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- 15 May 2025
- ICICIdirect Research
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HAL REVENUE REMAINED MUTED AT RS 13700 CRORE
HAL - 4973 Change: 70.80 (1.44 %)News: Revenue remained muted at Rs 13700 crore (-7% YoY, +97% QoQ) in Q4FY25 while the EBITDA margin shrunk by 131 bps YoY (+1447 bps QoQ) to 38.6%. Subsequently, EBITDA reduced by 10% YoY (+214.7% QoQ) to Rs 5295 crore. PAT was down by 7.7% YoY (+176.2% QoQ) at Rs 3976 crore. For FY25, revenue increased by 2% YoY to Rs 30981 crore while EBITDA margin stood at 31% (vs 32.1% in FY24). The EBITDA for the year stood at 9608 crore while the PAT came at Rs. 8364 crore (9.8% YoY)
View: Revenue growth, though remained flattish this year, was in line with provisional estimates. Execution was impacted this year, primarily in production of LCAs and ALHs. With the supply chain issues stabilising in these key manufacturing order and capacities expansion, execution is expected to pick-up substantially in coming period. Order backlog stands at Rs 1,84,000 crore (5.9x FY25 revenue) as of Mar-25 end provides healthy revenue growth visibility. Moreover, orders pipeline remains robust considering the contracts of additional 97 Tejas Mk1A (expected order value of ~Rs 65000 crore), Sukhoi upgrades are also expected to be placed soon with the company.
Impact: Positive