238 infra projects to cost Rs 1.6 lakh crore more on delays
Project cost of as many as 238 infrastructure projects, monitored by the Statistics Ministry, have overshot by Rs 1.6 lakh crore from their original estimates due to delays on account land acquisition forest clearances and other reasons, official data showed. The Statistics Ministry is monitoring 1,071 infrastructure projects worth Rs 150 crore or above each in various sectors such as power, railways and road. During February 2016, of 1071 projects, 238 projects reported cost overruns and 341 projects reported time delays. “Total original cost of implementation of 1,071 projects was Rs 12,66,248.36 crore and their anticipated completion cost is likely to be Rs 14,26,985.93 crore, which reflects overall cost overruns of Rs 1,60,737.57 crore (12.69 per cent of original cost),” the data by Statistics Ministry showed. According to the data, expenditure incurred on these projects till February 2016 was Rs 5,66,058.05 crore, which is 39.67 per cent of the anticipated cost of the projects. However, compared to April 2015, the number of projects reporting cost overruns came down to 22.22 per cent in February 2016 from 30.47 per cent of total monitored projects last year. Projects reporting time overruns fell to 31.84 per cent in February this year from 42.61 per cent in April 2015. In April 2015, out of 758 projects on the monitor of Statistics Ministry, 231 projects reported cost overruns and 323 projects reported time overruns. Speedy implementation of projects assumes significance in view of government’s push to move towards high growth trajectory of over 8 per cent and touch double digit mark in few years. According to the Ministry’s report on these projects, the reasons for time overruns as reported by various project implementing agencies are delay in land acquisition, delay in forest clearance and delay in supply of equipment. The other such reasons are fund constraints, geological surprises, problems in equipment erection, geo-mining conditions, slow progress in civil works, shortage of labour, inadequate mobilisation by the contractor, Maoist problems, court cases, contractual issues, ROU/ROW problems, law and order situation etc. Joel Edmundson Jersey
Zomato’s $1bn value slashed by half
After successive markdowns of highly priced tech startups by US mutual funds, it’s now HSBC’s brokerage arm which has slashed the paper valuation of restaurant-discovery platform Zomato, while taking stock of the startup’s publicly traded shareholder InfoEdge. This is possibly the first instance of such a markdown being done by an India-based equity research team for a privately held internet company. A note circulated by the HSBC arm last month covering InfoEdge raised grave doubts around Zomato’s steep valuation, its international expansion and its overall business model. HSBC Securities and Capital Markets in a detailed report, titled ‘India Internet – Lot of Growth but Slim Pickings’, posited, “Zomato is present in 23 markets so early on and none is profitable, which implies that to address both the investments in last-mile delivery and losses in international operations, fund-raising will be a continuous phenomenon, suggesting current valuations don’t make much sense. We do a discounted cash flow (DCF) analysis and value the business at 50% lower to the $1-billion valuation.” InfoEdge holds nearly 50% in the Gurgaon-based Zomato and also runs sites like Naukri.com, 99acres and Jeevansathi, among others. In an emailed response to TOI’s query, a Zomato spokesperson said, “We’ve not raised any financing round since the last one to have a valuation reset. Our investors are as bullish about Zomato as they were before. We are growing fast and are on course to become profitable as a company very soon. Beyond this, we do not want to comment on valuation markdown speculation of third parties.” Zomato has had a tough last one year as it prunes its business, leading to hundreds of people getting laid off, closure of operations in a few cities, and a stream of top-level talent leaving the company. Having stayed away from the food ordering segment for a substantial period of time, Zomato entered the space in April 2015. Zomato Order has been fighting it out with the likes of Bangalore-based Swiggy to capture market share in a category which has very high user acquisition costs. The note by analysts Rajiv Sharma and Darpan Thakkar deep-dives into why the brokerage firm has taken a negative view on Zomato and also on InfoEdge. “Competition will always find it easy to take share via other routes, particularly online last-mile delivery model. We understand that last-mile delivery is not easy but unless Zomato leads in this space it will find it tough to retain market share. Particularly, we have Swiggy in India which is very active in the space and has been getting funding at regular intervals,” the note explained. Restaurants that pay for advertising only account for around 6-8% of Zomato’s overall database, the analysts said. In the same report, HSBC lowered the valuation of another InfoEdge investee company, PolicyBazaar, by 10% from the current $200 million. The Times Group, which publishes this paper, runs portals like Magicbricks, Timesjobs and competes with InfoEdge’s properties. Zomato, which counts Sequoia Capital, Temasek and VyCapital, besides InfoEdge, as its investors, has in all scooped up $224 million in capital since its inception in 2008. When it raised its last round of funding in September last year led by Temasek, the company had said