Analysis of IndiGo Airline's business strategy and key success factors - Business model analysis for the low cost Indian carrier

1. July 2016
IndiGo Airline: Strategy Presentation
Presentation by: Suddhwasattwa Mukherjee
 Worked for Ernst & Young LLP for 8 years as a
management consultant professional in the Advisory
Services (2008 – 2016)
 Working with ITC Infotech in the
Business Consulting Group (2016 onwards)
 Associated to Indian Institute of Foreign Trade
(IIFT) and IIM-Lucknow through various
programmes

2. Case Study: IndiGo Airline Analysis and Presentation by Suddhwasattwa Mukherjee
 IndiGo, headquartered in
Gurgaon, India is the largest
airline in terms of passengers
flown with market share of 36.69%
as of February 2016.
 It was set up in early 2006 by
Rahul Bhatia of InterGlobe
Enterprises and Rakesh Gangwal,
a United States-based NRI.
 InterGlobe holds 51.12% stake in
IndiGo and 48% is held by
Gangwal's company Caelum
Investments.
 IndiGo began its operations on 4th
August 2006 with a service from
New Delhi to Imphal via Guwahati.
 The airline currently operates a
fleet of 109 planes and offers 679
flights a day.
Introduction about IndiGo
Introduction to IndiGo Airline…Few key statistics
IndiGo Air India Jet Group SpiceJet GoAir
Air Asia Air Costa Vistara Air Pegasus Trujet
IndiGo
Air India
Jet Group
Spice Jet
GoAir
Air Asia
Air Costa Vistara
Air Pegasus
Trujet
22.48%
36.69%
16.45%
11.63%
8.55%
1.72%
0.9% 1.31%
0.14%
0.14%
India Domestic
Passenger 2015 –
Annual Market
share by Airlines
85.2 82.4 87 87.4
80 79.2 76.5 76.3
45.4
0
20
40
60
80
100
IndiGo Air India Jet
Airways
JetLite SpiceJet GoAir Air
Costa
Air Asia Vistara
Passenger Load Factor (%) Year: 2015
73.3
65.8
63.7
52.1
49.6
0 20 40 60 80
IndiGo
Go Air
Jet Group
Air India (Dom)
SpiceJet
On Time Performance in 4 Metro Cities (%)
Year: 2015

3. Case Study: IndiGo Airline
Our understanding about IndiGo Airline…The Growth journey
2011 - 2012 2013 - 2014 2015 - 2016
IndiGo replaced the state run
flag carrier Air India as the top
third airline in India.
17.3%2011:
Market share
In 2011, IndiGo placed an
order for 180 Airbus
320 Neos aircraft in a deal
worth US$15 billion which
pushed up the percentage of
Airbus aircraft in India to 73%
2011:
180 A-320
Airbus Neos
US$15
Billion
Deal
As of 2012, IndiGo was expanding rapidly and was the only profitable airline in
India.
Replaced Kingfisher as the 2nd largest airline in India in terms of market share.
IndiGo strongly adheres to a low-cost model, buying only one type of aircraft and
keeping operational costs as low as possible along with an emphasis on
punctuality.
IndiGo added a new plane every six weeks and sometimes even
faster.
August 2012, IndiGo became the largest
airline in India in terms of market share
(27%) surpassing Jet Airway, 6 years after
operations commenced.
2012:
Market share
Largest
IndiGo was the second fastest growing
low-cost carrier in Asia behind
Indonesian airline Lion Air.
Fastest
Growing
2nd
Fastest
Growing
Indonesian
In August 2013, the Center for Asia
Pacific Aviation ranked IndiGo among
the 10 biggest Low-cost carriers in the
world.
Within Top 10
biggest LCC in
the World
Took delivery of 9 Aircrafts in 2013
In 2015, IndiGo placed an order of 250 Airbus
A320 Neo aircraft worth $27 billion, making
it the largest single order ever in Airbus
history.
2015:
250 Airbus
A-320 Neos
Aircraft
US$27
Billion
Deal
Largest single order
in Airbus history
IndiGo’s Market share in Feb
2015
37%
27%
9.4% IndiGo’s Net Margin FY 2015
IndiGo’s IPO opened in
October 2015INR 3200 Cr
Analysis and Presentation by Suddhwasattwa Mukherjee

