Cochin International Airport Limited
Cochin International Airport: A Public-Private Powerhouse Soaring High
Cochin International Airport (CIAL) isn’t just an airport; it’s a testament to public-private partnerships and sustainable innovation. This greenfield marvel, built from scratch, has become a global brand, powered entirely by solar energy. Its journey is a story of remarkable growth, driven by passionate leadership and an unwavering commitment to excellence.
From Birth to Stardom:
Founded in 1999 by Mr. V.J. Kurian, CIAL’s visionary leader, and with the crucial support of the late Chief Minister Mr. Karunakaran, the airport took flight. In just four years, it soared to become the 4th largest international airport in India, showcasing the power of collective determination.
Sustained Growth and Stellar Performance:
CIAL boasts a consistent growth trajectory, with initial years witnessing a 20% annual increase and later stabilizing at 12%. By 2015-16, passenger traffic surged to 7.7 million, and by 2017-18, CIAL surpassed a historic milestone, reaching 1 crore passengers in a single year. This feat was repeated in FY18-19, solidifying their position as a prominent airport operator.
Beyond Borders and Beyond Passengers:
Kochi’s transformation into Kerala’s business hub, with mega projects like LNG terminals and cargo containers, fuels CIAL’s growth prospects. Its subsidiaries, like Air Kerala and CIAL Infrastructure, tap into emerging opportunities in international low-cost airlines and renewable energy respectively.
Recent Highlights and Future Trajectory:
In FY22, CIAL showcased remarkable resilience, recording:
Revenue of 525 crores, a significant jump from 269 crores the previous year.
A surge in passenger traffic, becoming the third largest airport in the country’s international sector.
Increased aircraft and passenger movements by 60% and 92%, respectively.
CIAL’s strategic location offers lucrative fuel stopover business potential, connecting Middle Eastern and Far Eastern countries. With ambitious plans for inland waterway development and continued operational excellence, CIAL’s future looks bright.
Promoters and Management:
Dr. T.M. Thomas Issac – Non-Executive Director
Sr. C.V. Jacob – Non-Executive Director
Sri A.K. Ramani – Independent Director
Sri V.J. Kurian – Member
Investing in CIAL’s Potential:
CIAL‘s impressive track record, diverse revenue streams, and commitment to sustainability make it a compelling investment opportunity. However, careful consideration of potential challenges in the aviation sector is crucial before making any investment decisions.
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Cochin International Airport Limited Unlisted Shares- Company Overview
Cochin International Airport Limited is a public limited company incorporated and domiciled in India. The company is engaged in the Airport and Allied operations. The company is mainly engaged in constructing, developing, setting up, commissioning, operating, managing, and maintaining an Airport of International standards with all modern facilities for domestic and International flight operations and all other related activities such as Cargo operation and incidental and ancillary activities to the above.
Cochin International Airport Limited is the first Greenfield airport in India to be built in partnership with the public and private sectors. It is also the world’s first solar-powered airport. The project was the brainchild of Mr. V.J. Kurian IAS and he is the founder and Managing Director of the company.
Cochin International Airport Limited is the 4th largest airport in India in terms of international passenger traffic. As of now, there are mainly 24 airline companies that operate from Cochin International Airport Limited which facilitates direct connectivity to Sri Lanka, Singapore, Thailand, GCC countries, and Malaysia.
CIAL shares are listed on unlisted stocks. Cochin International Airport’s share price keeps changing on a regular basis.
The company is now planning to make its presence in the hotel & hospitality industry by setting up a hotel project adjacent to the Airport in the land belonging to Cochin International Airport Limited.
