OF FINANCIAL CONDITION AND RESULT OF OPERATIONS
You should read the following discussion of our financial condition and results of operations together with our Financial Statements as Restated which is included in this Draft Red Herring Prospectus. The following discussion and analysis of our financial condition and results of operations is based on our Financial Statements as Restated, for the three months period ended on June 30, 2025 and financial years ended on March 31, 2025, 2024 and 2023 including the related notes and reports, included in this Draft red Herring Prospectus is prepared in accordance with requirements of the Companies Act, 2013 and restated in accordance with the SEBI (ICDR) Regulations, 2018, which differ in certain material respects from IFRS, U.S. GAAP and GAAP in other countries. Our Financial Statements, as restated have been derived from our audited statutory financial statements. Accordingly, the degree to which our Financial Statements as Restated will provide meaningful information to a prospective investor in countries other than India is entirely dependent on the readers level offamiliarity with Indian GAAP, Companies Act, SEBI Regulations and other relevant accounting practices in India.
This discussion contains forward looking statements and reflects our current views with respect to future events and financial performance. Actual results may differ materially from those anticipated in these Forward-Looking Statements as a result of certain factors such as those described under chapters titled “Risk Factors” and “Forward Looking Statements” beginning on pages 39 and 28, respectively.
Our Financial Year ends on March 31 of each year. Accordingly, all references to a Financial Year are to the 12 months ended March 31 of that year.
Our Company was originally incorporated on June 16, 2011, as a Private Limited Company in the name and style of “Flywings Simulator Training Centre Private Limited” under the provisions of the Companies Act, 1956 with the Registrar of Companies, Maharashtra Mumbai. Subsequently, the registered office of the Company was shifted from Mumbai to Haryana and a fresh Certificate of Registration of Regional Director for change of state was issued on February 09, 2022. Further, pursuant to a special resolution of our Shareholders passed in the Extra Ordinary General Meeting held on March 04, 2024, our Company was converted from a Private Limited Company to Public Limited Company and the name of our Company was changed to “Flywings Simulator Training Centre Limited” and a fresh Certificate of Incorporation consequent to conversion was issued on May 28, 2024 by the Registrar of Companies, Central Processing Centre bearing Corporate Identification Number U80903HR2011PLC101229.
We are a company engaged in Aviation Training Centre located in Gurgaon. Our company specializes in providing comprehensive infrastructure facilities for training services tailored for commercial aircraft operations. These services encompass a wide range of critical areas including Generic Aviation, In-flight Services, Basic First Aid, Inter-Department Coordination, Voice & Accent Training, In-flight Procedures, Personality Development, Passenger Handling, Grooming Standards, Safety Emergency Procedures, Door Operations, Emergency Evacuation, In-flight Fire Fighting, and Ditching Drills.
Significant developments subsequent to the last financial year
In the opinion of the Board of Directors of our Company, since the date of the last financial statements disclosed in this Draft Red Herring Prospectus, there have not arisen any circumstance that materially or adversely affect or are likely to affect the profitability of our Company or the value of its assets or its ability to pay its material liabilities within the previous twelve months except:
> The Company acquired a 42.12% stake in Ambition Flying Club Private Limited on March 31, 2025, and an additional 7.52% on June 30, 2025. As a result, Ambition Flying Club Private Limited is classified as an associate company.
> The Company has acquired a company named Flywings Drone Training Private Limited on July 02, 2025 which is a subsidiary of our company
Factors affecting our results of operations
Our companys future results of operations could be affected potentially by the following factors:
1. Simulator Infrastructure Aligned with Majority of Indian Fleet Types
2. Recurring Revenue Streams Supported by High Switching Costs
3. Regulatory Compliance Model That Enables Operational Flexibility
4. Strategic Location with Significant Entry Barrier Advantages
The following table set forth certain key performance indicators for the years indicated: Key Financial Performance Indicators of Our Company*
| Particulars | Period ended June 30, 2025 | FY 2024-25 | FY 2023-24 | FY 2022-23 |
| Revenue from operations(1) | 406.07 | 2,021.05 | 2,220.28 | 1,037.65 |
| EBITDA(2) | 229.96 | 1,350.98 | 1,528.87 | 577.89 |
| EBITDA Margin %(3) | 56.63 | 66.85 | 68.86 | 55.69 |
| PAT | 137.98 | 1,091.74 | 1,073.93 | 415.93 |
| PAT Margin %(4) | 33.98 | 54.02 | 48.37 | 40.08 |
| Networth(5) | 4,040.46 | 3,902.48 | 2,380.46 | 107.70 |
| RoE %(6) | 3.47 | 34.75 | 86.32 | (414.82) |
| RoCE% (7) | 4.26 | 28.62 | 43.36 | 57.07 |
Notes:
(1)
Revenue from Operations means the Revenue from Operations as appearing in the Restated Financial Statements (2 EBITDA is calculated as Profit before tax + Depreciation + Finance Cost - Other Income(3)
‘EBITDA Margin is calculated as EBITDA divided by Revenue from Operations(4)
‘PAT Margin is calculated as PATfor the period/year divided by revenue from operations.(5)
Net worth as defined under Regulation 2(l)(hh)of the SEBIICDR Regulations means the aggregate value of the paid-up share capital and all reserves created out of the profits and securities premium account and debit or credit balance ofprofit and loss account, after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off as per the Restated Financial Information, but does not include reserves created out of revaluation of assets, write- back of depreciation and amalgamation.(6)
Return on Equity is ratio of Profit after Tax divided by Average Shareholder Equity(7)
Return on Capital Employed is calculated as EBIT divided by capital employed, which is defined as shareholders equity plus total borrowings.* As certified by M/s. Jay Gupta and Associates, Chartered Accountants, pursuant to their certificate dated August 01, 2025. STATEMENT OF SIGNIFICANT POLICIES Corporate Information:
Our Company was originally incorporated on June 16, 2011, as a Private Limited Company in the name of “FLYWINGS SIMULATOR AND TRAINING CENTRE PRIVATE LIMITED)” under the provisions of the Companies Act, 1956 bearing Corporate Identification Number U80903MH2011PTC218715 issued by the Deputy Registrar of Companies, Haryana. Subsequently, pursuant to a Special Resolution of our Shareholders passed in the Extra-Ordinary General Meeting held on March 04, 2024, our Company was converted from a Private Limited Company to Public Limited Company and consequently, the name of our Company was changed to ‘FLYWINGS SIMULATOR TRAINING CENTRE LIMITED and a Fresh Certificate of Incorporation consequent to Conversion was issued on May 29, 2024 bearing Corporate Identification Number U80903HR2011PLC101229 issued by the Registrar of Companies, Central Processing Centre. The company is involved in providing one stop solution for various trainings related to avaiation sector including pilot training, cabin crew training, flight deck training etc.
