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Results
14-May-22
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Analysis
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Hindustan Aeronautics
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Net up 91% on higher OI, lower deprecaition and higher tax writeback
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Consolidated net sales (including other operating income) of Hindustan
Aeronautics for the quarter ended Mar 2022 has increased 6.39% to Rs 11561.13
crore. Operating profit margin has declined from 24.97% to 21.62%,
leading to 7.88% decline in operating profit to Rs 2,499.83
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 35.71% to 33.17%. Purchase of finished
goods cost fell from 4.61% to 2.63%. Employee cost decreased from
13.64% to 13.01%. Other expenses rose from 11.17% to 28.01%.
Other direct service cost fell from 1.70% to 1.02%.
Provisions writeoffs cost rose from 9.98% to 25.73%.
Other provisions rose from 9.98% to 25.73%.
Preoperation capitalised expenses fell from 5.32% to 2.11%. Other
income rose 283% to Rs 500.66 crore. PBIDT rose 5.49% to Rs 3000.49
crore. Provision for interest rose 41.07% to Rs 42.11 crore.
PBDT rose 5.11% to Rs 2958.38 crore. Provision for
depreciation fell 40.95% to Rs 382.5 crore. Profit before tax grew 18.88%
to Rs 2,575.88 crore. Share of profit/loss was 76.51% lower at Rs
1.09 crore. Provision for tax was credit of Rs 528.11 crore,
compared to debit of Rs 545.12 crore. Effective tax rate was
negative 20.49% compared to 25.08%. Minority interest increased 73.53% to
Rs -0.09 crore. Net profit attributable to owners of the company
increased 90.67% to Rs 3,105.17 crore.
Full year results analysis.
Net sales (including other operating income) of Hindustan Aeronautics has
increased 7.59% to Rs 24620.02 crore. Operating profit margin has declined
from 23.32% to 21.97%, leading to 1.35% rise in operating profit to Rs 5,408.56
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 38.74% to 36.43%. Purchase of finished
goods cost fell from 4.02% to 2.73%. Employee cost decreased from
21.08% to 19.16%. Other expenses rose from 10.03% to 19.17%.
Other direct service cost rose from 1.27% to 1.34%.
Provisions writeoffs cost rose from 7.41% to 16.26%. Other
provisions rose from 7.41% to 16.26%. Preoperation capitalised
expenses fell from 4.57% to 3.47%. Other income rose 175.54% to Rs
984.93 crore. PBIDT rose 12.29% to Rs 6393.49
crore. Provision for interest fell 77.54% to Rs 58.2 crore. PBDT
rose 16.57% to Rs 6335.29 crore. Provision for depreciation fell
4.09% to Rs 1110.53 crore. Profit before tax grew 22.17% to Rs 5,224.76
crore. Provision for tax was expense of Rs 144.65 crore, compared to
Rs 1037.93 crore. Effective tax rate was 2.77% compared to
24.23%. Minority interest increased 60% to Rs -0.16 crore. Net
profit attributable to owners of the company increased 56.50% to Rs 5,080.04
crore.
Other developments
Equity capital stood at Rs 334.39 crore as of 31 March 2022 to Rs 334.39
crore as of 31 March 2021. Per share face Value remained same at Rs
10.00.
Promoters’ stake was 75.15% as of 31 March 2022 ,compared to 75.15% as
of 31 March 2021 .
Loan funds declined from Rs 11.46 crore as of 31 March 2021 to Rs 2.49
crore as of 31 March 2022. Inventories declined from Rs 16,673.00 crore
as of 31 March 2021 to Rs 14,347.28 crore as of 31 March
2022. Sundry debtors were lower at Rs 4,641.53 crore as of 31 March
2022 compared to Rs 5,668.05 crore as of 31 March 2021. Cash and
bank balance rose to Rs 14,347.72 crore as of 31 March 2022 from Rs 7,177.35
crore as of 31 March 2021. Investments rose to Rs 1,362.70 crore as
of 31 March 2022 from Rs 1,121.32 crore as of 31 March 2021 . Fixed
assets declined from Rs 6,885.14 crore as of 31 March 2021 to Rs 6,876.71 crore
as of 31 March 2022. Intangible assets increased from Rs 2,230.34
crore to Rs 2,362.11 crore.
Cash flow from operating activities decreased to Rs 10,032.78 crore for
year ended March 2022 from Rs 15,262.72 crore for year ended March
2021. Cash flow used in acquiring fixed assets during the year ended
March 2022 stood at Rs 1,500.57 crore, compared to Rs 1,317.28 crore during the
year ended March 2021.
| Hindustan Aeronautics : Consolidated Results | | | Quarter ended | Year ended |
|---|
| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
|---|
| Net Sales (including other operating income) | 11,561.13 | 10,866.52 | 6.39 | 24,620.02 | 22,882.32 | 7.59 | | OPM (%) | 21.62 | 24.97 | -335 bps | 21.97 | 23.32 | -135 bps | | OP | 2,499.83 | 2,713.56 | -7.88 | 5,408.56 | 5,336.26 | 1.35 | | Other Inc. | 500.66 | 130.72 | 283.00 | 984.93 | 357.45 | 175.54 | | PBIDT | 3,000.49 | 2,844.28 | 5.49 | 6,393.49 | 5,693.71 | 12.29 | | Interest | 42.11 | 29.85 | 41.07 | 58.20 | 259.17 | -77.54 | | PBDT | 2,958.38 | 2,814.43 | 5.11 | 6,335.29 | 5,434.54 | 16.57 | | Depreciation | 382.5 | 647.72 | -40.95 | 1110.53 | 1157.89 | -4.09 | | PBT | 2,575.88 | 2,166.71 | 18.88 | 5224.76 | 4276.65 | 22.17 | | Share of Profit/(Loss) from Associates | 1.09 | 4.64 | -76.51 | -0.23 | 4.81 | PL | | PBT before EO | 2576.97 | 2171.35 | 18.68 | 5224.53 | 4281.46 | 22.03 | | EO Income | 0 | 2.02 | - | 0 | 2.02 | - | | PBT after EO | 2576.97 | 2173.37 | 18.57 | 5224.53 | 4283.48 | 21.97 | | Taxation | -528.11 | 545.12 | LP | 144.65 | 1037.93 | -86.06 | | PAT | 3105.08 | 1628.25 | 90.70 | 5079.88 | 3245.55 | 56.52 | | Minority Interest (MI) | -0.09 | -0.34 | 73.53 | -0.16 | -0.4 | 60.00 | | Net profit | 3105.17 | 1628.59 | 90.67 | 5080.04 | 3245.95 | 56.50 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 3105.17 | 1628.59 | 90.67 | 5080.04 | 3245.95 | 56.50 | | EPS (Rs)* | 77.07 | 48.66 | 58.38 | 151.92 | 97.03 | 56.58 | | | * EPS is on current equity of Rs 334.39 crore, Face value of Rs 10, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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