Cochin International Airport Ltd (CIAL)

₹2,100 - ₹3,500

Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	472	Visit
★★★★☆	₹2,600	481	Visit
★★★★★☆	₹2,700	91	Visit
★★★★★☆	₹2,800	246	Visit
★★★★☆☆	₹2,900	542	Visit

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★★★★☆

LTP:₹2,100

Min Qty:947

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★★★★☆

LTP:₹2,600

Min Qty:91

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★★★★★☆

LTP:₹2,700

Min Qty:527

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★★★★★☆

LTP:₹2,800

Min Qty:75

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★★★★☆☆

LTP:₹2,900

Min Qty:37

Strengths & Weaknesses

Strengths

First PPP in India: The airport is one of its kind being the first Public-Private Partnership (PPP). It is also the country’s first airport that is entirely run on solar power.

Long Track Record: The company has started commercial operations from June 1999 and has a strong operational track record of over two decades

Premium Pricing Strategy: Cochin International Airport boasts a strong presence of leading domestic brands within its terminal. This premium pricing strategy, compared to competitors, has provided them with a significant financial advantage. This allows Cochin Airport to not only effectively counter competition but also invest in cutting-edge research and development.

Post-Covid Recovery: CIAL has seen passenger traffic recover to 92% and 100% of the pre-Covid levels in FY2023 and H1 FY2024, respectively, and is likely to surpass the pre-Covid level in FY2024.

Weaknesses

Competition from International Airports: – CIAL has four international airports situated within 300 km radius from CIAL, viz. Trivandrum International Airport, Calicut International Airport, Coimbatore International Airport and Kannur International Airport

Balance Sheet	FY24	FY23	FY22	FY21	FY20	FY19
Share Capital	478.22	382.59	382.58	382.58	382.60	382.59
Reserves and Surplus	1,889.02	1,732.96	964.35	932.00	1,126.13	1,024.44
Total Equity	2,367.24	2,115.55	1,346.93	1,314.58	1,508.73	1,407.03
Long Term Borrowings	453.64	560.2	611.7	562.4	527.4	553.8
Other Long Term Liabilities	394.3	351.2	319.3	325.4	353.7	381.8
Total Non-Current Liabilities	847.94	911.4	931.0	887.8	881.1	935.5
Short Term Borrowings	131.79	113.8	68.4	100.3	25.8	2.4
Other Current Liabilities	226.5	290.0	166.2	222.8	420.6	425.1
Total Current Liabilities	358.25	403.8	234.6	323.1	446.4	427.4
Equity + Liabilities	3,573.43	3,430.77	2,512.51	2,525.45	2,836.18	2,769.97
Fixed Assets (incl. WIP)	2,273.74	2,188.96	2,222.20	2,281.30 q	2,273.61	2,184.60
Other Non Current Assets	6.6	80.68	42.61	32.75	94.86	80.20
Total NC Assets	2,280.34	2,269.64	2,264.81	2,314.05	2,368.47	2,264.80
Trade Receivables	115.97	100.6	93.2	55.0	73.7	77.5
Cash and Bank Balances	1067.29	767.6	96.2	93.0	258.6	304.6
Other Current Assets	109.8	293.0	58.3	63.5	135.4	123.1
Total Current Assets	1293.1	1161.1	247.7	211.4	467.7	505.2
Total Assets	3,573.43	3,430.78	2,512.51	2,525.47	2,836.17	2,769.97

Profit & Loss	FY24	FY23	FY22	FY21	FY20	FY19
Net Revenue	1158.42	939.6	502.3	267.6	781.3	748.2
Growth %	23.28%	87.07%	87.71%	-65.75%	4.42%	0
Total Operating Expenses	435.82	376.6	275.4	222.5	345.7	372.8
Operating Profit (EBITDA)	722.6	563.0	227.0	45.1	435.6	375.4
Operating Profit Margin %	62.38%	59.92%	45.18%	16.85%	55.75%	50.17%
Other Income	75.07	15.2	21.9	29.1	28.8	59.1
Finance Costs	50.82	44.8	54.9	56.1	54.3	46.7
Depreciation and Amortization Expense	148.37	141.7	145.4	141.1	135.6	116.8
Profit before Tax	598.5	391.7	48.6	-123.0	274.5	271.0
Income Tax	150.71	98.9	13.6	-30.2	37.0	82.5
Tax %	25.18%	25.26%	27.95%	24.51%	13.48%	30.44%
Profit After Tax	447.8	292.8	35.0	-92.9	237.5	188.5
Growth %	52.95%	736.91%	62.33%	-139.10%	25.99%	0
PAT %	38.65%	31.16%	6.96%	-34.71%	30.40%	25.19%
EPS	9.52	6.3	0.7	-2.0	4.9	4.0

