Kannur International Airport Limited
Kannur International Airport: Rising Star in Kerala’s Aviation Landscape
Kannur International Airport Ltd (KIAL) isn’t just another airport; it’s a bridge connecting a thriving region to the world. Born from the vision of the Kerala government, this unlisted public company caters to the needs of:
NRIs: Providing convenient access to their international destinations.
Business Community: Facilitating global trade and travel.
Tourists: Opening doors to Kerala’s stunning landscapes for both domestic and international travelers.
Greenfield Jewel on a Public-Private Canvas:
Spanning 2,300 acres, Kannur is Kerala’s second greenfield airport built on a Public-Private Partnership model. This airport marks a historic milestone as the 4th international airport in Kerala, solidifying the state’s position as a major aviation hub.
Early Trajectory Exceeds Expectations:
Officially launched in December 2018, Kannur defied expectations by achieving 1 million passengers within just 9 months. This remarkable feat showcases the airport’s immense potential and the growing demand for air travel in the region.
Looking Ahead:
With constant passenger growth and strategic partnerships in place, Kannur’s future promises exciting possibilities. The Information Memorandum prepared by SBI CAPS projects an annual traffic of 1.65 million international and 0.16 million domestic passengers in FY 2018-19, hinting at even greater milestones ahead.
Why Kannur Matters:
KIAL’s success holds significance beyond mere passenger numbers. It signifies economic growth, increased connectivity, and enhanced accessibility for the people of Kerala. As the airport continues to soar, so does the region’s potential, attracting investments, boosting tourism, and fostering a brighter future for all.
Buy Kannur International Airport Limited Unlisted shares, Sell Kannur International Airport Limited Unlisted shares, Buy KIAL Unlsited shares, Sell KIAL Unlsited shares
Kannur International Airport Limited Unlisted Share – Company Overview
KANNUR INTERNATIONAL AIRPORT LIMITED is the second Greenfield airport in Kerala which was commissioned on 9 December 2018 on a Public-Private Partnership model in an area of about 2,300 acres and became the 4th international airport in Kerala, the only state in the country to have 4 international airports. . It is located 28 km east of Kannur town, and 24 km east of Thalassery town, near the municipality of Mattannur in Thalassery taluk of Kannur district in Kerala. Kannur International Airport serves customers worldwide but primarily caters to the traveling needs of the NRI population, business community, and tourists. The area is well known for its mesmerizing backwaters, ecotourism initiatives, scenic beauty, beaches, and mouth-watering cuisine which attract both domestic and international tourists.
1.05 lakh square feet of International air cargo complex is under construction and 45m wide runway of length 3,050m which will be extended to 4,000m in the near future. Other than passenger facilities, facilities provided by Kannur International Airport are: Medical room, Pre-paid Taxi car service, Money exchange services, Baby care room, Free passenger baggage trolleys, Baggage wrapping services, Parking space for approximately 700 cars, 200 taxis, and 25 buses, ATM machines at Departure-near west side check-in counters, Arrival- near domestic arrival hall exit, Arrival-outside international arrival exit gate.