4. Case Study: IndiGo Airline
Competitor Landscape Mapping…Indian civil aviation sector
22.48% 16.45% 11.63% 8.55% 1.31% 36.69%
116 109 34 21 10 109
Not making
Profit
Not making
Profit
Not making
Profit
US$ 1.5
million
-
US$ 190
million
2015 Domestic
Market share
(Passenger number)
No of years in
operation
Parameter
Airlines
Fleet Size
Profit
Jet Group
Tailwinds
Private Limited
Air India
Limited
SpiceJet Wadia Group Tata Sons
InterGlobe
Enterprises
300 488 306 140 87 679
Parent Company
Daily flights
68 84 41 22 17 40
24 70 11 11 1 10
Destinations
Maximum
market share
Maximum
Profit
Maximum flight
operation with a
smaller fleet size
Analysis and Presentation by Suddhwasattwa Mukherjee

5. Threat of New
Entrants
 Low Switching Costs
 Limited Incumbency advantages
 Some Demand-side benefits of scale
 Easy access to Distribution channels
 Easy entry of Foreign Carriers in the International Routes where
IndiGo operates -- Dubai, Bangkok, Muscat, Singapore, Kathmandu
 Govt. Regulation / Indian Civil Aviation Policy - key entry barrier
 Set-up cost, fuel cost and resource availability -key barriers to entry
 Regional Carriers start-ups
Bargaining Power of Suppliers
 Aircraft and Engine manufacturers are both
concentrated Oligopolies Suppliers like
Dauphin,Dronier,Bell,ATR-42 do not meet
the requirement to serve low cost
commercial aircraft carriers – suppliers are
very few and they have good demand of
their products
 Airports are local monopolies with significant
power
 Airport services – Catering, Handling,
Cleaning are also concentrated in a small
number of firms, but low switching costs
 Powerful Labor Unions especially when
controlling operations at Network hubs
 Limited number of Fuel suppliers
High
High
Bargaining Power of
Buyers
 Buyers are highly fragmented –
lowering their power
 Low Switching cost for most of
the customers as multiple
alternatives are available
 Air travel is perceived as a
standardized product
 Price sensitive as travel is a
meaningful share of
discretionary spending
 Substitutes are readily available
in the form of railway and
roadway transport in cases
where time is not a very critical
consideration
Porters ‘Five Forces’ in the Industry environment analysis for IndiGo Airline…Forces
shaping up the competitive environment of Indian civil aviation sector
High
Availability of
Substitutes
 The number of customers who can afford air travel are increasing
day by day specially in the emerging markets where IndiGo is
operating
 Technology for Web / Video conferencing is improving – reducing
business travels
 Railways is an alternative, but for shorter routes – not a powerful
substitute in longer routes for the time consumption factor across
India where IndiGo operates
 Direct substitutes are low cost airlines like SpiceJet, Go Air – as
buyer’s switching cost is very low
Medium and
Rising
Intra-Industry
Rivalry
 Very little scope for differentiation between competitors’ products
and services – closest competitors are Spice Jet, Go Air
 Mature Industry with very little growth
 No brand loyalty demonstrated by customers
 Significant exit barriers
High
Case Study: IndiGo Airline Analysis and Presentation by Suddhwasattwa Mukherjee

6. Case Study: IndiGo Airline
External environment analysis for IndiGo Airline using the P.E.S.T Framework
 Open Sky Policy / Deregulation (+)
 Low Entry barriers (+)
 FDI Limits (+)
 International Travel Restricts (-)
 Modernized Airports (+)
 Greenfield Airports (+)
 Better handling of Aircrafts,
passengers (+)
 Video Conferencing (-)
 Growing middle class income (+)
 Consistent GDP Growth (+)
 Hike in average income (+)
 Growth in tourism (+)
 Rising ATF Price (-)
 Growing Middle class (+)
 Domestic Leisure travel (+)
 Foreign tourists (+)
 Status symbol (+)
 Security issues and terrorism (-)
Political
Technological
Socio-cultural
(+)
(-)
Enabling Factors
Disabling Factors
Economic
Analysis and Presentation by Suddhwasattwa Mukherjee