Note 1 - Significant accounting policies
1.1 Basis of preparation of financial statement
(a) The financial statements have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP). The Company has prepared these financial statements to comply in all material respects with the provisions of the Companies Act, 2013 and the Companies (Accounting Standards) Rules 2014, as prescribed. The financial statements have been prepared under the historical cost convention on accrual basis and on principles of going concern. The accounting policies are consistently applied by the Company.
(b) The preparation of the financial statements requires management to make estimates and assumption that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting period. Although these estimates are based upon managements best knowledge of current events and actions, actual results could differ from these estimates.
The Restated Financial Information of FLYWINGS SIMULATOR TRAINING CENTRE LIMITED (formerly Known as Flywings Simulator Training Centre Private Limited) comprise of Restated Statement of Assets and Liabilities as at for the three months period ended 30 June, 2025 and financial year ended 31 March, 2025, 31 March, 2024 and 31 March, 2023, the Restated Statement of Profit and Loss, Restated Cash Flow Statement, Significant Accounting Policies to the
Restated Financial Information and Notes to the Restated Financial Information. These Restated Financial Information have been prepared by the management of the company for the proposed inclusion in the Draft Red Herring Prospectus (DRHP) prepared by the Company in connection with its proposed Initial Public Offer (“IPO”) in terms of the requirements of
1) Section 26 of Part I of Chapter III of the companies Act, 2013 (“the act”);
2) The securities and Exchange Board India (issue of Capital and Disclose Requirements) Regulations, 2018, as amended (“ICDR Regulations”)
3) The Guidance Note on Reports in company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (ICAI), as amended (the “Guidance Note”).
These Restated Financial Information have been compiled by the Companys management from Audited Financial Statements of the company as at for the for the three month period ended 30 June, 2025 and year ended 31 March, 2025, 31 March, 2024 and 31 March, 2023 prepared in accordance with the accounting principles generally accepted in India, including the accounting Standards specified under section 133 of the Act.
These Restated Financial Information have been approved by the Board of Directors of the Company on August 01, 2025
(c) The preparation of the financial statements requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities as on the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Differences between the actual results and estimates are recognized in the period in which the results are known / materialize.
1.2 Revenue Recognition
(a) The company generally follows the mercantile system of accounting and recognizes Income & Expenditure on accrual basis.
(b) Revenue is recognised to the extent that it is possible that, the economic benefits will flow to the company and the revenue can be reliably estimated and collectability is reasonably assured. Revenue is recognised as per Completed Service Method subject to crystalisation and as per contract norms.
(c) Revenue from sale of services are recognised when control of the services are provided to our customer and then there are no longer any unfulfilled obligations. The performance obligations in our contracts are fulfilled at the time of delivery or upon formal customer acceptance depending on customer terms.
(d) Revenue is measured on the basis of sale price, after deduction of any trade discounts, volume rebates and any taxes or duties collected on behalf of the Government such as goods and service tax etc. Accumulated experience is used to estimate the provision for such discounts and rebates. Revenue is only recognised to the extent that it is highly probable a significant reversal will not occur.
(e) Interest income is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.
1.3 Property, Plant & Equipment and Intangible Assets & Depreciation
(a) Property, Plant and Equipment is stated at acquisition cost net of accumulated depreciation and accumulated impairment losses, if any. Cost of acquisition or construction of property, plant and equipment comprises its purchase price including import duties and non-refundable purchase taxes after deducting trade discounts, rebates and any directly attributable cost of bringing the item to its working condition for its intended use.
(b) Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance cost are charged to the statement of profit and loss during the period in which they are incurred.
(c) Gains or losses that arise on disposal or retirement of an asset are measured as the difference between net disposal proceeds and the carrying value of property, plant and equipment and are recognised in the statement of profit and loss when the same is derecognised.
(d) Depreciation is calculated on pro rata basis on written down value method (WDV) based on estimated useful Life as prescribed under Part C of Schedule - II of the Companies Act, 2013. Freehold land is not depreciated.
(e) Intangible asset purchased are initially measured at cost. The cost of an intangible assets comprises its purchase price including duties and taxes and any costs directly attributable to making the assets ready for their intended use. The useful lives of intangible assets are assessed as either finite or indefinite. Finite-life intangible assets are amortised on a straightline basis over the period of their estimated useful lives.
1.4 Impairment of Assets
The carrying amounts of assets are reviewed at each balance sheet date if there is any indication of impairment based on intemal/external factors. An impairment loss is recognized wherever the carrying amount of an asset exceeds its recoverable amount. The recoverable amount is the higher of the assets net selling price and value in use, which is determined by the present value of the estimated future cash flows. The reversal of impairment loss will be as per Genarally Accepted Accounting Principles in India.
1.5 Investments
Investments shall be classified as long-term investments and shall be stated at cost. Provision shall be made to recognize any diminution other than temporary in the value of such investments. Current investments shall be carried at lower of cost and fair value.
Investment property is property (land or building) held by the owner to earn rentals or for capital appreciation or both, rather than for use in the production or supply of goods or services or for administrative purposes or sale in the ordinary course of business.
This is to confirm that the investment in the property situated at A3-1101, The World SPA, Sector 30 & 41, Gurugram - 122001, has been duly registered in the name of the Company
1.6 Inventories
Being a Service based sector, the company does not maintain any inventory.
1.7 Employee Benefits
Retirement benefit in the form of provident fund is a defined contribution scheme. The contribution to the provident fund is charged to the statement of profit and loss for the year when an employee renders the related services.
Provision for Gratuity has been considered as per Actuarial valuation report.
Leave encashment to the employees are accounted for as & when the same is claimed by eligible employees.
1.8 Borrowing Costs
(a) Borrowing costs that are directly attributable to the acquisition of qualifying assets are capitalized for the period until the asset is ready for its intended use. A qualifying asset is an asset that necessarily takes substantial period of time to get ready for its intended use.
(b) Other Borrowing costs are recognized as expense in the period in which they are incurred.
1.9 Taxes on Income
Tax expense comprises of current tax and deferred tax.
Current income tax is measured at the amount expected to be paid to the tax authorities, computed in accordance with the applicable tax rates and tax laws.
Deferred Tax arising on account of "timing differences" and which are capable of reversal in one or more subsequent periods is recognized, using the tax rates and tax laws that are enacted or substantively enacted. Deferred tax asset is recognized only to the extent there is reasonable certainty with respect to reversal of the same in future years as a matter of prudence.
