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ICICI Securities Report
Hindustan Aeronautics Ltd.'s Q1 FY22 numbers were muted, with execution impacted by the Covid-19 pandemic.
Topline declined 7% YoY while Ebitda declined ~ 29% YoY.
There is no apparent risk to FY22E execution guidance given the current orderbook.
Management expects to maintain growth path with sufficient workloads in FY22.
Light combat aircraft deliveries are expected to start from March 24.
Hindustan Aeronautics will start seeing double-digit growth from FY24.
Orderbook position stood at Rs 806.4 billion as on March, 31, 2021, of which, manufacturing was Rs 655 billion, repair and overhaul and spares added up to Rs 145 billion and remaining orders were from development and exports.
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