CIAL Incorporation Details
CIN of CIAL |
U63033KL1994PLC007803 |
Registration Date of CIAL |
30 March 1994 |
Category / Sub-Category CIAL |
Company Limited by Shares / Indian Non-Government Company |
CIAL Registered office and contact details |
Room No:35, 4th Floor, GCDA Commercial Complex, Marine Drive,
Ernakulam – 682 031 Telephone & Fax : 0484-2374154 |
CIAL Registrar and Transfer Agent Contact details |
M/s. S.K.D.C. Consultants Limited
Kanapathy Towers, 3rd Floor, 1391/A1, Sathy Road, Ganapathy, Coimbatore, Tamil Nadu – 641 006 Telephone: 0422-2539835 / 36. |
Cochin International Airport Limited Share Details as of March 31, 2022
| CIAL Outstanding Shares: | 47,82,18,350 |
| Face Value of CIAL Unlisted Share: | Rs. 10 Per Equity Share |
| ISIN of CIAL Unlisted Share: | INE02KH01019 |
| Lot Size of CIAL Unlisted Share: | 200 Shares |
| Current share price of Cochin International Airport: | ;Best in Industry |
| PAN Number of CIAL: | AAACC9658B |
CIAL Principal Business Activities
| Name and Description of main products/services | NIC Code of the product/service | % to the total turnover of the Company |
| Airport Operator | 5223 | 100% |
Cochin International Airport Limited Board of Directors
Sri. Pinarayi Vijayan (Chairman)
Adv. P. Rajeeve
Adv. K. Rajan
Dr. V. P. Joy IAS
Sri. E. K. Bharat Bhushan
Smt. Aruna Sundararajan
Sri. Yusuffali M.A.
Sri. N.V. George
Sri. E.M. Babu
Sri. S. Suhas IAS (Managing Director)
CIAL Particulars of Subsidiary and Associate Companies
| Name of the Company | Subsidiary/Associate | % of shares held |
| Cochin International Aviation Services Limited | Subsidiary | 99.99 |
| CIAL Infrastructures Limited | Subsidiary | 99.99 |
| Air Kerala International Services Limited | Subsidiary | 99.99 |
| CIAL Duty-free and Retail Services Limited | Subsidiary | 99.90 |
| Kerala Waterways and Infrastructures Limited | Associate | 49.99 |
CIAL Shareholding Pattern (As of 31-03-2022)
| S. No. | Shareholders’ Name | No. of Shares | % of total Shares of the company |
| 1. | Promoters Group | 12,42,40,197 | 32.47% |
| 2. | Public Shareholding | 25,83,34,552 | 67.53% |
| Total | 38,25,74,749 | 100% |
Aviation Industry Outlook
The Indian economy has emerged as the fastest-growing major economy in the world. Backed by robust democracy and resilient partnerships, our economy is expected to be one of the top three economic powers in the world over the next 12 -15 years. Air transport generates benefits to consumers and the economy at large by providing speedy connections between cities.
These simulated bridges in the air enable the economic flows of goods, investments, people and ideas that are the fundamental drivers of economic growth. A supportive policy framework coupled with the state-of-the-art infrastructure facilities at the leading airports, healthy competition among the airlines and an intensifying share of middle-income households has provided confident momentum to the aviation sector.
The Asia Pacific region is starting to open up again, but travel restrictions still impact key markets and Russia’s invasion of Ukraine adds additional challenges. After being closed to tourists for nearly two years amid Covid-related border controls, the Indian Aviation sector has started to open for vaccinated travelers. The government finally recognizes that rising vaccination and the reduced mortality associated with the Omicron variant of COVID-19 means it is time to reboot air travel.
During the last decades, the Indian Civil Aviation industry has emerged as one of the fastest-growing industries in the country. India has become the third-largest domestic aviation market in the world by 2024. To cater to the expanding air traffic, the Government of India has been working towards increasing the number of airports. The Ministry of Civil Aviation is responsible for formulating national aviation policies and programs.
India has envisaged increasing the number of operational airports to 190 – 200 by the financial year 2039 – 40 as against 153 operational airports in the year 2020. As of November 2019, 680 airplanes were in service in the fleet of scheduled Indian operators. Due to the rise in demand for air travel, India will need 1,100 commercial aircraft by 2027 and 2,380 airplanes by 2038. 28th Annual Report 2021-22 21 More major developments are forthcoming in the Indian aviation industry as a new player moves faster to launch and two airlines prepare to sign large aircraft deals.
CIAL shares are not listed but are available in the unlisted share market. Cochin International Airport’s share price used to change on a regular basis.
The start-up LCC Akasa Air has cleared the final regulatory hurdle before beginning operations and plans to grow its fleet quickly. Air India appears to be close to placing long-overdue orders for fleet renewal, while Jet Airways is also evaluating aircraft deals to relaunch and grow its operations.
