External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

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Equity Bottom-Up

<ul><li>Hindustan Aeronautics (HAL), the largest defence PSU in India, 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 </li><li>The company has delivered revenue, EBITDA and PAT CAGR of 7.4%, 12% and 26.5%, respectively, in FY18-22.</li><li>In FY22, repair &amp; overhaul contributed ~64% to total revenues while manufacturing contributed~30%,</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindustan Aeronautics (HAL), the largest defence PSU in India, 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 The company has delivered revenue, EBITDA and PAT CAGR of 7.4%, 12% and 26.5%, respectively, in FY18-22.In FY22, repair &amp; overhaul contributed ~64% to total revenues while manufacturing contributed~30%,Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindustan Aeronautics - The Largest Defence PSU in India

<ul><li>Hindustan Aeronautics (HAL), the largest defence PSU in India, 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</li><li>The company has delivered revenue, EBITDA and PAT CAGR of 7.4%, 12% and 26.5%, respectively, in FY18-22.</li><li>In FY22, repair &amp; overhaul contributed ~64% to total revenues while manufacturing contributed~30%,</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindustan Aeronautics (HAL), the largest defence PSU in India, 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 structuresThe company has delivered revenue, EBITDA and PAT CAGR of 7.4%, 12% and 26.5%, respectively, in FY18-22.In FY22, repair &amp; overhaul contributed ~64% to total revenues while manufacturing contributed~30%,Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hindustan Aeronautics (HAL) - Strong Growth Visibility on Healthy Orders Flow…

<ul><li>Hindustan Aeronautics (HAL) procures Rs40-42bn worth of spares and parts (used in ROH) from Russia, for which it has maintained inventory to cater to the requirement for at least next 8-9 months.</li><li>The company is also focusing on indigenous production of Russian supplies to reduce the import dependence.</li><li>Management mentioned that Russia has confirmed to supply critical raw material to the company, but the payment mechanism is yet to be established.</li></ul><div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

Hindustan Aeronautics (HAL) procures Rs40-42bn worth of spares and parts (used in ROH) from Russia, for which it has maintained inventory to cater to the requirement for at least next 8-9 months.The company is also focusing on indigenous production of Russian supplies to reduce the import dependence.Management mentioned that Russia has confirmed to supply critical raw material to the company, but the payment mechanism is yet to be established.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Supplies from Russia critical for RoH revenues

India

Hindustan Aeronautics Limited (HAL) is an Indian state-owned aerospace and defense company that designs, develops, manufactures, and maintains combat aircraft, helicopters, unmanned aerial vehicles, jet and turbine engines, avionics, and other hardware. The company also supplies aircraft, helicopters, and communications equipment for military and civil markets and provides related repair and support services. Headquartered in Bengaluru, India, HAL was established on December 23, 1940.

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Hindustan Aeronautics (HNAL IN)

Hindustan Aeronautics - The Largest Defence PSU in India

Hindustan Aeronautics (HAL), the largest defence PSU in India, is engaged in design, development, manufacture, repair, overhaul, upgrade and...

ICICI Securities Limited

Hindustan Aeronautics (HAL) - Strong Growth Visibility on Healthy Orders Flow…

Hindustan Aeronautics (HAL), the largest defence PSU in India, is engaged in design, development, manufacture, repair, overhaul, upgrade and servicing

ICICI Securities Limited

Supplies from Russia critical for RoH revenues

Hindustan Aeronautics (HAL) procures Rs40-42bn worth of spares and parts<br>(used in ROH) from Russia, for which it has maintained inventory to...

ICICI Securities Limited

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