Capitaline

Results 16-Aug-23

Analysis

Hindustan Aeronautics

Net up 31% thanks largely to higher other income

Consolidated net sales (including other operating income) of Hindustan Aeronautics for the quarter ended Jun 2023 has increased 8.09% to Rs 3915.35 crore. Operating profit margin has declined from 22.81% to 22.39%, leading to 6.12% rise in operating profit to Rs 876.83 crore. Raw material cost as a % of total sales (net of stock adjustments) decreased from 31.76% to 26.68%. Purchase of finished goods cost rose from 1.74% to 2.17%. Employee cost increased from 25.96% to 34.54%. Other expenses fell from 19.47% to 15.03%. Other direct service cost fell from 1.87% to 1.15%. Provisions writeoffs cost fell from 11.82% to 8.82%. Other provisions fell from 11.82% to 8.82%. Preoperation capitalised expenses fell from 3.98% to 3.66%. Other income rose 113.91% to Rs 409.94 crore. PBIDT rose 26.41% to Rs 1286.77 crore. Provision for interest fell 91.30% to Rs 0.02 crore. PBDT rose 26.44% to Rs 1286.75 crore. Provision for depreciation fell 3.28% to Rs 201.38 crore.

Profit before tax grew 34.08% to Rs 1,085.37 crore. Share of profit/loss was 71.34% lower at Rs 3.66 crore. Provision for tax was expense of Rs 274.94 crore, compared to Rs 202.13 crore. Effective tax rate was 25.25% compared to 24.58%.

Minority interest decreased 1,400% to Rs -0.15 crore. Net profit attributable to owners of the company increased 31.30% to Rs 814.24 crore.

Promoters’ stake was 71.64% as of 30 June 2023 ,compared to 75.15% as of 30 June 2022 .

Hindustan Aeronautics : Consolidated Results

	Quarter ended			Year ended
Particulars	202306	202206	Var.(%)	202303	202203	Var.(%)
Net Sales (including other operating income)	3,915.35	3,622.46	8.09	26,927.46	24,620.02	9.37
OPM (%)	22.39	22.81	-42 bps	24.80	21.97	284 bps
OP	876.83	826.29	6.12	6,679.15	5,408.56	23.49
Other Inc.	409.94	191.64	113.91	1,670.12	984.93	69.57
PBIDT	1,286.77	1,017.93	26.41	8,349.27	6,393.49	30.59
Interest	0.02	0.23	-91.30	57.97	58.20	-0.40
PBDT	1,286.75	1,017.70	26.44	8,291.30	6,335.29	30.87
Depreciation	201.38	208.21	-3.28	1784.67	1110.53	60.70
PBT	1,085.37	809.49	34.08	6506.63	5224.76	24.53
Share of Profit/(Loss) from Associates	3.66	12.77	-71.34	2.87	-0.23	LP
PBT before EO	1089.03	822.26	32.44	6509.5	5224.53	24.59
EO Income	0	0	-	0	0	-
PBT after EO	1089.03	822.26	32.44	6509.5	5224.53	24.59
Taxation	274.94	202.13	36.02	681.77	144.65	371.32
PAT	814.09	620.13	31.28	5827.73	5079.88	14.72
Minority Interest (MI)	-0.15	-0.01	-1,400.00	0	-0.16	-
Net profit	814.24	620.14	31.30	5827.73	5080.04	14.72
P/(L) from discontinued operations net of tax	0	0	-	0	0	-
Net profit after discontinued operations	814.24	620.14	31.30	5827.73	5080.04	14.72
EPS (Rs)*	24.35	18.55	31.30	174.28	151.92	14.72

* 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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