Balance Sheet
Cochin International Airport Limited Balance Sheet (Rs. In Lakhs)
| PARTICULARS | 2023 | 2022 | 2021 |
| ASSETS | |||
| Non-Current Assets | |||
| a. Property, plant and equipment | 2,07,540.74 | 2,13,085.31 | 2,09,299.21 |
| b. Capital work in progress | 11,277.39 | 9,036.14 | 18,704.78 |
| c. Intangible assets | 77.98 | 98.76 | 125.55 |
| d. Financial assets | |||
| (i) Investments | 1,008.62 | 1,007.21 | 127.64 |
| (ii) Other Financial Assets | 2541.78 | 342.99 | 656.39 |
| e. Income tax assets (net) | 2,013.36 | 2,609.52 | 2,241.32 |
| f. Other non-current assets | 2504.63 | 302.45 | 249.17 |
| Current Assets | |||
| a. Inventories | 5,534.57 | 2,159.81 | 1,579.56 |
| b. Financial assets | |||
| (i) Investments | 18603.36 | 0 | |
| (ii) Trade Receivables | 10,056.84 | 9,320.64 | 5,495.87 |
| (iii) Cash & Cash equivalents | 4,606.78 | 1,381.71 | 1,258.90 |
| (iv) Bank Balances other than (iii) | 72,149.28 | 8,243.04 | 8,039.93 |
| (v) Loans | 0.09 | 0 | |
| (vi) Other financial assets | 1428.7 | 270.3 | 1,480.18 |
| c. Income Tax Asset (net) | 0 | 68.73 | 1.17 |
| d. Other current assets | 3,733.55 | 3,327.93 | 3,286.14 |
| Total Assets | 3,43,077.67 | 2,51,254.56 | 2,52,545.82 |
| EQUITY & LIABILITIES | |||
| Equity | |||
| a. Equity Share Capital | 38,257.47 | 38,257.47 | 38,257.47 |
| b. Other Equity | 1,73,296.38 | 96,434.09 | 93,200.14 |
| Equity attributable to owners of the company | 2,11,553.86 | 1,34,691.57 | 1,31,457.62 |
| Non-Controlling Interest | 2.44 | 1.46 | 1.37 |
| Total Equity | 2,11,556.30 | 1,34,693.03 | 1,31,458.99 |
| Liabilities | |||
| Non-Current Liabilities | |||
| a. Financial Liabilities | |||
| (i) Borrowings | 56,018.96 | 61,172.21 | 56,241.80 |
| (ii) Other financial liabilities | 5,193.24 | 5,501.28 | 5,878.61 |
| b. Provisions | 3,277.35 | 5,164.01 | 4,462.13 |
| c. Deferred tax liabilities (net) | 10,588.64 | 5,718.35 | 4,610.09 |
| d. Other non-current liabilities | 16,062.60 | 15,547.59 | 17,589.48 |
| Current Liabilities | |||
| a. Financial Liabilities | |||
| (i) Borrowings | 11,378.78 | 6,837.48 | 10,025.42 |
| (ii) Trade Payables – | |||
| a) Total outstanding dues of Micro, Small and Medium Enterprises | 823.63 | 180.16 | 6.14 |
| b) Total outstanding dues of creditors other than Micro, Small and Medium Enterprises | 5,003.98 | 3,391.36 | 1,752.52 |
| (iii) Other financial liabilities | 16,864.44 | 8,958.39 | 16,758.78 |
| b. Other current liabilities (net) | 3,883.31 | 3,173.79 | 3,168.25 |
| c. Provisions | 2426.44 | 916.92 | 593.6 |
| Total Equity and Liabilities | 3,43,077.67 | 2,51,254.56 | 2,52,545.82 |
Cochin International Airport Limited Profit & Loss Statement (Rs. In Lakhs)
| PARTICULARS | 2023 | 2022 | 2021 |
| Income | |||
| Revenue from Operations | 93,963.60 | 50,230.06 | 26,758.75 |
| Other Income | 1,519.40 | 2,189.93 | 2,906.44 |
| Total Revenue | 95483 | 52420 | 29665.2 |
| Expenses: | |||
| Purchase of Stock in Trade | 14,507.20 | 7,057.91 | 847 |
| Change in Inventories of stock in trade | -3342.5 | -559.36 | 1,571.22 |
| Employee Benefits Expenses | 12,850.04 | 10,705.18 | 9,493.72 |
| Finance Costs | 4,483.83 | 5,493.91 | 5,612.21 |
| Depreciation and amortisation expenses | 14,167.61 | 14,536.86 | 14,107.32 |
| Other Expenses | 13,647.94 | 10,329.13 | 10,336.88 |
| Total Expenses | 56314.12 | 47563.63 | 41968.34 |
