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STANDALONE BALANCE SHEET AS AT 31ST MARCH 2020

(Rupees in Million)
Particulars Note As at March 31, 2020 As at March 31, 2019
No.
ASSETS:
Non-Current Assets
(i) Property, Plant & Equipment 1 251,287.3 255,284.6
(ii) Right of use Assets 1 202,905.4 -
(iii) Capital Work-in-Progress 1 1,001.1 726.7
(iv) Investment Property 1 4,375.7 4,377.7
(v) Intangible Assets 1 64.3 194.7
(vi) Intangible Assets under development 1 12.5 12.5
459,646.3 260,596.2
(vii) Financial Assets :
a) Investments 2 9,103.0 9,330.7
b) Trade Receivables 3 - -
c) Loans 4 4,039.9 3,316.4
d) Others 5 10,676.7 10,838.1
23,819.6 23,485.2
(viii) Income Tax Assets (Net) 7 1,918.1 2,264.1
(ix) Deferred Tax Assets (net) 49 28,425.2 28,425.2
(x) Other Non-Current Assets 6 169.7 5,854.8
513,978.9 320,625.5
Current Assets
(i) Inventories 8 9,471.3 8,063.8
(ii) Financial Assets :
a) Trade Receivables 3 13,756.1 20,133.8
b) Cash and Cash Equivalents 9 6,248.4 2,450.4
c) Bank Balances other than (b) above 10 6,855.7 6,342.3
d) Loans 4 175.5 145.8
e) Others 5 2,874.6 3,122.5
29,910.3 32,194.8
(iii) Income Tax Assets (Net) 7 746.2 1,458.8
(iv) Other Current Assets 6 13,264.4 12,657.0
53,392.2 54,374.4
Assets held for Sale 10.1 150,052.9 148,734.7
TOTAL 717,424.0 523,734.6
The accompanying notes are an integral part of the Financial Statements
This is the 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/- (Rajiv Bansal)
(Narendra Jain) (Praveen Kumar Jain) Chairman & Managing Director
Partner Partner DI No.00245460
M.No. 048725 M.No. 85629

For and on Behalf of Sd/-
PKF Sridhar & Santhanam LLP. (V.S. Hejmadi)
Chartered Accountants Director-Finance
FRN : 003990S/S200018 DI No.07346490
Sd/- Sd/-
(V. Kothandaraman) (Kalpana Rao)
Partner Company Secretary
M.No.025973 M.No.ACS8194

Place : New Delhi Place : New Delhi

Date : 27 January 2021 Date : 27 January 2021

112
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STANDALONE BALANCE SHEET AS AT 31ST MARCH 2020

(Rupees in Million)
Particulars Note As at March 31, 2020 As at March 31, 2019
No.
EQUITY AND LIABILITIES:
Equity
(i) Equity Share Capital 11 326,652.1 326,652.1
(ii) Other Equity 12 (701,203.2) (621,315.7)
(374,551.1) (294,663.6)
Receipts from Air India Assets Holding Ltd. 28(iii) 218,434.8 -
(AIAHL) towards Restructuring
Liabilities
Non-current Liabilities
a) Financial Liabilities
(i) Borrowings 13 55,118.4 82,999.6
(ii) Lease Liabilities 44 184,416.1 -
(iii) Other Fiancial Liabilities 15 43.5 47.9
239,578.0 83,047.5
b) Provisions 16 37,576.5 28,271.8
c) Other Non Current Liabilities 17 401.9 -
277,556.4 111,319.3
Current Liabilities
a) Financial Liabilities
(i) Borrowings 18 250,869.4 276,303.4
(ii) Lease Liabilities 44 27,684.2 -
(iii) Trade Payables
a) Total outstanding dues of micro enterprises 14 267.1 163.7
and small enterprises
b) Total outstanding dues of creditors other 14 100,667.7 82,485.5
than micro enterprises and small enterprises
(iv) AIAHL Intermediary Settlement Account 28(iii) 5,026.2 -
(v) Other Financial Liabilities 15 143,062.1 283,464.4
527,576.7 642,417.0
b) Other Current Liabilities 17 66,234.4 62,544.7
c) Provisions 16 2,172.8 2,117.2
595,983.9 707,078.9
TOTAL 717,424.0 523,734.6
Significant Accounting Policies and A - -
Notes forming part of the Financial Statements 1-62
The accompanying notes are an integral part of the Financial Statements
This is the 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/- (Rajiv Bansal)
(Narendra Jain) (Praveen Kumar Jain) Chairman & Managing Director
Partner Partner DI No.00245460
M.No. 048725 M.No. 85629

