Good evening, ladies and gentlemen, and welcome to IndiGo's conference call to discuss the fourth quarter and fiscal year 2023 financial results. My name is Nirav, and I'll be your coordinator. At this time, the participants are in a listen-only mode. A Q&A session will follow today's management discussion. As a reminder, today's conference call is being recorded. Should you need assistance during this conference call, please signal an operator by pressing star then zero on your touchtone phone. I now hand the conference over to Ms. Richa Chhabra from Investor Relations team of IndiGo. Thank you, and over to you, ma'am. Good evening, everyone, thank you for joining us for the fourth quarter and fiscal year 2023 earnings call. We have with us our Chief Executive Officer, Pieter Elbers, our Chief Financial Officer, Gaurav Negi, and Head of Investor Relations, Kailash Rana with us to discuss the financial performance and are available for the Q&A session. Please note that today's discussion may contain certain statements on our business or financials which may be construed as forward-looking. Our actual results may be materially different from these forward-looking statements. The information provided on this call is as of today's date, and we undertake no obligation to update the information subsequently. We will upload the transcript of prepared remarks by day end. The transcript of Q&A session will be uploaded subsequently. With this, let me hand over the call to Pieter Elbers. Thank you, Richa. Ladies and gentlemen, a very good evening, and thank you for joining the call. Today, we announce our fourth quarter and fiscal year 2023 financial results. Financial year 2023 was a year of recovery and growth as demand remained robust, and we continued to serve the lion's share of this demand. Our revenues for the financial year 2023 more than doubled as compared to last year, and we also reported the highest ever annual revenues of INR 558.8 billion. In terms of profitability, the year had two very distinct periods of two quarters each. The first two quarters were negatively impacted by the high fuel prices and the depreciation of the rupee, due to which we reported a net loss of INR 26.5 billion for the first six months period ended September 2022. Excluding the impact of foreign exchange, we were close to break even during that same period. Starting the third quarter, the increase in demand, along with our strong operational performance and stabilization of external variables, led us to report a meaningful profit after many quarters. The net profit for the six-month period ended March 2023 was INR 23.4 billion. Excluding the impact of foreign exchange, we reported a profit of INR 26.8 billion during that same period. For the quarter ending March 2023, the fourth quarter, we reported revenue of around INR 146 billion and a net profit of INR 9.2 billion and a net profit margin of 6.5%. This net profit in the fourth quarter was the highest ever fourth quarter. Further, to the full financial year 2023, if we exclude the impact of foreign exchange, largely on account of mark-to-market losses, we reported a profit of INR 26.5 billion for the financial year 2023, as compared to a loss of INR 52.2 billion for the previous financial year. Gaurav will discuss other elements of our financial performance in more detail in a section. During this third quarter of the financial year, we had set our organization's long-term direction, and we had defined three strategic pillars of Reassure, Develop, and Create. This to support our growth plans as we are looking to double in size and scale by the end of this decade. In other words, something that took us around 16 years will now be achieved in less than half of that timeframe. A wide range of initiatives were set in motion under these three strategic pillars, and an enormous amount of teamwork has been displayed by the employees across departments and locations, which has enabled us to improve on operational, financial, and customer experience parameters. Under the Reassurance pillar, we are reassuring and improving wherever needed on the very basics of our company, which are on-time performance, courteous and hassle-free service, affordable fares, and we have added to this an unparalleled network. Some of our achievements under this pillar are, first, an increase in passengers served to a record of 86 million passengers last year, a 72% jump as compared to the financial year 2022. This is by far the highest number of passengers ever served by us. Two, an improvement in the on-time performance from November 2022 onwards, as we're back to become the most punctual airline in the country and for sure, of the top airlines in the world. Launch of new destinations such as Ras Al- Khaimah, Itanagar, Mopa, Goa, Nashik, and Dharamshala. Four, addition of connectivity through new routes, including Pune to Varanasi, Indore to Surat, and Jaipur to Bhopal, and the addition of frequencies from destinations like Mumbai, Kolkata, Bengaluru, Hyderabad, and Kochi. The introduction of two wide-bodies on damp lease. The second wide-body commenced operations from Mumbai to Istanbul as recent as yesterday. Under develop pillar, we are developing and aligning people, processes, and technology in line with the growing size and scale of our company. The initiatives we are taking under this pillar are enabling us to steer path towards the goal to serve around 100 million passengers in this year, full year 2024. A scale at which only a select group of airlines in the world have operated. Some of the outcomes under this pillar are improvement in our aircraft utilization levels, introduction of electronic flight briefing that improves patch reliability, and helps us in reductions of flight weight by some 40 kilos, also adding to our sustainability goals. Further digitization, including deployment of world-class cloud-native platforms for our customers and employees to enhance the experience as operational efficiencies and to support scalability. Lastly here, training of more than 1,850 employees per day at our state-of-the-art learning center, iFly, and improvement in our employee promoter score. Under the third pillar of Create, we are working to create the next phase of our growth, combining our very strong Indian foundation with our international aspirations. Some of the steps taken under this pillar are expansion of our international footprint as