| Profit / (loss) before exceptional items and tax | 39168.88 | 4856.37 | -12303.14 |
| Exceptional Items | 0 | 0 | 0 |
| Profit before tax | 39168.88 | 4856.37 | -12303.14 |
| Tax expense: | |||
| a. Current tax | 4965.5 | 126.77 | 114.28 |
| b. MAT Credit Entitlement | -280.94 | -104.17 | -114.3 |
| c. Tax expenses of earlier years | -10.72 | -0.01 | -22.76 |
| d. Deferred tax | 5,220.63 | 1,334.78 | -2,992.91 |
| 9,894.47 | 1,357.37 | -3,015.70 | |
| Profit for the period (V – VII) | 29274.41 | 3499 | -9287.45 |
| Other comprehensive income | |||
| – Items that will not be reclassified to Consolidated Statement of Profit or Loss | -303.5 | -462.88 | 274.21 |
| (Re-measurement of defined employee benefit plans) | |||
| – Income tax relating to items that will not be reclassified to Consolidated Statement of Profit or Loss | 70.38 | 124.76 | -71.39 |
| Total comprehensive income for the period | 29,041.29 | 3,160.87 | -9,084.63 |
| (Profit / Loss + Other Comprehensive Income) | |||
| Profit for the year attributable to: | |||
| Owners of the Company | 29,273.42 | 3,498.91 | -9,286.29 |
| Non-Controlling Interests | 0.98 | 0.09 | -1.16 |
| 29,274.41 | 3,499.00 | -9,287.45 | |
| Share of Profit / (Loss) of Associate Company | 1.41 | -2.43 | 0 |
| Other Comprehensive Income attributable to: | |||
| Owners of the Company | -233.12 | -338.13 | 202.82 |
| Non-Controlling Interests | 0 | 0 | 0 |
| -233.12 | -338.12 | 202.82 | |
| Total Other Comprehensive Income attributable to: | |||
| Owners of the Company | 29,041.72 | 3,158.35 | -9,083.47 |
| Non-Controlling Interests | 0.98 | 0.09 | -1.16 |
| 29,041.29 | 3,160.87 | -9,084.63 | |
| Earnings per equity share | |||
| Nominal Value of Share Rs.10 (Rs.10/-) | |||
| a. Basic | 7.59 | 0.83 | -2.37 |
| b. Diluted | 7.59 | 0.83 | -2.37 |
Cochin International Airport Limited Consolidated Cash Flow Statement (Rs. In Lakhs)
| PARTICULARS | 2023 | 2022 | 2021 |
| A. Cash Flow from Operating Activities | |||
| Profit before tax | 39,168.88 | 4,856.37 | -12,303.14 |
| Adjustments for : | |||
| Provision for Tax | -9,894.47 | -1,357.37 | 3,015.70 |
| Depreciation | 14,120.97 | 14,492.02 | 13,993.07 |
| Amortisation | 46.64 | 44.84 | 55.65 |
| Fixed assets written off | – | 0.04 | 0.09 |
| Loss / (Profit) on sale of fixed assets (Net) | -9.73 | -0.04 | -6.82 |
| Fair Value Gain on Financial Instruments recognised through P & L | -227.9 | -484.24 | -383.55 |
| Unwinding of discount | 227.9 | 484.24 | 383.55 |
| OCI | -233.12 | -338.12 | 202.82 |
| Deferred Government grant | -141.55 | -141.55 | -172.67 |
| Tax Expense for early years | 4673.84 | 22.59 | -22.79 |
| Deferred Tax | 4,870.28 | 1,108.26 | -3,036.59 |
| Re-measurements of defined benefit Plans | 612.51 | 917.2 | 863.71 |
| Unrealised Foreign Exchange Loss / (Gain) | – | -23.39 | 92.05 |
| Provision for Doubtful Debts and Advances | -1642.4 | 560.64 | – |
| Reversal of Provision no longer required | – | -7.42 | – |
| Interest Income | -1068.08 | -520.63 | -617.9 |
| Dividend Income | -2.5 | – | – |
| Interest and Finance Charges | 4,255.94 | 5,009.67 | 5,228.66 |
| Sub-total | 15,588.34 | 19,766.72 | 19,594.97 |
| Operating Profit before working capital changes | 54,757.21 | 24,623.09 | 7,291.83 |
| Adjustments for : | |||
| (Increase) / Decrease in Inventories | -3374.76 | -580.25 | 1596.68 |
