Hindustan Aeronautics (HAL) Q4 12/13 earnings summary

Executive summary

• FY13 turnover reached ₹14,323.63 crore and PBT ₹3,496.97 crore; PBT grew 5.06% YoY despite marginal sales growth.

• PAT was ₹2,996.91 crore; reported EPS rose to ₹248.71 from ₹210.74.

• Production exceeded 50 aircraft and helicopters and 100 new engines; more than 200 aircraft/helicopters and 100 engines were overhauled.

Financial highlights

• Turnover was ₹14,323.63 crore vs ₹14,204.21 crore; reported sales growth was 0.84% YoY.

• PBT reached ₹3,496.97 crore vs ₹3,328.52 crore; PAT was ₹2,996.91 crore vs ₹2,539.43 crore.

• Export sales rose to ₹382.82 crore from ₹348.33 crore; export orders worth ₹302 crore were secured during FY13.

• R&D expenditure was ₹1,948.95 crore vs ₹967.51 crore; gross margin reached ₹4,098.30 crore vs ₹4,050.83 crore.

• Net worth increased to ₹13,378.19 crore from ₹11,338.60 crore.

Outlook and guidance

• Outlook remained positive, with projects approaching certification or production and indigenous design and development programmes advancing.

• Capacity and capability plans target future programmes including MMRCA, FGFA, MTA, LCH and LUH.

• Civil aerospace and UAV entry are strategic growth priorities; civil operations were approved at Ojhar Airport, Nasik.

• The 2012–22 Perspective Plan covers technology acquisition, modernisation and expansion; 69 patent applications were filed during the current FY.