After declaring interim dividend at 200%, HAL shares trade ex-dividend today

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Shares of Hindustan Aeronautics Ltd (HAL) started trading ex-dividend on Friday, ahead of its record date for the first interim dividend of 20 per share that the company had announced while declaring its second quarter earnings for the current fiscal. HAL shares plunged more than a per cent to 2,641 apiece on the BSE in opening deals.

“The Board of Directors of the Company has declared first interim dividend of Rs. 20 per equity share of Rs. 10/- each fully paid up (200%) for the Financial Year 2022-23. As informed earlier, Record date for the payment of first interim dividend will be Monday, the 21st November, 2022,” HAL had informed in an exchange filing.

Hindustan Aeronautics Ltd (HAL) is a large-cap Navratna CPSE company that operates in the industrial sector. The business provides products and services to the defence industry. It is engaged in design, development, manufacture, repair, overhaul, upgrade and servicing of a wide range of products including, aircraft, helicopters, aero-engines, avionics, accessories and aerospace structures. As of 31 March 2022, the Government of India held 75.15% stake in the company.

The company reported over 44% jump in its consolidated net profit for the quarter ended September 2022 or Q2 FY23 to 1,221 crore as compared to 846 crore in the year ago quarter. However, its revenue from operations fell over 7% year on year (YoY) to 5,144.8 crore during the quarter.

HAL has a healthy order-book position as of September 2022 ( 83,800 crore; 3.2x TTM revenues) led by large scale orders in manufacturing segment (light combat aircraft Tejas MK1, light combat helicopters, advanced light helicopters) and engines. Manufacturing contracts contributing 70% of total order backlog while 27% contributed by repair & overhaul (RoH ) activities. Development contracts contribution is ~2% of total order book, brokerage ICICI Securities had said in a recent note.

“We expect HAL to deliver revenue and EBITDA CAGR of 10.3% and 14.7%, respectively, over FY22-25E. PAT is likely to grow at 14.2% CAGR (FY21-25E). Increase in profitability with strong asset turnover is expected to result in healthy return ratios over FY23-25E,” the note added.

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