| (Increase) / Decrease in Trade Receivables | 906.20 | -4,275.48 | 1,878.53 |
| (Increase) / Decrease in Repayments and Other Receivables | -1,591.81 | 1,202.48 | 4,033.60 |
| Increase / (Decrease) in Trade Payable / Other Liabilities | 17,876.51 | -4,631.68 | -17,110.01 |
| 13,816.14 | -8,284.93 | -9,601.20 | |
| Cash Generated from Operations | 68,573.36 | 16,338.16 | -2,309.37 |
| Direct Tax (payments) / refunds (net) | -4008.95 | -458.35 | 5232.69 |
| Net Cash Flow from Operating Activities | 64,564.41 | 15,879.81 | 2,923.32 |
| B. Cash Flow from Investing Activities | |||
| Share Application Money pending allotment | 47,821.85 | – | – |
| Purchase of Fixed Assets including capital work in progress | -12452.63 | -10,197.45 | -15,806.77 |
| Sale of Fixed Assets | 48.46 | 5.07 | 72.6 |
| Investment in Equity Shares | -1.41 | -879.57 | -26.66 |
| Investment in Mutual Funds / State Government Treasury deposits | -18603.36 | – | – |
| Deposits in Bank | -9754.9 | -671.89 | -1222.67 |
| Interest Received | 926.14 | 670.95 | 657.94 |
| Dividend Received | 2.50 | – | – |
| Net Cash Flow from Investing Activities | 7986.65 | -11,072.89 | -16,325.56 |
| C. Cash Flow from Financing Activities | |||
| Interest Paid | -4,251.43 | -5,024.25 | -5,230.79 |
| Increase / (Decrease) of Term Loan | -5153.25 | 4,930.41 | 3,501.88 |
| Demand loan taken | – | – | -1,200.00 |
| Dividend paid including dividend tax (Unclaimed dividends) | -55.05 | -29.8 | -10094.28 |
| Net Cash Flow from Financing Activities | -9,459.74 | -123.64 | -13023.18 |
| Net increase in Cash and Cash Equivalents | 63091.32 | 4,683.28 | -26,425.42 |
| Cash and Cash Equivalents at beginning of the year, the components being: | |||
| Cash on hand | 6.02 | 5.31 | 7.56 |
| Balances with Banks on current accounts and fixed deposit accounts | 1,822.60 | 2,464.30 | 20,260.79 |
| Bank Overdrafts | -4,701.15 | -10,025.42 | -1,380.38 |
| -2872.54 | -7,555.81 | 18,887.97 | |
| Cash and Cash Equivalents at end of the year, the components being: | |||
| Cash on hand | 6.04 | 6.02 | 5.31 |
| Balances With banks on current accounts and fixed deposit accounts | 61,397.77 | 1,822.60 | 2,482.66 |
| Bank Overdrafts | -1185.03 | -4,701.15 | -10,025.42 |
| Effect of exchange rate fluctuation on Bank Balances denominated in Foreign Currency | – | – | – |
| 60,218.78 | -2,872.54 | -7,537.45 | |
| Net Increase / (decrease) as disclosed above | 63,091.32 | 4,683.27 | -26,425.42 |
Let ‘s break down the Cash Flow Statement of Cochin International Airport Limited for the years 2023, 2022, and 2021, activity-wise:
A. Cash Flow from Operating Activities:
1. Profit before tax:
– In 2023, the company reported a substantial profit before tax of 39,168.88, marking a significant improvement compared to the previous years (2022: 4,856.37, 2021: -12,303.14).
2. Adjustments (Positive/Negative):
– The operating profit was adjusted for various factors such as provisions, depreciation, fair value gains, tax expenses, and interest income. These adjustments play a crucial role in reflecting the company ‘s true operational cash flow.
3. Operating Profit before working capital changes:
– The operating profit before considering working capital changes showed a robust performance in 2023, reaching 54,757.21, compared to 24,623.09 in 2022 and 7,291.83 in 2021.
