Management expects positive FCF generation in 12-18 months; no onerous outcome of regulatory observations

HAL has hired BCG for consultation to identify areas of potential diversification, business strategy, internal restructuring and improving operational efficiency. Some of the areas of diversification are civil MRO, passenger-to-freight conversion of aircraft, UAV simulators, etc. for capturing additional revenues.

Growth runway is huge; potentially add HDFC Bank every five years. Proposed merger adds an entirely different dimension to the future. There may not be any need to raise further funds to meet reserve requirements. Plans to nearly double its network in next 3-5 years by opening 1,500 to 2,000 branches every year. 4) Bank will continue to invest in modern technology and talent.