Interglobe Aviation Ltd Directors Report.
The Board of Directors of the Company ("Board") have pleasure in presenting their sixteenth report on the business and operations of InterGlobe Aviation Limited ("the Company", "Our Company" or "we") for the financial year ended March 31, 2019.
1. Financial Results
The Companys financial performance (Consolidated and Standalone) for the financial year ended March 31, 2019 as compared to the previous financial year ended March 31,2018 is summarised below:
(Rupees in million, except earnings per share)
|Revenue from operations||284,967.72||230,208.87||284,967.72||230,208.87|
|Profit before tax||(1,473.78)||31,266.27||(1,490.47)||31,266.77|
|Deferred tax credit / (charge)||3,061.49||(2,153.21)||3,051.82||(2,153.21)|
|Profit after tax (PAT)||1,572.47||22,423.24||1,561.35||22,423.74|
|Other Comprehensive Income net of tax||1.34||2.51||1.34||2.51|
|Total Comprehensive Income||1,573.81||22,425.75||1,562.69||22,426.25|
|Earnings per equity shares of the face value of Rs. 10 each|
*Agile Airport Services Private Limited, wholly owned subsidiary of the Company started its operations on September 06, 2018 and hence the figures for the previous financial year ended March 31,2018 are not comparable.
2. Financial Performance
For the year under review, the total standalone income stood at Rs. 298,217.08 million as compared to Rs 239,677.43 million in the previous financial year ended March 31, 2018. The profit after tax decreased from Rs. 22,423.74 million to Rs. 1,561.35 million for the financial year under review. For details, please refer to the standalone financial statements forming part of this Annual Report.
3. Operational Performance
As of March 31,2019, the Company operated scheduled services to 68 destinations including 16 international destinations with a fleet of 217 aircraft, consisting of 130 A320ceos, 71 A320neos, 1 A321neo and 15 ATRs. The Company was ranked as one of the best airlines for the second consecutive year amongst the top 20 mega airlines globally in terms of on-time performance based on the data compiled by OAG. Further, the Company was the only Indian airline to have made it to this list. The Company continued to be the leading airline in terms of on-time performance (OTP) with an average OTP of 81.6% at four key metros for the financial year ended March 31, 2019. During the year under review, the Company had a technical dispatch reliability of 99.87% and flight cancellation rate of 0.81%. The Company has been awarded a total of 86 routes covering 30 additional routes in the Phase III of bidding under Regional Connectivity scheme.
As a part of our international expansion strategy, the Company had entered into its first codeshare and mutual cooperation agreement with Turkish Airlines. This will allow our customers to reach several destinations on the Turkish Airlines Network beyond Istanbul.
During the year under review, the Company partnered with Smartkargo, an innovative cloud based air cargo management solution, to power the future growth for its end - to - end air cargo and logistics business.
For a detailed analysis of the operational performance of the Company, please refer to Management Discussion and Analysis Report forming part of this Annual Report.
The Board has framed a Dividend Distribution Policy in line with Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations). The said policy is uploaded on Investor Relations section of the website of the Company at www.goindigo.in. Based on Companys cash position and profitability for the year under review, the Board has recommended a Final Dividend of Rs. 5 per equity share of the face value of Rs. 10 each for the financial year ended March 31,2019. The Final Dividend, subject to the approval of the shareholders of the Company at their forthcoming Annual General Meeting ("AGM"), will be paid to the shareholders whose names appear in the Register of Members / Register of Beneficial owner as on the record date fixed for this purpose. The total estimated amount of dividend payable, if approved by the shareholders, based on the current paid up share capital of the Company is Rs. 1,922.98 million (excluding corporate dividend tax).
5. Amount to be carried to reserves
For the financial year under review, the Company has not transferred any amount to the reserves.
6. Share Capital
The issued, subscribed and paid up share capital of the Company as at March 31, 2019 stood at Rs. 3,844.07 million consisting of 384,406,838 equity shares having face value of Rs. 10 each. During the year under review, no shares were issued by the Company.
7. Utilisation of Institutional Placement Programme Proceeds
During the financial year 2017-18, the Company had successfully completed an Institutional Placement Programme (IPP) under Chapter VIII - A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, as amended, pursuant to which 33,578,421 equity shares having a face value of Rs. 10 each were allotted / allocated, at an issue price of Rs. 1,130 per equity share, consisting of fresh issue of 22,385,614 equity shares and an offer for sale of 11,192,807 equity shares by the selling shareholders.