4. Cash Generated from Operations:
– The cash generated from operations exhibited a remarkable improvement in 2023, totalling 68,573.36. This contrasts with 16,338.16 in 2022 and a negative figure of -2,309.37 in 2021, indicating a significant turnaround in operational cash flow.
B. Cash Flow from Investing Activities:
1. Net Cash Flow:
– Investing activities in 2023 resulted in a positive cash flow of 7,986.65, a noteworthy change from the negative cash flows in 2022 (-11,072.89) and 2021 (-16,325.56). This suggests a more favorable investment situation or perhaps asset sales contributing to positive cash flow.
C. Cash Flow from Financing Activities:
1. Net Cash Flow:
– Financing activities showed a net outflow of cash in 2023, amounting to -9,459.74, primarily driven by interest payments, changes in term loans, and dividend distributions. This negative trend in financing activities contrasts with the relatively minor outflows in 2022 (-123.64) and 2021 (-13,023.18).
Net Increase in Cash and Cash Equivalents:
– The overall net increase in cash and cash equivalents for 2023 was substantial at 63,091.32, indicating a robust financial performance and improved liquidity compared to the previous years (2022: 4,683.28, 2021: -26,425.42).
Cash and Cash Equivalents at the end of 2023:
– Detailed components of cash and cash equivalents at the end of 2023 include 6.04 in cash on hand, 61,397.77 in balances with banks, and a bank overdraft of -1,185.03. The impact of exchange rate fluctuation on foreign currency-denominated bank balances is not specified.
Cochin International Airport Limited Financial Ratios for the year 2023:
| Particulars | 2021 |
| EBITDA | -89.67 % |
| Net-worth | -12.90 % |
| Debt/Equity Ratio | 0.47 |
| Return on Equity | -0.0686 |
| Total Assets | -12.03 % |
| Fixed Assets | -1.32 % |
| Current Assets | -62.42 % |
| Current Liabilities | -28.54 % |
| Trade Receivables | -53.68 % |
| Trade Payables | -8.40 % |
Let’s break down and analyze each of these financial indicators of Cochin International Airport Limited for the year 2023:
1. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization):
– EBITDA Margin:
EBITDA is reported at -89.67%. A negative EBITDA margin indicates that the company ‘s operating expenses and debt obligations are higher than its operating income. This could be a sign of financial distress or operational inefficiencies.
2. Financial Health and Leverage Ratios:
– Net-worth:
The Net-worth is reported at -12.90%, indicating that the company ‘s liabilities exceed its assets. A negative net worth is a concerning sign, suggesting that the company ‘s liabilities are greater than its total assets.
– Debt/Equity Ratio:
The Debt/Equity Ratio is reported at 0.47, which signifies that the company has a moderate level of debt in relation to its equity. This ratio indicates the proportion of debt used to finance the company ‘s assets relative to shareholders ‘ equity.
– Return on Equity (ROE):
The Return on Equity is reported at -0.0686, implying a negative return. A negative ROE suggests that the company did not generate positive returns for its shareholders during the period.
3. Asset and Liability Metrics:
– Total Assets:
Total Assets are reported at -12.03%, indicating a decline in the overall value of the company ‘s assets. This could be attributed to various factors such as depreciation, write-offs, or impairment of assets.
– Fixed Assets:
Fixed Assets are reported at -1.32%, indicating a decrease in the value of the company ‘s long-term assets. This could be due to factors such as depreciation, sale of assets, or write-downs.
– Current Assets:
Current Assets are reported at -62.42%, suggesting a significant reduction in the value of short-term assets. This may be due to a decrease in cash, receivables, or inventory.
– Current Liabilities:
Current Liabilities are reported at -28.54%, indicating a decline in the company ‘s short-term obligations. This could be due to the reduction of short-term debts or payables.
4. Trade Receivables and Trade Payables:
– Trade Receivables:
Trade Receivables are reported at -53.68%, indicating a substantial decrease in the value of amounts owed to the company by customers. This could be due to improved credit control or write-offs of bad debts.
– Trade Payables:
Trade Payables are reported at -8.40%, suggesting a decrease in the company ‘s short-term liabilities to suppliers. This may be due to improved payment terms or a reduction in purchases on credit.
Dividend History of Cochin International Airport Limited:
| Particulars | 2023 | 2022 | 2021 |
| Dividend (final + interim) (In Rs.) | 3.50 | – | – |
