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Looking at the above numbers. Since 2017 Sales has increased by over 50 percent i.e around 9000Cr while the Material Cost has remained the same, just around 200Cr addition to Manufacturing cost and around 700Cr addition to Employee cost.
What should one make out of this? Doesn’t these numbers say that HAL is more of an integrator/assembler than a manufacturer?
If that’s true, it’s a good business wrt return ratios but then the only moat that remains with HAL is that it is able to procure orders from the government.
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Defence ministry released its Fifth indigenization list of 98 items, to be procured by the armed forces under Atma Nirbhar Bharat.
Latest Order book position of all Defence stocks discussed
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HAL enters into a contract Supply of RD-33 Aero Engines for MiG-29 aircraft, for Rs approx 5,200 crores
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HAL published its FY24 Results today - a good set of numbers in line with expectations .
Revenue during the year jumped 13% to Rs 30,381 crore. The same stood at Rs 26,927 crore a year ago. It’s consolidated net profit increased 31% to Rs 7,621 crore crore as compared to Rs 5,828 crore of FY23.
Importantly, margins during the March quarter improved to 35 % as against 25.9 % a year ago.
Execution continues to remain a key parameter.
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