7. Internal Environment analysis for IndiGo Airline using S.W.O.T Framework
Case Study: IndiGo Airline
 Less product differentiation
 Not present on too many routes
 International absence (only select
International routes at this point – Dubai,
Bangkok, Muscat, Singapore, Kathmandu)
 Investment in Research and Development
 Changing Govt. Policies and rising labor
costs
 Plenty of new Low cost carriers to compete
with
 Barriers to exit
 Brand awareness
 Cost leadership – High profitability and
revenue
 High market share and growth rate
 Hold on the domestic market
 Advertising and marketing strategies
 Experienced Business Units and skilled
workforce
 International market
 New products and services
 Middle class taking to the skies
 Chartered flight services
 Cargo services
 Increasing flight frequency
 Growth rate and profitability
Strength Weakness
ThreatOpportunities
Analysis and Presentation by Suddhwasattwa Mukherjee

8. TOWS Analysis: Strategic analysis used to study the environment for IndiGo and its interior
Case Study: IndiGo Airline
SO WO ST WT
 Increase domestic
destinations
 Upgrade to Long-haul
aircrafts as per demand
 Offering affordable
international holiday
packages to the middle
class travelers
 Going International
 Expand to freight / cargo
services
 Diversify to chartered
flight services
 Loyalty, rewards and
other customer retention
programs
 Create a tie-up with other
LCC players like Air Asia
for the Indian customer
base to provide last mile
connectivity
 Offer business class
seats, continue
innovation of value added
services while focusing
on cost optimization
 Effective incentive
programs to prevent
talent drain
 Sign anti-poaching
agreement with
competitors
 Continue to successfully
hedge fuel prices by
importing
1 2 3 4
Analysis and Presentation by Suddhwasattwa Mukherjee

9. Case Study: IndiGo Airline
Internal analysis for IndiGo Airline using VRIO Framework
Resources and
competencies
Value Rarity Imitability Organization
Low Fares Yes Yes No Yes
Single type of Aircraft Yes Yes Yes Yes
Turnaround Time Yes No Yes Yes
Brand Name Yes Yes Yes Yes
Value Rarity Imitability Organization
 IndiGo has created value
and increased its market
share by offering the lowest
fares. The way they do it is
through having a single
type of Aircraft which
reduces the overall
maintenance cost.
 This arrangement also
reduces the fuel cost
through fuel hedging
 IndiGo has the highest
market share in the Indian
domestic Airline industry
and it owes everything to
the low fare tickets it offers
to the customers. The low
average fleet age and
single type of aircraft is a
rarity in the Indian Airline
Industry.
 In the last few years,
IndiGo has become the
brand name in the Indian
Airline Industry. It has
hardly been ten years since
its inception and it has
created a brand value
through unique value
proposition and strategic
initiatives.
 Even though IndiGo has
created much value in the
market and amongst its
customers, but many of its
strategies like less
turnaround time and using
single type of Aircraft are
imitable. Thus, in the long
run these differentiator will
not be very effective for
indiGo
1 2 3
VRIO analysis
for IndiGo
4
Analysis and Presentation by Suddhwasattwa Mukherjee

10. Case Study: IndiGo Airline
Functional Level
Strategy
Corporate Level
Strategy
Business Level
Strategy
1
2 3
IndiGo’s strategies at various levels
Operations Strategy
Marketing Strategy
Financial Strategy
Flexible options for purchase of
food and beverages
No Refund
Lean Distribution System
Online Check-in
 Internet Sales
 Sales Office
 Travel Agents
Range and Diversity
Corporate Growth
Professional Airline
management
Strengthening
organizational structure
Well thought out
salary structure
Analysis and Presentation by Suddhwasattwa Mukherjee

