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7	7	InterGlobe Aviation Ltd (IndiGo) is (NSE: INDIGO) India’s largest passenger airline with a market share of 54.3% as of January 2021. The company's journey began in August 2006 on the foundation of three pillars – offering low fares, being on-time, and delivering a courteous and hassle-free experience. Today, IndiGo has become synonymous with affordability, punctuality, and reliability. {{footnote}}https://www.interglobe.com/aviation/indigo{{/footnote}}
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11	11	With a fleet of 280 aircraft and growing, the company connect people across the globe to a network of over 91 destinations worldwide. A uniform fleet for each type of operation, high operational reliability and award-winning service make it one of the most reliable airlines in the world. Flying to 67 Destinations in India and 24 Internationally.
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14	14	IndiGo is not only the most efficient low fare operator domestically but is also comparable with global low cost airlines. IndiGo is constantly enhancing its engagement with its passengers to augment their travel experience. From multichannel direct sales (including online flight booking, call centers and airport counters), to online flight status checking, an exclusive IndiGo app for Android, IndiGo has transformed air travel in India. Today, IndiGo is India’s most preferred airline. At IndiGo, low fares come with high quality.
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17	17	Since 1989, InterGlobe Enterprises has been bridging gaps between people and markets. The company's unswerving commitment to this purpose has allowed it to establish a strong foothold in businesses such as civil aviation, hospitality, travel commerce, airline management, aircraft maintenance engineering, and advanced pilot training.
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19		-Over the past three decades, IndiGo has continued to expand its vision and become India’s leading and one of the most respected conglomerates. Headquartered in Gurugram and driven by a workforce of over 24,000 people spread across 27+ countries and 100+ cities globally, its passion for quality, value and innovation is set to power it into the future.
	16	+Over the past three decades, IndiGo has continued to expand its vision and become India’s leading and one of the most respected conglomerates. Headquartered in Gurugram and driven by a workforce of over 24,000 people spread across 27+ countries and 100+ cities globally, its passion for quality, value and innovation is set to power it into the future. {{footnote}}https://www.interglobe.com/about-us{{/footnote}}
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21		-[[https:~~/~~/www.interglobe.com/about-us>>url:https://www.interglobe.com/about-us]]
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	19	+= Industry Overview =
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24		-Industry Overview
	21	+Given the global nature of the COVID-19 pandemic that threatens to throw many economies into recession, it could take passenger air travel demand anywhere from several months to several years to recover to 2019 levels. This return to normalcy in airline travel will depend on multiple factors including the speed of virus containment, lifting of country border closures, restoration of confidence in air travel, and a return to normal economic and social activity. {{footnote}}https://www.goindigo.in/content/dam/goindigo/investor-relations/annual-report/2019-20/Annual-Report-InterGlobe-Aviation-Limited-FY-2019-2020.pdf{{/footnote}}
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27		-Given the global nature of the COVID-19 pandemic that threatens to throw many economies into recession, it could take passenger air travel demand anywhere from several months to several years to recover to 2019 levels. This return to normalcy in airline travel will depend on multiple factors including the speed of virus containment, lifting of country border closures, restoration of confidence in air travel, and a return to normal economic and social activity.
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29		-[[https:~~/~~/www.goindigo.in/content/dam/goindigo/investor-relations/annual-report/2019-20/Annual-Report-InterGlobe-Aviation-Limited-FY-2019-2020.pdf>>url:https://www.goindigo.in/content/dam/goindigo/investor-relations/annual-report/2019-20/Annual-Report-InterGlobe-Aviation-Limited-FY-2019-2020.pdf]]
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31	31	After rapid expansion over the last decade when Indian aviation registered a Compound Annual Growth Rate (“CAGR”) of around 13.6% in domestic demand measured in terms of Revenue Passenger Kilometers (“RPKs”), it slowed down to 5% in 2019. The deceleration in growth was primarily driven by supply-side constraints due to industry consolidation subsequent to the cessation of operations of Jet Airways. Adding significantly to industry headwinds, COVID-19 hit the aviation Industry in Q4 FY 2020. In response to the virus, the Government banned international flights with effect from March 22, 2020 and domestic flights with effect from March 25, 2020. Even before these extraordinary measures were taken, the travel demand started to slow down significantly. This had a major impact on the financial performance of the Indian carriers.
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33	33	In the medium to long term, once the crisis is over, the demand outlook for aviation remains very strong in India largely driven by under-penetration, rise in working population and expansion of middle class. (Refer to the section below for key growth highlights in the Indian aviation during the pre-pandemic period.) Furthermore, the rise in trade and tourism is also likely to boost the industry. Based on the recent data published by the Civil Aviation Administration of China (“CAAC’”), daily flights in China have recovered by 43% as of April 21, 2020 as compared to March 2020. Thus, although the COVID-19 outbreak will have a near-term negative impact, aviation in India should gradually recover and get back on track for rapid growth.
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41		-Business Overview
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44	44	IndiGo commenced operations in August 2006 with a single aircraft and has grown its fleet to 262 aircraft as of March 31, 2020. The company had placed an order of 430 fuel-efficient A320 NEO family aircraft in 2011 and 2015, of which 114 have been delivered as of March 31, 2020. In addition to this, in October 2019, the company placed an additional firm order for the 300 A320 NEO family aircraft, which includes A321 XLRs in addition to A320 NEOs and A321 NEOs.