Kingfisher Airlines

Company FundamentalsCompany Fundamentals\Company Profile
A Wright Investors' Service Research Report:
Kingfisher Airlines Limited

COMPANY PROFILE
440 Wheelers Farms Road Milford, CT 06461 U.S.A.
Figures in Indian Rupees

Wright Quality Rating:CLNN Kingfisher Airlines Limited is engaged in rendering scheduled and unscheduled aircraft passenger and cargo services, including charter services. The Company offers three classes of service: Kingfisher First (premium business class of service), Kingfisher Class (premium economy class of service) and Kingfisher Red (low fare basic class of service). As of March 31, 2010, the Company had a fleet of 68 aircraft, having an average schedule of 366 domestic and 12 international flights daily and a route network covering 63 domestic and seven international destinations. The Company's wholly owned subsidiary is Vitae India Spirits Limited. During the fiscal year ended March 31, 2010 (fiscal 2010), the Company returned five Airbus A320 aircraft, 4 ATR-42 aircraft and 1 ATR-72 aircraft. Stock Chart Officers Chairman & Managing Director Dr. Vijay Mallya Chief Executive Officer Sanjay Aggarwal Chief Financial Officer A. Raghunathan Secretary & Chief Compliance Officer Bharath Raghavan Key Data Ticker: 532747 2011 Sales: 62,333,790,000 Major Industry: Transportation Sub Industry: Airlines Country: India Currency: Indian Rupees Fiscal Year Ends: March Employees 7,319 Exchanges: BOM Share Type: Ordinary Market Capitalization: 19,811,613,075 Total Shares Outstanding: 497,779,223 0.00 Closely Held Shares: 0.00 176,217,925
Stock Price (7/15/2011): 39.80 Recent stock performance 1 Week 2.2% 4 Weeks 0.8% 13 Weeks -11.0% 52 Weeks -21.6% Earnings / Dividends (as of 3/31/2011) Earnings Dividends Most Recent Qtr -13.3 Last 12 Months -38.6 Ratio Analysis Price / Earnings Ratio N/A Dividend Yield 0.00% Price / Sales Ratio 0.32 Payout Ratio N/A
Price / Book Ratio
N/A % Held by Insiders 35.40% Address Phone +91 80 4197-9797 Home Page http://www.flykingfisher.com.
24 Vittal Mallya Road Bangalore KARNATAKA 560 001 INDIA
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Company Fundamentals\Comparative Business Analysis
A Wright Investors' Service Research Report:

Provided By CorporateInformation.com
440 Wheelers Farms Road Milford, CT 06461 U.S.A.
Wright Comparative Business Analysis Report

Report Date: 7/15/2011 Company Description Kingfisher Airlines Limited is engaged in rendering scheduled and unscheduled aircraft passenger and cargo services, including charter services. The Company offers three classes of service: Kingfisher First (premium business class of service), Kingfisher Class (premium economy class of service) and Kingfisher Red (low fare basic class of service). As of March 31, 2010, the Company had a fleet of 68 aircraft, having an average schedule of 366 domestic and 12 international flights daily and a route network covering 63 domestic and seven international destinations. The Company's wholly owned subsidiary is Vitae India Spirits Limited. During the fiscal year ended March 31, 2010 (fiscal 2010), the Company returned five Airbus A320 aircraft, 4 ATR-42 aircraft and 1 ATR-72 aircraft. Competitor Analysis Kingfisher Airlines Limited operates in the Air transportation, scheduled sector. This analysis compares Kingfisher Airlines Limited with three other companies: Jet Airways (India) Ltd. (2011 sales of 134.78 billion Indian Rupees [US$3.03 billion] ), Spicejet Limited (2011 sales: 28.80 billion Indian Rupees [US$646.74 million] ), and Pal Holdings Incorporated which is based in Philippines (2010 sales of 59.03 billion Philippine Pesos [US$1.37 billion] of which 100% was Airline Business). Note: not all of these companies have the same fiscal year: the most recent data for each company are being used. Sales Analysis Kingfisher Airlines Limited reported sales of 62.33 billion Indian Rupees (US$1.40 billion) for the fiscal year ending March of 2011. This represents an increase of 24.9% versus 2010, when the company's sales were 49.90 billion Indian Rupees.
Recent Sales at Kingfisher Airlines Limited 62.3 51.6 49.9
17.7 19.2 9.9 2006 2007 2008 2009 2010 2011 (Figures in Billions of Indian Rupees)
Kingfisher Airlines Limited currently has 7,319 employees. With sales of 62.33 billion Indian Rupees (US$1.40 billion) , this equates to sales of US$191,285 per employee. Sales Comparisons (Most Recent Fiscal Year) Company Kingfisher Airlines Limited Jet Airways (India) Ltd. Spicejet Limited Year Ended Mar 2011 Mar 2011 Mar 2011 Sales
(US$blns)
Sales Sales/ Growth Emp (US$) Largest Region 24.9% 16.0% 32.0% 191,285 N/A 267,220 N/A 284,781 N/A 183,141 N/A
1.400 3.027 0.647
Pal Holdings Incorporated Mar 2010
1.371 -14.8%
Recent Stock Performance In recent years, this stock has performed terribly. In fiscal year 2008, the stock traded as high as 334.45 Indian Rupees, versus 39.80 Indian Rupees on 7/15/2011. (In 2008, the stock retreated significantly from its high, and by the end of the year was at 122.00 Indian Rupees). For the 52 weeks ending 7/15/2011, the stock of this company was down 21.6% to 39.80 Indian Rupees. During the past 13 weeks, the stock has fallen 11.0%. During the 12 months ending 3/31/2011, the company has experienced losses totalling 38.55 Indian Rupees per share. Note that the earnings number Includes Or Excludes Extraordinary Charge Or Credit. This company is currently trading at 0.32 times sales. This is at a lower ratio than all three comparable companies, which are trading between 0.32 and 0.53 times their annual sales. This company has negative book value (and thus a price to book value would not make any sense). Summary of company valuations (as of 7/15/2011). Company Kingfisher Airlines Limited Jet Airways (India) Ltd. Spicejet Limited Pal Holdings Incorporated P/E N/A N/A 13.5 6.6 Price/ Price/ Book Sales N/A 2.74 4.78 19.10 52 Wk Pr Chg
0.32 -21.60% 0.32 -17.93% 0.53 -32.68% 0.45 N/A
The market capitalization of this company is 19.81 billion Indian Rupees (US$444.97 million) . The capitalization of the floating stock (i.e., that which is not closely held) is 12.80 billion Indian Rupees (US$287.45 million) . Dividend Analysis This company has paid no dividends during the last 12 months. The company also reported losses during the previous 12 months. The company has not paid any dividends during the previous 6 fiscal years. Profitability Analysis On the 62.33 billion Indian Rupees in sales reported by the company in 2011, the cost of goods sold totalled 63.55 billion Indian Rupees, or 102.0% of sales (i.e., the gross profit was -2.0% of sales). This gross profit margin is better than the company achieved in 2010, when cost of goods sold totalled 117.4% of sales. In 2011, the gross margin was the highest of the previous five years (and in 2008 was as low as -49.4%). In 2011, earnings before extraordinary items at Kingfisher Airlines Limited were -10.27 billion Indian Rupees, or -16.5% of sales. This profit margin is an improvement over the level the company achieved in 2010, when the profit margin was -33.0% of sales. The company has reported losses before extraordinary items for each of the past 6 years. Profitability Comparison Gross Earns Profit EBITDA bef. Year Margin Margin extra -2.0% N/A N/A N/A N/A -16.5% 3.9% 2.1% 0.7% -0.6% 3.5% 0.3%
Company
Kingfisher Airlines Limited 2011 Jet Airways (India) Ltd. Spicejet Limited 2011 2011
Kingfisher Airlines Limited 2010 -17.4% -19.7% -33.0%
Pal Holdings Incorporated 2010
Financial Position At the end of 2011, Kingfisher Airlines Limited had negative working capital, as current liabilities were 41.67 billion Indian Rupees while total current assets were only 29.64 billion Indian Rupees. The fact that the company has negative working capital could indicate that the company will have problems in expanding. However, negative working capital in and of itself is not necessarily bad, and could indicate that the company is very efficient at turning over inventory, or that the company has large financial subsidiaries. At the end of 2011, the company had negative common shareholder's equity of -29.51 billion Indian Rupees. This means that at the present time, the common shareholders have essentially no equity in the company. This is further compounded by the fact that among the assets the company does have on its balance sheet, there are 1.26 billion Indian Rupees in intangible assets. This company's total liabilities are higher than total equity, which means that the money this company owes are greater than all of the assets of the company. As of March 2011, the company's long term
debt was 70.57 billion Indian Rupees and total liabilities (i.e., all monies owed) were 82.96 billion Indian Rupees. Financial Positions Company Jet Airways (India) Ltd. Spicejet Limited LT Debt/ Year Equity -2.39 8.57 0.27 21.03 2011 2011
Kingfisher Airlines Limited 2011
Pal Holdings Incorporated 2010
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Company Fundamentals\Summary Analysis
SUMMARY ANALYSIS:
Per Share- Indian Rupees