it will use the fresh capital in new businesses, such as online ordering, table reservations (Zomato Book), cashless payments, point-of-sale, and its white label platform. Some of these businesses have already been shuttered (like cashless payments due to lack of product-market fit), the company had said earlier. In February, Zomato said it has hit operational break-even of its businesses in India, the UAE, Lebanon, Qatar, the Philippines and Indonesia. But talks with prospective investors for infusion of capital have gotten scuppered because of a valuation mismatch. Trouble Continues For Food-Delivery Startups The so-called food tech category is one of the worst-hit in this funding cycle, which peaked last year, as ebullient investors poured a slug of money into consumer facing internet businesses. Casualties in the space include Mumbai-based TinyOwl, which is backed by marquee VCs Sequoia Capital, Matrix Partners and Nexus Venture Partners, and Foodpanda, a part of Rocket Internet’s portfolio, along with smaller players such as Dazo and Spoonjoy. Since the end of last year, mutual funds, which invest in public and privately held companies, have been reworking valuations of their investee companies, largely in the tech space. Flipkart, India’s largest e-commerce player valued at $15 billion, has seen its value being cut by a group of existing investors. Though, in recent months, questions have been raised on the methodology being adopted by mutual funds while making these readjustments. The view so far has been that these funds, which have heavy exposure to the public markets, have followed the plummeting stock market which saw major corrections in tech stocks between August last year and January this year. Recently, though, Fidelity reversed many valuation markdowns in startups like Snapchat and cancer drug startup Stemcentrx, which was sold to drugmaker AbbVie for $5.8 billion just last week. Derrius Guice Jersey
Why shoppers are flocking to the internet this season
It has been a few years since people started shopping online to make their big purchases for festive occasion. And this year is no different. Though not many have invested in jewellery, the sale of gadgets, clothes, holidays and daily utilities seems to have soared. And thanks to summer offers and Mother’s Day sales, they are making the most of all the discounts. Coupling offers An interesting trend this year is that though there are not many offers exclusive to Akshaya Tritiya, several sites have coupled Mother’s Day sales with it. Nitisha Retish, a market trend analyst, says, “Many jewellery sites are offering zero-making charges and cashback on certain products. Mother’s Day sale on major retail sites have great discounts on books, home decor, furniture and kitchen utilities.” What’s hot on the web Gold and other precious metals: Thanks to the increase in the price of gold, people are restraining from buying earrings, neck pieces and other accessories. However, many are investing in coins and other precious metals and stones like silver, sapphire and pearls. “The rate of the yellow metal has been fluctuating and I was not very sure if I will be incurring a loss if I buy online. Though I bought a beautiful kundan bangle last Akshaya Tritiya from a popular site, I’ve only booked a gold coin and idols of Lord Ganesha and Goddess Lakshmi this time,” says Dhivya Raman, a homemaker. Youngsters and working women find this an apt opportunity to buy trendy accessories. Rohini Hari, a 28-year-old investment banker, says, “Several jewellery portals offer a minimum of 30 per cent off on latest designs in 18 K and 22 K gold and it’s a great bargain if you are not into traditional pieces.” She adds, “The sites are flooded with special Akshaya Tritiya collections that are not heavy on the pocket. My colleagues and I’ve bought trendy bracelets, elegant pendants and chic earrings for the festival. Apart from gold, there are navaratna collections, pieces that are traditionally edgy and some with birth stones that are meant to bring good luck.” Gadgets and utilities From smartphones and music docks to comfy bean bags and wardrobes, people are investing in things that are useful for them on an everyday basis. “Long-term investments are not only restricted to gold and properties. Many believe that buying items that they use every day or that add an aesthetic appeal are important as well,” points out Nitisha. Girish Kamat, a project manager with an IT firm, says, “I’ve placed order for a microwave oven, some new sofa covers and an attractive lampshade from the ongoing sale. It’s a belief that one must buy kitchen utensils on this day. So, we opted for a kitchen gadget that will come handy instead of utensils.” Clothes and accessories This year, splurging on fashion for Akshaya Tritiya seems to be the new trend. Several clothes and accessories portals have mega sales, though they are not specifically for the festive occasion. Neha Keshav, a dentist, says, “From ethnic kurtis and saris to LBDs and palazzos, there are a variety of options to choose from. Shoes, bags and scarves are also among the hot favourites. It felt weird in the beginning when I told my friends that I’m going to splurge on summer accessories and festive clothes this Akshaya Tritiya. Thanks to the variety of sales and discounts online, I couldn’t resist myself and now, all my friends have followed suit, too.” Corporate gifts Another interesting trend is the surge in corporate gifts. Nitisha adds, “Gold-plated pens, office sets, cabinets, retail and online gift vouchers, spa deals – these are in demand. Apart from reasons like the start of a new financial year to beating the summer, Akshaya Tritiya is just another excuse.” Mike Hilton Jersey
