• Rs 48,000 crores of Orders are in various stages of finalization including Orders for Helicopters, Engines for AL 31 FP which constitute approx. 26,000 crores, RD 33 for Rs 4,500 crores, additional 12 numbers of SU 30 for Rs 12,000 crores, MiG engines, etc;
• HAL & L&T consortium, again, has bagged INR860 crores contract for end-to-end realization of this 5 Polar Satellite Launch vehicles, PSLV, from the New Space India Limited. These Satellites Orders are from ISRO;
• Delivery of RD 33 engines expected from the current fiscal;
• FY23 ROH revenue stands at 18,800 crores and Company has ROH Order Value of 17,000 -18,000 crores with an execution time frame of 12 months or so;
• Company benefitting from Atmanirbhar Bharat and set to manufacture and sell and as replacing defence imports;
• Manufacturing numbers should pick up as Company commences delivering LCA Mk1A and HTT 40 aircraft – HTT 40 delivery expected from September 25 onwards; and ALH and Sukhoi Engine contracts;
• Potential export orders HTT 40 aircrafts in the pipeline;
• 3 LCA Mk1A in FY24 (my guess – maybe less than 3 and balance in following FY), followed by 16 in next FY;
• Guidance – Double Digit growth for Revenue from FY24-25 onwards and post that rate to stabilize around 14% to 15%;
• Guidance – Net Margins will be around 10%-11% in FY25 and expected to grow beyond that and see stability around 15%;
• EBITDA stands at 31% which will settle in range of 26% to 27%;
Bottomline – Points to watch out would be Execution, Delivery Timelines , Geo Politics as they have suppliers’ from overseas and importantly Elections of 2024.
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