Price

Equity Capital Book Value Begin Yr n/a 22.83 28.40 14.64 -83.58
D
Year
Value Ratios
Earnings
Dividends
Fiscal Yr Ends: March 2006 2007 2008 2009 2010 2011 7/15/2011
BC B
Market Price Last 85.80 137.50 122.00 33.45 46.80 39.80 39.80
Price/ Price/ Earnings Book Dividend Ratio Ratio Yield n/c n/c n/c n/c n/c n/c n/c n/c 6.0 4.3 2.3 n/c n/c n/c 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
% Earned Growth n/c 185.0% -69.4% 493.9% n/c n/c n/a
% Profit Rate (ROE) n/c 185.0% -69.4% 493.9% n/c
12 Month Earnings % 12 Month Per % Payout Dividends Share Change Ratio Per Share
D
-54.59
AD 42.24 AD 19.70
n/c n/c n/c n/c n/c n/c n/c
n/c n/c n/c n/c n/c n/c n/c
0.00 0.00 0.00 0.00 0.00 0.00 0.00
-72.33
AD 61.95 AD 38.55
n/c -149.20 n/a -59.29
-38.55
(A): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT, INCLS 13.45 PRETAX CHG IN FIS 2010 (2.18 PRETAX CHG MAR , 8.18 PRETAX CHG DEC, 1.75 PRETAX CHG SEP& 1.34 PRETAX CHG JUN), INCLS 0.98 CR & 1.84 PRETAX CR IN FIS 2008, INCLS 29.04 PRETAX CR JUN 2007, EXCLS 1.18 CHG IN FIS 2005, EXCLS 0.02 CHG IN FIS 2004 (B): YEAR END CHANGED FROM JUN IN FIS 2008. 2008 INCOME STATEMENT RESULTS & RELATED ITEMS ARE ESTIMATED TO REFLECT 12 MONTHS OF OPERATIONS THROUGH MAR, YEAR END CHANGED FROM MAR IN FIS 2006. 2006 INCOME STATEMENT RESULTS & RELATED ITEMS ARE ESTIMATED TO REFLECT 12 MONTHS OF OPERATIONS THROUGH JUN (C): NAME CHANGED FROM DECCAN AVIATION LTD IN SEP 2008 (D): BASED ON AVERAGE SHARES OUTSTANDING, (U ): BASED ON AVERAGE SHARES OUTSTANDING, (U ): BASED ON AVERAGE SHARES OUTSTANDING, INFORMATION UPDATED FROM 2006 PROSPECTUS, AS 2005 ANNUAL REPORT NOT AVAILABLE, INFORMATION UPDATED FROM 2006 PROSPECTUS, AS 2004 ANNUAL REPORT NOT AVAILABLE, INFORMATION UPDATED FROM 2006 PROSPECTUS, AS 2003 ANNUAL REPORT NOT AVAILABLE, INFORMATION UPDATED FROM 2006 PROSPECTUS, AS 2002 ANNUAL REPORT NOT AVAILABLE
Company Fundamentals\Sales Analysis
SALES ANALYSIS:
Figures in thousands of Indian Rupees

Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) Amount in thousands
Sales Amount in thousands 195,480 234,150 Year-toyear Growth n/c 19.8%
Cost of Goods Sold Amount in thousands 174,620 197,330 605,170
After Tax Income before Extraordinary Charges and Credits Amount in thousands 9,080 6,240 5,970
Employees Sales Per Number Employee n/a n/a n/a n/a n/a n/a n/a n/a After Tax Income Per Employee n/a n/a n/a n/a -972,992 1,372,061 -841,171 1,867,692 2,250,609 n/a
Year 2002 2003 2004 2005 2006
% of Sales 89.3% 84.3% 96.2%
% of Sales
% of Sales 4.6% 2.7% 0.9%
21,380 10.9% 37,590 16.1% 68,400 10.9% 8,850 -2,350,418 -3,415,329 -8,153,677 0.3%
629,390 168.8% 3,055,540 385.5% 9,891,156 223.7% 79.0% 8.6%
3,193,980 104.5% 12,955,986 131.0% 24,817,894 140.2% 28,717,043 149.4% 70,262,478 136.1% 58,586,607 117.4% 63,552,939 102.0%
-167,890 -5.5%
-2,724,377 23.8% 27.5% -4,195,761 19.3% 23.7% -2,673,240 42.4% 13.9%
2,800 3,532,556 3,058 5,789,443 3,178 6,047,373 8,614 5,994,012 7,319 6,817,425 n/a n/a
2007 17,704,117 2008 19,218,550
2009 51,632,419 168.7% 2010 49,896,733 2011 62,333,790 -3.4% 24.9%
12,998,849 25.2% 16,088,299 31.2% 11,869,002 23.8% 16,472,206 33.0% 331,947 0.5% 10,273,980 16.5%
Company Fundamentals\Price Analysis
PRICE ANALYSIS:
Per Share- Indian Rupees

