 325.20

₹ - ₹ - ₹ -
₹ 53.64 ₹ 59.09 ₹ 65.04
₹ 25.00 ₹ 25.00 ₹ 25.00
₹ 239.54 ₹ 261.38 ₹ 285.16