The proceeds of fresh issue of equity shares from IPP amounted to Rs. 24,796.69 million (net of Companys share of fresh issue related expenses, which has been adjusted against Securities Premium Reserve). As per the terms set out in the prospectus on "Use of Proceeds", the Company was required to use the net proceeds of the fresh issue for one or more of the following: acquisition of aircraft; purchase of ground support equipment; repayment / prepayment of debt including finance leases for aircraft and general corporate purposes. As at March 31, 2019, 20% of IPP proceeds were unutilised and temporarily invested / deposited in cash and cash equivalents including fixed deposits and / or debt mutual funds.
8. Employee Stock Option Scheme
Pursuant to the approval of the shareholders of the Company on June 25, 2015, the Company had formulated InterGlobe Aviation Limited - Employee Stock Option Scheme 201 5 ("Scheme") which was amended through postal ballot on September 07, 2016. Under the said Scheme, the Company granted share based benefits to the eligible employees with a view to attracting and retaining the best talent, encouraging employees to align their individual performances with Companys objectives and promoting increased participation by them in the growth of the Company.
During the year under review, the Nomination and Remuneration Committee of the Board granted 100,000 stock options to an eligible employee.
During the year under review, the Company had not allotted any shares under the Scheme. After the closure of the financial year 2018-19, the Nomination and Remuneration Committee of the Board allotted 189,490 equity shares upon exercise of 189,490 stock options by the employees under the Scheme. No employee has been issued stock options during the year, equal to or exceeding one percent of the issued capital of the Company at the time of grant.
The disclosure in compliance with SEBI (Share Based Employee Benefits) Regulations, 2014 is uploaded on Investor Relations section of the website of the Company at www.goindigo.in.
9. Subsidiary Company
During the year under review, Agile Airport Services Private Limited, a wholly owned subsidiary of the Company ("Subsidiary Company"), started its operations on September 06, 2018. A statement containing the salient features of the financial statement of the Subsidiary Company in form AOC -1 in accordance with Section 129(3) of the Companies Act, 2013 ("Act"), is annexed to the consolidated financial statements and is given at page no. 242 of this Annual Report.
The Company has formulated a policy on Material Subsidiary in line with Regulation 16(1)(c) of the Listing Regulations and the same is available at Investor Relations section of the website of the Company at www.goindigo.in. The Company does not have any material subsidiary.
Pursuant to the provisions of Section 136 of the Act, the audited financial statements of the Subsidiary Company is available at Investor Relations section of the website of the Company at www.goindigo.in.
10. Related Party Transactions
During the year under review, the transactions entered into by the Company with its related parties were reviewed and approved by the Audit Committee. All related party transactions were in the ordinary course of business and on an arms length basis.
During the year under review, the Company had not entered into any contracts or arrangements with related parties referred to in Section 188(1) of the Act, which required the approval of the Board. In accordance with Regulation 23 of the Listing Regulations, the Company has formulated a policy on materiality of Related Party Transactions and dealing with related party transactions which was recommended by the Audit Committee and approved by the Board. The policy is available at Investor Relations section of the website of the Company at www.goindigo.in.
The disclosure of related party transactions as required under Section 134(3)(h) of the Act, in form AOC - 2 is not applicable.
Further, for details of related party transactions, please refer to note no. 34 of the notes forming part of the financial statements, attached to this Annual Report.
11. Directors and Key Managerial Personnel
During the year under review, Mr. Aditya Ghosh resigned as a Whole Time Director of the Company with effect from April 26, 2018 and as President, effective from July 29, 2018. The Board placed on record its appreciation for the contribution of Mr. Aditya Ghosh as President and Whole Time Director of the Company.
Mr. Devadas Mallya Mangalore, erstwhile Chairman and Independent Non - Executive Director passed away on November 25, 2018. The Board acknowledged the contribution of Mr. Mallya as Chairman of the Board and that Mr. Mallyas sudden demise was an irreparable loss to the Company.