For and on Behalf of Sd/-
PKF Sridhar & Santhanam LLP. (V.S. Hejmadi)
Chartered Accountants Director-Finance
FRN : 003990S/S200018 DI No.07346490
Sd/- Sd/-
(V. Kothandaraman) (Kalpana Rao)
Partner Company Secretary
M.No.025973 M.No.ACS8194

Place : New Delhi Place : New Delhi

Date : 27 January 2021 Date : 27 January 2021

113
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STANDALONE STATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH 2020
(Rupees in Million)
Particulars Note 2019-20 2018-19
No.
I Revenue
1. Revenue from Operations 19
i) Scheduled Traffic Services 243,032.7 224,005.6
ii) Non-Scheduled Traffic Services 17,159.1 15,914.9
iii) Other Operating Revenue 16,914.3 15,739.1
Revenue from Operations 277,106.1 255,659.6
II 2. Other Income 20 8,138.3 9,217.6
III Total Revenue (I+II) 285,244.4 264,877.2
IV Expenses
1. Aircraft Fuel & Oil 93,992.7 100,344.6
2. Other Operating Expenses 21 105,140.0 131,113.9
3. Employee Benefit Expenses 22 32,253.7 30,052.3
4. Finance Costs 23 39,192.6 47,113.0
5. Depreciation and Amortization 24 42,921.8 15,879.3
6. Other Expenses 25 49,400.9 25,122.1
Total Expenses 362,901.7 349,625.2
V (Loss) before Exceptional Items and Tax (III-IV) (77,657.3) (84,748.0)
VI Exceptional Items (Net) - -
VII (Loss) before Tax (V+VI) (77,657.3) (84,748.0)
VIII Tax Expenses : - -
IX (Loss) after Tax for the year (VII-VIII) (77,657.3) (84,748.0)
X Other Comprehensive Income
Items that will not be reclassified to Profit & Loss and - -
its related income tax effect :

i) Re-measurements of the Defined Benefit (1,943.2) (863.8)

Plans (227.7) 48.2
ii) Fair value changes on Equity Instruments - -
through other comprehensive income
iii) Income Tax on the above
Other Comprehensive Income/(Loss) for the year (2,170.9) (815.6)
XI Total Comprehensive Income/(Loss) for the year (IX+X) (79,828.2) (85,563.6)
XII Earning per equity share of face value of Rs. 10 each 50
Basic (Rs.2.38) (Rs.2.90)
Diluted (Rs.2.38) (Rs.2.90)

Significant Accounting Policies and A

Notes forming part of the Financial Statements 1-62
The accompanying notes are an integral part of the Financial Statements
This is the 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/- (Rajiv Bansal)
(Narendra Jain) (Praveen Kumar Jain) Chairman & Managing Director
Partner Partner DI No.00245460
M.No. 048725 M.No. 85629

For and on Behalf of Sd/-
PKF Sridhar & Santhanam LLP. (V.S. Hejmadi)
Chartered Accountants Director-Finance
FRN : 003990S/S200018 DI No.07346490
Sd/- Sd/-
(V. Kothandaraman) (Kalpana Rao)
Partner Company Secretary
M.No.025973 M.No.ACS8194