11. Case Study: IndiGo Airline
Functional level strategies…IndiGo’s Strategy in Operations
Single type of
Aircraft
 IndiGo’s whole fleet consists of A-320-232
aircraft while Air India, Jet Airways and Spice
Jet use 10, 9 and 3 different makes of aircraft
respectively.
 This result is in greater flexibility by making use
of the same crew from pilots to flight attendants
to the ground force thereby cutting hiring,
training and up gradation costs.
Single Class -
Economy
 IndiGo’s is having only Economy class; they do
not have to spend time, money and crew on
privilege passengers.
 They also don't need to maintain expensive
lounges at airports further reducing costs.
Low average
Fleet age
 IndiGo has an average fleet age of less than 4
years. A younger fleet means less maintenance
costs. IndiGo plans to maintain a lower fleet age
as all its aircraft are leased for a period of 5-6
years.
 This way they avoid the D-Check which is done
after 8 years of operation of an airplane. (A D-
check may take up to 2 months during which the
aircraft remains out of service.)
1
2
3
Fuel
 Domestic fuel taxes can be as high as 30 per cent along with an 8.2
per cent excise duty. As a result, fuel for Indian airlines accounts for
about 45% - 50% of total operating costs, compared to the global
average of 30%.
 IndiGo’s aircraft try to save fuel by using software to optimize flight
planning for minimum fuel burning routes and altitudes and also by
making use of latest fuel saving technology.
Effective
Route
Planning
 IndiGo operates over a lesser number of destinations than its
competitors but with a higher frequency - with a fleet of 78 planes for
36 destinations while Spice Jet flies to 46 destinations with 58 planes.
The network maps show that all IndiGo's destinations are connected to
at least two cities while most are connected to 3 or more destinations,
whereas this is not the case with Jet Airways. This means Indigo can
keep its aircraft in the air for a longer period of time and save up on
airport charges.
 This also means that customers don't have to look for connecting
flights with other competing operators.
4
5
 IndiGo has a Power by the Hour contract with International Aero
Engines (IAE), which provides the engines that put the onus of
performance delivery on the manufacturer. IndiGo has similar
agreements with Airbus, as well as with the vendors for other critical
components. These contracts probably come at a premium but it
means that IndiGo does not have to pull out planes from service for
repairs and also does not have to maintain a large inventory of spares.
Tightly framed
Maintenance
Contracts:
6
Analysis and Presentation by Suddhwasattwa Mukherjee

12. Case Study: IndiGo Airline
Functional level strategies…IndiGo’s Strategy in Marketing and Finance
Advertisement  Little advertising spend.
 High reliance on word of mouth marketing in its
early days by establishing a reputation of being a
‘No frills’ airline which is always clean and on time.
 IndiGo advertised heavily when it started
international operations and also when Kingfisher
was going bust, with catchphrases like 'Let the bad
times roll ... Fly Indigo in good times and in bad
times.' taking a dig at Kingfisher's tagline 'Fly the
good times‘. This move was criticized but it worked
for IndiGo.
 The result of these operational and marketing
aspects is visible in IndiGo which has a market
share of 37% and the highest passenger load
factor of close to 90% compared to 77% of JetLite
and 81% of Spice Jet. This means better revenue
for IndiGo compared to its competitors.
1
No Frills
2
Strategic
Marketing
3
Debt
 Indigo has gone on record to say that the company
has practically no debt.
 Leaseback is a financial transaction, where one sells
an asset and leases it back for the long- term;
therefore, one continues to be able to use the asset
but no longer owns it. The transaction is generally
done for fixed assets, notably real estate, as well as for
durable and capital goods such as airplanes and
trains. IndiGo has been able to better leverage this by
placing bulk orders for aircraft.
 In 2005, when IndiGo did not even exist as an entity,
InterGlobe Enterprises placed an order for 100 A320s
during the 2005 Paris Air show. This was also one of
the biggest orders during the show. The company
again placed an order of 180 new A-320s in 2011 and
250 A-320 Neos in 2015
1
Sale and
Leaseback:
2
Marketing Finance
Analysis and Presentation by Suddhwasattwa Mukherjee

13. Case Study: IndiGo Airline
Range and
Diversity
 IndiGo operates 78 planes for 36 destinations - Higher frequency
Corporate Growth
 With innovative ideas like “check-in counters” for passengers with only cabin baggage so that instead of
waiting in lines, they can check-in with an IndiGo official with a handheld device, IndiGo is creating its own
blue ocean.
 Engagement with various travel web-portals and collaboration with hotels has increased its social capital. E.g.
IndiGo gives 10% discount on the next travel booking if customers had stayed in any of the tie-up hotels.
Professional
Airline
management
 IndiGo paid much attention to its corporate level strategies right since its inception. Its first CEO, Bruce
Ashby, landed in India 18 months before its planned launch.
Strengthening
organizational
structure
 While most domestic airlines are cutting up their staff strength, IndiGo is speeding up its recruitment process
for more pilots, cabin attendants, and other supporting staff.
Well thought out
Salary structure
 Very Low compared to the Industry average - The usual scale for the industry is double the amounts here.
Contractual jobs, no commitment on the company's half whatsoever but requiring back breaking efforts in
order to renew your contract every two years to keep the job..
Corporate level strategies
IndiGo Network
“check-in counters” - handheld device
Analysis and Presentation by Suddhwasattwa Mukherjee

