CAGR:13.

8%

450

Third largest aviation market by 2020

160

2012

2020

By 2020, passenger traffic at Indian airports is expected to increase to 450 million from 160 million currently

Passenger traffic (In Millions)

CAGR:10.8%

271

Travel & tourism to be a USD270.5 billion industry by 2023

119

The travel & tourism industry is forecast to grow 7.9 per cent to USD270.5 billion in 2023 from USD119.4 billion in 2012
2020

2012

Travel and tourism industry (In USD Billions)

152 68

Business & leisure travel to boost growth

26 2012
Business (USD Billions)

59

2023
Leisure (USD Billions)

Spending on business travel is estimated to increase to USD58.6 billion in 2023 from USD25.9 billion in 2012, while that on leisure travel is forecast to rise to USD152 billion from USD67.5 billion

Source: World Travel and Tourism Council, Aranca Research

CAGR:0.8%

900

By 2030, Indias working population to be thrice the total population in the US

780

2011

2030

Working Population (In Millions)

Working population (aged between 15 and 64 years) is estimated to increase from 780 million in 2011 to 900 million by 2030, almost three times the USs population
Indias middle income population is expected to increase from 160 million (over 50 per cent of the total population in the US) in 2011 to 267 million by 2016 equivalent to over three-times of Germanys population

CAGR:10.8%

267

By 2016, Indias middle income class to be triple the total population in Germany

160

2011

Middle class (In Millions)

2016

Source: World Travel and Tourism Council, Asian Development Bank, Aranca Research

2000

Robust demand Growing demand

Rising working group and widening middle class demography is expected to boost demand India plans to increase the number of airports to 250 by 2030 to cater to growing leisure and business travel Freight traffic also likely to go up as trade with the rest of the world increases

Opportunities in MRO
Growth in aviation accentuating demand for MRO facilities Expenditure in MRO accounts for 13-15 per cent of total revenues; it is the second-highest expense after fuel cost By 2020, the MRO industry is likely to touch USD1.3 billion from USD 0.5 billion currently

2012
No of operational airports: 125

No of operational airports: 50

Advantage India

Increasing investments

Investments totaling USD12.4 billion in the airport sector are likely to be made during the Twelfth Five Year Plan (2012-17); of these, private investments are expected to total USD9.2 billion Growing private sector participation through the Public - Private Partnership (PPP) route

Policy sector support The engineering is delicensed; 100 per cent FDI is allowed The government has beenin the sector encouraging private sector participation Due to policy support, there was Tax incentives for developers; cumulative FDIof of USD14.0 billion into liberalisation the aviation sector the sector over April 2000 February Open Sky Policy 2012, making up 8.6 per cent of total Government has allowed 49 per FDI into the that period cent FDI in country aviationin for foreign carriers

Source: Ministry of Civil Aviation, Aranca Research Notes: FDI Foreign Direct Investment, MRO Maintenance, Repair and Overhaul

India is the ninth largest civil aviation market in the world India ranks fourth1 in domestic passenger volumes (121.5 million2) Indias civil aviation market is set to become the worlds third3 largest by 2020

Scheduled airlines: distance flown (mn km) Non-scheduled airlines in operation Number of aircraft Passenger handling capacity at airports Number of operational airports

199
2011-12 39

762

(20114)

146

(2012)

225

1,188

(2012)

66 million

233 million

(2012)

50 2000

125

(2012)

Source: Airports Authority of India, Planning Commission, Ministry of Statistics and Programme Implementation, Aranca Research Notes: 1 India ranks after US, China and Japan, 2 Data for FY12, 3 India ranks after the US and China, 4 Data for Financial Year and not Calendar Year; FY Indian Financial Year (April March), mn km Million Kilometers

AAI managed (125) Airports and airstrips n India (449) Non-AAI airports and airstrips (324)

Non- Operational (31)

Domestic airports (49)

Operational (68)

Customs airports (8)

Civil Enclaves(26)

International (11)

Aircraft movement

79%

21%

Activity in AAI airports - shares (%)

4%

Freight traffic

96%

Airports Authority of India (AAI) was Established in 1994 under the Airports Authority Act Responsible for developing, financing, operating, and maintaining all government airports The Aircraft Act (1934) governs remaining airports