we now do serve an impressive 33 European destinations through our codeshare partner, Turkish Airlines, the recent additions being Edinburgh and Sofia. Secondly, commencement of the foundational work for our customer loyalty program that will enable further customer loyalty. We have further supplemented the business with two freighters and the third one expected sometime in the third quarter of this financial year. Apart from all this, recently, our IndiGo employees responded to the critical humanitarian need as we repatriated hundreds of Indian citizens from Sudan under the government's program, Operation Kaveri. We have also operated multiple special flights from Imphal to various parts of the country. I would like to here, again, express my sincere gratitude to all IndiGo employees for their participation in such causes. On the growth side, while Indian aviation has grown at an impressive passenger compounded average growth of around 13% in the seven years pre-COVID, we are still a highly under-penetrated country currently in terms of both domestic and international air travel. In order to bridge this gap, our airline has expanded its presence already to 78 destinations in India and 26 destinations outside India. We will continue to develop on the domestic network and reassure an unparalleled connectivity with the goal to serve every city. This is part of our purpose, giving wings to the nation, by connecting people and aspirations, something that we have lived by since our inception and which we continue to go forward. Well summarized also as India by IndiGo. Another important part of our future is the internationalization, which falls under the Create pillar. We fly at a diverse set of destinations, Srinagar in the north, Cochin in the south, Jaipur in the west, and Silchar in the east. The sheer size of India and the demographics, in combination with the unparalleled network of IndiGo, allows us to have a very rich international scope. Towards this goal, we have recently become the first Indian carrier to commence international operations from Bhubaneswar, being at the forefront of further enhancing international connectivity from not only the metro cities, but also from non-metro cities at very affordable fares. Keeping in mind our customers' preference, we're adding more routes and more frequencies. For instance, we will soon connect both Delhi and Bhubaneswar also to Singapore. With these added routes, we'll be flying to Singapore from seven Indian destinations with 44 weekly flights. Going forward, we'll further strengthen our presence in Central and Southeast Asia and the Middle East by adding more routes and destinations. Our network expansion plans are being well-supported by our pending order book of around 500 planes and government policies and initiatives. We're operating in one of the most exciting and vibrant aviation markets in the world, and within that, we're structurally one of the strongest players. With an average fleet age of only 3.5 years, we're proud to also operate one of the youngest and most fuel-efficient fleets. Our early-on investments in new technology has enabled us to become one of the lowest CO2-emitting airlines in the world. Before I end, I will give you some directions towards the current quarter. The demand remains robust with healthy yields. Forward bookings are very encouraging. The actions we have taken in the last few quarters have put us in a position of strength and will allow us to take full advantage of the opportunity. We are looking forward to the next fiscal year with great enthusiasm as we aspire to grow north of mid-teens, building on our ambitious expansion plan towards our purpose of giving wings to the nation by connecting people and aspirations. Thank you for your attention. Let me now hand over the call to Gaurav to discuss the financial performance in more detail. Thank you, Pieter. Good evening, everyone. For the quarter ending March 2023, we reported a net profit of INR 9.2 billion. With a margin of 6.5%, compared to a net profit of INR 14.2 billion for the quarter ended December 2022. A net loss of INR 16.8 billion for the quarter ended March 2022. We reported an EBITDA of INR 29.7 billion with an EBITDA margin of around 21%. For the year ended March 2023, we reported a net profit of INR 3.1 billion compared to a net loss of INR 61.6 billion for the year ended March 2022. Excluding the foreign exchange impact, we reported a profit of INR 26.5 billion compared to a loss of INR 52.2 billion for the year ended March 2022. Further to what Pieter shared, we reported an EBITDA of INR 73.1 billion for the year ended March 2023 compared to an EBITDA of INR 11.5 billion for the year ended March 2022. An increase of more than 500% against a capacity increase of 62.5%. This improvement is primarily attributable to increase in revenue due to higher load factors and yield, and better absorption of fixed costs due to added scale of operations. For the quarter ended March 2023, the unit revenue came in at INR 4.68, which is about 18% higher on a year-on-year basis, and 11% lower compared to a seasonally stronger December quarter. Total revenue increased by around 78% on a year-over-year basis and dipped marginally by around 5% on a sequential basis. On the cost side, the fuel CASK reduced by 8.3%, primarily due to reduction in average fuel price by close to 7% as compared to the December quarter. Looking at non-fuel costs, the rupee closed stronger at the quarter end, leading to a Forex gain of INR 2.5 billion. Looking at the cost ex-fuel, ex-Forex, there's a sequential increase by around 2%, mainly due to increase in our maintenance costs. All other cost line items are broadly remained range-bound. As you're aware, over the past couple of quarters, the aviation industry has been facing global supply chain disruptions, leading to shortages of spare engines. Due to this issue, some of our aircraft remained grounded during the quarter. On the other hand, the demand for air travel remained robust, warranting us to deploy adequate capacity though al-through alternate routes as well as sources, including wet leasing and lease extensions to enable us to remain on track with our growth plans. Such lease extensions added economic value to our business and is accretive to the bottom line, but will have an adverse impact on our maintenance cost. Despite these ongoing supply chain disruptions, we demonstrated high