12 months % Change n/a n/a n/a n/a 60.3% 41.8% 102.9% 32.2% -56.4% -58.8% -85.3% -72.6% -16.3% -6.9% 54.9% 39.9% -1.2% 32.2% 4.9% -15.0% -19.1% -21.6%
Quarter 2006 Apr - Jun Jul - Sep
High Price 129.900 122.700
Low Price 81.100
Closing Price 85.800
Quarterly %Change n/a 20.3% 32.2% -32.4% 49.1% 6.4% 89.2% -55.9% -50.9% 0.6% -32.3% -18.0% 49.9% 11.9% 12.7% -25.9% 5.9% 49.6% -10.6% -40.0% 0.8% -11.0%
64.100 103.200 95.750 136.450 92.000 92.250
Oct - Dec 154.850 2007 Jan - Mar Apr - Jun Jul - Sep 162.900 175.000
86.000 137.500
152.300 130.250 146.300
Oct - Dec 334.450 127.050 276.800 2008 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2009 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2010 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2011 Jan - Mar Apr - Jun 7/15/2011 306.000 158.450 96.300 64.500 44.850 73.450 60.000 64.650 67.500 52.600 75.450 90.150 67.700 49.000 99.300 122.000 59.000 52.000 22.100 24.400 31.200 39.500 41.400 46.500 39.300 48.150 56.350 36.800 35.000 59.900 60.250 40.800 33.450 50.150 56.100 63.200 46.800 49.550 74.150 66.300 39.800 40.100 39.800
Company Fundamentals\Earnings & Dividends Analysis
EARNINGS AND DIVIDENDS ANALYSIS:

Per Share- Indian Rupees Fiscal Year Ends in March
Earnings Per Share 12 Months Fiscal % Years Earnings Change 2002
D
Dividends Per Share 12 Months % Dividends Change n/a n/a n/a n/a 0.00 0.00 0.00 0.00 0.00 n/a n/c n/c n/c n/c n/c n/c n/c n/c n/c n/c Quarterly Reported Dividends Q1 Jun. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Q2 Sep. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Q3 Dec. n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a Q4 Mar. n/a n/a n/a n/a 0.00 0.00 0.00 0.00 0.00 n/a % Payout 11.0% 16.0% 17.9% n/c 0.0% 0.0% 0.0% 0.0% 0.0% n/c
Quarterly Reported Earnings Q1 Jun. n/a n/a n/a n/a n/a -4.71 n/a 12.92 -9.08 -7.05 Q2 Sep. n/a n/a n/a n/a n/a 1.06 n/a 22.18 15.66 -8.68 Q3 Dec. n/a n/a n/a n/a n/a 21.28 n/a 15.55 15.70 -9.54 Q4 Mar. n/a n/a n/a n/a n/a 17.31 n/a 21.68 21.51 13.28
D 1.68
n/c
2003
D
D 0.57 -66.1% AD 0.36 -36.8% AD 7.20 D54.59 AD 42.24 AD 19.70 D72.33 AD 61.95 AD 38.55 n/c n/c n/c n/c n/c n/c n/c
2004
D
2005
D
2006
B
2007 2008
BC
2009 2010 2011
(A):
INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT, INCLS 13.45 PRETAX CHG IN FIS 2010 (2.18 PRETAX CHG MAR , 8.18 PRETAX CHG DEC, 1.75 PRETAX CHG SEP& 1.34 PRETAX CHG JUN), INCLS 0.98 CR & 1.84 PRETAX CR IN FIS 2008, INCLS 29.04 PRETAX CR JUN 2007, EXCLS 1.18 CHG IN FIS 2005, EXCLS 0.02 CHG IN FIS 2004
(B):
YEAR END CHANGED FROM JUN IN FIS 2008. 2008 INCOME STATEMENT RESULTS & RELATED ITEMS ARE ESTIMATED TO REFLECT 12 MONTHS OF OPERATIONS THROUGH MAR, YEAR END CHANGED FROM MAR IN FIS 2006. 2006 INCOME STATEMENT RESULTS & RELATED ITEMS ARE ESTIMATED TO REFLECT 12 MONTHS OF OPERATIONS THROUGH JUN
(C): (D):
NAME CHANGED FROM DECCAN AVIATION LTD IN SEP 2008
BASED ON AVERAGE SHARES OUTSTANDING, (U ): BASED ON AVERAGE SHARES OUTSTANDING, (U ): BASED ON AVERAGE SHARES OUTSTANDING, INFORMATION UPDATED FROM 2006 PROSPECTUS, AS 2005 ANNUAL REPORT NOT AVAILABLE, INFORMATION UPDATED FROM 2006 PROSPECTUS, AS 2004 ANNUAL REPORT NOT AVAILABLE, INFORMATION UPDATED FROM 2006 PROSPECTUS, AS 2003 ANNUAL REPORT NOT AVAILABLE, INFORMATION UPDATED FROM 2006 PROSPECTUS, AS 2002 ANNUAL REPORT NOT AVAILABLE
Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size
Balance Sheet - (Common Size): Kingfisher