Multinationals can take advantage of relaxed FDI norms: DIPP
The government today said multi-national giants like Apple can take advantage of the relaxed FDI norms in the single-brand retail sector. Secretary of the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said that as per the specific FDI policy announced in November last year, the local sourcing requirements could be relaxed for state-of-the-art and cutting-edge technology. “It was not a policy for one individual company. The government works on transparent policies which are applicable to all who fit into that. So, whether it is Apple or Orange or whatever, whosoever fits into that policy will take advantage of it,” Abhishek said here at a CII function on manufacturing. There are a whole lot of many applications in the single-brand retail sector, the secretary said. DIPP has already recommended exempting iPhone and iPad maker Apple from the mandatory 30 per cent local sourcing norms. Chinese firms Xiaomi and LeEco have also submitted applications to open stores in the country. Speaking at the same vent, NITI Aayog CEO Amitabh Kant said the government does not work on individual cases. “If you look at the policy regime, we have radically liberalised it across sectors, whether it was infrastructure or FDI regime,” Kant said. “Now, we are going to do this in social sector from education to health, creating world-class universities… We never work for individual specific case, that has never been done.” Kant also said land cost component for projects has increased to 40-42 per cent from 14-15 per cent, but “despite that, the government went ahead and acquired land”. There are a lot of projects in the pipeline and “you will see lots of action in coming years. 10-12 states should grow at a double-digit rate. Every state cannot be a manufacturing state,” he said. Talking about ease of doing business, Kant said the government wants to improve its ranking within top 50. On GST, CII President Naushad Forbes called for quick implementation of the crucial tax reform. “It is frustrating to be deprived of benefits of the transformative reform of GST. Introduction of GST could add Rs 8,000 to the income of the average Indian household each year which would progressively increase in future. Hence, the opportunity cost of not introducing GST was high,” he explained. CII Director General Chandrajit Banerjee stressed on political maturity and convergence of political minds to get GST through. RR KKS ARD Chris Chelios Jersey
Startups magic fades at IIT placements as companies face funding issues
Startups are sending shivers down the spines of students at the top Indian Institutes of Technology. Once the most sought-after for placements, some startups have started withdrawing job offers at IITs in Delhi, Mumbai, Roorkee and Guwahati because they’ve either shut shop or are closing some operations. Others are delaying joining dates as uncertainty, a funding slowdown and pressure on profitability force them to go slow on hiring, according to placement managers at these campuses. At IIT Delhi, two startups withdrew job offers after they closed down, while another two made offers but could not keep the commitments, said Anishya Madan, industrial liaison officer, training and placement at the institute. “This is not a good sign. This leads to a lot of uncertainty,” she said. She refused to share the names of the startups that withdrew the offers. Ecommerce companies such as Ola are finding it difficult to take on students they’ve hired and are delaying the process, according to IIT officials. Startups that have withdrawn offers at IITs include Zimply Home Shopping and PepperTap. “While one startup withdrew offers given to six students, a few others are saying they will come up with later joining dates as some businesses they had hired for are not doing well,” said Ayush Lakhotia, placement coordinator at IIT Bombay. “There is a lot of suspicion and concern among students this time when it comes to startups,” he said. Cab aggregator Ola did not immediately respond to an email seeking comment. PepperTap has shut operations. Zimply Home Shopping officials could not be reached. Although several new startups visited the top IIT campuses this year, the number of hires by companies such as Flipkart, Ola and Snapdeal has dropped significantly from a year earlier as investors put pressure on companies to save costs and improve cash flows, the placement officials said. “In January, Zimply Home Shopping said they are ceasing operations in certain cities and cost-cutting. They had taken five students from IIT Guwahati but withdrew all five offers,” said Harish Bohara, student coordinator of placements at IIT Guwahati. InMobi and Roadrunnr have delayed joining dates to October and December, respectively. Roadrunnr, a hyperlocal delivery startup, has stated it is expanding, while mobile advertising platform InMobi hasn’t provided any reason, according to Bohara. All students have been allowed to sit for placements again and most of them have been selected elsewhere, he said. At IIT Roorkee, three startups changed offers made to students. One cancelled the offer in the first week of February and the other two delayed the hiring of 10 students. “Normal date of joining is in July. They have so far delayed it till November. Students are pretty tense. There is a slowdown in startup market and established startups are going down. Students are now looking for backup,” said Himanshu Bansal, placement coordinator at IIT Roorkee. “We have not seen this in our campus so far, but I’m hearing about it from other IITs,” said Babu Vishwanath, professor of mechanical engineering at IIT Madras. Placements at IIT Madras were delayed due to floods in December. Top ecommerce firms including Flipkart, Ola and Snapdeal backed out after registering to visit. Institutes and students are reaching out to executive search firms for assistance. “We are getting calls from tier I and II institutes as many students have had offers withdrawn,” said Kris Lakshmikanth, CEO of The Head Hunters. “Most joining dates are in June. That is the time this will explode,” said recruitment agency officials. Ben Bishop Jersey