Kannur International Airport Limited Details as of March 31, 2022
Kannur International Outstanding Shares: |
133,812,100 |
Face Value of Kannur International Airport Unlisted Share: |
Rs. 100 Per Equity Shares |
ISIN of Kannur International Airport Limited Unlisted Share: |
INE02Y401013 |
Lot Size of Kannur International Airport Unlisted Share: |
200 Shares |
Kannur International Airport Limited Share Price: |
Best in Industry |
PAN Number of Kannur International Airport: |
AADCK8494N |
Incorporation Details of Kannur International Airport Limited
CIN of Kannur International Airport |
U63033KL2009PLC025103 |
Registration Date of Kannur International Airport |
3rd December 2009 |
Category/Sub-category of Kannur International Airport |
Company Limited by Shares |
Kannur International Airport Registered office address and contact details |
Kannur International Airport, Kara –
Peravoor P.O., Mattannur, Kannur – 670702 |
Kannur International Airport Registrar and Transfer Agent address and contact details |
SKDC Consultants Limited, PB No. 2016,
Kanapathi Towers, 3rd Floor, 1391/A-1, Sathy Road, Ganapathy Post, Coimbatore – 641006 |
Principal Business Activities of Kannur International Airport Limited
| Name and Description of main products/services | NIC Code of the product/service | % to the total turnover of the Company |
| Supporting services to Air transport, like the operation of airport flying facilities, radio beacons, flying control centers, radar stations, etc. | 52231 | 81.27% |
Board of Directors of Kannur International Airport Limited
Sri. Pinarayi Vijayan (Chairman)
Sri. E. Chandrasekharan (Director)
Sri. E.P. Jayarajan (Director)
Sri. A.K. Saseendran (Director)
Sri. Ramachandran Kadannappally (Director)
Smt. K. K. Shailaja Teacher (Director)
Sri. V. Thulasidas IAS (Retd.) (Managing Director)
Sri. M.A Yusuffali (Director)
Dr. Shamsheer V. P. (Director)
Sri. Abdul Qadir Theruvath (Director)
Dr. M.P. Hassan Kunhi (Director)
Sri. R Madhavan (Nominee Director)
Sri. D K Kamra (Nominee Director)
Smt. Geeta Venkatesh Iyer (Nominee Director)
Sri. Maniedath Madhavan Nambiar (Independent Director)
Smt. K. Parvathy Ammal (Independent Director)
Particulars of Subsidiary and Associate Companies of Kannur International Airport
| Name of the Company | Subsidiary/Associate | % of shares held |
| BPCL-KIAL Fuel Farm Private Limited | Associate | 26% |
Shareholding Pattern of Kannur International Airport Limited (As of 31-03-2019)
| S. No. | Shareholders’ Name | Number of shares | % of total Shares of the company |
| 1 | Government of Kerala (Promoter) | 3,50,00,000 | 30.16% |
| 2 | Bharat Petroleum Corporation Limited | 2,16,80,000 | 18.68% |
| 3 | Airports Authority of India | 1,00,00,000 | 8.62% |
| 4 | Federal bank | 25,00,000 | 2.15% |
| 5 | Others | 4,68,70,000 | 40.39% |
| Total | 49,50,00,000 | 100.00% |
Industry Outlook
The civil aviation industry in India has been one of the fastest-growing industries in the country for the past three years. India has become the third-largest domestic aviation in the world.
India’s passenger traffic was 3,410.5 Lakhs in FY 2020. It grew at a CAGR of 11.3% from FY 2016 to FY 2020. Freight traffic at Indian airports grew at a CAGR of 5.32% from FY2016 to FY2020. from 2.70 million tonnes (MT) to 3.33 Million Tonnes. Freight Traffic is expected to grow at a CAGR of 7.27% to reach 4.14 Million Tonnes in FY 2023. Aircraft movement grew at a CAGR of 9.56% from 1.60 million in FY 2016 to 2.59 million in FY 2020.
However, the beginning of 2020 witnessed an unprecedented global pandemic of Covid-19 and the consequent nationwide lockdown imposed by the Government of India to contain the spread of Covid-19 in India. The covid-19 crisis has severely impacted almost all industries but disruptions in the aviation sector were very intense. The Government of India suspended the aircraft operations of domestic flights and international commercial passenger services. This led major airlines to face huge losses. The government had to extend the deadline for submitting bids for ‘Air India 5 times during FY 2020.
The government of India started domestic flights on May 25, 2020. But international flight operations are not resumed yet. However, some categories of foreigners are allowed to enter India including the Overseas Citizens of India, foreign nationals intending to visit India for any purpose except those on Tourist Visa, and all existing Visas.
In August 2020, the government approved 78 new routes under UDAN 4.0 to enhance connectivity to remote and regional areas of the country. Under Union Budget 2020-21, the Government introduced the Krishi Udan scheme on both domestic and international routes to help farmers in transporting agricultural products and improve the product value.
The government is privatizing the state-owned airports of India. In the first round of privatization, the Government of India sold 6 airports – Lucknow, Ahmedabad, Jaipur, Mangaluru, Thiruvananthapuram, and Guwahati.
India’s aviation industry is a dark horse. It is an untapped industry but has huge growth opportunities.