Figures are expressed as Percent of Total Assets. Total Assets are in millions of Indian Rupees.
Airlines Limited
2009 2008 2007 2006
Fiscal Year Fiscal Year End Date Assets Total Assets Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Inventories -Total Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total Long Term Receivables Investment in Associated Companies Other Investments Property Plant and Equipment Gross Accumulated Depreciation Property Plant and Equipment Net Other Assets Deferred Charges Tangible Other Assets
2010
3/31/2010 3/31/2009 3/31/2008 6/30/2007 6/30/2006
51,659.0 4.0% 1.0% 3.0% 24.0% 3.2%
53,663.1 3.2% 0.9% 2.3% 13.8% 2.7% 0.0% 0.0% 0.0% 2.7%
13,012.7 21.5% 0.4% 21.1% 22.8% 3.7% 0.0% 0.0% 0.0% 3.7% 0.7% 1.9% 50.7%
17,574.9 46.5% 24.0% 22.5% 8.7% 3.5%
11,157.8 23.0% 16.2% 6.7% 13.8% 5.1%
3.5% 0.1% 1.7% 60.5%
5.1% 0.1% 8.1% 50.1%
0.3% 16.0% 47.6%
0.2% 17.1% 37.1%
0.0% 0.0% 57.7% 9.1% 48.6% 3.8% 2.8% 0.5%
0.0% 0.0% 64.8% 5.6% 59.2% 3.7% 3.2% 0.0%
0.0% 0.0% 50.9% 3.2% 47.7% 1.6% 1.3% 0.0%
0.0% 0.0% 39.4% 1.9% 37.6% 1.9% 1.6% 0.0% 0.0% 47.7% 1.4% 46.3% 3.6% 3.5%
Intangible Other Assets Total Assets Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity Accounts Payable Short Term Debt & Current Portion of Long Term Debt Accrued Payroll Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities - Total Long Term Debt Long Term Debt Excluding Capitalized Leases Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Taxes - Credit Deferred Taxes - Debit Deferred Tax Liability in Untaxed Reserves Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest Preferred Stock Preferred Stock Issued for ESOP
0.5% 100.0%
0.5% 100.0%
0.3% 100.0%
0.2% 100.0%
0.1% 100.0%
51,659.0 50.4% 97.2% 0.0% 0.0% 0.0% 21.8% 169.3% 52.5% 38.5% 14.0% 0.2%
53,663.1 52.9% 58.9% 0.2% 0.2% 0.0% 14.0% 126.2% 44.4% 44.4% 0.0% 0.2% 0.0%
13,012.7 31.2% 32.8% 0.3% 0.1% 0.0% 18.2% 82.7% 40.0% 32.7% 7.3% 0.3% 0.0% -38.3% 2.3% 40.6%
17,574.9 12.4% 41.0% 0.1%
11,157.8 25.2% 17.8% 0.1% 0.2%
0.0% 13.5% 67.0% 10.9% 4.8% 6.1% 0.2% 0.0% 0.0%
0.0% 11.5% 54.8% 24.9% 5.7% 19.2% 0.2% 0.0% 0.0%
-47.1% 7.9% 55.0%
-31.1% 6.8% 37.9%
0.0% 174.9% 0.0% 0.0% 1.9%
0.0% 139.6% 0.0% 0.0% 1.8%
0.0% 84.7% 0.0% 0.0% 0.0%
0.0% 78.1% 0.0% 0.0% 0.0%
0.0% 79.9% 0.0%
0.0%
ESOP Guarantees - Preferred Issued Common Equity Total Liabilities & Shareholders' Equity -76.8% 100.0% -41.4% 100.0% 15.3% 100.0% 21.9% 100.0% 20.1% 100.0%
Financial Statement Analyses\Balance Sheet - Year-Year % Change
Balance Sheet - (Year to Year Percent Change): Kingfisher

Figures are the Percent Changes from the Prior Year.
Airlines Limited
2007 2006
2010
2009
2008
3/31/2010 3/31/2009 3/31/2008 6/30/2007 6/30/2006
-3.7% 20.1% 3.0% 27.0% 67.3% 12.0%
312.4% -38.6% 746.6% -55.4% 150.0% 202.7%
-26.0% -65.7% -98.6% -30.6% 93.5% -21.1%
57.5% 218.6% 133.0% 424.5% -0.2% 7.6%
192.1% 209.3% 118.5%
262.6% 57.3%
202.7% 37.3% 31.6%
-21.1% 276.8% -15.6% -38.0%
7.6% 100.1% -67.7% 90.3%
57.3%
-9.6% 3,621.8% 23.5% 201.5%
464.2% 214.5%
0.0%
-100.0% -100.0% -100.0% 30.3% 105.3% 28.0% -18.5% -26.4% -7.7% 155.4% 250.9% 153.2%
-14.3% 55.4% -21.0% -1.2% -14.8%
425.5% 629.3% 411.9% 854.2% 927.1%
-4.5% 27.1% -6.0% -36.3% -42.1%
-17.5% -3.7%
573.4% 312.4%
3.9% -26.0%
215.5% 57.5% 192.1%
-3.7% -8.3% 58.9% -100.0% -100.0% -0.0% 49.8% 29.2% 14.0% -16.5%
312.4% 598.0% 640.0% 236.8% 625.0% 0.0% 216.4% 529.2% 357.1% 459.4% -100.0%
-26.0% 85.8% -40.8% 75.4%
57.5% -22.2%
192.1%
262.3% 4,588.5% 45.1%
-61.0% 0.3% -8.7% 172.8% 404.2% -10.6% 9.4%
0.0% 85.0% 92.6% -31.3% 32.5% 16.1% 434.8% -0.7% -77.0%
-50.3% 7,499.0% 71.9%
16.0%
137.0%
11.6% 1,102.0% 39.7% 284.7%
20.6%
579.6%
-19.7%
54.0%
126.1%
0.0%
ESOP Guarantees - Preferred Issued Common Equity Total Liabilities & Shareholders' Equity -3.7% 1,217.5% 312.4% -48.3% -26.0% 71.6% 57.5% 192.1%
Financial Statement Analyses\Balance Sheet - Five-Year Averages
Balance Sheet - (5 Year Averages): Kingfisher