The Board appointed Mr. Anil Parashar as an Additional Director (Non - Independent Non - Executive Director) with effect from October 16, 2018. As per Section 161(1) of the Act, Mr. Parashar will hold office till the date of ensuing AGM and is eligible for appointment as a Director of the Company. The Company has received notice under Section 160(1) of the Act proposing the appointment of Mr. Anil Parashar as a Director.
The Board appointed Mr. Meleveetil Damodaran as an Additional Director (Independent Non - Executive Director) with effect from January 23, 2019 and as Chairman of the Board with effect from January 24, 2019. As per Section 161(1) of the Act, Mr. Meleveetil Damodaran will hold office till the date of ensuing AGM and is eligible for appointment as a Director of the Company. The Company has received notice under Section 160(1) of the Act proposing the appointment of Mr. Meleveetil Damodaran as a Director. The Board has also recommended appointment of Mr. Meleveetil Damodaran, Director, as an Independent Director of the Company for a period of 5 consecutive years with effect from January 23, 2019, for approval of members of the Company by ordinary resolution, at the ensuing AGM.
Mr. Ronojoy Dutta was appointed by the Board as the Chief Executive Officer of the Company with effect from January 24, 2019, based on the recommendation of the Nomination and Remuneration Committee.
Mr. Rahul Bhatia, Non - Independent Non - Executive Director, retires by rotation and being eligible, offered himself for reappointment at the ensuing AGM of the Company.
Pursuant to Regulation 17(1) of the Listing Regulations, the Board of top 500 listed entities were required to appoint one woman independent director by April 01,2019. The Company is in process of complying with the said requirement.
Mr. Meleveetil Damodaran and Dr. Anupam Khanna, Independent Directors of the Company have given the certificate confirming that they meet the criteria of independence as laid down under Section 149(6) of the Act and Regulation 16(1) (b) of the Listing Regulations.
None of the Directors of the Company is disqualified to act as a Director under Section 164 of the Act.
12. Number of meetings of the Board
During the year under review, nine meetings of the Board were held. The details of meetings of the Board are given in the Corporate Governance Report forming part of this Annual Report.
13. Committees of the Board
As on March 31,2019, the Board had following five committees:
i. Audit Committee
ii. Nomination and Remuneration Committee
iii. Risk Management Committee
iv. Corporate Social Responsibility Committee
v. Stakeholders Relationship Committee
The details of the composition, meetings and terms of references of the above stated committees are given in the Corporate Governance Report forming part of this Annual Report.
14. Board Evaluation
The Board had carried out an annual performance evaluation of its own performance, its Committees and all the Directors, as required under the Act and the Listing Regulations. The evaluation was undertaken by the Board on the basis of criteria formulated by the Nomination and Remuneration Committee.
In a separate meeting of Independent Directors, the performance of Non Independent Directors, the Chairman of the Board and the Board as a whole was also evaluated by the Independent Directors.
15. Remuneration Policy
In compliance with Section 178 of the Act and Regulation 19(4) read with Part D of Schedule II to the Listing Regulations and on the basis of the recommendation of the Nomination and Remuneration Committee, the Board has formulated a policy InterGlobe Aviation Limited - Nomination and Remuneration Policy on Directors appointment and remuneration including recommendation on remuneration of the key managerial personnel and other employees and the criteria for determining qualifications, positive attributes and independence of a director.
The Policy is available at Investor Relations section of the website of the Company at www.goindigo.in.
16. Risk Management
The Company has implemented an enterprise risk management framework through which it identifies the risk on an ongoing basis, mitigates, monitors & reports key risks that impacts its ability to meet the strategic objectives.
The Board has constituted a Risk Management Committee to frame, implement and monitor the risk management plan for the Company including looking into cyber security. The Committee is responsible for reviewing the risk management plan and ensuring its effectiveness. The Audit Committee has an additional oversight in the areas of financial risks and controls.
The Company has also in place a risk management policy to address risks such as foreign exchange risk, fuel price risk and interest rate risk, which was reviewed and approved by the Board. The objective of the risk management policy is to recognise and manage fuel, currency and interest rate risks, implement framework to manage these risks, comply with local guidelines and mitigate its volatility.
A note on key risks of the Company is given in the Management Discussion and Analysis Report, forming part of this Annual Report.
17. Corporate Social Responsibility
In compliance with Section 135 of the Act read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, the Board has constituted a Corporate Social Responsibility Committee ("CSR Committee"). The Company has formulated a policy on Corporate Social Responsibility ("CSR") which is available on Investor Relations Section of the website of the Company at www.goindigo.in.