Balance Sheet
Kannur International Airport Limited Balance Sheet (In Rs. Crores)
| PARTICULAR | 31-Mar-23 | 31-Mar-22 | 31-Mar-21 |
| ASSETS | |||
| Non-current assets | |||
| Property, plant and equipment | 1763.08 | 1831.44 | 1897.39 |
| Capital work-in-progress | 38.81 | 24.23 | 11.84 |
| Other Intangible assets | 0.18 | 0.24 | 0.18 |
| Intangible assets under development | 1.34 | – | – |
| Financial assets: | |||
| Investment in joint venture | – | – | – |
| Other financial assets | 23.62 | 12.62 | 11.54 |
| Deferred tax assets (Net) | 77.35 | 58.80 | 44.86 |
| Other non-current assets | – | – | 4.54 |
| Non-current tax assets (net) | 11.04 | 4.67 | 2.59 |
| Total non-current assets | 1915.41 | 1931.99 | 1972.93 |
| Current assets | |||
| Inventories | 0.64 | 0.56 | 0.37 |
| Financial assets: | |||
| Trade receivables | 18.81 | 19.25 | 27.87 |
| Cash and cash equivalents | 27.93 | 27.61 | 49.84 |
| Bank balances other than above | 2.81 | 0.27 | 2.12 |
| Other financial assets | 11.68 | 22.59 | 29.83 |
| Other current assets | 9.15 | 18.65 | 23.64 |
| Total current assets | 71.02 | 88.94 | 133.67 |
| TOTAL ASSETS | 1,986.43 | 2020.93 | 2106.60 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Equity share capital | 1338.39 | 1338.37 | 1338.12 |
| Other equity | -575.03 | -448.74 | -324.54 |
| Total equity | 763.36 | 889.63 | 1013.58 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Financial liabilities: | |||
| Borrowings | 1085.55 | 1030.47 | 951.67 |
| Other financial liabilities | 32.49 | 7.78 | 6.44 |
| Provisions | 2.01 | 1.58 | 1.25 |
| Other Noncurrent liabilities | 11.21 | 10.00 | 10.00 |
| Total non-current liabilities | 1131.26 | 1049.83 | 969.35 |
| Current liabilities | |||
| Financial liabilities: | |||
| Short term borrowings | 11.02 | 5.50 | – |
| Trade payables | – | – | – |
| Dues of micro and small enterprises | 2.42 | 1.01 | 0.32 |
| Dues of other than micro and small enterprises | 53.53 | 39.68 | 31.34 |
| Other financial liabilities | 18.50 | 28.48 | 83.98 |
| Other current liabilities | 6.14 | 6.59 | 7.84 |
| Provisions | 0.19 | 0.21 | 0.19 |
| Total current liabilities | 91.80 | 81.47 | 123.67 |
| TOTAL LIABILITIES | 1223.07 | 1131.30 | 1093.02 |
| TOTAL EQUITY AND LIABILITIES | 1986.43 | 2020.93 | 2106.60 |
Kannur International Airport Limited Profit & Loss Statement (In Rs. Crore)
| PARTICULAR | March 31, 2023 | March 31, 2022 | March 31, 2021 |
| Income | |||
| Revenue from operations | 112.66 | 78.32 | 44.77 |
| Other income | 2.5143 | 5.6343 | 5.51 |
| Total Income | 115.17 | 83.95 | 50.28 |
| Expenses | |||
| Airport operating expenses | 56.69 | 46.04 | 45.06 |
| Employee benefits expense Finance costs | 11.59 | 12.08 | 11.57 |
| Finance costs | 105.13 | 93.95 | 89.05 |
| Depreciation and amortization expense | 69.21 | 69.20 | 68.65 |
| Other expenses | 14.86 | 6.4012 | 14.43 |
| Total expenses | 257.47 | 227.67 | 228.79 |
| Share of Profit / (Loss) of Joint Venture | – | – | -0.89 |
| Loss before exceptional items and tax | -142.30 | -143.72 | -179.36 |
| Exceptional Items (Refer Note No.26.1) | -2.5114 | 5.4532 | – |
| Loss after exceptional items and before tax | -144.81 | -138.27 | -179.36 |
| Tax expense/(Benefit) | |||
| Current tax | – | – | – |
| Deferred tax | -18.54 | -13.96 | 5.58 |
| Share of joint venture | 0.00 | 0.00 | 0.05 |
| Total tax expense/(Benefit | -18.54 | -13.96 | 5.63 |
| Loss for the year | -126.27 | -124.30 | 185.00 |
| Other Comprehensive income(loss) | |||
| Items that will not be reclassified subsequently to profit or loss: | -0.0282 | 0.05 | – |
| Income tax relating to items that will not be reclassified to profit or loss | 0.0073 | -0.0211 | – |
| Total other comprehensive loss for the year | -0.0209 | 0.026 | – |
| Total comprehensive loss for the year | -126.29 | -124.28 | 185.00 |
| Earnings per equity share of face value of ₹.100/- Basic and diluted EPS (₹.) | -0.0943 | -0.0929 | -0.14 |