level of agility with positive market developments that led to a capacity growth of around 19% in the financial year 2023 as compared to financial year 2020. This is higher than our previous guidance of 13%-17% that we had provided at the beginning of the year. Our liquidity continues to remain strong as we ended the quarter, March quarter with a free cash of INR 121.9 billion, a net increase of INR 15.8 billion as compared to the December quarter. Our total cash as on 31 March 2023 was INR 234.2 billion. We ended the year with a capitalized operating lease liability of INR 415.5 billion and a total debt including the capitalized operating lease liability of INR 448.5 billion. Our right to use assets at the quarter end were INR 265.4 billion. Our pending order book of around 500 aircraft, structural cost advantages and long-term relationships we have with our supply chain partners are our key assets, as they place us in a very strong position to reap the benefits of robust demand in the market. We are expecting to add high mid-teens growth in Q1 of fiscal year 2024 as compared to Q1 of fiscal year 2023, which translates to around 5%-7% growth as compared to Q4 of fiscal year 2023. We will broadly grow at north of mid-teens in the financial year 2024 as compared to financial year 2023. We had the privilege of serving around 86 million customers in fiscal year 2023. We expect to serve around 100 million customers in fiscal year 2024. To support this growth, we are investing multiple growth in series of digital initiatives, and we are also hiring around 5,000 employees. Having been through a period of robust growth since our inception, our future is full of attractive opportunities as we look forward to doubling our size and scale by the end of the decade. We are taking all right measures today to support these growth plans, and we continue to remain focused on providing high quality service to our customers, increasing our efficiency levels and remain committed to generate healthy return on capital for our shareholders. With this, let me hand it back to Richa. Thank you, Pieter and Gaurav. To answer as many questions as possible, I would like to request that each participant limit themselves to one question and one brief follow-up question if needed. With that, we are ready for the Q&A. Thank you very much. We will now begin the Q&A session. Anyone who wishes to ask a question may press star and one on their touchtone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. Participants, you may press star to ask a question. The first question is from the line of Binay Singh from Morgan Stanley. Please go ahead. Hi, team. Thanks for the opportunity. Just two questions. One is on international, and second is on the operating income. I'll start with the international side. Could you comment a little bit about profitability per seat in international versus domestic? Asking this as we are seeing a scale-up international, and for the first time we've seen. Binay, sorry to interrupt you, but your voice is not coming very clear. Hi, team. I hope it is better. It's coming a little muffled. I'll give out my question, and if it's not audible, then I'll dial in again. The first question is on the international side. Just wanted your comments on profitability per seat on international versus domestic. Asking in context of the fact that we are using the Boeing fleet for first time for us, whereas in the past it's generally been an Airbus fleet. The second is, we continue to see very high other operating income. I assume it's coming from the fact and with the compensation. Could you comment a bit about what percent of fleet is grounded? Is it fair to assume that the rise in other operating income is actually being offset by higher costs also that the company is bearing, given the fact that the fleet is grounded? Those are the two questions. Thanks. Thank you for your question. Let me try to answer your first one, and then Gaurav will address your second question. On your first one, on the international versus the domestic profitability, it's I would say it's rather generic because not every international route is the same, neither is every domestic route the same. If we take it on a, from a very generic approach, in general, international operations have a somewhat lower cost per unit given the stage length, which is somewhat longer. Also the average levels, international flights are somewhat better. A very generic statement would be, in general, the international operation is doing somewhat better than the domestic operation. Going into more details, you'll find very good domestic routes and lesser international routes and the other way around. Generically, it's slightly better. Binay, on your second question, related to other income, I'll not answer just on other income, but overall on the revenue basis. On the revenue, we do have income coming from finance income in terms of investments that we've done. Also VGF fundings that we have for our regional routes. It also does include certain compensation we get from various OEMs. To answer your question, we do get compensation from various OEMs, which is part of our revenue classification, but it also has finance income and various VGF-related viability gap funding that we receive. Thanks, team. I'll come back in the queue. Thank you. Next question is from the line of Deepak Krishnan from Macquarie. Please go ahead. Thanks for the opportunity. I just wanted to check with, the competitive environment changing, are we doing anything to sort of accelerate fleet addition? Because our guidance is still north of mid-teens for the year, but anything that we can do to accelerate deployment and sort of gain incremental share, and what is our viewpoint both for the domestic market and the international market on this? I think what we have demonstrated over the past couple of quarters is to be very consistent in our outlook and very consistent in our predictions. Despite the fact that we have been confronted also with supply chain challenges, as Gaurav alluded to in his speech, we actually have been able in the past quarter and for the full year 2023, we have been able to operate at somewhat higher levels than predicted. Our level now, which we have forecasted for the full year 2024, is actually the very same high mid-teens number as we shared last time with you. We continue to deal with the supply chain issue. We continue to work