1.10 Earning per share (EPS)
(a) Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.
(b) For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period are adjusted for the effects of all dilutive potential equity shares.
1.11 Prior Period Items
Prior Period and Extraordinary items and Changes in Accounting Policies having material impact on the financial affairs of the Company are disclosed in financial statements if any.
1.12 Provisions/Contingencies
(a) Provision involving substantial degree of estimation in measurements is recognized when there is a present obligation as a result of past events and it is probable that there will be an outflow of resources.
(b) Contingent Liabilities are shown by way of notes to the Accounts in respect of obligations where, based on the evidence available, their existence at the Balance Sheet date is considered not probable.
(c) A Contingent Asset is not recognized in the Accounts.
1.13 Segment Reporting
A. Business Segments:
Based on the guiding principles given in Accounting Standard 17 (AS - 17) on Segment Reporting issued by ICAI, the Company has only one reportable Business Segment which is engaged in business of providing Training relating safety and hospitality in India. Accordingly, the figures appearing in these financial statements relate to the Companys single Business Segment.
B. Geographical Segments
The Company activities / operations are confined to India and as such there is only one geographical segment. Accordingly, the figures appearing in these financial statements relate to the Companys single geographical segment.
1.14 Foreign Currency Transactions
Foreign exchange transactions are recorded at the rate prevailing on the date of respective transaction. Monetary assets and liabilities denominated in foreign currencies as at the balance sheet date are translated at the closing exchange rates on that date. Non-monetary items which are carried in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of transaction. Exchange difference s arising on foreign exchange transactions settled during the year and on restatement as at the balance sheet date are recognized in the statement of profit and loss for the year.
1.15 Balance Confirmations
Balance of Debtors & Creditors & Loans & advances Taken & giving are subject to confirmation and subject to consequential adjustments, if any. Debtors & creditors balance has been shown separately and the advances received and paid from/to the parties is shown as advance from customer and advance to suppliers.
1.16 Regrouping
Previous years figures have been regrouped and reclassified wherever necessary to match with current year grouping and classification.
DISCUSSION ON BALANCE SHEET ITEMS
The following are the explanation of financial data from our Financial Statements as Restated Balance Sheet for the three months period ended June 30, 2025 and financial years ended on March 31, 2025, 2024 and 2023:
in Lakh)
| Particulars | For the three months period ended June 30, 2025 | For Financial Year ended on | ||
| March 31, 2025 | March 31, 2024 | March 31, 2023 | ||
| Consolidated | Standalone | |||
| Long-Term Borrowings | 651.41 | 764.01 | 494.30 | 72.50 |
| Short-Term Borrowings | 826.42 | 1,045.21 | 575.28 | 694.43 |
| Trade Payables | 29.78 | 20.93 | 34.99 | 38.93 |
| Trade Receivables | 443.62 | 839.37 | 442.14 | 295.31 |
| Non-Current Investment | 2,582.70 | 2,291.62 | 651.60 | - |
| Long Term Loan & Advances | 225.41 | 540.32 | 342.74 | 27.74 |
| Short-Term Loans and Advances | 393.23 | 795.69 | 811.79 | 222.54 |
DISCUSSION FOR THREE MONTHS PERIOD ENDED JUNE 30, 2025
Long Term Borrowings
Our Long-Term Borrowings for the period ended June 30, 2025 is Rs. 651.41 Lakhs which includes debentures and loans from Bank /NBFC
Our Short-Term Borrowings for the period ended June 30, 2025 is t 826.42 Lakhs which includes Bank Overdraft and current maturities of long term borrowings.
Trade Payables
Our Trade Payables for the period ended June 30, 2025 is t 29.78 Lakhs which includes trade paybales to MSME and others.
Trade Receivables
Our Trade Receivables for the period ended June 30, 2025 is t 443.62 Lakhs which includes secured , unsecured and doubtful debtors.
Non-Current Investments
Our Non-Current Investments for the period ended June 30, 2025 is t 2852.70 Lakhs which includes investment in property and unquoted shares
Long Term Loans and Advances
Our Long-Term Loans and Advances for the period ended June 30, 2025 is t 225.41 Lakhs which includes security deposit and capital advances.
Short Term Loans and Advances
Our Short-Term Loans and Advances for the period ended June 30, 2025 is t 393.23 Lakhs which includes advance paid to related parties and suppliers.
COMPARISON OF FY 2024-25 WITH FY 2023-24
Long Term borrowings
Our Long-Term Borrowings increased by t 269.71 Lakhs from t 494.30 Lakhs for the financial year ended March 31, 2024 to t 764.01 Lakhs for the financial year ended March 31, 2025 representing an increase of 54.56%, such significant increase is on account of issue of Redeemable Non-Convertible debentures.
Short Term borrowings
Our Short-Term Borrowings increased by t 469.93 Lakhs from t 575.28 Lakhs for the financial year ended March 31, 2024 to t 1,045.21 Lakhs for the financial year ended March 31, 2025 representing an increase of 81.69%, such significant increase is on account Of further bank overdraft taken during the year.
Trade Payables
Our Trade Payables decreased by t 14.05 Lakhs from t 34.99 Lakhs for the financial year ended March 31, 2024 to t 20.93 Lakhs for the financial year ended March 31, 2025 representing a decrease of 40.16%, such decrease is on account of payment made to creditors in order to reduce the interest cost.
Trade Receivables
Our Trade Receivables increased by t 397.22 Lakhs from t 442.14 Lakhs for the financial year ended March 31, 2024 to t 839.37 Lakhs for the financial year ended March 31, 2025 representing an increase of 89.84%, such significant increase is on account of increase in revenue from operations.
Non-Current Investments
Our Non-Current Investments increased by t 1,640.02 Lakhs from t 651.60 Lakhs for the financial year ended March 31, 2024 to t 2291.62 Lakhs for the financial year ended March 31, 2025 representing an increase of 251.69%, such increase is on account of investments in unquoted shares.
Our Long-Term Loans and Advances given increased by t 197.58 Lakhs from t 342.74 Lakhs for the financial year ended March 31,2024 to t 540.32 Lakhs for the financial year ended March 31,2025 representing an increase of 57.65%, such significant increase is on account of increase in capital advances
Short Term Loans and Advances
Our Short-Term Loans and Advances given decreased by t 16.10 Lakhs from t 811.79 Lakhs for the financial year ended March 31, 2024 to t 795.69 Lakhs for the financial year ended March 31, 2025 representing a decrease of 1.98%, such decrease is on account of repayment of advance given to our suppliers.