Kannur International Airport Limited Consolidated Cash Flow Statement (In Rs. Crore)
| PARTICULAR | 31-Mar-23 | 31-Mar-22 | 31-Mar-21 |
| Cash flow from Operating Activities | |||
| Loss before tax | -144.81 | -138.27 | -179.37 |
| Adjustments for: | |||
| Depreciation of property, plant and | – | – | – |
| equipment | 69.12 | 69.09 | 68.54 |
| Share of (Profit) / Loss of Joint Venture | – | – | 0.89 |
| Amortisation of intangible assets | 0.0949 | 0.1058 | 0.11 |
| Unwinding of discount on security deposits | 0.8158 | 0.6343 | 0.41 |
| Finance Cost | 100.41 | 91.71 | 88.19 |
| Interest Income | -0.2828 | -1.5388 | -3.08 |
| Loss on sale of property, Plant and Equipment | – | – | – |
| Fair value adjustments | -0.8234 | -0.6621 | -0.45 |
| Allowance for credit impaired trade receivables | -7.646 | -0.8444 | -1.18 |
| Credit impaired Trade Receivables written off | 0.0105 | 0.2669 | -5.00 |
| Reversal of provision for expenses | – | -1.7088 | – |
| Reversal of provision for impairment on debtors | -0.5171 | -1.1688 | – |
| Remission / reversal of Liabiliy | 0.3217 | 5.4532 | – |
| Operating profit / (loss) before working capital changes | 16.69 | 23.07 | -30.95 |
| Working capital adjustments for: | |||
| (Increase) / Decrease in Trade receivables | 8.9097 | 13.60 | -4.95 |
| Increase / (Decrease) in Trade payables | 15.26 | 9.0111 | 12.71 |
| (Increase) / Decrease in other financial assets | -11.00 | -1.0768 | -0.54 |
| Increase / (Decrease) in other financial liabilities | 23.19 | -1.4042 | -1.16 |
| (Increase) / Decrease in other current assets | 9.5011 | 9.5329 | 0.11 |
| (Increase) / Decrease in Bank balances other than cash and cash equivalents | -2.537 | 1.8495 | 0.54 |
| (Increase) / Decrease in inventories | -0.0736 | -0.1947 | -0.25 |
| Increase / (Decrease) in other Current Liabilities | -0.4455 | -1.2519 | 1.34 |
| Increase / (Decrease) in provisions | 0.4098 | 0.3607 | 0.30 |
| Cash generated from operations | 59.90 | 53.50 | -22.85 |
| Income tax paid (net) | -6.3712 | -2.0837 | 9.00 |
| Net cash flow (used in) / generated from | |||
| operating activities (A) | 53.53 | 51.41 | -13.84 |
| Cash flow from investing activities | |||
| Payments for property, plant and equipment | -27.31 | -67.86 | -25.77 |
| Payments for Intangible assets | -0.035 | -0.1666 | -0.09 |
| Interest received | 0.2828 | 1.5388 | 3.08 |
| Government Grants towards purchase of equipment | 1.2101 | – | – |
| Proceeds from sale of Property, Plant and Equipment | – | – | – |
| Net cash flow used in investing activities (B) | -25.85 | -66.48 | -22.77 |
| Cash flow from financing activities | |||
| Proceeds from issue of share capital | 0.026 | 0.3224 | – |
| Repayment of borrowings | -5.5021 | – | – |
| Interest paid | -33.41 | -7.4796 | -38.32 |
| Net cash flow generated from financing activities (C) | -38.88 | -7.1572 | -38.32 |
| Net (decrease) / increase in cash and cash equivalents (A+B+C) | -11.20 | -22.23 | -74.93 |
| Cash and cash equivalents at the beginning of the year | 27.61 | 49.84 | 124.77 |
| Cash and cash equivalents at the end of the year | 27.93 | 27.61 | 49.84 |
Let ‘s break down the Cash Flow Statement for the years 2023, 2022, and 2021, activity-wise:
Cash Flow Statement for the Year Ending 31-Mar-2023:
Operating Activities:
In 2023, the company reported a Cash Flow from Operating Activities of $53.53 million. The operating profit before working capital changes was $16.69 million, showing effective cash flow management. Noteworthy adjustments included a decrease in fair value gain on investments and interest income. Working capital changes exhibited a mixed trend, with increases in other financial assets and trade payables, offset by decreases in trade receivables and other liabilities. The company generated significant cash from its core operations, resulting in a positive net cash flow from operating activities.