on mitigating measures like we did earlier on extension of leases. With that, we are confident that we can deliver the capacity guidance which we have shared with you earlier. Maybe just one follow-up on maintenance cost. You've indicated that part of it is due to supply chain extension. Do we look at this quarter's number of 0.77 as supplementary and maintenance rental as percentage of, you know, ASK? Do we go back to the 0.7, the 0.66 levels that we have? Is it like this issue would continue till we are sort of have fleet grounded? How do we look at that? I'm not sure I would understand your question. Yeah. The supplementary and maintenance costs for ASK is higher this quarter at 0.77 rupees. [inaudible] Does this continue at these levels? Would we continue the elevated maintenance expense, or would it normally go back to the 0.7 level that we generally have? It's gonna be range bound between the 0.7 and the current unit cost that you see, because there are elements of again, escalations, inflation and FX that will come into play. You can consider this to be range bound between what we had earlier to where we are today from a unit cost standpoint. Sure. Thanks to all. Those are my questions. I'll get back in the queue. Thank you. Next question is from the line of Mitul Shah from Reliance Securities. Please go ahead. Thank you for the opportunity, sir. First question is on, one of the competitor recently, coming entire operation standstill because of the key reason coming out is that engine supply from PW. What is our status on that side? How we are placed in terms of, situation of the engine supply over Q3, Q4 and current? What strategy we are following differently that we are relatively in a much better position, sir? Yeah. Well, Thank you. Our number, when it comes to planes, not operational due to supply chain challenges, is actually a very stable number. It's rather relatively changing, stable. It changes on a daily basis, but the overall number itself, is around the high, the high 30s. Again, with that, we have taken a lot of measures, a lot of mitigating measures to deal with that situation. We should look at the overall and the entire fleet of IndiGo, and that combination of the overall fleet size. Today, we have a little over 300 planes, for IndiGo, the overall fleet size should be taken into consideration in combination with the mitigating measures we're having. Directionally situation is improving or more or less stable we can say, or it is improving Q on Q? Directionally, I would say it's stable. Sir, in terms of directionally number of aircraft grounded, is it similar to what it was in Q3 or it has improved in Q4? I would say it's directionally stable. Go ahead. It continues to be stable. Between a Q3 and a Q4, it's still stable for us, and we are actively engaged with our OEM partners to make sure we are able to resolve it. You can consider this to be stable for the time being. Sir, second question on yield Q on Q drop, is 11%. Seems to be slightly higher. Considering that our load factor has marginally dropped even as fares are quite high. Overall traffic situation is relatively much stronger compared to past Q4 seasonality. Is it like, we need to pass on the maximum benefit of lower fuel prices, or anything else beyond seasonality? No, it was largely seasonality. Again, we were coming off a very strong Q4. That's why you see the dip that happened in from Q3 to Q4 looked a little more elevated in terms of the decline, but it's all largely driven by seasonality for us. Thank you. I request all the participants, please restrict to two questions per participant. Next question is from the line of Arvind Sharma from Citi. Please go ahead. Hello. Yes. Hi. Hi. Hi. Thanks for taking my question. First question would be on the yield trends in the current quarter, IE1Q FY 2024, especially in the backdrop of lower fuel costs, would the yield still continue to be as strong on a YOY basis? Comments on that. My second question would be more details on that damp lease aircraft. Do you see more of these coming in the fleet and the impact on profitability? Just an addendum to this question, with the current competitive landscape or the broader industry landscape, do you think there could be opportunities for you leasing out aircraft which are already in India but not in use? The first one, in terms of the yields, given the capacity constraints that is there in the market, we are seeing some better yields on a YOY basis. That's working out favorable on the yield side. The load factors are also coming in strong, given the constraint on the capacity, which is there for obvious reasons. That's what we are experiencing, at least from a Q1 standpoint. If you just come up with the second question you have. On the damp lease, the second question was on the damp lease. The damp lease operation, of course, it was born out of a combination of several factors. One was the mitigating measure for the supply chain issues, and the other one was the partnership we were already having with Turkish Airlines. It's probably a bit too early to come to a final evaluation from a financial perspective. What I can say is we're operating now for three months, the triple seven damp lease between Istanbul and Delhi. We've commenced yesterday, actually, the flight from Mumbai to Istanbul. We see a very healthy development of loads, we see also a very healthy development of connectivity. As I mentioned in my elucidation, we do have 33 beyond codeshare destinations, which is giving IndiGo a lot of exposure in the European markets where, basically until recently, IndiGo was not present. I would say very positive development, healthy loads, a bit too early to come to conclusions on the bottom line effects of that. Thanks. If you could just also share your views on the possibility of aircraft within India, given that we could have some aircraft which would not be used. We're not speculating on any sort of availability of aircraft and what will happen with aircraft. Again, I think we have initiated a lot of actions. Last year, at the end of last year for lease extensions, we do have an order book of close to 500 aircraft, which means we have a steady flow of aircraft coming in. And for the rest, I think it's a bit premature to make statements on other possible aircraft coming available. Sure. Thank you so much for answering the questions. That's all from my side. Thank you. Next question