Figures in millions of Indian Rupees.
Airlines Limited
2008 2007 2006
2010
2009
3/31/2010 3/31/2009 3/31/2008 6/30/2007 6/30/2006
29,413.5 3,464.0 1,418.7 2,045.2 5,171.6 959.3
19,845.6 3,216.9 1,482.8
9,262.8 2,905.1 1,415.9
6,708.6 2,348.9 1,408.3
3,219.8 715.7 565.1
2,775.1 702.4
1,328.0 431.8
749.3 342.2
458.2 223.4
702.4 86.6 3,774.6 13,456.1 2,150.9 8,897.2 324.4 5,016.0 275.7 3,723.8 218.5 1,618.3
0.8 16,693.9 1,722.4 14,971.4 984.1 802.1
1.7 11,149.7 792.7 10,356.9 588.8
1.7 4,247.7 192.0 4,055.7 188.6
1.7 2,946.1 110.5 2,835.6 146.6
1.9 1,564.7 45.9 1,518.8 80.8
126.0 29,413.5
77.9 19,845.6
19.6 9,262.8
11.0 6,708.6
2.6 3,219.8
29,413.5 12,691.4 19,048.5 42.1
19,845.6
9,262.8
6,708.6
3,219.8
9,018.0
2,733.4
1,889.4
454.2
0.4 4,953.3 36,768.9 12,167.8 9,885.1 2,282.7 58.1 2,924.7 19,504.5 7,300.6 6,463.1 837.5 1,475.7 6,045.4 2,576.8 1,739.3 837.5 1,017.6 3,918.9 1,546.2 899.3 647.0 553.3 1,577.4 1,165.0 731.1 433.9
-9,205.2
-4,336.5
-997.0
0.6
0.6
0.0 39,789.7 0.0
0.0 22,505.6 0.0
0.0 7,643.9 0.0
0.0 5,476.9 0.0
0.0 2,747.1 0.0
388.0
194.0
0.0
0.0
0.0
ESOP Guarantees - Preferred Issued Common Equity Total Liabilities & Shareholders' Equity -10,764.2 29,413.5 -2,854.0 19,845.6 1,618.9 9,262.8 1,231.7 6,708.6 472.7 3,219.8
Financial Statement Analyses\Income Statement - Common Size
Income Statement - (Common Size): Kingfisher
Airlines Limited
2009 2008 2007 2006
Figures are expressed as Percent of Net Sales or Revenues. Net Sales or Revenues are in millions of Indian Rupees.
Fiscal Year Net Sales or Revenues Cost of Goods Sold Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes(EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings After Tax Other Income/Expense Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends
2010
49,896.7 51,632.4 19,218.6 17,704.1 9,891.2 117.4% 4.4% -21.8% 136.1% 3.3% -39.4% 149.4% 2.5% -52.0% 140.2% 131.0% 2.5% 2.6%
-42.7% -33.6%
2.3% 124.0% -24.0% 0.0% 7.2% 0.2% 0.0% 0.0% 2.9% -23.8% -28.1% 20.2%
0.6% 140.0% -40.0% 10.3% 4.6% 0.1% 0.0% 0.0% 5.7% -25.2% -28.5% 15.9% 2.4%
1.1% 153.0% -53.0% 0.0% 0.0% 1.3% 0.0% 0.0% 6.7% -42.4% -45.0% 4.5% 1.0% -48.5% -34.6% 0.0% 0.0% 0.0% 0.0% -13.9%
-0.1%
1.6%
142.5% 135.2% -42.5% -35.2% 0.0% 0.0% 1.0% 0.0% 0.0% 0.1% 0.0% 0.0% 19.8% 0.0% 8.7%
-19.3% -23.8% -21.8% -26.4% 2.8% 0.9% 1.2% 0.0%
-48.3% -15.3% 0.0% 0.0% 0.0% 0.0% -33.0%
-42.0% -10.8% 0.0% 0.0% 0.0% 0.0% -31.2%
-23.7% -27.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
-23.7% -27.5%
Extraordinary Items & Gain/Loss Sale of Assets Preferred Dividend Requirements Net Income after Preferred Dividends available to Common
0.0% 0.0% -33.0%
0.0% 0.0% -31.2%
0.0% 0.0% -13.9%
0.0% 0.0%
0.0% 0.0%
-23.7% -27.5%
Financial Statement Analyses\Income Statement - Year-Year % Change
Income Statement - (Year to Year Percent Change): Kingfisher

Figures are the Percent Changes from the Prior Year.
Airlines Limited
2007 79.0% 91.6% 70.1% 2006 223.7% 305.6% 194.0%
Fiscal Year Net Sales or Revenues Cost of Goods Sold Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes(EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings After Tax Other Income/Expense Discontinued Operations
2010
2009
2008 8.6%
-3.4% 168.7%
-16.6% 144.7% 15.7% 26.6% 251.7% 11.1%
267.9%
50.3%
-113.4% 88.8% 307.4%
-14.4% 145.8% 16.5%
100.0% 50.6% 20.9% -70.0% 46.7% 1,480.8% 88.1%
-51.1% 126.0%
63.0%
308.3%
506.7% 26,658.4%
23.0% 841.6% 76.5% 519.9% 30.9%
325.7%
13.3%
Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets Preferred Dividend Requirements Net Income after Preferred Dividends available to Common
Financial Statement Analyses\Income Statement - Five-Year Averages
Income Statement - (5 Year Averages): Kingfisher