FDI in food: Government may permit foreign companies to import ingredients
The government is expected to permit foreign companies to import certain key ingredients like flavours and preservatives under the proposal to allow 100 per cent FDI in the food processing sector. The Centre may also permit players to retail their products online, sources said. They said since some key ingredients of a food product may not be available in the country, the government may permit companies which want to set up units in India to import those inputs. The Department of Industrial Policy and Promotion (DIPP) has proposed to allow 100 per cent foreign direct investment (FDI) through government approval route in marketing and selling of food products produced and manufactured in India. The DIPP, under the Commerce and Industry Ministry, deals with FDI related matters. However, another source said the Food Processing Ministry is insisting on making it mandatory for the foreign players to invest a minimum of about 25 per cent of their total investments in rural ares to create infrastructure like cold chains to benefit farmers. The government has said FDI in food processing will help farmers, reduce wastage of fruits and vegetables, give impetus to the industry and create vast employment opportunities. During April-December, FDI into the country grew by 40 per cent to $29.44 billion. Stephen Hauschka Jersey
Over 100 pilots turned up drunk for their flights!
Pilots can’t stop hitting the bottle before entering the cockpit and the most frequent offenders in recent years are from Jet Airways and IndiGo, two airlines that dominate the country’s aviation market. As per the data available with the DGCA, 112 pilots tested positive for alcohol prior to the commencement of their flights from January 2013 till April 28, Minister of State for Civil Aviation Mahesh Sharma said in a written reply in the Lok Sabha recently. Of these, a maximum number of 33 pilots were from full service carrier Jet Airways, while 25 belonged to budget airline IndiGo, he said. Nineteen pilots of national carrier Air India were found positive in the breath analyser test during this period, he added. A total of 30 pilots tested positive for alcohol during the pre-flight medical test in 2013. The number came down to 26 in 2014, he said. In 2015, 43 pilots tested positive for alcohol. Till April this year, the number stood at 13, he said. The DGCA rules mandate that pilots and cabin crew of all scheduled flights must be subjected to pre-flight breath-analyser examination. “For all scheduled flights originating from destinations outside India, post-flight breath-analyser examination of each flight crew and cabin crew shall be carried out on reaching in India,” the rules add. In case of a violation, a pilot’s licence will be suspended for three months for a first time offence. For a second violation, the pilot’s licence is suspended for three years. A third time offence leads to a cancellation of the pilot’s licence. “I am at loss for words,” an aviation expert said, requesting anonymity. “This is completely unacceptable behaviour and needs to be eliminated ruthlessly. No normal office goer goes to work drunk, stating physical, mental or emotional fatigue,” he said. “Here, we are talking about someone who is responsible for human lives both in the aircraft and on the ground. A tiny error of judgement can cause irreparable damage,” he added. Airlines respond IndiGo, India’s largest airline by market share, explained that the company undertakes an alcohol dependency check after a pilot is suspended and, so far, has not found a single case of alcohol dependency. A spokesperson for Jet Airways said the airline is compliant with Indian regulations on pre-flight screening of all pilots and cabin crew. “On the basis of this and as per internal airline policy, crew members if found BA+ (breath analyser positive) face a 3-month suspension without pay and benefits. A second offence results in termination of services,” the spokesperson said. “The rigorous nature of the screening process for crew members before a flight, and the punitive action taken against those who do not comply with such safety standards, is in itself a deterrent,” the spokesperson added. By 2020, India is likely to become the world’s third largest aviation market after the US and China, with the country’s airports expected to carry as many as 369 million passengers compared to 190 million currently. The regulator is of the view that alcohol present in the body “even in small quantities” jeopardises flight safety on several counts and is likely to adversely affect an aviator well into the hangover period. Ryan Callahan Womens Jersey
Proposed Greater Noida airport-another ghost airport in the making?