Passenger traffic

84%

16%

Basic Facts

International airports

Others
Source: Airports Authority of India-2011, Aranca Research Note: AAI Airports Authority of India, JV Joint venture FY Indian Financial Year (April March)

86

84

Indigo Market Share: 27.3% Passenger Load Traffic: 83.9%

Passenger load factor

82

80

GoAir Market Share: 7.4% Passenger Load Traffic: 77.4%

Air India Market Share: 20.7% Passenger Load Traffic: 78.6%

78

76

Spicejet Market Share: 19.5% Passenger Load Traffic: 75.5% Jet Airways Market Share: 18.3% Passenger Load Traffic: 73.8%
15 Market 20 share 25 30 35

74

72 0

Jetlite Market Share: 6.9% Passenger Load Traffic: 77.3% 5 10

Note: All statistics are for the month of November 2012 as published by Directorate General of Civil Aviation Jetlites placement is not as per scale

Delhi Passenger traffic handled in FY12: 35.9 million; FY13*: 16.5 million

Kolkata Passenger traffic handled in FY12: 10.3 million Mumbai Passenger traffic handled in FY12: 30.6 million; FY13*: 14.4 million Hyderabad Passenger traffic handled in FY12: 8.6 million; FY13*: 4.1 million

Bengaluru Passenger traffic handled in FY12: 12.7 million; FY13*: 5.9 million

Chennai Passenger traffic handled in FY12: 12.9 million

Source: AAI, Aranca Research Note: FY Indian Financial Year (April March); FY13* - April 2012 -September 2012

Total passenger traffic stood at a record 162.3 million during FY12 Passenger traffic grew 13.2 per cent in FY12 During January-November 2012, the number of total air passengers was 143.8 million Growth in passenger traffic has been strong since the new millennium, especially with rising incomes and low-cost aviation; passenger traffic expanded at a CAGR of 14.1 per cent over FY0612
200.0 160.0 120.0 80.0 40.0 0.0

Passenger traffic moves up to 162.3 million in FY12

40.0 30.0 20.0 10.0 0.0 -10.0

FY06

FY07

FY08

FY09

FY10

FY11

FY12

Passenger traffic (in millions)

Growth (%) - right axis

Source: Association of Private Airport Operator, Aranca Research, Notes: CAGR Compound Annual Growth Rate FY Indian Financial Year (April March)

Domestic passenger traffic expanded at a CAGR of 15.6 per cent over FY0612; by FY17 domestic passenger traffic is expected to touch 209 million International passenger traffic posted a CAGR of 10.5 per cent over FY06-12 and is set to touch 60 million by FY17

Growth in domestic passenger traffic has been robust

200 160 120 60 40 20 80 40 0 -20
FY06 FY07 FY08 FY09 FY10 FY11 FY12

Growth in passenger traffic set to remain strong in future

12th Plan Period

60
11th Plan Period

0
International (million, left axis) Growth - domestic (%)

41
10th Plan Period

Domestic (million, left axis) Growth - international (%)

26 14
26 FY02 FY07 FY12

209 122

71
FY17E

During JanuaryNovember 2012, domestic passenger traffic decreased slightly to 106.0 million During the same period, international passenger traffic stood at a record 37.8 million, higher than 36.2 million a year earlier
Source: Airports Authority of India, Ministry of Civil Aviation, Aranca Research YoY Year on Year, FY Indian Financial Year (April March)

International Passenger Throughput International (million) Domestic Passenger Throughput Domestic (million)

Total freight traffic registered a CAGR of 8.5 per cent over FY06-12; it stood at 2.26 million tonnes in FY12 Domestic freight traffic increased at a CAGR of 8.8 per cent over FY06-12 while International freight traffic rose 8.5 per cent over the same period In FY12, domestic freight traffic was 0.80 million tonnes, while international freight traffic was at 1.49 million tonnes During JanuaryNovember 2012, domestic freight traffic totalled 0.73 million tonnes while international freight traffic dropped to 1.3 million tonnes

International freight traffic was 65 per cent of the total in FY12*

2,500 2,000 1,500 1,000 500 0 FY06 FY07 FY08 FY09 FY10 FY11 FY12* Domestic ('000 tonnes) International ('000 tonnes) Growth - domestic (%, right axis) Growth - international (%, right axis) 484 920 530 1,023 1,147 1,149 568 804 1,494 1,271 25 20 15