Figures in millions of Indian Rupees.
Airlines Limited
2009 2008 2007 2006
Fiscal Year Net Sales or Revenues Cost of Goods Sold Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes(EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings After Tax Other Income/Expense
2010
29,668.6 20,300.4 10,099.8 6,302.9 2,801.1 39,068.0 27,989.5 14,058.0 8,354.1 3,425.4 1,014.8 597.8 258.8 163.5 76.9 -701.2
-8,286.9 -4,217.1 10,414.2 2,214.7
354.4
128.9
67.6
26.8
31.0
40,437.2 28,716.2 14,384.4 8,544.4 3,533.3 -8,415.8 -4,284.7 10,768.6 2,241.5 1,061.6 1,190.4 120.9 1,061.6 475.1 103.6 0.0 0.0 2,004.2 0.0 1,745.9 0.0 1,169.0 0.0 910.0 1,130.2 1,293.7 152.9 0.0 209.1 -442.8 -519.8 55.4 0.0 0.0 0.0 0.0 -732.2 0.0 0.0
-7,757.5 -5,381.9 -2,768.4 -8,772.3 -5,979.7 -3,027.3 3,949.1 1,954.2 323.8
-7,618.3 -3,281.2 12,405.8 1,416.3 -3,975.0 -2,448.4 -1,330.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 -1.1 0.0 0.0 0.0
-575.2 -1.0 0.0 0.0 0.0
Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets Preferred Dividend Requirements Net Income after Preferred Dividends available to Common
0.0 -8,430.8 -5,169.9 -1,951.1 0.0 0.0 -5.5 0.0 -5.6 0.0 1,415.2 -5.6 0.0 1,415.2 -574.2 -5.6 0.0 -574.2
-8,430.8 -5,169.9 -1,951.1
Financial Statement Analyses\Sources of Capital - Net Change
Sources of Capital: Kingfisher
Airlines Limited
2010 2009 2008 2007 2006
Currency figures are in millions of Indian Rupees. Year to year % changes pertain to reported Balance Sheet values.
Fiscal Year Fiscal Year End Date Total Capital Percent of Total Capital Short Term Debt Long Term Debt Other Liabilities Total Liabilities Minority Interest Preferred Stock Retained Earnings Common Equity Total Capital Year to Year Net Changes Short Term Debt Long Term Debt Other Liabilities Total Liabilities Minority Interest Preferred Stock Retained Earnings Common Equity Total Capital Year to Year Percent Changes Short Term Debt Long Term Debt Other Liabilities
3/31/2010 3/31/2009 3/31/2008 6/30/2007 6/30/2006 -11,569.2 2,553.7 7,197.5 5,756.4 5,019.7
1,236.7% 932.3% 0.0% 2,933.6% 0.0% 38.0% -1,009.0% -870.2% 100.0%
59.3% 72.4% 0.0% 153.2% 0.0% 0.0%
125.2% 33.2% 0.0% 238.5% 0.0% 0.0%
39.6% 55.3% 0.0% 177.6%
0.0% -71.5%
27.6% 100.0%
66.8% 100.0%
44.7% 100.0%
1,861.2 332.8 0.0 1,544.7 0.0 0.0 2,576.6 -1,745.1 -1,412.3
2,731.4 1,859.8 0.0 6,389.3 0.0 97.0
-293.9 329.9 0.0 -270.4 0.0 0.0
521.8 -86.9 0.0 481.2
194.7 -2.1 0.0 497.3
0.0
0.0
-2,421.2 -464.4
-185.8 144.1
160.6 73.7
236.5 234.4
58.9% 14.0%
640.0% 357.1%
-40.8% 172.8%
262.3% 4,588.5% -31.3% -0.7%
Total Liabilities Minority Interest Preferred Stock Retained Earnings Common Equity Total Capital Total Liabilities & Common Equity Total Liabilities Net Change in Liabilities as % of Total Liabilities Common Equity Net Change in Common Equity as % of Common Equity Cash Flow Operating Activities Financing Activities Investing Activities
20.6%
579.6%
-19.7%
54.0%
126.1%
0.0%
-1,217.5% -553.0% -64.5%
-48.3% 25.0%
71.6% 14.7% 87.6%
90,363.6 17.1% -39,674.6
74,916.5 85.3% -22,223.5
11,024.0 -24.5% 1,988.7 -93.4%
13,728.0 35.0% 3,847.0 41.7%
8,916.4 55.8% 2,241.4 105.5%
-26,026.0 24,128.4 -2,243.6
13,665.7 -10,311.2 1,864.1
-5,566.9 226.8 29.1
-5,734.1 10,198.5 -1,141.3
-1,917.6 7,118.1 3,465.1
Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios
Accounting Ratios: Kingfisher Fiscal Year Fiscal Year End Date Receivables Turnover Receivables - Number of Days Inventory Turnover Inventory - Number of Days Gross Property, Plant & Equipment Turnover Net Property, Plant & Equipment Turnover Depreciation, Depletion & Amortization % of Gross Property, Plant & Equipment Depreciation, Depletion & Amortization Year to Year Change Depreciation, Depletion & Amortization Year to Year % Change
Airlines Limited
2010 2009 2008 2007 2006 3/31/2010 3/31/2009 3/31/2008 6/30/2007 6/30/2006 4.0 74.0 37.5 9.7 1.7 2.0 7.0 36.7 71.7 5.1 1.5 1.6 6.5 42.7 52.1 7.0 2.9 3.1 11.5 31.6 41.8 8.7 2.6 2.7 6.4 36.2 27.7 13.2 1.9 1.9
7.3%
4.9%
7.4%
6.3%
4.9%
45.7
122.8
4.9
18.1
17.0
26.6%
251.7%
11.1%
70.1%
194.0%
Financial Ratio Analyses\Asset Utilization
Asset Utilization: Kingfisher
Airlines Limited
2010 2009 2008 2007 2006
Figures are expressed as the ratio of Net Sales. Net Sales are in millions of Indian Rupees.
Fiscal Year Fiscal Year End Date Net Sales Cash & Cash Equivalents Short-Term Investments Accounts Receivable Inventories Other Current Assets Total Current Assets Total Long Term Receivables & Investments Long Term Receivables Investments in Associated Companies Other Investments Property, Plant & Equipment Gross Accumulated Depreciation Property Plant & Equipment - Net Other Assets Total Assets
3/31/2010 3/31/2009 3/31/2008 6/30/2007 6/30/2006 49,896.7 4.1% 3.1% 24.9% 3.3% 16.6% 49.2% 0.0% 51,632.4 3.3% 2.4% 14.4% 2.9% 17.7% 38.5% 0.0% 19,218.6 14.6% 14.3% 15.4% 2.5% 1.3% 34.3% 0.0% 17,704.1 46.2% 22.3% 8.7% 3.5% 1.6% 60.1% 0.0% 9,891.2 25.9% 7.6% 15.5% 5.8% 9.1% 56.5% 0.0%
0.0% 0.0% 59.7% 9.4% 50.3% 4.0% 103.5%
0.0% 0.0% 67.4% 5.8% 61.5% 3.9% 103.9%
0.0% 0.0% 34.5% 2.2% 32.3% 1.1% 67.7%
0.0% 0.0% 39.1% 1.8% 37.3% 1.9% 99.3% 0.0% 53.8% 1.6% 52.2% 4.1% 112.8%
Financial Ratio Analyses\Employee Efficiency
Employee Efficiency: Kingfisher Fiscal Year Fiscal Year End Date Employees Values per Employee Sales Net Income Cash Earnings Working Capital Total Debt Total Capital Total Assets Year to Year % Change per Employee Employees Sales Net Income Cash Earnings Working Capital Total Debt Total Capital Total Assets
Airlines Limited
2009 2008 2007 2006
Values per Employee are in Indian Rupees.
2010 3/31/2010 7,319
3/31/2009 3/31/2008 6/30/2007 6/30/2006 8,614 3,178 3,058 2,800
6,817,425 5,994,012 6,047,373 5,789,443 3,532,556 -2,250,609 -2,974,979 -8,593,409 1,867,692 596,623 -841,171 1,372,061 -972,992
2,231,638 2,177,768 1,277,780 -374,980 -189,071
5,552,264 1,310,827
10,565,703 6,430,214 2,982,051 2,981,292 1,702,736 -1,580,708 296,461 2,264,779 1,882,394 1,792,746
7,058,202 6,229,749 4,094,622 5,747,195 3,984,933
-15.0% 13.7%
171.1% -0.9%
3.9% 4.5%
9.2% 63.9%
-598.6%
64.3% -633.2% 13.3%
115.6% -86.9% 52.1%
0.0% 20.3% -28.8%
75.1% 5.0% 44.2%
Financial Ratio Analyses\Fixed Charges Coverage
Fixed Charges Coverage: Kingfisher Fiscal Year Fiscal Year End Date EBIT/Total Interest Expense EBIT/Net Interest EBIT/(Total Interest Exp + Pfd Div) EBIT/Dividends on Common Shares EBIT/(Dividends on Common + Pfd) EBITDA/Total Interest Expense EBITDA/Net Interest EBITDA/(Total Interest Exp + Pfd Div) EBITDA/Dividends on Com Shares EBITDA/(Dividends on Com + Pfd)
Airlines Limited
2009 2008 2007 2006
2010
3/31/2010 3/31/2009 3/31/2008 6/30/2007 6/30/2006 -1.4 -1.4 -1.4 -1.8 -1.8 -1.8 -9.9 -14.0 -9.9 -7.8 -12.0 -7.8 -22.5 -24.9 -22.5
-1.2 -1.2 -1.2
-1.6 -1.6 -1.6
-9.4 -13.2 -9.4
-6.9 -10.7 -6.9
-20.3 -22.4 -20.3
Financial Ratio Analyses\Leverage Analysis
Leverage Analysis: Kingfisher Fiscal Year Fiscal Year End Date Long Term Debt % of EBIT Long Term Debt % of EBITDA Long Term Debt % of Total Assets Long Term Debt % of Total Capital Long Term Debt % of Com Equity Total Debt % of EBIT Total Debt % of EBITDA Total Debt % of Total Assets Total Debt % of Total Capital Total Debt % of Total Capital & Short Term Debt Total Debt % of Common Equity Minority Interest % of EBIT Minority Interest % of EBITDA Minority Interest % of Total Assets Minority Interest % of Total Capital Minority Interest % of Com Equity Preferred Stock % of EBIT Preferred Stock % of EDITDA Preferred Stock % of Total Assets Preferred Stock % of Total Capital Preferred Stock % of Total Equity Common Equity % of Total Assets Common Equity % of Total Capital Total Capital % of Total Assets Capital Expenditure % of Sales
Airlines Limited
2010 2009 2008 2007 2006 3/31/2010 3/31/2009 3/31/2008 6/30/2007 6/30/2006
52.5%
44.4% 932.3%
40.0% 72.4% 261.9%
10.9% 33.2% 49.6%
24.9% 55.3% 124.0%
-68.4%
-107.1%
149.7%
103.2% 2,169.0%
72.8% 131.7% 82.7% 476.5%
51.9% 158.4% 70.3% 237.0%
42.7% 95.0% 68.0% 212.7%
200.2% -194.9%
162.3% -249.2%
0.0%
0.0% 0.0%
0.0% 0.0% 0.0%
0.0% 0.0% 0.0%
1.9% -8.4%
1.8% 38.0%
0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 21.9% 66.8% 32.8% 10.3%
0.0% 0.0% 0.0% 20.1% 44.7% 45.0% 40.1%
-76.8%
-41.4% -870.2%
15.3% 27.6% 55.3% 1.5%
-22.4% 0.0%
4.8% 7.7%
Fixed Assets % of Common Equity Working Capital % of Total Capital Dividend Payout Funds From Operations % of Total Debt
-63.3%
-143.0% 1,872.8%
312.1% -57.9% 0.0% -74.8%
171.7% -19.9% 0.0% -73.0%
230.3% -10.5% 0.0% -75.0%
0.0% -28.2%
0.0% 9.3%
Financial Ratio Analyses\Liquidity Analysis
Liquidity Analysis: Kingfisher Fiscal Year Fiscal Year End Date Total Current Assets % Net Sales Cash % of Current Assets Cash & Equivalents % of Current Assets Quick Ratio Receivables % of Current Assets Receivable Turnover - number of days Inventories % of Current Assets Inventory Turnover - number of days Inventory to Cash & Equivalents number of days Receivables % of Total Assets Current Ratio Total Debt % of Total Capital Funds from Operations % of Current Liabilities Funds from Operations % of Long Term Debt Funds from Operations % of Total Debt Funds from Operations % of Total Capital Cash Flow (in milllions of Indian Rupees) Operating Activities Financing Activities Investing Activities
Airlines Limited
2010 2009 2008 2007 2006 3/31/2010 3/31/2009 3/31/2008 6/30/2007 6/30/2006 49.2% 2.1% 8.4% 0.2 50.5% 74.0 6.7% 9.7 450.8 24.0% 0.3 200.2% -24.9% -80.2% -28.2% 38.5% 2.5% 8.6% 0.1 37.3% 36.7 7.4% 5.1 420.2 13.8% 0.3 162.3% 7.6% 21.6% 9.3% 201.2% 34.3% 0.9% 42.5% 0.5 45.0% 42.7 7.4% 7.0 2,073.1 22.8% 0.6 82.7% -65.9% -136.2% -74.8% -98.5% 60.1% 39.7% 76.8% 0.8 14.4% 31.6 5.8% 8.7 4,773.2 8.7% 0.9 70.3% -56.5% -348.8% -73.0% -115.7% 56.5% 32.4% 45.9% 0.7 27.5% 36.2 10.2% 13.2 1,612.4 13.8% 0.9 68.0% -58.5% -128.8% -75.0% -71.3%
-26,026.0
13,665.7
-5,566.9 226.8 29.1
-5,734.1 10,198.5 -1,141.3
-1,917.6 7,118.1 3,465.1
24,128.4 -10,311.2 -2,243.6 1,864.1
Financial Ratio Analyses\Per-Share Ratios
Per Share Data: Kingfisher
Airlines Limited
2010 2009 2008 2007 2006
Figures are expressed as per unit of respective shares. Figures are in Indian Rupees.
Fiscal Year Fiscal Year End Date Sales Operating Income Pre-tax Income Net Income (Continuing Operations) Net Income Before Extra Items Extraordinary Items Net Income After Extraordinary Items Net Income Available to Common Shares Fully Diluted Earnings Common Dividends Cash Earnings Book Value Retained Earnings Assets
3/31/2010 3/31/2009 3/31/2008 6/30/2007 6/30/2006 187.65 -45.09 -90.70 -90.93 -61.95 0.00 -61.95 -61.95 -61.95 0.00 -81.88 -149.20 0.00 194.27 194.17 -77.67 -81.52 -81.52 -60.50 0.00 -60.50 -72.33 -72.33 0.00 23.10 -83.58 -96.90 201.81 95.82 129.73 141.52 -75.04 -68.58 -50.53 -19.69 0.00 -19.69 -19.70 -19.70 0.00 -52.28 14.64 130.69 -55.60 -30.97 -30.97 -30.97 0.00 -30.97 -42.24 -42.24 0.00 -67.05 28.40 100.74 -35.42 -27.75 -34.69 -27.75 0.00 -27.75 -54.59 -54.59 0.00 -71.69 22.83 -36.57 113.64
Financial Ratio Analyses\Profitability Growth
Profitability Analysis: Kingfisher