Place : New Delhi Place : New Delhi

Date : 27 January 2021 Date : 27 January 2021

114
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STANDALONE STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31ST MARCH 2020
(Figures in Million)
A. Equity Share Capital (Refer Note 11) For the year ended For the year ended
31.03.2020 31.03.2019
No. of Amount No. of Amount in
Shares in Rupees Shares Rupees
Balance at the beginning of the year 32,665.21 326,652.1 28,690.21 286,902.1
Changes in the Equity Share Capital during the year
Add : Equity Shares Allotted during the year - - 3,975.00 39,750.0
Balance at the end of the year 32,665.21 326,652.1 32,665.21 326,652.1

(Rupees in Million)
B. Other Equity (Refer Note 12) Share Capital General FCMITDA Retained Equity Total
Applic- Reserve Reserve Earnings Instruments
ation through OCI
Money
Balance as at 01.04.2018 - 6,878.7 (1,436.7) (2,137.3) (539,887.8) 743.9 (535,839.2)
(Loss) for the year - - - - (84,748.0) - (84,748.0)
Transfer from General Reserve to Retained - - 1,436.7 - (1,436.7) - -
Earnings
Other comprehensive income for the year - - - - (863.8) 48.2 (815.6)
Additions during the year - 1,163.5 - (1,135.5) - - 28.0
Amortization during the year - (454.6) - 513.7 - - 59.1
Balance as at 31.03.2019 - 7,587.6 - (2,759.1) (626,936.3) 792.1 (621,315.7)
Impact of Ind AS 116 - Leases (Refer Note - - - - (2,223.0) - (2,223.0)
44)
Balance as at 01.04.2019 - 7,587.6 - (2,759.1) (629,159.3) 792.1 (623,538.7)
(Loss) for the year - - - - (77,657.3) - (77,657.3)
Other Comprehensive Income for the year - - - - (1,943.2) (227.7) (2,170.9)
Additions during the year 0.1 186.6 - (315.1) - - (128.4)
Amortization during the year - (459.7) - 2,751.8 - - 2,292.1
Balance as at 31.03.2020 0.1 7,314.5 - (322.4) (708,759.8) 564.4 (701,203.2)
Significant Accounting Policies and A
Notes forming part of the Financial Statements 1-62

The accompanying notes are an integral part of the Financial Statements

This is the statement of Changes in Equity 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/- (Rajiv Bansal)
(Narendra Jain) (Praveen Kumar Jain) Chairman & Managing Director
Partner Partner DI No.00245460
M.No. 048725 M.No. 85629

For and on Behalf of Sd/-
PKF Sridhar & Santhanam LLP. (V.S. Hejmadi)
Chartered Accountants Director-Finance
FRN : 003990S/S200018 DI No.07346490
Sd/- Sd/-
(V. Kothandaraman) (Kalpana Rao)
Partner Company Secretary
M.No.025973 M.No.ACS8194