is from the line of Deepika Mundra from JPMorgan. Please go ahead. Hi. Thanks for taking my question. Just on the lease cost hardening that we've seen globally, how much do you think is already flowing through IndiGo's PNL, and how much do you expect yields to, you know, harden from here, given both inflation and higher rates? Not significant for IndiGo because large part of our leases were fixed rate leases, so a substantial chunk, more than 95% is all fixed rate. There is no impact on IndiGo related to reference that you're making in terms of hardening both because of interest rates going up. Looking forward, again, we do not expect a substantial change in the lease rentals that we have, given the relationships that we've enjoyed, strong relationships with our lessor community. We do not foresee a severe headwind related to lease costs going up for us. There will be a marginal increase given the interest rates that have increased, but it's not gonna be of a substantial effect to IndiGo. That's at least our read for the time. Got it. Just to clarify, this is on new deliveries also that the economics haven't changed too significantly other than, of course, FX? No, the new ones will be again closed out with the latest rates. A large part of the credit that comes to us in terms of the financing that happens through the lessor community is also based on the credit that we carry in the international market. The lessors have looked at IndiGo more favorably given what they've experienced with us in the last three years, especially during the pandemic. Given our strength of the balance sheet that now we have, given the cash that we carry, we are always able to negotiate a better rate than what would be available, or what you would be hearing from the rest of the community. Got it. If I can just follow up on the 15% plus growth target rate for next year, how much is that likely to come from, you know, damp leases or other extension related measures rather than new deliveries? The large part of the measures that we took for lease extension as well as the damp lease that we've taken is to compensate for the groundings that we are facing. Equivalent to that, you can consider as a percentage will be coming from these extension and the damp lease. Understood. Thank you so much. Thank you. Next question is from the line of Achal Kumar from HSBC. Please go ahead. Yeah, hi. Thank you for taking my questions. First of all, on the international side, would appreciate if you could please give us a bit more color on your strategy towards international. I mean, you know, you mentioned that you're starting flights from Delhi and Bhubaneswar to Singapore, but I remember you started flight from Delhi to Singapore and then that did not work because you were competing against Singapore and Air India, so you closed down that flight and started Delhi-Chennai-Singapore, which was actually Chennai-Singapore, not Delhi-Singapore. Now basically that was an example. How you, how are you planning to strategize your international operations? I mean, to be fair, if I'm flying to international destinations on A321 versus 787, of course, better ride on 787. Are you competing on the fares? Are you competing on, I mean, what is your ground? What is your strategy on the international side? That is my first question. Secondly, on the liquidity, I mean, your cash is compiling, your cash is piling up and now you've got a free cash of INR 122 billion. What are you thinking? I mean, do you have any plans to use this cash? I mean, of course, globally, I understand that most of the airlines, including Ryanair, they plan 20% of their revenues as, I mean, they prefer to maintain as liquidity. I mean, in your case, it's only 22%, and then the business environment is so strong. Do you have any plans to use this cash? Thank you. Thank you so much for your question. Let us divide again. Question two will be dealt with by our CFO Gaurav, and I will deal with your first question. When it comes to the international situation, and thanks for bringing that up. The situation of course with Delhi-Singapore, I think we suspended that operation prior to COVID, and that I would say was still a different setting and a different dynamic. To your question, how are we gonna compete and how are we gonna win the customers? Actually, it's the very same as we do on the domestic network. Our customer promise, on-time performance, courteous and hassle-free service and affordable fares, and especially the latter one with a lot of pressure on international fares. We see that a lot of customers are choosing for us. Back to the earlier question on even profitability and customer preference, we see a strong performance on the international network, precisely for us staying very truthful to the very core of our customer promise. What has changed, of course, the recovery of the market post-COVID, but also I would say at IndiGo itself, we have now built up a lot more connections. If you just look to Delhi and perfectly aligned with the ambition of the Indian government to develop also India more into a global aviation hub, we see that we do have a lot of new connectivity. If you have to transfer from Dharamshala to Singapore, for example, you have a perfect way to fly with IndiGo from Dharamshala to Delhi, connect with us and fly onward to Singapore. Second part, I guess, is that we have strengthened our overall position. The fact that we do now have seven destinations in India connecting to Singapore directly, is really helping us to make sure that not only customers from India, but also customers from Singapore, basically our philosophy there is wherever you have to go in India, you have to go IndiGo. That's precisely our philosophy, India by IndiGo. Third point on the international network, sorry to drag on a little bit on that part, but I think it's important part of our strategy, is to further build up that network. The examples I've given, were focused on Singapore, but indeed, as you rightfully so point out, we have mentioned more international expansion. In the previous call, we have mentioned Nairobi and Jakarta as destinations to start opening in due course of this summer. Of course, we're now working subject to all regulatory approvals and all preparations for international flights that require a bit more preparation time than opening domestic flights. We're very much committed to make sure that Nairobi and Jakarta will