The aerospace and defence major, Hindustan Aeronautics Ltd (HAL) declared its results for the fourth quarter of financial year 2022-23 (FY23) on Friday. The revenue from operations are higher by 8 percent year on year to Rs 12,495 crore. The earnings before interest, tax, depreciation, tax and ammortisation has jumped 30 percent to Rs 3,241 crore.
The operating profit margins have come in higher at 25.9 percent versus 21.6 percent in the corresponding quarter last year. The net profit, although, falls 8 percent to Rs 2,841 crore. The company's order book is now at Rs 81,784 crore.
In the fourth quarter, the Government of India launched the Offer For Sale, which received positive response from investor community. The Government of India sold 3.5 percent stake through this route. This is to achieve the mandatory threshold of 25 percent minimum public shareholding in the company. Consequent to the OFS, the Government of lndia shareholding stands at 71.65 percent.
During the quarter, HAL had undertaken design and development of Hindustan Turbo Prop Trainer Aircraft ( HTT40). The company signed a contract with Ministry of Defence on 6 March for supply of 70 HTT 40 Aircraft. As per the Contract, Rs.828 crore (excluding taxes) has been sanctioned towards Design & Development of HTT 40 aircraft. Accordingly, Rs. 769 crore has been recognised as revenue during the year. The development expenditure of
Rs.585 crore has been amortised against the revenue recognised.
In a recent development, HAL is among the three stocks that shall enter the MSCI India Standard Index. The likely inflows are $195 million. The other two stocks that enter the index are Max Healthcare and Sona BLW Precision. These three stocks will replace Indus Towers, Adani Transmission and Adani Total Gas. The changes, part of MSCI's quarterly index review, will be effective from May 31.
For FY23, the revenue from operations are higher by 9 percent to Rs 26,927 crore. This is higher than the 8 percent that the management had guided earlier. Net profit for FY23 has improved 15 percent to Rs 5,828 crore.
The Board of Directors of the Company, at its meeting held on 10 March, 2023, declared second interim dividend of Rs.20 per equity share. The total interim dividend declared for FY23 is Rs.40. The stock is trading 1.5 percent lower on the exchanges on Friday.
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