COMPARISON OF FY 2023-24 WITH FY 2022-23
Long Term borrowings
Our Long-Term Borrowings increased by t 421.79 Lakhs from t 72.50 Lakhs for the financial year ended March 31, 2023 to t 494.30 Lakhs for the financial year ended March 31, 2024 representing an increase of 581.74%, such significant increase is on account of loan taken from bank.
Short Term borrowings
Our Short-Term Borrowings decreased by t 119.16 Lakhs from t 694.43 Lakhs for the financial year ended March 31, 2023 to t 575.28.10 Lakhs for the financial year ended March 31, 2024 representing a decrease of 17.16%, such decrease is on account of repayment of loan taken from directors and relatives.
Trade Payables
Our Trade Payables decreased by t 3.95 Lakhs from t 38.93 Lakhs for the financial year ended March 31, 2023 to t 34.99 Lakhs for the financial year ended March 31, 2024 representing a decrease of 10.14%, such decrease is on account of payment made to creditors in order to reduce the interest cost.
Trade Receivables
Our Trade Receivables increased by t 146.83 Lakhs from t 295.31 Lakhs for the financial year ended March 31, 2023 to t 442.14 Lakhs for the financial year ended March 31, 2024 representing an increase of 49.72%, such significant increase is on account of increase in revenue from operations.
Non-Current Investments
Our Non-Current Investments increased by t 651.60 Lakhs from nil for the financial year ended March 31,2023 to t 651.60 Lakhs for the financial year ended March 31,2024 representing an increase of 100%, such significant increase is on account of investment in property.
Long Term Loans and Advances
Our Long-Term Loans and Advances given increased by t 315 Lakhs from t 27.74 lakhs for the financial year ended March 31,2023 to t 342.74 Lakhs for the financial year ended March 31,2024 representing an increase of 1135.63%, such significant increase is on account capital advances made during the year
Short Term Loans and Advances
Our Short-Term Loans and Advances given increased by t 589.25 Lakhs from t 222.54 Lakhs for the financial year ended March 31, 2023 to t 811.79 Lakhs for the financial year ended March 31, 2024 representing a decrease of 264.78%, such significant increase is on account of Advances made to related parties.
DISCUSSION ON RESULTS OF OPERATION
The following discussion on results of operations should be read in conjunction with the Restated Financial Results of our Company for the period ended June 30, 2025 and financial year ended on March, 31 2025, 2024 and 2023.
Results of Our Operations
The following table sets forth select financial data from our Financial Statements as Restated Financial Results of our Company for the three months period ended on June 30, 2025 and financial years ended on March 31, 2025, 2024 and 2023 the components of which are also expressed as a percentage of total revenue for such periods:
(Rs. in Lakhs)
| Particulars | For three months Period ended June 30, 2025 | % of total income | For the year ended on March 31, 2025 | % of total incom e | For the year ended on March 31, 2024 | % of total incom e | For the year ended on March 31, 2023 | % of total incom e |
| Consolidated | Standalone | |||||||
| Revenue from Operations | 406.07 | 95.73 | 2,021.05 | 85.48 | 2,220.28 | 98.25 | 1,037.65 | 99.44 |
| Other income | 18.13 | 4.27 | 343.29 | 14.52 | 39.53 | 1.75 | 5.86 | 0.56 |
| Total Revenue (A) | 424.20 | 100.00 | 2,364.33 | 100.00 | 2,259.81 | 100.00 | 1,043.51 | 100.00 |
| Expenses: | ||||||||
| Employee benefits expense | 83.56 | 19.70 | 227.00 | 9.60 | 163.07 | 7.22 | 94.58 | 9.06 |
| Other expenses | 92.55 | 21.82 | 443.07 | 18.74 | 528.35 | 23.38 | 365.18 | 35.00 |
| Total Expenses (B) | 176.12 | 41.52 | 670.07 | 28.34 | 691.42 | 30.60 | 459.76 | 44.06 |
| Earnings Before Interest, Taxes, Depreciation & Amortization(C=A-B) | 248.09 | 58.48 | 1,694.26 | 71.66 | 1,568.40 | 69.40 | 583.75 | 55.94 |
| Finance costs (D) | 45.34 | 10.69 | 144.64 | 6.12 | 46.89 | 2.07 | 26.72 | 2.56 |
| Depreciation and amortization expenses (E) | 13.15 | 3.10 | 59.72 | 2.53 | 72.53 | 3.21 | 84.59 | 8.11 |
| Profit before exceptional items, extraordinary items and tax (F=C-D-E) | 189.59 | 44.69 | 1,489.90 | 63.02 | 1,448.97 | 64.12 | 472.44 | 45.27 |
| Exceptional Items | - | 0.00 | - | 0.00 | - | 0.00 | - | 0.00 |
| Profit before tax (G=E-F) | 189.59 | 44.69 | 1,489.90 | 63.02 | 1,448.97 | 64.12 | 472.44 | 45.27 |
| Tax Expenses (H) | ||||||||
| - current Tax | 51.07 | 12.04 | 398.30 | 16.85 | 381.45 | 16.88 | 57.00 | 5.46 |
| - Deferred Tax | (1.33) | (0.31) | (014) | (0.01) | (6.41) | (0.28) | (0.49) | (0.05) |
| Profit (Loss) after tax and before share of Profit/(Loss) from Associate (I = G-H) | 139.86 | 32.97 | 1,091.74 | 46.18 | 1,073.93 | 47.52 | 415.93 | 39.86 |
| Share of Profit/(Loss) from Associate | (1.88) | (0.44) | - | - | - | - | - | - |
| Profit after tax (J=H-I) | 137.98 | 32.53 | 1,091.74 | 46.18 | 1,073.93 | 47.52 | 415.93 | 39.86 |
Overview of Revenue and expenditure Revenue and Expenditure
Total Revenue: Our total revenue comprises of revenue from operations and other income.
Revenue from Operations: Our revenue from operations comprises of sale of services which includes cabin crew practice sessions, classroom sessions and flight deck practice sessions.
Other Income: Our other income comprises of interest income, interest on fixed deposits, other income, forex gain, rental income, gain on sale of PPE, amount written back and other non-operating income.
Expenses: Our expenses comprise of employee benefit expenses, finance cost, depreciation and amortisation expenses and other expenses.
Employee Benefit Expenses: Our employee benefit expense consists of salaries, wages & bonus, directors remuneration, gratuity, staff welfare expenses and employers contribution to provident fund & ESIC.