A brief note regarding the Companys initiatives with respect to CSR is given in Annexure - A of this report in the prescribed format. The CSR projects of the Company started this year are pilot programs that are being run with a timeframe of two- three years. Basis the learnings from these pilot programs, the Company plans to scale up such interventions and budgets in near future and moving forward the Company will endeavor to spend the amount on CSR activities in accordance with the statutory requirements. Therefore, the Company has spent less than 2% due to two reasons; firstly because the Company wanted to draw future programs basis the learnings from existing projects and secondly, the Company has a stringent system for monitoring of CSR funds that are being incurred by our CSR partners and as a policy, we do not release tranches unless 90% of our last tranche has been utilised and milestones of our programs achieved.
The details pertaining to the composition, meetings and terms of reference of the CSR Committee is given in the Corporate Governance Report forming part of this Annual Report.
18. Statutory Auditors
B S R & Co. LLP, Chartered Accountants (Firm Registration no. 101248W/W-100022), were appointed as the Statutory Auditors of the Company at the AGM held on September 08, 2014 for a term of five consecutive years from the conclusion of 11th AGM till the conclusion of 16th AGM of the Company.
The Report given by the Statutory Auditors on the standalone financial statements of the Company and the consolidated financial statements of the Company for the financial year ended March 31,2019 forms part of this Annual Report. There have been no qualification, reservation, adverse remarks or disclaimer given by the Statutory Auditors in their Report which calls for any explanation.
In view of the requirement of mandatory rotation of the Statutory Auditors in accordance with the requirements of Section 139 of the Act and on the basis of recommendation of the Audit Committee, the Board has recommended the appointment of S.R. Batliboi & Co. LLP (Firm Registration no. 301003C/C300005) as the Statutory Auditors of the Company for a term of five consecutive years from the conclusion of 16th AGM till the conclusion of 21st AGM of the Company. S.R. Batliboi & Co. LLP have submitted a certificate, as required under Section 139(1) of the Act confirming that they meet the criteria provided in Section 141 of the Act. Their appointment is subject to the approval of the shareholders of the Company at the ensuing AGM.
19. Secretarial Auditors
Sanjay Grover & Associates, a firm of practicing Company Secretaries (Firm Registration no. P2001DC052900) ("Secretarial Auditors"), carried out the secretarial audit of compliance with the Act and the rules made thereunder, the Listing Regulations and other applicable regulations as prescribed by SBI, Foreign exchange Management Act, 1999 and other laws specifically applicable to the Company. The Secretarial Audit Report in form MR-3 for the financial year under review is attached to this Report as Annexure - B. The said report does not contain any qualification, reservation or adverse remark or disclaimer made by the Secretarial Auditors, except that (i) the composition of the Audit Committee and the Nomination and Remuneration Committee was not proper for a short period during the year under review and imposition of penalty by the stock exchanges for the same, which was caused due to sudden demise of erstwhile Chairman and independent Director, who was Chairman / member respectively of these Committees and the time taken for consequent reconstitution of these Committees post filling of the said vacancy on the Board; and (ii) condonation of delay in filing CHG-4 for satisfaction of charge which was filed by the Company with a delay of 12 days.
In compliance with Regulation 24A of the Listing Regulations read with SBI circular no. CIR/CFD/CMD1/27/2019 dated February 08, 2019, the Secretarial Auditors have also issued Annual Secretarial Compliance Report for the financial year ended March 31,2019.
20. Cost Audit
The provisions of Cost Audit as prescribed under Section 148 of the Act, are not applicable to the Company.
21. Whistle Blower Policy / Vigil Mechanism
In compliance with the provisions of Section 177 of the Act read with Regulations 22 of the Listing Regulations, the Company has adopted a Whistle Blower Policy and has established the necessary vigil mechanism for directors and employees to report concerns about unethical behavior, actual or suspected fraud or violation of the Companys policies. The Policy provides for adequate safeguards against victimization of persons who avail the same and provides for direct access to the Chairperson of the Audit Committee. The Audit Committee of the Company oversees the implementation of Whistle Blower Policy. The Audit Committee, on a quarterly basis, reviews the status of complaints, summary of findings and action taken in accordance with the policy.