689
552

852

10
5 0 1,496 -5 -10 -15

Source: Airports Authority of India, Aranca Research Notes: * FY12 data is provisional

Freight traffic is expected to be five times the current level by the end of the next two decades
3

Freight traffic (million tonnes)

11.4
23 18 2 13 8 3 1 -2 -7 0
FY2032 FY06 FY07 FY08 FY09 FY10 FY11 FY12

Growth in import and export in India will be the key driver for growth in freight traffic as 30 per cent of total trade is undertaken via airways

-12

Freight traffic handled (million tonnes)

Growth (%) - right axis

Source: Airports Authority of India, Aranca Research Note: FY Indian Financial Year (April March)

Total aircraft movement recorded a CAGR of 10.7 per cent over FY06-12 Both international and domestic aircraft movement have nearly doubled over this period In FY12, total aircraft movement increased by 10.9 per cent

Total aircraft movement was 1.5 billion in FY12

1,800 1,500 1,200 900 30 25 20 15 10

During Q1FY13, total aircraft movement grew 0.8 per cent to 0.4 million

600
300 0 FY06 FY07 FY08 FY09 Aircraft movement ('000) FY10 FY11 FY12 Growth (%) - RHS

5 0 -5

Source: Airports Authority of India, Aranca Research Notes: CAGR Compound Annual Growth Rate FY Indian Financial Year (April March)

Domestic aircraft movement increased at a CAGR of 11.4 per cent over FY06-12 while International aircraft movement expanded 8.4 per cent (CAGR) over the same period
1,800

Aircraft movement growth was sharpest over FY0607

34 26 1,200

In FY12, domestic aircraft movement increased 13.1 per cent, while international aircraft movement expanded 2.9 per cent During Q1FY13, the total number of domestic aircraft movement fell to 0.074 million During Q1FY13, the total number of international aircraft movement fell 1.2 per cent to 0.3008 million

1,500

18
900 600 300 0 FY06 FY07 FY08 FY09 FY10 FY11 FY12 International ('000, left axis) Growth - domestic (%) Domestic ('000, left axis) Growth - international (%) 10 2 -6

Source: Airports Authority of India, Aranca Research Notes: YoY Year on Year; FY Indian Financial Year (April March)

Until recently, AAI was the only major player involved in developing and upgrading airports in India Post liberalisation, private sector participation in the sector has been increasing Private sector investment is expected to increase to USD9.2 billion during the Twelfth Five Year Plan from USD5.5 billion in the previous plan Development of Hyderabad International Airport; modernisation of Delhi International Airport Modernisation of Mumbai International Airport

Development of Bengaluru International Airport Major private sector players Development of Bengaluru International Airport

Development of Bengaluru International Airport

Development of Simoga and Gulbarga airports in Karnataka

Note: AAI Airports Authority of India

Rising Private participation and Investments

Currently, five international airports have been completed successfully under PPP mode Investment made by the private sector during the Twelfth Five Year Plan (201217) is expected to increase by 66.7 per cent to USD 9.3 billion over that during the Eleventh Five Year Plan

Greater use of nonscheduled airlines

Rising business activity leading to higher demand for non-scheduled airlines 146 operators with combined fleet of 406 aircrafts in FY12

User development fees

Increasing use of development fees by airport developers and operators Airport Development Fee: Delhi, Mumbai airports to fund expansion User Development Fee: Hyderabad, Bengaluru airports for maintenance

Focus on nonaeronautical revenue

Indian airports are emulating the SEZ-aerotropolis model to enhance revenues; focus on revenues from retail, advertising, vehicle parking, etc. Absence of complementary meals in low-cost airlines have boosted the food and beverages retail segment at airports
Note: FY Indian financial year (April March)

Growing Growing demand demand

Policy support Strong

government support

Increasing investments

Expanding middle income group and working population Inviting Rising domestic and foreign tourists and travellers

Greater government focus on infrastructure Resulting in Increasing liberalisation, Open Sky Policy

AAI driving large modernisation, development projects

Increasing private sector participation

Strong growth in external trade

Policy sops, FDI encouragement

Strong projected demand making returns attractive

Rising per capita income and growing working population

Per capita income is expected to increase at a CAGR of 7.9 per cent during 2007-2012E The population belonging to the working age group (1564 years), at 64.8 per cent of the total population currently, is expected to grow; this indicates the employee base and the frequency of business travel are expected to increase