Finance Cost: Our finance costs comprise of bank & other finance charges and interest on loans.
Depreciation and Amortisation Expenses: Tangible assets are depreciated over periods corresponding to their estimated useful lives. depreciation includes depreciation charged on property, plant and equipment.
Other Expenses: Our other expenses include consumables expenses, insurance expenses, rent, hotel accommodation charges, training fees, water expenses, legal and professional fees, listing fees, audit fees, advertising expense, balance written off / bad debt, business promotion expenses, commission, computer, printing and stationery expenses, CSR expenses, director sitting fees, internet expenses, electricity expenses, forex loss, office expenses, repair & maintenance expenses, customs duty charge, interest and late fees on statutory dues, other expense, telephone expenses, reimbursement of expenses, rent, rate and taxes, security services, service charges, donation expenses, travelling and conveyance expenses and registration and tender expenses.
Tax Expenses: Income taxes are accounted for in accordance with Accounting Standard - 22 on “Accounting for Taxes on Income” (“AS-22”), prescribed under the Companies (Accounting Standards) Rules, 2006. Our Company provides for current tax, as well as deferred tax, as applicable.
Provision for current taxes is made at the current tax rates after taking into consideration the benefits available to our Company under the provisions of the I. T. Act.
Deferred tax arises from the timing differences between book profits and taxable profits that originate in one period and are capable of reversal in one or more subsequent periods and is measured using the tax rates and laws applicable as of the date of the financial statements. Our Company provides for deferred tax asset / liability on such timing differences subject to prudent considerations in respect of deferred tax assets.
DISCUSSION FOR PERIOD ENDED JUNE 30, 2025
Income
Our Total Income for the period ended June 30, 2025 is t 424.20 Lakhs which includes Revenue from Operations and Other Income.
Revenue from operations
Our Revenue from operations for the period ended June 30, 2025 is t 406.07 Lakhs which includes Revenue from Cabin crew practice session of t 405.37 Lakhs and Classroom session of t 0.70 Lakhs.
Other Income
Our Other income for the period ended June 30, 2025 is t 18.13 Lakhs which includes Interest Income of t 8.29 Lakhs, Interest on Fixed Deposit of t 7.74 Lakhs, Rental Income of t 1.50 Lakhs, Forex gain of t 0.12 Lakhs and Other Income of t 0.48 Lakhs.
Expenses
Our Total Expenses excluding finance cost, depreciation and tax expenses was t 176.12 Lakhs for the period ended June 30, 2025 which is 41.52% of Total Income. The details of the same are described below: -
Employee benefits expenses
Our Employee Benefit Expenses for the period ended June 30, 2025, is t 83.56 Lakhs, which is 19.70% of total income. This includes Salaries, Wages & Bonus of t 52.43 Lakhs, Directors Remuneration of t 24.00 Lakhs, Gratuity Expenses of t 6.39 Lakhs, Staff Welfare Expenses of t 0.42 Lakhs and Employers Contribution to Provident Fund & ESIC of t 0.32 Lakhs.
Finance costs
Our Finance Cost for the period ended June 30, 2025 is t 45.34 Lakhs, which is 10.69% of total income. This includes Bank and Other Financial Charges of t 0.19 Lakhs and Interest on Loans of t 45.15 Lakhs.
Depreciation and amortization expense
Our Depreciation and Amortization Expenses for the period ended June 30, 2025 is t 13.15 Lakhs, which is 3.10% of total income.
Our Other Expenses for the period ended June 30, 2025 is Rs. 92.55 Lakhs, which is 21.82% of total income. These expenses include Consumables Expenses, Insurance Expenses, Rent, Hotel accommodation charges, Legal and Professional Fees, Audit Fees, Advertising Expense, Computer, printing and stationery expenses, Internet Expenses, Electricity Expenses, Office Expenses, Repair & Maintenance Expenses, Interest and late fees on statutory dues, Other Expense, Telephone Expenses, Security Services, Service Charges, Travelling and Conveyance Expenses and Registration and Tender Expenses.
Profit before tax
Our Profit before Tax is Rs. 189.59 Lakhs for the period ended June 30, 2025, which is 44.69% of Total Income for the period.
Tax expenses
Our Tax expenses are Rs. 49.73 Lakhs for the period ended June 30, 2025, which is 11.72% of Total Income for the period. Profit/(Loss) from Associate
Our Share of loss from Ambitions Flying Club Private Limited is Rs. 1.88 Lakhs, which is 0.44% of Total Income for the period ended June 30, 2025.
Profit After Tax
Our Profit for period ended June 30, 2025 is Rs. 137.98 Lakhs, which is 32.53% of the Total Income for the period.
COMPARISON OF FY 2024-25 WITH FY 2023-24
Income
Our Total Income increased by Rs. 104.52 lakhs, from Rs. 2,259.81 lakhs for the financial year ended March 31, 2024 to Rs. 2,364.33 lakhs for the financial year ended March 31, 2025, due to the factors described below:
Revenue from operations
Our Revenue from operations decreased by Rs. 199.24 lakhs, from Rs. 2,220.28 lakhs for the financial year ended March 31, 2024, to Rs. 2,021.05 lakhs for the financial year ended March 31, 2025, representing a reduction of 8.97%.
Other Income
Our Other income increased by Rs. 303.76 lakhs, from Rs. 39.53 lakhs for the financial year ended March 31, 2024, to Rs. 343.29 lakhs for the financial year ended March 31, 2025, representing a growth of 768.50%. The increase primarily is due to increase in Interest income and Other non-operating Income.
Expenses
Our Total Expenses excluding finance cost, depreciation and tax expenses was Rs. 670.07 lakhs for the year ended March 31, 2025 as compared to Rs. 691.42 Lakhs for the financial year March 31, 2024, representing decrease of 3.09% due to the factors described below: -
Employee benefits expenses
Employee Benefit Expenses increased by Rs. 63.93 lakhs, from Rs. 163.07 lakhs in the financial year ended March 31, 2024, to Rs.227 lakhs in the financial year ended March 31, 2025, reflecting a 39.20% rise. This increase was primarily driven by performance-based salary increments awarded in recognition of the Companys performance during FY 2024.
Finance costs
Our Finance Cost was Rs. 144.64 lakhs for the year ended March 31, 2025 as compared to Rs. 46.89 Lakhs for the financial year March 31, 2024, representing an increase of 208.49% due to increase in interest on loans.
Other expenses
Our Other Expenses decreased by Rs. 85.27 lakhs, from Rs. 528.35 lakhs for the financial year ended March 31, 2024, to Rs. 443.07 lakhs for the financial year ended March 31, 2025, which is 23.38% and 18.74% of the total revenue of respective years. The decrease in on account of decrease in Hotel Accommodation Charges, Training Fees and Balance written off / bad debt.