14. Case Study: IndiGo Airline
Flexible options for
purchase of food
and beverages
 Some of IndiGo’s passengers may prefer not to consume food & beverages when on board. There are those who
prefer to rest throughout a flight or those who prefer having their meals before flying off. Hence IndiGo comes up
with an arrangement where the guests have the flexibility to purchase food or beverages based on their requirement.
 Guests who are pre-decided regarding their meal selection, can purchase food & drinks at an affordable price from
IndiGo’s website before the flight, of from the cabin crew during the flight.
Business level strategies
‘No Frills’
No Refund
 Airlines waste a lot of money, time and resources due to refunds and rescheduling when guests do not show up for
a flight. Whether or not a guest shows up, the cost of flight to the airline is the same. LCCs are strict when it comes
to no show guests and do not offer refunds for missed flights. IndiGo follows the same approach.
Lean Distribution
System
 Distribution costs are something that FSCs most often ignore. Very often, FSCs rely on travel agents and their sales
offices. Furthermore, FSCs tend to complicate their distribution channels by integrating their systems with multiple
Global Distribution Systems, which are very costly. LCC will keep their distribution channel as simple as possible
and will cover the whole spectrum of the clientele profile. And at the same time, IndiGo has an established system to
sell their tickets to the most remote and technology deprived locations, such as in Myanmar.
Online check-in
 Guests are highly encouraged to check-in online so they do not have to waste time lining up at the check-in counters
at the airport. This helps IndiGo to improve efficiency and reduce congestion in the airport.
 Internet Sales
 Sales Office
 Travel Agents
 The bulk of sales (85%) are done via the airline's website, whereby the fares are paid using credit cards, debit cards
or via online banking. This is the most cost effective distribution channel.
 IndiGo establishes a sales office if they are confident the sales derived from the centre will be worth it.
 Does not use travel agents and World wide reservation system – allows IndiGo to save cost, reduce ticket price and
get more number of flyers
Analysis and Presentation by Suddhwasattwa Mukherjee

15. 100
Airbus
A-320
Outcome of IndiGo’s strategy analysis: Critical strategic factors driving the success of the Airline
IndiGo ensured that its average fleet
age remains 4 years till 2032
 Well thought-out fleet strategy made 10 years
back, and not something done a couple of
months ago.
 The last plane of the three bulk orders of 530
aircraft that IndiGo placed will come in 2026 —
100 Airbus A-320 in 2005, 180 A-320 Neos in
2011 and 250 A-320 Neos in 2015.
 IndiGo’s bulk buying helped negotiate better
rates.
 Gained right at the beginning — this is netted
against IndiGo’s rentals and brings the cost
down.
Buy, sell and lease back’
strategy
 Once all airplanes are delivered,
IndiGo will not have a fleet of 530
planes — this is due to the ‘buy,
sell and lease back’ strategy. At
peak they will have 330 planes.
Once the order is placed the planes
are sold to lessors at market price.
The planes are then leased back
for the next six years — which
means for the first six years IndiGo
receives a plane every month.
1 2
180
A-320
Neos
250
A-320
Neos
2005
2011
2015
At peak, 330 Planes
Fuel efficient planes leading
to lower operational cost
 Every month a plane goes out of
IndiGo’s fleet and a new aircraft
joins, thus reducing the average
fleet age; the cost of maintenance
is also lower.
 In 2011, IndiGo was the first
customer for Airbus to order the
new range of fuel efficient A-320
Neo planes. Neos help in saving
10-15% of the overall fuel cost.
Fuel makes up for 50% of a
carrier’s cost.
3
10-15% 50%
Fuel cost saving
for IndiGo planes
Fuel
contributes
50% of
Carriers cost
Strategic planning
for Neo based fleet
 Because of the 6 year
lease back plan, with the
next two-and-half years
one-third of IndiGo’s
fleet will be Neos, and in
the next 6 years it will
have an all Neo fleet.
 There is a straightaway
positive impact of 7% on
the company’s bottom
line because of the
Neos.
4
7%
Bottom line
improvement
due to Neo
based Fleet
Strategic approach to
increase its footprint
 With orders in place, IndiGo
is planning to increase its
presence in the number of
cities it flies to - adding two
to three cities to its portfolio
every year. In the next eight
and half years it plans to
have presence in 56
airports compared to 33,
now.
 Regional flying is not on the
radar, and neither are
smaller planes.
5
33 56
Growth Plans – number of
Airports operated
3 Cities adding plan
every year
Analysis and Presentation by Suddhwasattwa Mukherjee