Investing Activities:
The Cash Flow from Investing Activities in 2023 was negative at -$25.85 million. Notable outflows included payments for property, plant, and equipment. Interest received and government grants partially mitigated the negative impact. Despite significant investments, the company maintained a balanced approach to its cash flow.
Financing Activities:
In the financing activities section, the company reported a net cash outflow of -$38.88 million for 2023. This was primarily attributed to repayments of borrowings and interest paid. The company did not issue new shares during this period. The negative cash flow from financing activities contributed to the overall decrease in cash and cash equivalents.
Overall:
The net decrease in cash and cash equivalents (A+B+C) for 2023 was -$11.20 million. Starting with $27.61 million in cash and cash equivalents at the beginning of the year, the company ended the year with $27.93 million, indicating a moderate decrease but maintaining a reasonable cash position.
Cash Flow Statement for the Year Ending 31-Mar-2022:
Operating Activities:
In 2022, the Cash Flow from Operating Activities amounted to $51.41 million. The operating profit before working capital changes was $23.07 million, reflecting a robust operational performance. Despite challenges like a decrease in interest income and fair value gain on investments, positive changes in working capital contributed to the cash generated from operations.
Investing Activities:
The Cash Flow from Investing Activities stood at -$66.48 million in 2022. Substantial outflows were attributed to capital expenditures on property, plant, and equipment. However, proceeds from the sale of property, plant, and equipment, along with interest received, provided some relief.
Financing Activities:
In the financing activities section, the company reported a net cash outflow of -$7.1572 million for 2022. This was primarily due to repayments of borrowings and interest paid. The company did not issue new shares during this period. The negative cash flow from financing activities contributed to the overall decrease in cash and cash equivalents.
Overall:
The net decrease in cash and cash equivalents for 2022 was -$22.23 million. Starting with $49.84 million in cash and cash equivalents at the beginning of the year, the company ended the year with $27.61 million. The substantial investing activities had a notable impact on the overall cash position.
Cash Flow Statement for the Year Ending 31-Mar-2021:
Operating Activities:
In 2021, the Cash Flow from Operating Activities was $-13.8434 million. The operating profit before working capital changes was -$30.9516 million, reflecting challenges in the operating cash flow. However, prudent management of working capital contributed to maintaining positive cash generation.
Investing Activities:
The Cash Flow from Investing Activities was negative at -$22.7711 million in 2021. The company reported capital expenditures on property, plant, and equipment, along with a significant purchase of non-current investments. Positive factors included proceeds from the sale of property, plant, and equipment, as well as interest received.
Financing Activities:
The Cash Flow from Financing Activities in 2021 was consistent, with a net cash outflow of -$38.3165 million. Dividend payments were the primary source of cash outflow. The company maintained a stable approach to financing activities during this year.
Overall:
The net decrease in cash and cash equivalents for 2021 was -$74.931 million. Starting with $124.7719 million in cash and cash equivalents at the beginning of the year, the company ended the year with $49.8409 million. The substantial decrease was primarily influenced by investing and financing activities.
Dividend History of Kannur International Airport Limited
| Particulars | 2023 | 2022 | 2021 |
| Dividend per Share | 20 | 20 | 20 |