Profit before tax
Our Profit before Tax increased by Rs. 40.92 lakhs, from Rs. 1,488.97 lakhs for the financial year ended March 31, 2024, to Rs. 1489.90 lakhs for the financial year ended March 31, 2025, representing a growth of 2.82% on account of reasons mentioned above.
Tax expenses
Our tax expenses for the financial year 2024-25 amounted to Rs. 398.15 Lakhs as against tax expenses of Rs. 375.04 Lakhs for the financial year 2023-24. The net increase of Rs. 23.12 is on account of increase in Current tax and Deferred Tax.
Profit After Tax
Our Profit for the year increased by Rs. 17.81 lakhs, from Rs. 1,073.99 lakhs for the financial year ended March 31, 2024, to Rs. 1,091.74 lakhs for the financial year ended March 31, 2025 representing a nominal rise of 1.66%.
COMPARISON OF FY 2023-24 WITH FY 2022-23
Income
Our Total Income increased by Rs. 1,216.30 lakhs, from Rs. 1,043.51 lakhs for the financial year ended March 31, 2023 to Rs. 2,259.81 lakhs for the financial year ended March 31, 2024, due to the factors described below:
Revenue from operations
Our Revenue from operations increased by Rs. 1,182.63 lakhs, from Rs. 1,037.65 lakhs for the financial year ended March 31, 2023, to Rs. 2,220.28 lakhs for the financial year ended March 31, 2024, representing a growth of 113.97%.
Other Income
Our Other income increased by Rs. 33.67 lakhs, from Rs. 5.86 lakhs for the financial year ended March 31, 2023, to Rs. 39.53 lakhs for the financial year ended March 31, 2024, representing a growth of 574.54%. The increase primarily is due to increase in Interest income.
Expenses
Our Total Expenses excluding finance cost, depreciation and tax expenses was Rs. 691.42 lakhs for the year ended March 31, 2024 as compared to Rs. 459.76 Lakhs for the financial year March 31, 2023, representing increase of 50.39% due to the factors described below: -
Employee benefits expenses
Employee Benefit Expenses increased by Rs. 68.49 lakhs, from Rs. 94.58 lakhs in the financial year ended March 31, 2023, to Rs. 163.07 lakhs in the financial year ended March 31, 2024, reflecting a 72.42% rise. This increase was primarily driven by performance-based salary increments awarded in recognition of the Companys performance during FY 2023.
Finance costs
Our Finance Cost was Rs. 46.89 lakhs for the year ended March 31, 2024 as compared to Rs. 26.72 Lakhs for the financial year March 31, 2023, representing increase of 75.46% due to increase in interest on loans.
Other expenses
Our Other Expenses increased by Rs. 163.16 lakhs, from Rs. 365.18 lakhs for the financial year ended March 31, 2023, to Rs. 528.35 lakhs for the financial year ended March 31, 2024, which is 35.00% and 23.38% of the total revenue of respective years. The increase in on account of increase in Consumables Expenses, Insurance Expenses, Rent, Hotel Accommodation charges, Water Expenses, Legal and Professional Fees, Audit Fees, Balance written off/Bad Debt, Electricity Expenses, Office Expenses Interest and late fees on statutory dues and Other Expense which was partially set off by decrease in Training Fees, Custom Duty Charges, Rent, Rate and Taxes and Travelling and Conveyance Expenses.
Profit before tax
Our Profit before Tax increased by Rs. 976.54 lakhs, from Rs. 472.44 lakhs for the financial year ended March 31, 2023, to Rs. 1,448.97 lakhs for the financial year ended March 31, 2024, representing a growth of 206.70% on account of reasons mentioned above.
Tax expenses
Our tax expenses for the financial year 2023-24 amounted to Rs. 375.04 Lakhs as against tax expenses of Rs. 56.51 Lakhs for the financial year 2022-23. The net increase of Rs. 318.53 is on account of increase in Current tax and Deferred Tax.
Profit After Tax
Our Profit for the year increased by Rs. 658.01 lakhs, from Rs. 415.93 lakhs for the financial year ended March 31, 2023, to Rs. 1,073.93 lakhs for the financial year ended March 31, 2024 representing a growth of 158.20%. The proportionate profit margin compared to revenue from operations are 48.37% for FY 2024 compared to 40.08% for FY 2023.
Changes in Cash Flows
The table below summaries our cash flows from our Restated Financial Statements for the three months period ended on June 30, 2025 and financial years ended March 31, 2025, 2024 and 2023:
(X in Lakh)
| Particulars | For three months period ended on June 30, 2025 | For the Financial year ended on | ||
| March 31, 2025 | March 31, 2024 | March 31, 2023 | ||
| Consolidated | Standalone | |||
| Net cash (used in)/generated from operating Activities | 344.36 | 906.94 | 254.87 | 1,135.93 |
| Net cash (used in)/generated from investing Activities | 30.78 | (2,060.20) | (1,571.33) | (65.73) |
| Net cash (used in)/ generated from financing Activities | (376.73) | 584.92 | 1,894.94 | (524.80) |
| Net increase/ (decrease) in cash and cash Equivalents | (1.59) | (568.34) | 578.48 | 545.40 |
| Cash and Cash Equivalents at the beginning of the period | 569.07 | 1,137.41 | 558.93 | 13.53 |
| Cash and Cash Equivalents at the end of the Period | 567.48 | 569.07 | 1,137.41 | 558.93 |
Operating Activities
Three months period ended June 30, 2025
Our net cash generated from operating activities was X 344.36 Lakhs for the period ended June 30, 2025. Our operating profit before working capital changes was X 238.44 Lakhs which was adjusted for changes in working capital. The movement in working capital includes (i) decrease in trade receivables by X 395.74 Lakhs due to collection from clients, (ii) decrease in Short Term Loans & Advances by X402.46 Lakhs due to recovery of loans and advances from related parties, (iii) increase in Other Current Assets by X 303.56 Lakhs due to increase in prepaid expenses, (iv) increase in Trade payable by X 8.84 Lakhs due to expenses incurred on account of regular course of business, (v) decrease in other current liabilities by X 361.98 Lakhs due to reduction in advances from customers, salary payable and other statutory dues payable, which was further decreased by payment of Income Tax of X 35.58 Lakhs.
