Hindustan Aeronautics Ltd

Hindustan Aeronautics Ltd

₹ 3,766 0.39%
22 Apr 12:38 p.m.
About

Hindustan Aeronautics is engaged in the business of Manufacture of Aircraft and Helicopters and Repair, Maintenance of Aircraft and Helicopters.(Source : 202003 Annual Report Page No:46)

Key Points

Core Aviation Equipment Supplier
HAL plays a strategic role in India’s defense program being the only Indian company having specialization in aircraft manufacturing and providing its Maintenance and related services. [1]

  • Market Cap 2,51,867 Cr.
  • Current Price 3,766
  • High / Low 3,810 / 1,385
  • Stock P/E 41.0
  • Book Value 375
  • Dividend Yield 0.73 %
  • ROCE 30.6 %
  • ROE 27.2 %
  • Face Value 5.00

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has delivered good profit growth of 23.9% CAGR over last 5 years
  • Company has a good return on equity (ROE) track record: 3 Years ROE 26.7%
  • Company has been maintaining a healthy dividend payout of 29.6%
  • Company's working capital requirements have reduced from 98.4 days to 38.2 days

Cons

  • Stock is trading at 10.1 times its book value
  • The company has delivered a poor sales growth of 7.77% over past five years.
  • Promoter holding has decreased over last 3 years: -3.51%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Aerospace & Defence Industry: Engineering

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
5,426 10,866 1,616 5,552 5,894 11,558 3,623 5,145 5,666 12,495 3,915 5,636 6,061
4,217 8,155 1,372 4,309 4,463 9,063 2,798 3,535 4,680 9,252 3,036 4,107 4,627
Operating Profit 1,209 2,711 244 1,243 1,431 2,495 825 1,610 986 3,242 880 1,529 1,434
OPM % 22% 25% 15% 22% 24% 22% 23% 31% 17% 26% 22% 27% 24%
92 133 150 138 195 503 192 261 497 722 411 471 460
Interest 53 30 15 1 1 42 0 0 2 55 0 0 0
Depreciation 179 648 111 243 373 382 208 252 269 1,055 201 349 212
Profit before tax 1,069 2,166 268 1,138 1,251 2,574 809 1,619 1,212 2,854 1,089 1,650 1,681
Tax % 20% 25% 26% 25% 25% -21% 25% 25% 5% 0% 25% 25% 25%
853 1,621 199 848 938 3,102 607 1,209 1,154 2,841 814 1,235 1,254
EPS in Rs 12.76 24.24 2.97 12.68 14.02 46.38 9.07 18.08 17.25 42.48 12.17 18.47 18.74
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
14,211 14,328 15,135 15,730 16,758 17,950 18,519 20,008 21,445 22,882 24,620 26,928 28,107
12,665 13,560 13,565 13,379 14,281 14,714 15,059 15,440 16,565 17,541 19,200 20,258 21,022
Operating Profit 1,546 768 1,570 2,351 2,478 3,236 3,460 4,569 4,880 5,341 5,420 6,669 7,085
OPM % 11% 5% 10% 15% 15% 18% 19% 23% 23% 23% 22% 25% 25%
2,511 3,335 2,618 1,642 1,598 1,044 761 376 415 360 986 1,672 2,063
Interest 6 5 8 15 6 16 35 177 359 267 65 64 56
Depreciation 722 601 603 806 863 681 947 1,024 998 1,157 1,110 1,784 1,818
Profit before tax 3,329 3,497 3,578 3,173 3,207 3,583 3,240 3,742 3,938 4,277 5,231 6,493 7,274
Tax % 24% 14% 25% 25% 38% 27% 39% 37% 28% 24% 3% 10%
2,539 2,997 2,693 2,388 1,998 2,616 1,987 2,346 2,842 3,239 5,086 5,811 6,144
EPS in Rs 105.37 124.35 27.93 24.77 27.63 36.18 29.72 35.08 42.49 48.44 76.05 86.89 91.86
Dividend Payout % 29% 28% 33% 20% 31% 31% 54% 28% 39% 31% 26% 32%
Compounded Sales Growth
10 Years: 7%
5 Years: 8%
3 Years: 8%
TTM: 8%
Compounded Profit Growth
10 Years: 7%
5 Years: 24%
3 Years: 28%
TTM: 1%
Stock Price CAGR
10 Years: %
5 Years: 62%
3 Years: 99%
1 Year: 170%
Return on Equity
10 Years: 22%
5 Years: 25%
3 Years: 27%
Last Year: 27%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 120 120 482 482 362 362 334 334 334 334 334 334 334
Reserves 11,218 13,258 14,533 16,304 10,658 12,175 9,151 11,741 12,865 15,034 18,930 23,172 24,753
5 5 684 5 80 1,022 905 4,157 5,927 53 49 51 0
43,961 44,146 48,180 47,252 45,420 38,149 38,044 35,238 35,008 37,601 40,871 45,632 46,679
Total Liabilities 55,305 57,529 63,878 64,042 56,519 51,708 48,434 51,470 54,135 53,022 60,183 69,190 71,766
1,938 2,008 2,088 7,191 6,925 7,350 7,566 7,454 7,351 7,158 6,758 6,827 8,157
CWIP 70 103 185 216 1,025 1,389 1,458 1,499 2,040 1,948 2,472 1,884 785
Investments 527 707 707 745 886 981 989 902 940 1,055 1,294 1,385 1,385
52,769 54,710 60,898 55,890 47,682 41,988 38,421 41,615 43,803 42,861 49,659 59,093 61,439
Total Assets 55,305 57,529 63,878 64,042 56,519 51,708 48,434 51,470 54,135 53,022 60,183 69,190 71,766

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
-423 -734 -7,694 1,537 15,124 10,180 8,836
3,021 594 5,292 -1,334 -1,190 -12,789 -5,734
-164 -2,540 2,321 64 -7,070 -1,464 -1,731
Net Cash Flow 2,433 -2,680 -80 266 6,864 -4,072 1,370

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 100 140 166 145 105 86 133 227 191 90 69 64
Inventory Days 808 802 971 1,118 1,017 854 838 882 815 602 608 527
Days Payable 68 92 90 101 91 62 69 113 164 76 96 116
Cash Conversion Cycle 840 850 1,046 1,162 1,032 878 902 996 843 617 581 475
Working Capital Days -199 -152 -52 -22 -5 93 117 295 286 146 111 38
ROCE % 28% 25% 20% 23% 29% 27% 29% 24% 26% 30% 31%

Shareholding Pattern

Numbers in percentages

1 Recently
Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
75.15% 75.15% 75.15% 75.15% 75.15% 75.15% 75.15% 71.65% 71.64% 71.64% 71.64% 71.64%
0.98% 2.29% 3.15% 4.37% 5.56% 6.85% 7.14% 9.07% 11.90% 12.63% 12.93% 12.42%
20.54% 5.40% 18.25% 17.00% 15.71% 13.48% 12.72% 13.93% 10.64% 9.72% 9.13% 9.58%
3.33% 17.16% 3.45% 3.48% 3.58% 4.53% 4.98% 5.34% 5.81% 6.02% 6.28% 6.36%
No. of Shareholders 2,01,7911,87,5812,07,0182,18,1162,38,7163,00,1753,21,2463,58,3174,20,6944,91,9696,19,1517,14,091

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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