Will the proposed international airport in Jewar, Greater Noida be another ghost airport in the making? Built at a cost of Rs 1400 crore the Chandigarh International Airport, which is 250km from Delhi’s Indira Gandhi International airport has failed to start international operations. Will Jewar, which is hardly 84km from Delhi, meet the same fate? The Uttar Pradesh government recently sought approval from the central government for an international airport in Greater Noida. Greater Noida is represented by minister of state for civil aviation Mahesh Sharma in Parliament. “Delhi’s Indira Gandhi International airport is capable enough to handle the rising growth of air traffic. As of now the total Terminal passenger capacity at IGI Airport is 62 million passenger per annum against the actual traffic of approx. 41 million passengers handled in the FY 2014-15,” said an official. “As per the master plan IGI Airport is expected to handle 109 million passengers in the year 2034. This would be adequate to meet the likely traffic demands over the next 18-20 years,” he said. Huge investment has already been made for expansion of the passenger handling capacity and modernisation at IGI Airport. “Now, a new airport within 84 km radius is sheer wastage of public money,” he said. India has spent more than $50 million since 2009 on eight airports that do not receive scheduled flights – white elephants that are a reminder of the pitfalls for Prime Minister Narendra Modi as he bets on an infrastructure drive to fuel growth. Two-and-a-half years after the completion of a new $17 million terminal building, the Jaisalmer airport has no flight operations. Opened with much fanfare as the city’s link to the world, the Chandigarh International Airport, around 250km from Delhi airport, which was inaugurated by Prime Minister in September, could not attract the airlines to start international operations as yet. The Airport is now under the scanner of the Punjab and Haryana High Court, with the Rs 1,400 crore ($210 million) facility failing to deliver. There are international examples of failed airports too. Mirabel Airport in Canada was built at a huge cost for Montreal Olympics 1975. Canadian Government was sparing no efforts to make this airport – a show piece for the entire world. But its location – 55 km from Montreal down town and unpopularity with Airlines- which had already established base at Dorval, the existing airport – killed the Mirable airport. Finally, the airport was closed in 2004 after phenomenal losses and today it is functioning as a cargo airport, with some GA Services. The proposal for an airport in Jewar was first mooted in 2001 by home minister Rajnath Singh, then chief minister of Uttar Pradesh. His successor Mayawati also backed the plan and acquired more than 2,000 acres for the proposed airport. Chris Carson Jersey
India to be the third largest aviation market by 2020
With 81 million trips, India’s domestic aviation market grew at over 20.3% during Jan-Dec 2015 – the highest growth rate recorded in the world. India is well on its way to become the third largest aviation market by 2020 says the FICCI-KPMG ‘India Aviation Report 2016’. The report suggests that aspects such as increasing disposable incomes, fall in prices of Aircraft Turbine Fuel (ATF), increase in tourism, visa reforms, etc. have placed India in a unique position. This is bringing the country closer to achieving its vision of becoming the largest aviation market by 2030. The civil aviation sector is hugely susceptible to oil price volatility, economic cycles, natural disasters, epidemics and political upheavals. According to the report, the Indian civil aviation industry has exhibited tremendous resilience to the global economic slowdown and ranks ninth in the global civil aviation market. This is attributed largely to the growing economy, increased competition among airlines, especially among low cost carriers, modern airports, greater use of technology, Foreign Direct Investment (FDI) and increased emphasis on regional connectivity. The report highlights that the National Civil Aviation Policy (NCAP 2016) is likely to provide a significant fillip to the industry. The various fiscal and monetary incentives, liberal policies focused on ‘ease of doing business’ and enhanced push for regional and global connectivity are extremely positive. Steps taken to revive and operationalise around 160 airports in India, if chosen carefully, will improve air connectivity to regional and remote areas. Public-Private Partnerships (PPP) in the sector will get substantial support from the state in terms of financing, concessional land allotment, tax holidays and other incentives. According to Harshavardhan Neotia, President, FICCI, “Enormous growth in domestic passenger traffic, substantial strengthening through Government initiatives, decrease in global crude oil prices and airlines showing profits indicates a significantly positive transformation for the Indian civil