GDP growth and per capita income

4,000 11

3,000

2,000

1,000

0
2007 2008 2009 2010 2011E 2012E
Per-capita GDP (PPP, current USD) Real GDP growth (%) - right axis

Source: IMF, World Travel and Tourism Council, Aranca Research Notes: IT Information Technology, E IMF estimates; FY Indian Financial Year (April March)

Travel and tourism spending (USD billion) Rising domestic and foreign tourists
Improving tourism infrastructure Successful ad campaigns abroad The share of travel & tourism in Indias GDP stood at 6.6% in 2012; it is expected to reach 7.3 per cent in 2013 and is expected to grow further by 7.9 per cent per annum during 20132023E
65.0 67.9

CAGR:10.1%
58.2 46.2 42.1 47.3

CAGR:3.3%
22.2 24.5 18.2 22.4

More business travellers as well

India is one of the fastest growing economies Emergence of business hubs like Mumbai (Finance), Bengaluru (IT), Chennai (IT), Delhi (Manufacturing, IT) Business travel spending grew to USD26.1 billion in 2012 from USD22.2 billion in 2007

25.9

26.1

2007

2008

2009

2010

2011

2012

Leisure travel and tourism spending

Business travel and tourism spending

Source: World Travel and Tourism Council, Aranca Research Notes: IT Information Technology, E Estimate

Rising exports and imports (USD billion) Growing trade benefits freight movement
Over FY07-12, Indias exports expanded at a CAGR of 20.6 per cent to USD211.3 billion Imports registered a 22.8 per cent CAGR to USD363.1 billion Growing trade augurs well for airports as they handle about 30 per cent of Indias total trade (by value)
489 370 286 175 119 137 211 175 176 284 251 363

304
211

Increasing airline operators

FDI in aviation and liberalised aviation policy

FY07

FY08

FY09

FY10 FY11 Exports Imports

FY12

FY13*

Higher aircraft movement

Source: Ministry of Commerce, Aranca Research Notes: CAGR Compound Annual Growth Rate FY13* - Data for April 2012Dec 2012 FY Indian Financial Year (April March)

Growth in passenger traffic

Rise in freight traffic

Greater focus on infrastructure

Government of India (GOI) envisions airport infrastructure investment of USD11.4 billion under the Twelfth Five Year Plan (2012-17) The Ministry of Civil Aviation has approved annual planed outlay of USD1.6 billion for FY14 for the development of airport infrastructure

Liberalisation, Open Sky Policy

With the opening of the airport sector to private participation, six airports across major cities are being developed under the PPP model Currently, 60 per cent of airport traffic is handled under the PPP model, while the remaining 40 per cent is managed by the AAI Increased traffic rights under bilateral agreements with foreign countries

Encouragement to FDI

100 per cent FDI under automatic route for Greenfield projects 100 per cent FDI for existing airports is also possible with an approval from FIPB Approval of 49 per cent FDI in aviation for foreign carriers

Notes: India currently has bilateral air service agreements with 104 countries. These include Brazil, 27 members of the EU, and China. In 2008 traffic rights were been enhanced with Mexico, Saudi Arabia, Netherlands, Qatar, Iran, Japan and Turkey FDI Foreign Direct Investment, FIPB Foreign Investment Promotion Board

100 per cent tax exemption for airport projects for a period of 10 years Indian aircraft manufacture, repair and overhaul (MRO) service providers are exempted completely from customs and countervailing duties In the Union Budget for FY13, the Finance Minister has proposed budgetary support worth USD58.3 million to AAI to develop airport infrastructure in the North-Eastern states of India At the same time, the aviation regulator DGCA has been allocated USD12.5 million for its development plan
Note: AAI Airports Authority of India DGCA Directorate General of Civil Aviation FY Indian Financial Year (April March)

Taxes and duties

FY13 budgetary support

Metro airports

The AAI aims to bring around 250 airports under operation across the country by 2020 The AAI has developed and upgraded over 23 metro airports in the last five years