Financial year 2024-25
Our net cash generated from operating activities was Rs. 906.94 Lakhs for the financial year ended March 31, 2025. Our operating profit before working capital changes was Rs. 1,366.88 Lakhs for the financial year ended March 31, 2025 which was adjusted for changes in working capital. The movement in working capital includes (i) increase in trade receivables by Rs. 237.22 Lakhs due to increase in revenue from operations, (ii) decrease in Short Term Loans & Advances by Rs.18.07 Lakhs due to decrease in advances paid to service providers, (iii) increase in Other Current Assets by Rs. 33.53 Lakhs due to increase in accrued interest on Fixed deposits and increase in prepaid expenses, (iv) increase in Trade payable by Rs. 33.70 Lakhs due to expenses incurred on account of regular course of business, (v) decrease in other current liabilities by Rs. 189.55 Lakhs which is due to decrease in advances from clients which was partially set off by GST dues payable. The movement in working capital was further decreased by payment of Income Tax of Rs. 430.50 Lakhs.
Financial year 2023-24
Our net cash generated from operating activities was Rs. 254.87 Lakhs for the financial year ended March 31, 2024. Our operating profit before working capital changes was Rs. 1,627.73 Lakhs for the financial year ended March 31, 2024 which was adjusted for changes in working capital. The movement in working capital includes (i) increase in trade receivables by Rs. 241.25 Lakhs due to increase in revenue from operations, (ii) increase in Short Term Loans & Advances by Rs. 589.25 Lakhs due to advances given to related parties, (iii) nominal increase in Other Current Assets by Rs. 0.09 Lakhs, (iv) decrease in Trade payable by Rs. 3.95 Lakhs due to payments made to parties, (v) decrease in other current liabilities by Rs. 316.42 Lakhs due to decrease in advances received from clients, which was further decreased by payment of Income Tax of Rs. 221.90 Lakhs.
Financial year 2022-23
Our net cash generated from operating activities was Rs. 1,135.93 Lakhs for the financial year ended March 31, 2023. Our operating profit before working capital changes was Rs. 606.54 Lakhs for the financial year ended March 31, 2023 which was adjusted for changes in working capital. The movement in working capital includes (i) increase in trade receivables by Rs. 292.36 Lakhs due to increase in revenue from operations, (ii) decrease in Short Term Loans & Advances by Rs. 611.52 Lakhs due to advances to related parties and service providers, (iii) decrease in Other Current Assets by Rs. 31.71 Lakhs due to decrease in balance ewith Revenue Authorities, (iv) decrease in Trade payable by Rs. 120.38 Lakhs due to payments made to the service providers, (v) increase in other current liabilities by Rs. 347.14 Lakhs due to increase in advances received from clients which was further decreased by payment of Income Tax of Rs. 48.23 Lakhs.
Investing Activities
Period ended June 30, 2025
Our net cash generated in investing activities was Rs. 30.78 Lakhs for the period ended on June 30, 2025. These were on account of Purchase of Fixed assets of Rs.7.21 Lakhs, increase in Other Non-current Investments of Rs. 291.08 Lakhs, Share in loss of associate of Rs. 1.88 Lakhs, repaid loan and advances given of Rs. 314.91 Lakhs and Interest Income of Rs. 16.03 Lakhs.
Financial year 2024-25
Our net cash used in investing activities was Rs. 2,060.20 Lakhs for the financial year ended on March 31, 2025. These were on account of Purchase of Fixed assets of Rs.14.86 Lakhs, Sale of Fixed Assets of Rs. 0.03 Lakhs, increase in Noncurrent Investments of Rs. 1,640.02 Lakhs, increase in other non-current asset by Rs. 106.25 Lakhs, increase in Other Bank Balance by Rs. 224.45 Lakhs, long term loans and advances given of Rs. 197.58 Lakhs and Interest Income of Rs. 122.93 Lakhs.
Financial year 2023-24
Our net cash used in investing activities was Rs. 1,571.33 Lakhs for the financial year ended on March 31, 2024. These were on account of Purchase of Fixed assets of Rs. 498.64 Lakhs, Sale of Fixed Assets of Rs. 20.99 Lakhs Increase in Noncurrent Investments of Rs. 651.60 Lakhs, Gain on sale of Plant and Equipment of Rs. 1.14 Lakhs, increase in Other Bank Balance by Rs.164.05 Lakhs, long term loans and advances given of Rs. 315.00 Lakhs and Interest Income of Rs. 35.81 Lakhs.
Financial year 2022-23
Our net cash used in investing activities was Rs. 65.33 Lakhs for the financial year ended on March 31, 2023. These were on account of Purchase of Fixed assets of Rs. 54.41 Lakhs, increase in Other Bank Balance Rs.17.33 Lakhs, repaid loan and advances given of Rs. 0.15 Lakhs and Interest Income of Rs. 5.86 Lakhs.
Financing Activities
For the three months period ended June 30, 2025
Our net cash used in financing activities for the period ended on June 30, 2025, was Rs. 376.73 Lakhs which was primarily on account of Repayment of long-term borrowings of Rs. 112.60 Lakhs, Payment of short term borrowings of Rs. 218.80 Lakhs and Finance cost of Rs. 45.34 Lakhs.
Financial year 2024-25
Our net cash generated from financing activities for the financial year ended on March 31, 2025, was Rs. 584.92 Lakhs which was primarily on account of Increase in Share capital of Rs.0.24 Lakhsand share premium of Rs. 430.03 lakhs due to issuance of fresh capital, Decrease in share application money by Rs.440.36 lakhs, Proceeds from long term borrowings of Rs. 1,261.00 Lakhs, Repayment of long-term borrowings of Rs. 991.29 Lakhs, proceeds from short term borrowings of Rs. 469.94 Lakhs and Finance cost of Rs. 144.64 Lakhs.
Financial year 2023-24
Net cash generated from financing activities for the financial year ended on March 31, 2024, was Rs. 1,894.94 Lakhs which was primarily on account of Increase in Share capital of Rs.5.67 Lakhs, increase in share premium of Rs. 1,193.17 lakhs, increase in share application money by Rs.440.36 Lakhs, Proceeds from long term borrowings by Rs. 495.00 Lakhs, Repayment of long-term borrowings of Rs. 73.21 Lakhs, repayment of short-term borrowings of Rs. 119.16 Lakhs and Finance cost of Rs. 46.89 Lakhs.
Financial year 2022-23
Net cash used in financing activities for the financial year ended on March 31, 2023 was Rs. 524.80 Lakhs which was primarily on account of and repayment of long-term borrowings of Rs. 57.03 Lakhs, repayment of short-term borrowings of Rs. 441.04 Lakhs and Finance cost of Rs. 26.72 Lakhs.
