Hindustan Aeronautics (HAL) Q4 10/11 earnings summary

Executive summary

• FY11 turnover reached a record ₹13,115.50 crore, up 14.48% YoY; PBT rose to ₹2,839.52 crore from ₹2,688.43 crore.

• Production reached a record 78 aircraft and helicopters, double the average output of the prior 10 years.

Financial highlights

• FY11 exports were ₹237.39 crore versus ₹204.67 crore; value of production rose to ₹16,450.84 crore from ₹13,489.59 crore.

• PAT was ₹2,114.26 crore versus ₹1,967.41 crore; operating profit rose to ₹1,498.96 crore from ₹1,170.32 crore.

• R&D expenditure increased to ₹986.96 crore from ₹832.12 crore.

Outlook and guidance

• Order book stood at ₹68,265 crore as of 1 April 2011; perspective-plan sales target is ₹23,930 crore by 2016.

• Growth pipeline includes MMRCA, FGFA, MTA, HTT-40, IJT, LCH and LUH; additional Hawk and ALH orders were expected to support future sales.

• FY11 performance was expected to earn an Excellent MOU rating for a 10th consecutive year; FY11 rating remained under evaluation.