Currency figures are in Indian Rupees.
Airlines Limited
2009 3/31/2009 -39.4% -40.0% -42.0% -28.5% -31.2% 2008 3/31/2008 -52.0% -53.0% -48.5% -45.0% -13.9% -91.6% 2007 6/30/2007 -42.7% -42.5% -23.7% -21.8% -23.7% -137.8% -38.6% -26.8% 1.0 237.0% 2006 6/30/2006 -33.6% -35.2% -27.5% -26.4% -27.5% -257.3% -53.6% -34.8% 0.9 212.7%
Fiscal Year Fiscal Year End Date Gross Income Margin Operating Income Margin Pretax Income Margin EBIT Margin Net Income Margin Return on Equity Total Return on Invested Capital Return on Assets Asset Turnover Financial Leverage Interest Expense on Debt Effective Tax Rate Cash Flow % Sales Selling, General & Administrative Expenses % of Sales Research & Development Expense Operating Income
2010 3/31/2010 -21.8% -24.0% -48.3% -28.1% -33.0%
-17.6% -12.1% 1.0 -194.9%
-40.0% -27.4% 1.0 -249.2%
-16.4% -13.1% 1.5 476.5%
10,076,660,000 8,190,492,855 869,803,925 492,675,740 115,724,475
-43.6%
10.0%
-36.9%
-37.6%
-36.2%
Return On Total Capital
-553.0%
-64.5%
25.0%
14.7%
87.6%
Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance
Wright Quality Rating - Investment Acceptance: Kingfisher

