HAL

Our recent interactions with industry participants and defense consultants focused on 1) the need to put defense and aerospace projects on a fast track, 2) the potential bidders for future tenders for MRFA, 3) the potential impact on the overall defense budget kitty if such large deals were to go through, and 4) how HAL can benefit from the entire situation. We continue to remain upbeat on the defense aerospace segment and believe that HAL would now have to focus on execution, given some of the major supply chain issues are broadly under control.