aviation market. The close partnership between the government and the industry in ongoing and future projects will further improve regional connectivity. I am certain that the sector will take complete advantage of the positive momentum and help sustain the growth.” Amber Dubey, Partner and India Head of Aerospace and Defence, KPMG said, “The positive impact of NCAP 2016, rise in disposable incomes and the fall in ATF prices are likely to help India leapfrog into the top three of the world. One hopes that the government can match domestic ATF prices with global levels for a three year experimental period. MRO is likely to see a huge revival if the service tax is zero-rated. Growth of aviation and tourism can create a huge multiplier in terms of GDP growth and jobs.” The report sheds light on the astounding growth of 17.1% in the total passenger throughput for FY 2015-16 till January 2016 standing at 184 million. Passenger throughput is expected to reach around 370 million by 2020. According to International Air Transport Association (IATA), passenger traffic on international routes showed an increase of 6.5% in 2015 compared to 2014. In comparison, during Apr-Dec 2015, international passenger throughput at Indian airports grew at 7.7%. Middle East continues to lead in the growth of revenue passenger kilometre (RPKM) followed by Asia-Pacific, Latin America and Europe. North America and Africa showed sluggish growth. By 2034, it is expected that Asia-Pacific will be the biggest market for global aviation. The report strongly suggests that in order to ensure high-geared growth, it is imperative to broaden the base of domestic flyers through greater air connectivity in Tier 2/3 cities. Many Indian states have taken positive initiatives, largely in the field of development of airports, reduction in sales tax rates on ATF and direct subsidy to airlines for improvement of connectivity. The government and industry are engaged closely in addressing the various opportunities and challenges in the aviation sector; and that’s a welcome sign. The collaboration needs to be strengthened and institutionalized. With positive macro-economic factors, low ATF prices and industry-friendly government policies, India is well placed to achieve its vision of becoming the third largest aviation market by 2020 and the largest by 2030. Dale Murphy Womens Jersey
Not fully giving lower fuel cost benefits to customers: IndiGo
Amid rising concerns over higher airfares despite fall in oil prices, no-frills airline IndiGo has acknowledged that it is not “passing on all” the benefits accruing from lower fuel costs to the customers. The steep fall in international crude oil prices in recent times has provided a boost for airlines as ATF (Aviation Turbine Fuel) costs account for over 40 per cent of a carrier’s total operating costs. IndiGo President and Whole Time Director Aditya Ghosh said the airline continues to use the low cost fuel opportunity to lower fares and register strong increases in passenger numbers. However, the full benefits of fall in fuel prices are not passed on to the customers, he said. “If you look at fourth quarter (January-March 2015-16), then fuel prices came down 29.5 per cent whereas the average fares came down I think above 15.2 per cent. “So clearly, we are not passing on all of its back to the customers, but of course the lower fuel prices and the lower average fares also has a positive effect on our load factors,” he said during the conference call after financial results last week. Further, Ghosh said: “We are not driving down fares, there is some amount of competitive pressure from other operators as well”. While the airline is are benefiting on the higher load factors, he said, “we think we will kind of stay with how the market moves” as per the transcript of the conference call posted on IndiGo’s website. Concerns have been expressed in various quarters, including by Parliamentarians that airlines are not passing on benefits from lower ATF costs to the passengers. Hit by higher expenses, IndiGo’s parent InterGlobe Aviation today saw its net profit remain flat at Rs 579.31 crore in the three months to March. Notwithstanding nearly 15 per cent fall in fuel costs to Rs 1,023.61, IndiGo witnessed its total expenses in the March quarter jump nearly 12 per cent to Rs 3,409.86 crore. Aviation regulator DGCA has meanwhile asked carriers to provide details on the number of tickets sold in the highest fare bracket and share of revenue earned from this on 20 identified routes. On May 3, Civil Aviation Minister Ashok Gajapathi Raju told the Lok Sabha that his ministry would hold consultations with airlines to explore the possibility of curbing the menace of charging exorbitant airfares during emergency situations. His assurance came after Lok Sabha members voiced concerns over exorbitant airfares during emergency situations like unprecedented floods in Chennai and Srinagar and the recent Jat agitation. Ben McLemore Womens Jersey