be added, we're also looking towards Central Asia for further network expansion. Actually, there's a combination of factors. To summarize my reply, we focus on what has made IndiGo strong domestic to do the same international. We work with partners and we develop our network. That network is connecting over quite a few places, and we are creating a customer proposition with some good connections, but also some unique connections like Bhubaneswar-Dubai and soon Bhubaneswar-Singapore as well. Lastly, we'll continue to expand our international network with the destinations which I just mentioned. As far as the second question goes, in terms of the free cash, like you gave a reference point to one of the airlines, 20% of the revenue. I think today we are reasonably placed having that amount of cash available to us. As far as where to deploy this cash, a large part of that cash is gonna be deployed towards the growth initiatives that Pieter also talked about in his categorization of develop and create. We've got a lot of investments going to support that growth in the digital space. We are looking at expanding some of our infrastructure. Even for us to expand internationally or to start off areas of loyalty programs as well as the freighter business requires our investments. Those are the areas we'll be prioritizing. We are well placed today in terms of the size and scale of the business that we've become, close to INR 56,000 crores, that we do need to carry this level of cash, free cash that we have for any kind of contingency that, if this arrives. We'll continue to keep investing for the growth that has been talked about. We're looking to double ourselves in the next seven years, and that's where the cash is gonna be prioritized towards. Thank you. Thank you. Next question is from the line of Krupashankar NJ from Avendus Spark. Please go ahead. Good evening, and thank you for the opportunity. My first question is on the additional slots which will be potentially available in specific airports because of the substantial scale down of operations by our competitor. Does that, you know, will IndiGo aggressively bid for additional slots in the domestic airport? What is the timeline in which we can expect that these will be allotted to the industry participants? My second question was on the corporate traffic. Perhaps, if you can throw some light on how that has shaped up in the quarter gone by, and how is it at present? Thank you. When it comes to the slots, I think it's, again, here, too early to comment. There's still a lot of unclarity and uncertainty. What we do at IndiGo is we try to make sure that Indian consumers who want to fly domestic, we have capacity for them. It's a bit too early to jump into what's gonna happen on other parts, as I mentioned with the earlier question. Again, we try to optimize our network and make sure that we offer the capacity where it's demand from the customers. When it comes to the corporate market, there's of course a situation where we see that the Indian economy is doing well, and with the Indian economy and the domestic economy doing well, we also see a demand. Having said that, it is very difficult to precisely segregate between the two sets of travelers. Based on the product offerings we're having, and we can see some historic trends, the strict definition of corporate/business versus leisure or people working from different locations is not exactly to be. Overall, I think we see a healthy development of that business part, we see especially on the thicker routes and on some of the strong routes, a development of more traffic geared towards corporate travel. Right. Thanks, Pieter, but, and let me rephrase my question in a different fashion. How has been, you know, what we are seeing here is of course, the less than 15-day travel window seeing a sharper increase in yield vis-à-vis the greater than 15-day booking window. Just wanted to check, you know, how was the demand for both segments, if that is something which we used to give out pre-COVID. Just wanted to check, you know, how is the demand being in that scenario? I think it's, and there having the benefit of having worked for 30 years in different international markets, I think the Indian market is a market which is very late booking, and which has a very high percentage of bookings in that, let me say sure 15, but even 30 days prior to a departure. It's also something like it seems the customer behavior has changed somewhat, not only for the business part, but even for the leisure or the non-business part. It is, it's probably not possible to differentiate and say whatever books between zero and 15 days for departure is largely business and whatever has a longer timeframe is non-business. I don't think we can say it like that. It was already probably difficult prior to COVID. Post-COVID for sure that's not the case anymore. Maybe just to add to that question, that's why the agility we have demonstrated at IndiGo is so important. Whenever we have opportunities, we adjust our network, and we focus on the market. Then actually we do see at, even at the very last moment, a lot of bookings coming in. We, against that background, it sort of proves our point that the market has changed more fundamentally, I would say. Thank you. Krupashankar, I'll request to join the queue for a follow-up question. Next question is from Venkatesh Balasubramaniam from Axis Capital. Please go ahead. Can you please share what was the number of employees you had at the end of FY 2023? I believe this number was 26,164 at the end of FY 2022. Can you please share the number at the end of FY 2023? On a related note, I think this year your per ASK employee cost was around INR 0.42. At the beginning of the year, the scenario was very different. I guess Akasa was ramping up and Jet Airways was supposed to start, but now we are ending the year very differently, you know, with one airline in trouble and Jet Airways never started. There was a general expectation that this will actually there will be some wage increase here. Do you still expect that to happen or this remains at this 0. 