The policy is available at Investor Relations section of the website of the Company at www.goindigo.in.
22. Prevention and prohibition of Sexual Harassment at Workplace
The Company has formulated a Policy on Prevention of Sexual Harassment at Workplace as per the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013. This Policy is applicable to all the complaints of sexual harassment at work made by and against the employees as well as other vendors, trainees, probationers, temporary and contractual staff.
The Company has complied with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013 and the rules made thereunder and had constituted an internal complaints committee to deal with the complaints received by the Company. During the year under review, 20 complaints were received which have been investigated after complying with due process. Further, the Company has also submitted an annual return to the local authority in compliance with the aforesaid act.
23. Internal Financial Control and their adequacy
The Company has an adequate Internal Financial Control system which ensured that the transactions are authorized, recorded and reported correctly. The Board has adopted policies and procedures for ensuring:
Orderly and efficient conduct of its business including adherance to Companys policies
Safeguarding of its assets
Prevention and detection of frauds and errors
Accuracy and completeness of the accounting records
Timely preparation of reliable financial information
24. Public Deposits
The Company has not accepted deposits from the public falling within the ambit of Section 73 of the Act and the rules made thereunder.
25. Particulars of loans, investments, guarantees
The particulars of loans, guarantees and investments covered under Section 186 of the Act read with the Companies (Meetings of Board and its Powers) Rules, 2014 as on March 31,2019, are given at note no. 5 and 6 of the notes forming part of the standalone financial statements forming part of this Annual Report.
26. Material changes and commitments affecting the financial position of the Company, between the end of the financial year and the date of this Report
Other than as stated elsewhere in the Report, there are no material changes and commitments affecting the financial position of the Company between the end of the financial year under review and the date of this Report.
27. Management Discussion and Analysis Report
The Management Discussion and Analysis Report on Companys operational performance, industry trends and other required details prepared in compliance with Regulation 34 of the Listing Regulations forms part of this Annual Report
28. Corporate Governance Report
A separate report on Corporate Governance together with a certificate from the Secretarial Auditors of the Company regarding compliance of conditions of Corporate Governance in accordance with Regulation 34 of the Listing Regulations forms part of this Annual Report. Certificate from the CEO and CFO of the Company in terms of the Listing Regulations, inter-alia, confirming the correctness of the financial statements and cash flow statements, adequacy of the internal control measures and reporting of matters to the Audit Committee, also forms part of this Report.
29. Business Responsibility Report
A separate Business Responsibility Report dealing with the various initiatives taken by the Company on the environment, social and governance front in compliance with Regulation 34 of the Listing Regulations forms part of this Annual Report.
30. Extract of Annual Return
In compliance with Section 92(3) of the Act, the extract of Annual Return in prescribed form MGT 9 is attached as Annexure - C to this report and is also placed in the Investor Relations Section of the website of the Company at www.goindigo.in.
31. Consolidated Financial Statements
The Company has consolidated its financial statements with the financial statements of its subsidiary in compliance with Section 129(3) of the Act. The total consolidated income for the financial year ended March 31, 2019 stood at Rs. 298,213.70 million and the profit after tax is Rs. 1,572.47 million. The Auditors Report on the Consolidated Financial Statements does not contain any qualification, observation or adverse remarks or disclaimer which calls for any explanation.
32. Significant material orders passed by the Regulators, Courts and Tribunals
There are no significant material orders passed by the Regulators, Courts or Tribunals impacting the going concern status of the Company and its operations in future.
33. Awards and Recognitions
During the year under review, the Company won various awards and recognitions, both international and national. Some of the significant awards are as follows:
Awarded Apex Regional Passenger Choice Award for being the Best Low Cost Carrier in Asia and South Pacific.
Awarded Best Low Cost Airline - Asia: at the Trip advisor Travelers Choice Award 2019- third time in a row
Awarded Best Low Cost Airline in Central Asia and India : for the ninth consecutive time at the Skytrax World Airline
Awarded for Safety excellence by DIAL Safety Excellence
Awarded Companies with Great Managers Award by People Business
Awarded Best Domestic Budget Airline at the Zee Business Travel Awards
Awarded, Best Airline - On Time Performance at ICONIC Awards
Awarded Best Airline India (Domestic) at GMR Annual Awards 2018
34. Directors Responsibility Statement
Pursuant to Section 134(5) of the Act, the Board, to the best of its knowledge and ability, confirm that:
i. in the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;
ii. they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the Company for that period;
iii. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
iv. they have prepared the annual accounts on a going concern basis;
v. they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively.
vi. they have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively
35. Particulars of employees
The details of remuneration as required to be disclosed under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel), Rules, 2014 are given in Annexure - D forming part of this report.
