HAL Q3 Results Review - Growth Visibility Remains Strong: ICICI Direct

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..ICICI Direct Report.Hindustan Aeronautics Ltd.'s revenue for the quarter came in at Rs 5665.5 crore (down 3.8% YoY); lower than our estimate of Rs 6032.1 crore. The de-growth during the quarter was likely on account of muted execution in manufacturing contracts (which account for 75% of the total order book) as a large part of this order book is yet to see meaningful execution. Sequentially, revenue increased 42%. For nine months-FY23, revenue was up 10.5% YoY, mainly on account of substantial growth seen during Q1 FY23.HAL's gross margin was at 56.1% (versus our estimate of 51%); improved from 49.6% in Q3 FY22. This was mainly on account of lower raw material cost, which declined 16.2% YoY.Ebitda margins came in at 17.4% (versus estimate of 24.3%); down 682 bps YoY despite an improvement in gross margins. This was mainly on account of a significant increase in others cost (up 149.5% YoY). The provisions amount in others cost was at Rs 808.5 crore, up 129% YoY. The 9MFY23 Ebitda margin was at 23.8% against 22.3% for 9MFY22..Click on the attachment to read the full report:.Bharat Dynamics Q3 Results Review - Weak Performance But Outlook Remains Strong: ICICI Direct.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

HAL Q3 Results Review - Growth Visibility Remains Strong: ICICI Direct

Healthy order book position, led by large scale orders in manufacturing aircraft/helicopters.

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