HAL · Capital Goods
Hindustan Aeronautics Ltd. reported revenue of ₹4,348 cr for April to June 2024, +11.1% on the year and −70.6% on the quarter.
Operating profit (EBITDA) was ₹991 cr, a margin of 22.8%, +39 bps on the year and −1,716 bps on the quarter. Operating costs grew +10.5%, broadly with revenue, so operating profit kept pace with sales.
Net profit was ₹1,437 cr, +76.5% on the year and −66.7% on the quarter, with earnings per share of ₹21.49. Profit before other income, one-offs and tax grew 24.7%, so 52 points of the headline growth came from outside the core business. The tax rate was 9% against an average of 25% over the previous 4 quarters, which lifted profit this quarter.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹123.27 over the last four quarters, the stock at ₹4,843.40 trades at 39.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Source: Quarterly statements
Depreciation fell while the business grew. Were asset lives changed?
Source: Quarterly statements
A lower tax rate lifted profit. Is the lower rate going to last?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹5,636 cr | ₹6,061 cr | ₹14,769 cr | ₹4,348 cr | ₹5,976 cr | ₹6,957 cr | ₹13,700 cr | ₹4,819 cr | ₹6,629 cr | ₹7,699 cr | ₹13,942 cr | ₹5,515 cr |
| YoY | — | — | — | +11% | +6% | +15% | −7% | +11% | +11% | +11% | +2% | +14% |
| EBITDA margin | 27.1% | 23.7% | 40.0% | 22.8% | 27.4% | 24.2% | 38.6% | 26.6% | 23.5% | 24.3% | 36.3% | 27.7% |
| Other income, % of PBT | 29% | 28% | 10% | 47% | 28% | 31% | 13% | 41% | 40% | 37% | 21% | 43% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 25% | 25% | 26% | 9% | 25% | 30% | 24% | 25% | 25% | 25% | 25% | 26% |
| Net profit | ₹1,237 cr | ₹1,262 cr | ₹4,309 cr | ₹1,437 cr | ₹1,510 cr | ₹1,440 cr | ₹3,977 cr | ₹1,384 cr | ₹1,669 cr | ₹1,867 cr | ₹4,196 cr | ₹1,590 cr |
| YoY | — | — | — | +77% | +22% | +14% | −8% | −4% | +11% | +30% | +6% | +15% |
| Core profit YoY | — | — | — | +25% | +24% | +15% | −13% | +30% | −9% | +11% | −3% | +11% |
| EPS | ₹18.49 | ₹18.86 | ₹64.43 | ₹21.49 | ₹22.59 | ₹21.53 | ₹59.46 | ₹20.69 | ₹24.96 | ₹27.91 | ₹62.74 | ₹23.77 |
| Flags | · | · | · | 3 | 1 | ✓ | ✓ | ✓ | 3 | 1 | 1 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Hindustan Aeronautics Ltd. reported revenue of ₹4,348 cr (+11.1% on the year) and net profit of ₹1,437 cr (+76.5% on the year) for April to June 2024.
Profit before other income, exceptional items and tax moved +24.7% on the year, against +76.5% for reported profit.
3 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
No. FinMinutes reports what was filed and the questions the numbers raise. It does not recommend buying, selling or holding any security.
Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.