Cochin International Airport Ltd

Company Overview

Cochin International Airport is the first greenfield airport in the country built with a public-private partnership. Planned and constructed from scratch, the airport has been acclaimed for setting a novel idea in infrastructure development. The astonishing public participation, relentless support from NRIs and effective leadership have made CIAL, the company that built and operates the airport, an international brand. It’s also the first airport in the world fully powered by solar energy. Cochin International Airport Limited (CIAL) was the first airport in India to be built under Public Private Partnership (PPP), with equity participation from the airport users as well as the public, Non-Resident Indians (NRIs), Government of Kerala (GoK) and the airport service providers. Chief Minister (CM) of Kerala is the chairman of the company.

CIAL was incorporated on March 30, 1994 as a public limited company. The construction work commenced in August 1994 and achieved commercial operations in June 1999. To cater to the high traffic demand, CIAL constructed a new international terminal with a 12 mn passenger capacity per annum which was inaugurated in March 2017. The project cost for the same was Rs. 985 crore which was funded through external debt, rights issue and internal accruals. Government of Kerala (GoK) is the major shareholder in CIAL with 32.4% stake.

During the year 2020-2021, the operations of your Company was severely affected by the spread of Covid -19 pandemic. The financial year 2020 – 21 of CIAL had begun under the influence of the pervasive virus in the world. The total revenue for the year ended 31.03.2021 was Rs.252.71 crores. The Company earned an operating profit of Rs. 67 crores during 2020-21 as against Rs.423.84 crores during 2019 – 20 with a downfall of 84.19%. After charging interest on borrowed funds, your company made a cash profit of Rs.15.59 crores during the financial year 2020 – 21.

The financial year 2020 – 21 began with a 21 day long nation-wide lockdown due to the Covid -19 pandemic imposing suspension of all operations of the airport except few rescue flight operations. In May 2020, the Indian government introduced the Vande Bharat Mission to bring back stranded Indians from abroad. The country has a bilateral air bubble arrangement with 28 nations currently for flying special international passenger flights. Even though, these two initiatives created a positive impact on the operations of CIAL especially during the third quarter of Financial Year 2020 – 21, that promising state could not persist due to the hit of Covid-19 second wave. Further, foreign carriers could operate their non-scheduled cargo flights to and from six Indian cities – Delhi, Mumbai, Kolkata, Chennai, Bengaluru and Hyderabad only, resulted into a dip in the volume of cargo handled at CIAL.

id company_master_id company shareholder sharesNo shareHolding dateOfUpdate
150 10 Cochin International Airport Public Shareholding 258334552 0 2021-03-31
147 10 Cochin International Airport Government of Kerala 124029206 0 2021-03-31
148 10 Cochin International Airport C.V. Jacob 210271 0 2021-03-31
149 10 Cochin International Airport Other Promoters 720 0 2021-03-31
id company_master_id company shareholder sharesNo shareHolding dateOfUpdate

Revenue Segment

Share Holding

Revenue & Margins

% Margins

Company Financials

Profit and Loss Account (₹ in Crores) 2019 2020 2021
Revenue from Operations 748.24 781.29 267.59
Other Income 59.13 28.79 29.06
Total Income 807.37 810.08 296.65
Cost of Operations 101.33 100.23 24.18
EBITDA 434.54 474.9 74.16
EBITDA % 53.82 58.62 25
EBIT 317.71 339.29 -66.91
EBIT % 39.35 41.88 -22.56
PBT 271.02 285.03 -123.03
PBT % 33.57 35.19 -41.47
TAX 82.51 37 -30.16
NPAT 188.51 237.66 -92.87
NPAT % 23.35 29.34 -31.31
EPS (Basic) in ₹ 4.83 5.91 -2.37
EPS (Diluted) in ₹ 4.83 5.91 -2.37
Dividend Per Share (in ₹) 3 3 0

Sources of funds

Application of funds

Balance Sheet (₹ in Crores) 2019 2020 2021
Share Capital 382.58 382.58 382.57
Reserves 1024.44 1126.13 932
Networth 1407.01 1508.71 1314.59
Long Term Borrowings 553.75 527.4 562.42
Short Term Borrowings 66.1 97.19 185.68
Current Liabilities 427.42 446.35 323.05
Non-Current Assets 2264.8 2368.48 2314.04
Current Assets 505.17 467.7 211.42
Total Assets 2769.97 2836.18 2525.46
Cash Bank Balance 304.56 258.59 92.99
Trade Receivables 77.49 73.71 54.96
Trade Payables 18.71 23.42 17.59
Inventory 30.84 31.76 15.8
Cash Flow Statement (₹ in Crores) 2019 2020 2021
Cash flow from operating Activities 369.24 373.8 29.23
Cash flow from Investing Activities -297.91 -306.55 -163.26
Cash flow from Financing Activities -43.07 -180.58 -130.23
Net Cash-Flow 28.26 -113.33 -264.26

KEL %

2020
2019

SHEELA %

2020
2019
Price Multiples as on 2021-05-08
Face Value Per Share (in ₹) 10
Price Per Share (in ₹) 185
P/E -78.06
P/B 5.38
Dividend Yield 0 %
Price / Sales 26.45
Market Cap (₹ in Crores) 7078
Interesting Quote / Trivial Information about the company's unlisted shares
Source Name
Additional details

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