Non-metro airports

The Airports Authority of India (AAI) is planning to spend USD1.3 billion on non-metro projects over the next five years (201317); it is mainly focusing on the modernisation and up gradation of airports The Government of Andhra Pradesh plans to develop greenfield airports in six cities (Nizamabad, Nellore, Kurnool, Ramagundam, Tadepalligudem, and Kothagudem) under the PPP model

Northeast India

Over 30 airport development projects are under progress across various regions in Northeast India AAI plans to develop over 20 airports in tier II and III cities in next five years The AAI plans to develop Guwahati as an inter-regional hub and Agartala, Imphal and Dibrugarh as intra-regional hubs
Source: Aranca Research

Recourse to the Public Private Partnership (PPP) model has boosted private sector investments in airports PPP route for five international airports (Delhi, Mumbai, Cochin, Hyderabad, Bengaluru) most noteworthy

Increasing share of private sector in equity component of major airports 74 per cent share in IGI Airport (Delhi); GMR is the largest shareholder (54 per cent) 74 per cent share in CSI Airport (Mumbai); GVK is the largest shareholder (50.5 per cent) 74 per cent share in RGI Airport (Hyderabad); GMR is the largest shareholder (63 per cent

Source: Aranca Research

Delhi (Modernisation, Terminal 3) Mumbai (Modernisation)

Terminal 3 construction in Delhi completed in 2010

PPP format likely to continue

Bijapur Airport

Participation in international airport projects

Greenfield projects with private sector participation

Terminal 3 - Total cost

Shimoga Airport

Hyderabad

Hassan Airport

Bengaluru

USD2.7 billion

USD5.8 billion of investments likely

Gulbarga Airport

Source: Aranca Research

Presently India has five PPP airports each at Mumbai, Delhi, Cochin, Hyderabad and Bengaluru, which together handle over 60 per cent of countrys air traffic

Name of Airport
Chhatrapati Shivaji International Airport Indira Gandhi International Airport Rajiv Gandhi International Airport Bengaluru International Airport Cochin International Airport

Operator
Mumbai International Airport Ltd (MIAL) Delhi International Airport Ltd (DIAL) GMR Hyderabad International Airport Ltd (GHIAL) Bengaluru International Airport Ltd (BIAL) Cochin International Airport Ltd (CIAL)

Type of Project/ PPP structure

Brownfield/BOOT Brownfield/BOOT Greenfield/BOOT Greenfield/BOOT

Revenue sharing
38.7 per cent of gross revenue to be shared with AAI 45.99 per cent of gross revenue to be shared with AAI Concession fees - 4 per cent of gross revenue to be shared with AAI Concession fees 4 per cent of gross revenue to be shared with AAI Payment of dividend to the Government towards their 26 per cent of equity capital

Greenfield/BOO

Source: Association of Private Airport Operators, Aranca Research Note: BOOT - Build Own Operate Transfer; BOO - Build Own Operate

Major Foreign Players

Airports Company South Africa Global

Airport
Mumbai International Airport Pvt Ltd Delhi International Airport Pvt Ltd Hyderabad International Airport Pvt Ltd

Stake (%)
10

Description
Operates and owns nine airports in South Africa

10 Operates and manages 38 commercial airports in Malaysia 11 Global airport operator that offers airport management services including terminal and traffic management, baggage and cargo handling, and aviation ground handling AirAsia is a Malaysian low-cost carrier. It has formed a joint venture AirAsia (India) Pvt Ltd with Tata Sons (30 per cent stake) and Arun Bhatia (21 per cent stake) in March 2013

Malaysia Airports Holdings Berhad

Frankfurt Airport Services Worldwide

Delhi International Airport Pvt Ltd

10

AirAsia

Joint venture with Tata sons and Arun Bhatia

49

Source: Aranca Research

Ranked second in the world at the ACI Annual Service Quality Awards in 2011 (category: handling 25-40 million passengers), up from fourth in 2010 Delhi International Airport Ltd became the first in the world to receive the ISO 22301:2012 certification for its robust business continuity management system New Terminal 3 won the British Construction Industry Award for the best international project in 2010 FACTS AND FEATURES (FY11) Passenger Traffic : 35.9 mn (FY12) Aircraft movement: 0.3 mn Cargo : 0.6 mn tonnes Retail space: 0.2 mn sq feet Operational status Apron area: 6.7 mn sq feet Multi level car park: 4,300 cars/day (mn: million; sq: square) Completed on Mar2010 Ongoing 20-year project Passenger handling capacity per annum Area (acres) 34 million 100 million PHASE I FINAL