The information required under Rule 5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, pertaining to the names of top ten employees and other particulars of employees is provided in a separate annexure. In terms of Section 136(1) of the Act and the rules made thereunder, the report and accounts are being sent to the shareholders excluding the aforesaid Annexure. Any Shareholder interested in obtaining a copy of the same may write to the Company Secretary at the Registered Office of the Company. None of the employees listed in the said Annexure is related to any Director of the Company.
36. Reporting of Fraud
The Auditors of the Company have not reported any instances of fraud committed in the Company by its officers or employees as specified under Section 143(12) of the Act.
37. Conservation of Energy, Technology Absorption
The Company persistently strives to run its operations more efficiently to reduce its fuel consumption and thus emissions. This endeavor entails the Companys continuous commitment towards conservation of energy and motivated to engage in newer technological advances.
The Company has incorporated policies for conservation of fuel and imparted training procedures on the same to flight crew and aircraft maintenance engineers including flight and ground procedures for fuel conservation. The Company ensures an adequate fuel for sectors after evaluating various traffic trends thus avoiding any additional/ unnecessary fuel upliftment, installing software for accurate flight planning which provides accurate maps and most efficient flight path, restricting the use of auxiliary power units, employing continuous descent approaches and economy cruise speeds, minimizing aircraft weight by removing unnecessary equipment and optimizing engine settings for take-off and climb. Fuel consumption is directly proportional to the weight of an aircraft. The Company has sought to reduce the weight of the aircraft by selecting lighter seats and by choosing to not have in-flight entertainment system.
The Company has also adopted fuel policies designed to reduce costs on the ground including the use of the co-Power ngine Wash process for our engines, the use of ground equipment in place of aircraft auxiliary power units which consumes more fuel, use of single engine for taxing on ground and other engineering/operations protocols. These policies are all designed to optimize fuel consumption, reduce carbon footprint and thereby finally reducing costs.
The Company continues to explore feasibility to use ground vehicles on cleaner alternative Fuels like CNG/ Electricity for reducing the carbon emissions, at Airports wherever feasible.
Further, in its endeavor to promote various fuel conservation measures, the Company is evaluating the use of alternate taxiing solutions and conducting trials which are underway as a proof of concept of Dispatch with no destination alternate.
Majority of A320 aircraft delivered to the Company since September 2008, use International Aero ngines Select-One engines. These engines use various technological advancements to reduce aircraft fuel consumption compared to previous IA engines. Our Companys fleet of aircraft includes A320neo aircraft which are up to 15% more fuel efficient than the current A320 without sharklet aircraft. In the last one year, 71 in-service A320neo aircraft have operated 121,541 flights thereby reducing carbon emissions by 186.5 Kilo Tonnes during the year under review. Also in the previous year, Company has operated 15 ATR 72-600 Turbo prop aircraft which are more fuel efficient than Jet aircraft to operate on regional routes.
38. Compliance with Secretarial Standards on Board and General Meetings
The Company has complied with Secretarial Standards issued by the Institute of Company Secretaries of India on Board Meetings and General Meetings.
39. Foreign exchange earnings and outgo
The details of foreign exchange earnings and outgo for the year ended March 31,2019 are set out below:
|Particulars||Amount (Rs. in million)|
|Foreign exchange earnings||28,585.03|
|Foreign exchange outgo||108,216.40|
The Board place on record their appreciation for the exemplary contribution made by the employees of the Company at all levels. Their dedicated effort and enthusiasm have been pivotal to the Companys growth.
We also take this opportunity to express our appreciation for the support and co-operation extended by the Government, Regulatory Authorities, Investors, Bankers, and other Stakeholders.
|On behalf of the Board of Directors of|
|InterGlobe Aviation Limited|
|Meleveetil Damodaran||Anil Parashar|
|DIN: 02106990||DIN: 00055377|
Date: May 27, 2019