42 level going forward? That is my first question. Related to the first part in terms of the number of employees, we closed the year closer to a 32,000 employee base for IndiGo. As far as employee salary cost as a% of ASK, it's gonna remain at these levels, but subject to the increments that are part and parcel of every organization's cost, which will kick in from the fiscal year 2024. Okay, okay. The second question is on aircraft addition. Could you, share what was the gross addition in this year and how many ceo planes you returned in the current year? Also how much do you expect to add on a gross basis and how many planes do you expect to return next year? On a net basis, we are looking to add close to 40-50 planes in fiscal year 2024. As far as the other question in terms of what happened in the 2023, there was a net addition of around 29-30 aircraft that we had. Finer details you can contact the IR teams and they'll be able to provide you. Okay. Thanks a lot. Thank you. Next question is from the line of Sabri Hazarika from Emkay Global. Please go ahead. Yeah, good evening, and thanks for taking my question. If we look into this current engine issues, is it, I mean, is it on a case-to-case basis or is it like a, is it like more blanket in nature? I mean, considering there's been reports that almost like half of your fleet is still on P&W engines. Do you see that there is always some risk of these also going bad or something of that sort? Or do you think that things should remain steady here on? Or are you looking to like completely replace those engines down the line? The aircraft which are coming in as from now are aircraft with the LEAP engines. We're still having a basis of the Pratt engines. We have LEAP engines coming in, and we'll see that mixture will change a little bit over time. Again, we work closely with the OEMs to make sure that we have an adequate support and cooperation on that part, and we're watching the situation closely going forward. Your current fleet you don't see any worry, the part of the fleet which is still running on, Pratt & Whitney, right? Sure. We have a part of the fleet running on Pratt & Whitney. The new aircraft coming in are coming in with LEAP, so that automatically changes the ratio going forward. Again, we work closely also with Pratt to make sure that the supply chain issues are being addressed. Thank you so much, and all the best. Thank you. Thank you. Next question is from the line of [Sharleen Choksi] from Axis Capital. Please go ahead. Yeah, thank you for the opportunity. My first question was on the load factors. The load factor was at 82.1 in FY 2023. How do we expect it to move in the next three years or so? Our endeavor is gonna be to keep pushing it up, but it's, we do not want to give any kind of a forward guidance today for the next three years. The effort is to keep pushing this upwards by utilizing the aircrafts better, as well as obviously attracting more customer towards IndiGo. Okay. [crosstalk] We can't give you an outlook for the next three years. Right. Another one, if I may. How many planes do you all intend to add by in FY 2025 and 2026? I understand you have given the number for FY 2024. Any color for the other two years? The short answer to that would be no. The somewhat longer answer to that would be, we have, as we said earlier, an order book of 500 aircraft. These will be coming in towards the end of the decade, we see all the supply chain issues. We work closely to make sure that we have a steady flow of aircraft coming in. This backlog of aircraft or this outstanding order of aircraft will enable us to double towards the end of the decade. Again, we coordinate closely to have that flow of aircraft coming in. Our focus now is to make sure that we deliver in 2024 our network and our promises to the customers, thereafter it will be 2025 and 2026 year. Okay. Thank you. Thank you. Next question is from the line of Aditya Mongia from Kotak Securities Limited. Please go ahead. Hi. Thanks for the opportunity. Both of my questions were on the international side of things. The first one was, your good network of 33 destinations in Europe that you've been able to form now. My question was, is it yielding enough volumes for you, through the code share at this point of time? Or, is this more, let's say, a case of distribution being enhanced, and once the A321XLRs happen, and one just accelerates the benefits that come in from Europe to IndiGo? Well, again, I think for us this is a new territory. We're having today seven code share partners. All these code share partners were having their codes on IndiGo's domestic network. These seven code share partners, Turkish Airlines, Qatar, American Airlines, Air France, KLM, and Qantas, and Virgin Atlantic, were having their codes on IndiGo's domestic network. We were not having any codes on other airlines outside India or outside their hub. Actually, it's a very important step for us. Again, it's giving us some pro- market presence. It's giving us a lot of visibility in these markets. In fact, it helps us to indeed prepare for the future, so it really serves multiple purposes. As I mentioned to one of the earlier question, actually these first results and first impressions are very encouraging. We see there's a lot of international demand, and people are looking for affordable fares and are actually looking for an alternative to some of the higher priced fares. And there I think, the network of IndiGo comes in, and we are in a great position to serve these markets. Got that. The second question that I had was, this recent news flow of Air France, KLM, showing interest to use India as a stopover for journey from Europe to Sri Lanka. In this broad domain of I2I, do you see interest from your side to kind of go for these kinds of journey? Or does it kind of drag down or slow down your network and you're better off focusing on the Indian volumes only? Yeah, I've read the article as well. I think what is important, again, we're having these code share cooperations on our domestic network in India. We are now expanding international. I think it's important for us that we build up some good and solid partnerships. As time will progress, we'll evaluate some of these possible new opportunities. Again, the further international network and the fact that we're having some connectivity ourselves, even on the international to domestic and even some international-international, may provide new opportunities going forward. I think it's a bit too premature today to comment whether that will take place or that will not take place. There's still some homework to be done on that. Those are, those are my questions, and all the very best for your international endeavors. Thank you. Thank