Place : New Delhi Place : New Delhi

Date : 27 January 2021 Date : 27 January 2021

115
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STATEMENT OF CASH FLOW FOR THE YEAR ENDED 31 MARCH 2020 (Rupees in Million)
Particulars 2019-20 2018-19
A. CASH FLOW FROM OPERATING ACTIVITIES
(Loss) before Exceptional and Extraordinary Items and Tax (77,657.3) (84,748.0)
Adjustment for :
Unrealised Foreign Exchange (Gain)/Loss 21,680.6 2,791.4
Depreciation and amortisation 42,921.8 16,333.9
Provision for Obsolescence / Inventory Reconciliation * 32.8 (498.2)
Allowance for credit risk, credit impairment & doubtful advances* (67.8) 1,315.0
Provision for Employee Benefits * 653.2 (433.9)
Provision for Redelivery of Aircrafts * - 2,361.9
(Profit)/Loss on sale of fixed assets (409.0) (1,225.6)
Dividend income (66.5) (72.7)
Interest income (on Bank Deposits, advances to subsidiary companies & others) (5,115.4) (4,985.6)
Interest Cost on Lease Liabilities 6,675.0 -
Interest and Finance Charges 32,517.6 47,113.0
98,822.3 62,699.2
Operating (Loss) / Profit Before Working Capital Changes 21,165.0 (22,048.8)
Adjustments for :
(Increase) / Decrease in Inventories (1,440.2) 1,466.3
(Increase) / Decrease in Trade and Other Receivables 13,131.7 (1,280.2)
Increase / (Decrease) in Trade and Other Payables 20,463.1 11,879.5
32,154.6 12,065.6
Cash Generated from Operations 53,319.6 (9,983.2)
Direct Taxes paid (397.8) (492.2)
Net Cash Flow (used in)/ from Operating Activities 52,921.8 (10,475.4)
B. CASH FLOW FROM INVESTING ACTIVITIES
Acquisition of Property, Plant & Equipment (17,711.6) (14,367.1)
Proceeds from sale of Property, Plant & Equipment (Incl Assets Held For Sale) 2,457.1 4,092.6
(Increase) / Decrease in Right to Use Assets - -
(Increase) / Decrease in Bank Deposits (Maturity of more than 3 months) (427.9) (754.8)
Interest received (on Bank Deposits, advances to subsidiary companies & others) 1,042.4 1,062.4
Dividend Received 66.5 72.7
Net Cash Flow used in Investing Activities (14,573.5) (9,894.2)
C. CASH FLOW FROM FINANCING ACTIVITIES
Issue of Shares / Share application money received 0.1 39,750.0
Proceeds from Long Term Borrowings 851.4 4,221.3
Repayment of Long Term Borrowings (130,808.6) (30,940.1)
Proceeds from ShortTerm Borrowings 35,584.9 66,028.9
Repayment of Short Term Borrowings (59,393.9) (10,330.4)
Hire charges of Right to Use Assets (32,423.2) -
Payment towards foreclosure of leases (43,832.6) -
Receipts from Air India Assets Holding Ltd. (AIAHL) towards restructuring (net) 223,461.1 -
Increase/(Decrease) in Capital & Other Reserves (Net) 186.7 708.9
Interest Paid (27,875.3) (48,137.2)
Net Cash Flow from/(used in) Financing Activities (34,249.4) 21,301.4
49,069.0
Net increase/ (Decrease) in Cash and Cash equivalents 4,098.9 931.8
Unrealised Foreign Exchange Gain/(Loss) in Cash & Bank Balances (300.9) (367.4)
Cash and Cash equivalents (Opening balance) 2,450.4 1,886.0
Cash and Cash equivalents (Closing balance) 6,248.4 2,450.4

Notes
* These figures have been taken from Balance Sheet movements.
1 For details of components of Cash and Cash equivalents, see Note No. 9
2 Reconciliation of Liabilities arising from Financing Activities:- (Rupees in Million)
Particulars As at Financing Cash Flows Non Cash Flows - As at
31.03.2019 Proceeds Repayment Adjustments relating to Ind AS 116 Exchange Loss/(Gain) 31.03.2020
Long Term Borrowings 306,255.5 851.4 (130,808.6) (43,832.6) 328.8 132,794.5
Short Term Borrowings 276,303.4 35,584.9 (59,393.9) 811.6 (2,436.7) 250,869.3
3 Pursuant to adoption of Ind AS 116, operating lease payments which were considered as part of ‘Cash flow from Operating Activities’ until Financial Year 2018-19 has
been recognised as part of ‘Cash Flow from Financing Activities’ with effect from Financial Year 2019-20.”
The accompanying notes are an integral part of the Financial Statements
This is Cash Flow Statement 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/- (Rajiv Bansal)
(Narendra Jain) (Praveen Kumar Jain) Chairman & Managing Director
Partner Partner DI No.00245460
M.No. 048725 M.No. 85629

For and on Behalf of Sd/-
PKF Sridhar & Santhanam LLP. (V.S. Hejmadi)
Chartered Accountants Director-Finance
FRN : 003990S/S200018 DI No.07346490
Sd/- Sd/-
(V. Kothandaraman) (Kalpana Rao)
Partner Company Secretary
M.No.025973 M.No.ACS8194
Place : New Delhi Place : New Delhi
Date : 27 January 2021 Date : 27 January 2021
116