Airworks | India’s Largest Independent MRO

Airworks (the ‘Company’) is the #1 diversified aviation engineering services provider in India with operations spread
across 3 continents. 7+ decades of expertise in providing MRO (Maintenance, Repairs & Overhaul) engineering, asset
management, aircraft finishing & technology solutions

Airworks is India’s 1st and largest EASA certified MRO player providing services across the customer spectrum in
aviation i.e to OEM’s, carriers, aircraft lessors, private jet owners & defence fleet
Pan India network : presence across 22 locations (almost all international airports) for airline MRO & across 13 cities for
business aviation MRO with 2 hangar facilities in Hosur, 1 in Mumbai, 1 in Kochi & 1 turnkey facility in Delhi

• Only Indian MRO to provide services to OEM’s, airline carriers, aircraft lessors, private jet owners & Defence
• Capability to provide MRO services to 50+ aircraft types
• Provider of engineering and data/records management services to 6 out of world’s top 10 aircraft lessors
• One of the prominent MRO training institute in India certified by DGCA & EASA having tie ups with European &
Asian training & engineering institutes to create a pool of talent

Increasing Demand:
• India is the fastest market globally for aircraft additions; expected CAGR of 12.1% in 5 yrs & 10% in 10yrs.
• 1000+ pending aircraft order book of Indian carriers
• $2bn - MRO spend by Indian carriers in 2019, expected to grow to $4bn by 2029

• Explosive industry growth: India is the 3rd largest domestic aviation market, expected to become the 3rd largest
market in the world in the next 3 yrs, a CAGR of 20%+
• Strong focus by government to make India hub for aviation MRO, removal of high cost barriers & reforms introduced

Transaction: The Company intends to set up infrastructure and tooling at existing facilities citing huge demand from
carriers for line maintenance as well as heavy checks among other engineering services.
Company intends to raise debt / mezz capital / structured debt to the extent of $10mn for growth opportunities

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PAN India Network of State of the Art Facilities

Commercial Aviation MRO Key Customers & Certifications

Key Customers Key Certifications

DGCA,
India

EASA,
Europe

CAAS,
Singapore

GCAA,
UAE

CEMILAC

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 Stellar Management Team

Lt. Gen. A K Singh

Michael Schulhof Tarun Sharma (Retd.)
Director Director
Independent Director

CEO & General Partner of GTI group, Managing Partner at Megadelta 18+ yrs of • Lt. Gen. A K Singh (Retd.), PVSM, AVSM,
serves on the boards of several companies experience, 16 yrs in investing SM, VSM is the erstwhile Lt. Governor of
& charitable institutions the Andaman & Nicobar islands and
Puducherry
• Former Commander in Chief of the
Southern Command of Indian Army

Dr. Haseeb Drabu D Anand Bhaskar Ravi Menon

Independent Director Managing Director & CEO Director

• Noted economist, columnist, banker & Chartered Accountant by profession with Associated with Airworks for 45+ yrs, active
policy maker 27+yrs of experience across key roles incl. involvement in Indian aviation industry
• Finance minister of J&K till March 2018 10+yrs as CFO of large corporations
• Chairman & CEO of J&K Bank Ltd
• Involved in policy making in India

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Value Proposition
Air Works is well positioned to capture the growing Indian aviation market to fuel next phase of growth

India is the fastest growing aviation market in the world

Strong Industry Tailwinds
with passenger traffic increasing at 15%+ CAGR

Deep penetration into aviation market by leveraging core

Differentiated platform with robust, technical capabilities and comprehensive service offerings,
innovative engineering capabilities consistently meeting stringent quality norms of various
regulators

Led by industry veterans and well supported by strong

Experienced Technical & Management Team engineering team with cumulative work experience of over
1200 years

National Civil Aviation Policy 2016 introduced multiple

measures to boost MRO growth in India. All subsequent
Favorable Regulatory Environment
budgets and Finance ministry’s decisions have also
introduced changes favourable to the industry.

Highly regulated industry requiring multiple authorizations,

High Barriers to Entry with Deep Client & OEM
Air Works is already first line service provider to OEMs,
Relationships
Airlines and lessors

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Key Financial & Operational Indicators
BBB 1300+ 1000+ 28+ 17
Credit rating by Crisil Total employees Technical staff Countries’ clients Certifications from
availing MRO and lease global regulatory
mgmt services bodies

Strong Financial Performance ($ mn) Sales Break-up

Revenue EBITDA (%) Commercial Airlines
16% 18% 16%
80 13% 9% 20%

70 4%
60
10%
36% General Aviation
50
65 0%

54 -10% 20%
40
46 Aircraft Lessors
30 43 43 -20%

-30%
20

10 -40%

28% Defence
0 -50%

FY18 FY19 FY20 FY21E FY22E

Strong Balance Sheet Debt Equity Ratio
1.2

ROCE ROE 14%

14% 15%
10%
1
1.1
12%
10%
10% 12%
0.8
0.9
11% 5%
0.8
0.6
8%

6%
0%
-5%
0.4
0.5
4%
-5% 0.2
2%

0%
1% -10% 0

FY18 FY20 FY22 FY18 FY20 FY22 FY23

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 Offices & Contact Details

●
LONDON

DELHI
●
MUMBAI ●

BENGALURU ●

Prasanna R Shastry
Executive Director
Mobile:91- 9833150184
Email : p.shastry@altamountcapital.com

Jyoti Kothari
Senior Associate
Mobile:91- 9004427721
Email : jyoti@altamountcapital.com Altamount Capital Management Pvt. Ltd.
www.altamountcapital.com

Mumbai Office Delhi Office Bengaluru Office London Office

107/108, Arcadia, NCPA Marg, Office 17, Level 1, Augusta Point #4 Brunton Road, 67/68, Jeremyn Street
Nariman Point. Mumbai – 400 021 Golf Course Road, Sector 53 MG Road London
Gurgaon 122 002 Bangalore - 560001

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Disclaimer

This document is issued by Altamount Capital Management Private Limited (‘Altamount’). While all reasonable care has been taken in preparing this document,
no responsibility or liability is accepted for errors of fact or for any opinion expressed herein. Opinions, projections and estimates are subject to change without
notice. This document is for information purposes only. It does not constitute any offer, recommendation or solicitation to any person to enter into any
transaction nor does it constitute any prediction of likely future movements or any representation that any such future movements will not exceed those
shown in any illustration. The contents of this document are not made with regard to the specific investment objectives, financial situation or the particular
needs of any particular person or company/institution. Any investments discussed may not be suitable for all investors. Past performance is not necessarily
indicative of future performance; the value, price or income from investments may fall as well as rise and all securities could be subject to risk of principal as
well as return. Altamount, and/or a connected company, may have a position in any of the instruments or currencies mentioned in this document. Any tax
figures or calculations shown are purely indicative and cannot be construed as tax advice. Please consult your tax advisor for the same. You are advised to
make your own independent judgment with respect to any matter contained herein.

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