1,907

5,106

Phase 1 of modernisation of IGI International Airport (at a cost of INR86 billion) involved renovation of terminals 1A, 1B, 1C and Terminal 2. It also included construction of a new domestic terminal along with an integrated passenger terminal (Terminal 3)
Source: Delhi International Airport Ltd, Aranca Research Notes: ACI Airports Council International, FY Indian Financial Year (April March)

Ranked third in the world at the ACI Annual Service Quality Awards in 2011 (category: handling 25-40 million passengers) Also ranked as the second best airport in India 23rd across all categories among a survey of 146 international airports in 2010

FACTS AND FEATURES

In FY12, CSI handled Passenger traffic: 30.6 million Cargo movement: 0.7 million tonnes Passenger handling capacity per annum 25 million

Modernisation of the Mumbai International Airport will entail investments worth USD1.3 billion over a period of 20 years

Government of India to provide USD1.1 billion Phase I (2008): New airport lounges, retail outlets, duty-free shops, temporary cargo facilities, and multilevel car parks Phase II (2010): Involved construction of a new terminal at Sahar, a parallel runway, and new cargo facilities

Parts of the project completed till now:

Cargo handling capacity per annum

1 million tonnes

Source: Mumbai International Airport Ltd, Aranca Research Notes: ACI Airports Council International; FY Indian Financial Year (April March)

Policy support and demand growth unlocking large investment potential

Huge potential to develop India as an MRO hub

The Indian Aviation Industry

Leverage on nonaeronautical revenues, improved technology

Airport developers can now

The Indian aviation sector likely to see investments totalling USD12.4 billion during the Twelfth Five Year Plan Of the total investment, USD9.2 billion is expected to come from the private sector Success of PPP formats will raise investment in existing and greenfield airports

aims to boost MRO business in India, which is currently worth US500 million and is estimated to grow over US1.5 billion by 2020
MRO facilities are developed

draw on wider revenue opportunities such as retail, advertising and vehicle parking
Future operators will benefit

at Gurgaon and Nagpur

Indian

airline companies spend over 1315 per cent of their revenues on maintenance, which is the second-highest cost component after fuel

from greater operational efficiency due to satellite based navigation systems like Project Gagan which is in development phase

Notes: Project Gagan is directed towards transitioning from a ground -based navigation system to a satellite-based one. AAI and ISRO are jointly working on this. A Space Based Augmentation System (SABS) will be operational by 2013 MRO Maintenance, Repair and Overhaul

Airports Authority of India (AAI)

Rajiv Gandhi Bhawan, Safdarjung Airport, New Delhi 110 003 Phone: 91 11 24632950

Directorate General of Civil Aviation (DGCA)

Aurbindo Marg, Opp. Safdarjung Airport, New Delhi 110 003 Phone: 91 11 24622495 Fax: 91 11 24629221 E-mail: dri@dgca.nic.in, dfa@dgca.nic.in

AAI: Airports Authority of India ACI: Airport Council International CAGR: Compound Annual Growth Rate FDI: Foreign Direct Investment FY: Indian Financial Year (April to March) So FY10 implies April 2009 to March 2010 GOI: Government of India INR: Indian Rupee MRO: Maintenance, repair and overhaul PPP: It could denote two things (mentioned in the presentation accordingly) Purchasing Power Parity (used in calculating per-capita GDP slide 12, GROWTH DRIVERS) Public Private Partnership (a type of joint venture between the public and private sectors)

USD: US Dollar Conversion rate used: USD1 = INR 54.43 Wherever applicable, numbers have been rounded off to the nearest whole number

Exchange Rates (Fiscal Year) Year

2004-05 2005-06 2006-07

Exchange Rates (Calendar Year) Year

2005 2006 2007 2008

INR equivalent of one USD

44.95 44.28 45.28

INR equivalent of one USD

45.55 44.34 39.45 49.21

2007-08
2008-09 2009-10 2010-11 2011-12 2012-13

40.24
45.91 47.41 45.57 47.94 54.31

2009
2010 2011 2012 2013

46.76
45.32 45.64 54.69 54.45
Average for the year

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