Shareholding Pattern

Color	Shareholder	Holding
	His Excellency, The Governor of Kerala	33.38
	Mr. Yusuffali M. A.	12.11
	Mr. N. V. George	6
	Others	48.57%

Fundamentals

Quick Insights

First PPP in India: The airport is one of its kind being the first Public-Private Partnership (PPP). It is also the country’s first airport that is entirely run on solar power.
Long Track Record: The company has started commercial operations from June 1999 and has a strong operational track record of over two decades
Premium Pricing Strategy: Cochin International Airport boasts a strong presence of leading domestic brands within its terminal. This premium pricing strategy, compared to competitors, has provided them with a significant financial advantage. This allows Cochin Airport to not only effectively counter competition but also invest in cutting-edge research and development.
Post-Covid Recovery: CIAL has seen passenger traffic recover to 92% and 100% of the pre-Covid levels in FY2023 and H1 FY2024, respectively, and is likely to surpass the pre-Covid level in FY2024.

Market Cap₹23,910.94 Cr

PE Ratio52.52

EPS₹9.52

Dividend Yield0%

Book Value₹61.88

Debt/Equity0.25

Price/Book8.08

Industry PE10.0

Sales₹1158.42 Cr

Profit After Tax₹447.8 Cr

ISININE02KH01019

SectorAviation

About Company

Cochin International Airport (COK), owned by Cochin International Airport Limited (CIAL), was the first Public-Private Partnership (PPP) airport in the country, started on 25th May’99.

Cochin International Airport (COK) also achieved global recognition as the world's first fully solar-powered airport. COK is the 8th busiest airport in India. The project's success is largely credited to its founder Chairman, Sri. K. Karunakaran, the former Chief Minister of Kerala. Notably, CIAL was the only Indian airport to turn a profit during the year following the pandemic.

Platform	Last Traded Price	Min Quantity
★★★★☆	₹2,100	81	Visit
★★★★☆	₹2,600	202	Visit
★★★★★☆	₹2,700	669	Visit
★★★★★☆	₹2,800	825	Visit
★★★★☆☆	₹2,900	409	Visit

Quick Insights

First PPP in India: The airport is one of its kind being the first Public-Private Partnership (PPP). It is also the country’s first airport that is entirely run on solar power.
Long Track Record: The company has started commercial operations from June 1999 and has a strong operational track record of over two decades
Premium Pricing Strategy: Cochin International Airport boasts a strong presence of leading domestic brands within its terminal. This premium pricing strategy, compared to competitors, has provided them with a significant financial advantage. This allows Cochin Airport to not only effectively counter competition but also invest in cutting-edge research and development.
Post-Covid Recovery: CIAL has seen passenger traffic recover to 92% and 100% of the pre-Covid levels in FY2023 and H1 FY2024, respectively, and is likely to surpass the pre-Covid level in FY2024.

Market Cap₹23,910.94 Cr

PE Ratio52.52

EPS₹9.52

Dividend Yield0%

Book Value₹61.88

Debt/Equity0.25

Price/Book8.08

Industry PE10.0

Sales₹1158.42 Cr

Profit After Tax₹447.8 Cr

ISININE02KH01019

SectorAviation

About Company

Strengths

First PPP in India: The airport is one of its kind being the first Public-Private Partnership (PPP). It is also the country’s first airport that is entirely run on solar power.

Long Track Record: The company has started commercial operations from June 1999 and has a strong operational track record of over two decades

Post-Covid Recovery: CIAL has seen passenger traffic recover to 92% and 100% of the pre-Covid levels in FY2023 and H1 FY2024, respectively, and is likely to surpass the pre-Covid level in FY2024.

