Hindustan Aeronautics Ltd

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]

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  • Market Cap 48,277 Cr.
  • Current Price 1,444
  • High / Low 1,487 / 658
  • Stock P/E 14.7
  • Book Value 461
  • Dividend Yield 2.08 %
  • ROCE 26.2 %
  • ROE 22.6 %
  • Face Value 10.0

Pros

  • Company has reduced debt.
  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 32.66%
  • Debtor days have improved from 169.64 to 90.44 days.

Cons

  • The company has delivered a poor sales growth of 6.31% over past five years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
2,610 4,425 10,154 3,289 3,449 4,455 10,249 1,737 4,854 5,425 10,739 1,616
2,091 3,537 7,554 2,441 2,748 3,584 7,768 1,353 3,824 4,217 8,012 1,376
Operating Profit 519 888 2,600 848 700 871 2,480 383 1,030 1,209 2,727 240
OPM % 20% 20% 26% 26% 20% 20% 24% 22% 21% 22% 25% 15%
Other Income 72 60 121 163 47 49 161 47 88 92 138 150
Interest 1 30 134 77 101 70 101 105 71 53 30 15
Depreciation 139 235 500 117 165 201 511 111 220 179 668 111
Profit before tax 450 683 2,087 818 481 649 2,030 215 826 1,069 2,167 264
Tax % 36% 33% 41% 31% -29% 29% 39% 31% 26% 20% 25% 26%
Net Profit 287 455 1,239 565 622 461 1,236 149 615 853 1,622 195
EPS in Rs 8.59 13.61 37.07 16.89 18.59 13.78 36.95 4.45 18.40 25.52 48.51 5.82

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
16,758 17,950 18,520 20,008 21,445 22,755 22,634
14,285 14,719 15,071 15,457 16,531 17,397 17,428
Operating Profit 2,474 3,231 3,449 4,551 4,914 5,357 5,205
OPM % 15% 18% 19% 23% 23% 24% 23%
Other Income 1,608 1,058 776 376 423 365 469
Interest 6 16 35 178 360 267 169
Depreciation 863 681 947 1,025 999 1,178 1,178
Profit before tax 3,213 3,592 3,243 3,725 3,979 4,277 4,326
Tax % 38% 27% 39% 37% 28% 24%
Net Profit 2,004 2,625 1,990 2,329 2,883 3,239 3,286
EPS in Rs 55.44 72.61 59.53 69.64 86.21 96.88 98.25
Dividend Payout % 31% 30% 54% 28% 39% 31%
Compounded Sales Growth
10 Years:%
5 Years:6%
3 Years:7%
TTM:14%
Compounded Profit Growth
10 Years:%
5 Years:10%
3 Years:18%
TTM:33%
Stock Price CAGR
10 Years:%
5 Years:%
3 Years:22%
1 Year:94%
Return on Equity
10 Years:%
5 Years:22%
3 Years:22%
Last Year:23%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
362 362 334 334 334 334
Reserves 10,671 12,198 9,177 11,748 12,914 15,078
Borrowings 80 1,022 905 4,116 5,927 51
45,420 38,163 38,047 35,298 35,027 37,815
Total Liabilities 56,532 51,744 48,463 51,496 54,203 53,278
6,925 7,350 7,566 7,459 7,357 7,491
CWIP 1,025 1,389 1,462 1,502 2,043 2,078
Investments 916 994 1,010 910 991 1,056
47,666 42,011 38,425 41,625 43,812 42,654
Total Assets 56,532 51,744 48,463 51,496 54,203 53,278

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
-404 -748 -7,700 1,527 15,263
3,012 597 5,294 -1,339 -1,271
-164 -2,540 2,326 64 -7,125
Net Cash Flow 2,443 -2,691 -80 252 6,867

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 105 86 133 227 191 90
Inventory Days 1,016 879 870 881 815 605
Days Payable 91 64 72 113 163 76
Cash Conversion Cycle 1,030 900 931 995 843 620
Working Capital Days -3 91 102 280 270 121
ROCE % 29% 27% 29% 24% 26%

Shareholding Pattern

Numbers in percentages

Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021
89.97 89.97 89.97 89.97 89.97 89.97 89.97 75.15 75.15 75.15 75.15 75.15
0.31 0.29 0.00 0.00 0.00 0.00 0.01 0.35 0.30 0.91 0.98 2.29
8.42 8.40 8.69 8.74 8.78 8.76 8.69 19.45 19.71 20.31 20.54 5.40
1.30 1.34 1.34 1.29 1.25 1.26 1.33 5.05 4.84 3.63 3.33 17.16

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