HAL Q2 Results Review - Strong Growth Visibility On Healthy Orders Flow: ICICI Direct
Order inflows were at Rs 10251 cr during H1, of which Rs 8496 cr worth of orders were received in the repair and overhaul segment.
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ICICI Direct Report
Hindustan Aeronautics Ltd.'s margins improved YoY led by higher share of repair and maintenance.
Revenue declined 7.3% YoY to Rs 5144.8 crore on account of higher base. Execution has been more uniform in H1 FY23 as compared to H1 FY22 (which was impacted due to lockdown).
HAL's Ebitda margin improved by 919 basis points YoY to 31.5% on lower others cost; which led to 30.8% YoY growth in Ebitda to Rs 1621.6 crore profit after tax increased 44.2% YoY to Rs 1221.2 crore.
The order book was at Rs 83858 crore as of September 2022 end. Order inflows were at Rs 10251 crore during H1 FY23 of which Rs 8496 crore worth of orders were received in the repair and overhaul segment, Rs 860 crore in manufacturing and Rs 742 crore in development.
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