Weaknesses

Annual Reports

FY24 FY23 FY22 FY21 FY20 FY19

Balance Sheet	FY24	FY23	FY22	FY21	FY20	FY19
Share Capital	478.22	382.59	382.58	382.58	382.60	382.59
Reserves and Surplus	1,889.02	1,732.96	964.35	932.00	1,126.13	1,024.44
Total Equity	2,367.24	2,115.55	1,346.93	1,314.58	1,508.73	1,407.03
Long Term Borrowings	453.64	560.2	611.7	562.4	527.4	553.8
Other Long Term Liabilities	394.3	351.2	319.3	325.4	353.7	381.8
Total Non-Current Liabilities	847.94	911.4	931.0	887.8	881.1	935.5
Short Term Borrowings	131.79	113.8	68.4	100.3	25.8	2.4
Other Current Liabilities	226.5	290.0	166.2	222.8	420.6	425.1
Total Current Liabilities	358.25	403.8	234.6	323.1	446.4	427.4
Equity + Liabilities	3,573.43	3,430.77	2,512.51	2,525.45	2,836.18	2,769.97
Fixed Assets (incl. WIP)	2,273.74	2,188.96	2,222.20	2,281.30 q	2,273.61	2,184.60
Other Non Current Assets	6.6	80.68	42.61	32.75	94.86	80.20
Total NC Assets	2,280.34	2,269.64	2,264.81	2,314.05	2,368.47	2,264.80
Trade Receivables	115.97	100.6	93.2	55.0	73.7	77.5
Cash and Bank Balances	1067.29	767.6	96.2	93.0	258.6	304.6
Other Current Assets	109.8	293.0	58.3	63.5	135.4	123.1
Total Current Assets	1293.1	1161.1	247.7	211.4	467.7	505.2
Total Assets	3,573.43	3,430.78	2,512.51	2,525.47	2,836.17	2,769.97

Profit & Loss	FY24	FY23	FY22	FY21	FY20	FY19
Net Revenue	1158.42	939.6	502.3	267.6	781.3	748.2
Growth %	23.28%	87.07%	87.71%	-65.75%	4.42%	0
Total Operating Expenses	435.82	376.6	275.4	222.5	345.7	372.8
Operating Profit (EBITDA)	722.6	563.0	227.0	45.1	435.6	375.4
Operating Profit Margin %	62.38%	59.92%	45.18%	16.85%	55.75%	50.17%
Other Income	75.07	15.2	21.9	29.1	28.8	59.1
Finance Costs	50.82	44.8	54.9	56.1	54.3	46.7
Depreciation and Amortization Expense	148.37	141.7	145.4	141.1	135.6	116.8
Profit before Tax	598.5	391.7	48.6	-123.0	274.5	271.0
Income Tax	150.71	98.9	13.6	-30.2	37.0	82.5
Tax %	25.18%	25.26%	27.95%	24.51%	13.48%	30.44%
Profit After Tax	447.8	292.8	35.0	-92.9	237.5	188.5
Growth %	52.95%	736.91%	62.33%	-139.10%	25.99%	0
PAT %	38.65%	31.16%	6.96%	-34.71%	30.40%	25.19%
EPS	9.52	6.3	0.7	-2.0	4.9	4.0

Shareholding Pattern

Color	Shareholder	Holding
	His Excellency, The Governor of Kerala	33.38
	Mr. Yusuffali M. A.	12.11
	Mr. N. V. George	6
	Others	48.57%

Board of Directors

Sri. Pinarayi VijayanChairman

Sri. S. Suhas IAS Managing Director

Adv. P. Rajeeve Director

Adv. K. Rajan Director

Dr. V. P. Joy IAS Director

Sri. E. K. Bharat Bhushan Director

Smt. Aruna Sundararajan Director

Sri. Yusuffali M.A. Director

Sri. N.V. George Director

Sri. E.M. Babu Director

Dr. P. Mohamad Ali Director

Senior Management

S. Suhas IASMD

Shri. Saji. K. GeorgeED & CS

Shri. Saji DanielCFO