Currency figures are in millions of U.S. Dollars.
Wright Quality Rating
Airlines Limited
CLNN CLNN
1,013 400 654 258 0 0 0.0% 0.0% BOM 0 83,895 35.4%
Investment Acceptance Rating Total Market Value of Shares Outstanding - Three Year Average - Current Year Public Market Value (Excludes Closely Held) - Three Year Average - Current Year Trading Volume - Three Year Average - Current Year Turnover Rate - Three Year Average - Current Year Stock Exchange Listings Number of Institutional Investors Number of Shareholders Closely Held Shares as % of Total Shares Outstanding
Wright Quality Rating Analyses\Financial Strength
Wright Quality Rating - Financial Strength: Kingfisher Wright Quality Rating Financial Strength Rating Total Shareholders' Equity (Millions of U.S. Dollars) Total Shareholders' Equity as % Total Capital Preferred Stock as % of Total Capital Long Term Debt as % of Total Capital Long Term Debt (Millions of Indian Rupees) Lease Obligations (Millions of Indian Rupees)
Airlines Limited
C C
LNN LNN
-663
-53.1% 0.0% 153.1% 77,825 7,254 85,079 130.0% -0.2 -0.2 0.6 0.7
Long Term Debt including Leases (Millions of Indian Rupees) Total Debt as % of Total Capital Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred Dividends Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred Dividends Quick Ratio (Cash & Receivables / Current Liabilities) Current Ratio (Current Assets / Current Liabilities)
Wright Quality Rating Analyses\Profitability & Stability
Wright Quality Rating - Profitability & Stability: Kingfisher Wright Quality Rating Profitability & Stability Rating Profit Rate of Earnings on Equity Capital - Time-Weighted Normal - Basic Trend Cash Earnings Return on Equity - Time-Weighted Average - Basic Trend Cash Earnings Return on Equity - Stability Index Return On Assets (Time-Weighted Average) Pre-Tax Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Capital (Adjusted Rate) Pre-Tax Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Capital (Adjusted Rate)
Airlines Limited
CL CL
NN NN
-4.0%
99.0%
-28.3% -39.2% -33.9% -197.8% -39.2% -33.9% -197.8%
Wright Quality Rating Analyses\Corporate Growth
Wright Quality Rating - Corporate Growth: Kingfisher

Figures are expressed on a Per Share Basis.
Airlines Limited
CLN CLN
Wright Quality Rating Growth Rating Normal Earnings Growth Cash Earnings Growth Cash Earnings Stability Index Earned Equity Growth Dividend Growth Operating Income Growth Assets Growth Sales/Revenues Growth
N N
0.0% -14.8% 5.6% 0.0% 0.0% 0.0% 1.2% 4.3%

Kingfisher Airlines

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Kingfisher Airlines

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Company FundamentalsCompany Fundamentals\Company Profile

A Wright Investors' Service Research Report:

Kingfisher Airlines Limited

440 Wheelers Farms Road Milford, CT 06461 U.S.A.

Figures in Indian Rupees

Price / Book Ratio

24 Vittal Mallya Road Bangalore KARNATAKA 560 001 INDIA

Company Fundamentals\Comparative Business Analysis

A Wright Investors' Service Research Report:

Kingfisher Airlines Limited

Wright Comparative Business Analysis Report

1.400 3.027 0.647

Pal Holdings Incorporated Mar 2010

0.32 -21.60% 0.32 -17.93% 0.53 -32.68% 0.45 N/A

Kingfisher Airlines Limited 2010 -17.4% -19.7% -33.0%

Pal Holdings Incorporated 2010

Kingfisher Airlines Limited 2011

Pal Holdings Incorporated 2010

Company Fundamentals\Summary Analysis

Per Share- Indian Rupees

Kingfisher Airlines Limited

% Earned Growth n/c 185.0% -69.4% 493.9% n/c n/c n/a

% Profit Rate (ROE) n/c 185.0% -69.4% 493.9% n/c

n/c n/c n/c n/c n/c n/c n/c

n/c n/c n/c n/c n/c n/c n/c

0.00 0.00 0.00 0.00 0.00 0.00 0.00

n/c -149.20 n/a -59.29

Company Fundamentals\Sales Analysis

Figures in thousands of Indian Rupees

Kingfisher Airlines Limited

Sales Amount in thousands 195,480 234,150 Year-toyear Growth n/c 19.8%

Cost of Goods Sold Amount in thousands 174,620 197,330 605,170

Year 2002 2003 2004 2005 2006

% of Sales 89.3% 84.3% 96.2%

% of Sales 4.6% 2.7% 0.9%

629,390 168.8% 3,055,540 385.5% 9,891,156 223.7% 79.0% 8.6%

-2,724,377 23.8% 27.5% -4,195,761 19.3% 23.7% -2,673,240 42.4% 13.9%

2007 17,704,117 2008 19,218,550

2009 51,632,419 168.7% 2010 49,896,733 2011 62,333,790 -3.4% 24.9%

Company Fundamentals\Price Analysis

Per Share- Indian Rupees

Kingfisher Airlines Limited

Quarter 2006 Apr - Jun Jul - Sep

High Price 129.900 122.700

Low Price 81.100

Closing Price 85.800

64.100 103.200 95.750 136.450 92.000 92.250

152.300 130.250 146.300

Company Fundamentals\Earnings & Dividends Analysis

EARNINGS AND DIVIDENDS ANALYSIS:

Kingfisher Airlines Limited

2009 2010 2011

NAME CHANGED FROM DECCAN AVIATION LTD IN SEP 2008

Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size

Balance Sheet - (Common Size): Kingfisher

3/31/2010 3/31/2009 3/31/2008 6/30/2007 6/30/2006

51,659.0 4.0% 1.0% 3.0% 24.0% 3.2%

17,574.9 46.5% 24.0% 22.5% 8.7% 3.5%

11,157.8 23.0% 16.2% 6.7% 13.8% 5.1%

3.5% 0.1% 1.7% 60.5%

5.1% 0.1% 8.1% 50.1%

0.3% 16.0% 47.6%

0.2% 17.1% 37.1%