you so much. Thank you. Next question is from the line of Deepak Krishnan from Macquarie. Please go ahead. Thanks for the follow-up. I just wanted to understand on the yield front, I think Gaurav indicated that yield is at a positive territory on a YoY basis. In terms of, say, organically, how do you look at the market if supply is disrupted, maybe in terms of your outlook in forward booking, how many quarters do you kind of see that it would take for supply to come back if the disruption continues? Maybe just an outlook on yields for ahead as well. Well, I think globally, we see a very strong recovery of the aviation. I mean, if we take a step back, I guess at COVID, there were some prediction that aviation would be down for the years to come. Clearly domestic markets have recovered rapidly, and the domestic market in India is no exception to that. I guess for the last couple of months, we see new records of Indians flying the Indian skies. We see that recovery continuing again, hand in hand with the economic growth and economic development of India itself. We see that further growing. On the international side, the recovery has been somewhat slower and somewhat later. Clearly, parts of Asia, surely China, but even Southeast Asia took a bit longer. The fact that we are now back in such a strong manner, for example, in Singapore, just demonstrate that the international markets are also quickly coming back. Again, going forward, there's a lot of variables and elements coming into play for the international development. If you take some of the industry report and some of the industry projections, obviously India is seen as a place where both domestic and international for the years to come, it's gonna be a very vibrant market. As I mentioned in my introduction words, looking at the percentage of Indian consumers flying, it's still very low. If we look at the percentage of Indians flying international, it's even lower. All that opportunity going forward is really very significant when it comes to market development. The line for the participant dropped. Next question is from the line of Achal Kumar from HSBC. Please go ahead. Oh, yeah, hi. Thanks for the opportunity again, which is rare. Anyway, two things actually I want to understand. At the moment, if you look at the international traffic going out of India and coming back to India, it looks like the travel, the Indians are traveling outside India, going on international trip, seems to be very strong. How that plays out in terms of profitability? I mean, do you think you're carrying the similar load factor while going and coming back? Or do you think while coming back there is a challenge, and the profitability is low or the load factor is low? That is my first question. Secondly, a simple plane question, how many planes are grounded at the moment, and what is the status? I mean, are you heading back in terms of, you know, how many engines are you gonna get, and, you know, when do you think these planes could revive or could fly back? Well, you had a very plane question. Let me give a very plane answer, which is a repetition of what I said earlier. The number of planes is in the high 30s. That's the number of planes we said earlier, and that's the plane answer to your plane question. Thank you. I'm not sure if I understood fully your first question when you said about coming back. Do you mean the directionality of traffic, or what exactly do you mean? Yeah, exactly. Exactly. I mean, when you see the directionality in terms of, you know, international demand, looks like there is a very strong demand for the Indians going out on the international trip. While on the way around, I think the demand is not as strong. That's my question. I mean, how does it play out for you guys? No, I would say there's a strong demand both to and from India coming back. Of course, there's a huge Indian diaspora as well, which is flying back and forth. Yes, there are some different dynamics and different seasonalities and kids studying abroad and coming back and business patterns. They're not all the same patterns. In general, I would say, the demand both to and from India is recovering in a similar fashion and developing in a similar fashion. Look at the new foreign investments in India being done, that is all driving inbound traffic. Look at the number of Indian students going abroad, that's outbound traffic. Again, both dynamics are really growing and expected to continue to grow in a similar fashion. Sorry, Peter. I mean, I was actually referring to the data which the data suggests that while the traffic going out of India is very strong, while coming back, the number doesn't say so. That's why this question was. Anyway, I think you fairly mentioned. Yeah. Well, I don't know which data you're referring to, but, again, we should make a difference between loads on flights where there's a certain seasonality and what is the point of fill, and I was referring mostly to the point of fill and, point of fill India, versus point of fill outside India. And then, yeah, the we see some times of the year when the flights out are fuller than the flights in, but that's not necessarily the same as the point of fill. Maybe that becomes a rather technical, a technical elucidation. Thank you very much. Ladies and gentlemen, we'll take that as our last question. Now I'll hand the conference over to Mr. Pieter for closing comments. Yeah. Thank you so much. Thanks everyone for joining this press conference and all the questions and the great questions you've addressed to us. Maybe in a closing remark, let me refer back to what we have mentioned in the press release. I think very important for us is that with the combination of a robust market demand and a very focused execution of our strategy, this was the second consecutive quarter where we produced a very strong operational financial results. We reported our highest ever fourth quarter net profit of INR 9.192 million. I think that's actually the key message, a very strong performance, a very solid profit, and the highest ever, Q4 profit which we have done, and that was driven by the combination of strong markets and an execution of our strategy. I would like to close with on that note, and wish you all a wonderful evening. Thank you very much. Ladies and gentlemen, on behalf of IndiGo, that concludes this conference call. We thank you all for joining us. You may now disconnect your lines.