Annual Report: 2021
CIAL's 2020-2021 Annual Report presents the company's financial performance, operational activities, and corporate governance practices for the fiscal year.
Financial Performance:
The COVID-19 pandemic severely impacted the aviation industry. Total income decreased to Rs. 252.71 crores, compared to Rs. 655.04 crores in the previous year. The company reported an operating profit of Rs. 67 crores, significantly lower than the Rs. 423.84 crores in 2019-20. CIAL made a cash profit of Rs.15.59 crores after accounting for interest. The Directors did not recommend any dividend due to the loss.
Operational Review:
The financial year 2020-21 started with a 21-day nationwide lockdown, suspending all airport operations except for rescue flights. The Vande Bharat Mission and bilateral air bubble arrangements partially offset the negative impact. The ban on scheduled international passenger flights was extended until August 31, 2021. The document provides details on aircraft, passenger, and cargo movement, showing significant decreases compared to the previous year:
Subsidiary Companies:
CIAL has five subsidiaries: CIASL (aviation services), AKISL (low-cost airline), CIL (infrastructure and power), CDRSL (duty-free and retail), and KWIL (waterways). CIASL operationalized its MRO facility during the financial year. CIL has commissioned a 40 MWp solar power plant, maintaining the airport's status as the world's first fully solar-powered airport. Two CIL projects are in final stages to be commissioned in the second quarter of the current financial year: a 12 MWp solar power plant at Payyannur and a 4.5 MW capacity Arippara SHEP. Kerala Waterways and Infrastructures Limited undertook the inaugural ride of CIAL's 25-seater solar boat in February 2021.
Corporate Governance and Compliance:
The report includes information on the Board of Directors, Audit Committee, CSR Committee, and Nomination and Remuneration Committee. It details the appointment and remuneration of directors and auditors. It includes the Corporate Social Responsibility (CSR) activities. The company has an adequate system of business risk evaluation and management. The company is providing remote e-voting facility to its Members in respect of the businesses to be transacted at the AGM.
Financial Statements and Audits:
The report includes standalone and consolidated audited financial statements, along with the auditors' reports, balance sheets, statements of profit and loss, statements of changes in equity, cash flow statements, and notes on accounts. The report contains annexures including an extract of the annual return, the secretarial audit report, information on energy conservation and foreign exchange, related party transactions, and CSR activities. M/s. Krishnamoorthy & Krishnamoorthy, Chartered Accountants, are the Statutory Auditors.
Notice of the Annual General Meeting (AGM):
The 27th AGM will be held on September 2, 2021, via video conferencing. The ordinary business includes adopting audited financial statements and appointing directors and statutory auditors. Special business involves re-appointing Adv. P. Rajeeve and approving the appointment and remuneration of the Managing Director. Remote e-voting facility will be provided to members. The register of members and share transfer books will remain closed from August 27, 2021, to September 2, 2021.
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