16. Case Study: IndiGo Airline
Key strategies and recommendation for IndiGo Airline…Relook at the current segmentation process
Need for segmenting based on
benefits sought-based on in-
depth literature review
Existing segments (identified in
case) not mutually exclusive
collectively exhaustive
Existing Segmentation
 Corporate
 SME
 Leisure
 VFR
 Student
 Consumer insights based on
interviews carried out by
Agencies at various points
 Literature review
Proposed Segmentation
 Reliability
 Comfort
 Price
 Price-quality
 Service flexibility
Segment Description Favorability to Indigo
“I need efficiency and
punctuality”
 Seek reliability, sensitive to delays, switch brands easily
 Low price sensitivity
High
“I want comfort”  Seek benefits from FFP, catering and flexibility
 Price is most irrelevant
Low
“I am hard-pressed on price”  Personal benefits of minor importance
 High price sensitivity
Medium
“I am price-conscious and
quality seeking”
 Seek mix of price and quality
 Low tolerance to delays, ready to pay premium for punctuality
High
“I want flexibility across all
offerings”
 High decision autonomy
 Hard to address due to multiple benefits sought
Low
Purpose-based segmentation Benefits-based segmentation
Target Segments
 Reliability
 Price
 Price-quality
Outcome
Analysing current
positioning w.r.t. new
segmentation process
Next step
Analysis and Presentation by Suddhwasattwa Mukherjee

17. Planning Phase
 Deals for booking well
before the travel date
 Last minute deals through
social media for increased
interaction
Case Study: IndiGo Airline
Key strategies and recommendation for IndiGo Airline…Positioning strategy - Aiming that spot in
consumer’s mind
Product Strategy
Promotion Strategy
Value-seeking Segment prefers booking hotels/cabs with flight tickets
Cross-sell ibis-InterGlobe Hotels (Group synergy)
Most travelers buy beverages & light snacks at the airport-
- Price is a major deterrent
Tie-up with shops for a discount for IndiGo customers
Booking cabs after flight adds to hassle
Pre-paid cab booking at destination available before even boarding the flight
- cuts down the hassle
Post-travel Phase
Pre-flight Waiting Phase
o
o
o
R
R
R
Aim
 Improve Talkability
 Customer Involvement
Channel: Social Media
Driver for Success : Volume of visitors
Deals Contests
CONTESTS like
“My IndiGoStory” depicting
and sharing awesome travel
experiences
Observation
Recommendations
o
R
Analysis and Presentation by Suddhwasattwa Mukherjee

18. Case Study: IndiGo Airline
Key strategies and recommendation for IndiGo Airline…Identifying Geographies for Growth
Region
Macro-economic trends
(Growth, industry, aviation
sector, ease of doing
business, ATF prices
Future plans
(Geographic
expansion, aircraft
deliveries)
Industry trends
(Competitive
landscape, costs,
new sectors)
LCC market
(Players, competitor
moves)
Proposed airports
(Growth sectors & their
distances upon entering) Verdict
Africa
Addis Ababa, Nairobi,
Cairo, Morocco
Europe Istanbul, Brussels/Paris Not Now
Middle-East Dubai, Doha, Abu Dhabi
North America Atlanta, New York Not Now
Latin America
Rio de Janeiro, Sao
Paulo, Venezuela
Not Now
South Asia Colombo, Dhaka
North Asia
Hong Kong, Guangzhou,
Shanghai
South-East Asia
Bangkok, Singapore,
Jakarta
Favorability for IndiGo’s next phase of growth
Analysis and Presentation by Suddhwasattwa Mukherjee

19. Thank You
Presentation by: Suddhwasattwa Mukherjee
Email: mukherjee_suddhwa@yahoo.co.in
Phone: +91 9830135111 (M)