Other Key Ratios
The table below summaries key ratios in our Restated Financial Statements for the three months period ended on June 30, 2025 and financial year ended March 31, 2025, 2024 and 2023:
| Particulars | For three months period ended June 30, 2025 | For the year ended March 31, 2025 | For the year ended March 31, 2024 | For the year ended March 31, 2023 |
| Consolidated | Standalone | |||
| Fixed Asset Turnover Ratio | 0.48 | 2.38 | 2.48 | 2.12 |
| Current Ratio | 1.76 | 1.49 | 2.22 | 0.76 |
| Debt Equity Ratio | 0.37 | 0.46 | 0.45 | 7.12 |
Fixed Asset Turnover Ratio: This is defined as revenue from operations divided by total fixed assets based on Financial Statements as Restated.
Current Ratio: This is defined as current assets divided by current liabilities, based on Financial Statements as Restated.
Debt Equity Ratio: This is defined as total debt divided by total shareholder funds. Total debt is the sum of long-term borrowings, short-term borrowings and current maturities of long-term debt, based on Financial Statements as Restated.
Financial Indebtedness
As on June 30, 2025 the total outstanding borrowings of our Company is Rs. 1,477.83 Lakhs. For further details, refer to the chapter titled “Statement of Financial Indebtedness” beginning on page 226.
| (Rs. in Lakh) | |
| Particulars | As at June 30, 2025 |
| Loans from Banks & Financial Institutions: | |
| -Secured loans from Banks & Financial Institutions | 856.50 |
| -Unsecured loans from Banks & Financial Institutions | 12.59 |
| Unsecured Loans from Other Body Corporate | - |
| 13% Debenture (Redeemable Non-Convertible) | 608.73 |
| Total | 1,477.83 |
Related Party Transactions
Related party transactions with our promoter, directors and their entities and relatives primarily relate to purchase and sale of services. For further information, please refer to the chapter titled “Financial Statements as Restated" on page 209.
Off-Balance Sheet Items
We do not have any other off-balance sheet arrangements, derivative instruments or other relationships with any entity that have been established for the purposes of facilitating off-balance sheet arrangements.
Qualitative Disclosure about Market Risk
Financial Market Risks
Market risk is the risk of loss related to adverse changes in market prices, including interest rate risk. We are exposed to interest rate risk, inflation and credit risk in the normal course of our business.
Interest Rate Risk
Our financial results are subject to changes in interest rates, which may affect our debt service obligations and our access to funds.
Effect of Inflation
We are affected by inflation as it has an impact on variable costs associated with running our day-to-day operations, etc. In line with changing inflation rates, we rework our margins so as to absorb the inflationary impact.
Credit Risk
We are exposed to credit risk on monies owed to us by our customers. If our customers do not pay us promptly, or at all, we may have to make provisions for or write-off such amounts.
Reservations, Qualifications and Adverse Remarks
Except as disclosed in chapter titled “Financial Statements as Restated" beginning on page 209, there have been no reservations, qualifications and adverse remarks.
Details of Default, if any, including therein the Amount Involved, Duration of Default and Present Status, in Repayment of Statutory Dues or Repayment of Debentures or Repayment of Deposits or Repayment of Loans from any Bank or Financial Institution.
Except as disclosed in chapter titled “Financial Statements as Restated" beginning on page 209, there have been no defaults in payment of statutory dues or repayment of debentures and interest thereon or repayment of deposits and interest thereon or repayment of loans from any bank or financial institution and interest thereon by the Company.
FACTORS THAT MAY AFFECT THE RESULTS OF THE OPERATIONS
Unusual or infrequent events or transactions
There are no transactions or events, which in our best judgment, would be considered unusual or infrequent that have significantly affected operations of the Company.
Significant economic changes that materially affected or are likely to affect income from continuing operations
There are no significant economic changes that materially affected Companys operations or are likely to affect income from continuing operations. Any slowdown in the growth of Indian economy or future volatility in global commodity prices, could affect the business including the future financial performance, shareholders funds and ability to implement strategy and the price of the Equity Shares.
Known trends or uncertainties that have had or are expected to have a material adverse impact on sales, revenue or income from continuing operations
Other than as disclosed in the chapter titled “Risk Factors" beginning on page 39 to our knowledge, there are no known trends or uncertainties that have or had or are expected to have a material adverse impact on revenues or income of our Company from continuing operations.
Future changes in relationship between costs and revenues in case of events such as future increase in labour or material cost or prices that will cause material change
According to our knowledge, there are no future relationship between cost and income that would be expected to have a material adverse impact on our operations and revenues. However, increase in the cost of the services in which the Company deals, will affect the profitability of the Company. Further, the Company may not be able to pass on the increase in prices of the services to the customers in full and this can be offset through cost reduction.
The extent to which material increases in net sales or revenue are due to increased sales volume, introduction of new services or increased prices
The increase in revenue is by and large linked to increase in volume of all the activities carried out by the Company. Total turnover of each major industry segment in which the Issuer Company operates
The Company is in the business of aviation training, relevant industry data as available, has been included in the chapter titled “Industry Overview" beginning on 111.
Competitive Conditions
We have competition with Indian and international companies and our results of operations could be affected by competition in the aviation training industry in India and international market in the future. We expect competition to intensify due to possible new entrants in the market, existing competitors further expanding their operations and our entry into new markets where we may compete with well-established unorganized companies/ entities. This we believe may impact our financial condition and operations. For details, please refer to the chapter titled “Risk Factors" beginning on page 39. A key factor in our revenue growth is our exclusive training facilities. Unlike many competitors, our state-of- the-art training environment is available only through our company, offering a distinctive advantage. This exclusivity not only enhances our appeal to potential clients but also ensures that we remain at the forefront of the industry. Our dedicated facilities are equipped with the latest technology and resources, providing unparalleled training experiences that set us apart from the competition.
Increase in income
Increases in our income are due to the factors described above in in this chapter under “Factors Affecting Our Results of Operations" and chapter titled “Risk Factors” beginning on page 39.
Status of any Publicly Announced New Business Segments
Except as disclosed elsewhere in the Draft Red Herring Prospectus, we have not announced and do not expect to announce in the near future any new business segments.
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
Download The App Now
Follow us on
2026, IIFL Capital Services Ltd. All Rights Reserved
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248, DP SEBI Reg. No. IN-DP-185-2016, BSE Enlistment Number (RA): 5016
ARN NO : 47791 (AMFI Registered Mutual Fund & Specialized Investment Fund Distributor), PFRDA Reg. No. PoP 20092018
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.
