Hindustan Aeronautics Limited (HAL) reported a 9.37 per cent rise in net profit at Rs 933.40 crore for the quarter ended December 2021 against Rs 853.47 crore profit in the corresponding quarter of the previous fiscal. Sales climbed 8.60 per cent to Rs 5891.90 crore in Q3 against Rs 5425 crore sales in the December quarter of previous fiscal. Operating profit gained 18.02 per cent to Rs 1426 crore in the last quarter against Rs 1208 crore profit in Q3 of previous fiscal.
HAL has recorded the highest ever revenue of over Rs 24,000 crores (provisional and unaudited) for the financial year ended on March 31, 2022, registering a 6 per cent revenue growth over the previous financial year. The corresponding figure for the previous year stood at Rs 22,755 crores.
R Madhavan, CMD, HAL said “Despite the challenges of the second wave of Covid-19 during the first quarter of the year and the consequent production loss, the Company could meet the targeted revenue growth with improved performance during the balance period of the year.”
The second wave of Covid-19 had compelled the Company to declare a phased lockdown at various Divisions during April and May 2021. The employees had put in additional hours in June and July 2021 to compensate for the loss of man-hours due to the lockdown.
Further, based on the improved financial performance and cash flow position, the Credit Rating Agencies CARE Ratings and ICRA Limited have upgraded the Company’s credit rating from AA+ Stable to AAA/Stable during the financial year.
HAL achieved record revenue with the production of 44 new helicopters/aircraft, 84 new engines, overhauling 203 aircraft/helicopters, and 478 engines. Recently, HAL bagged a contract for production of 15 Light Combat Helicopters (LCH), 10 for IAF and five for the Indian Army at a cost of Rs 3,887 crores along with Infrastructure sanctions worth Rs 377 Crores. Considering the improved financial performance during the financial year, HAL paid an interim dividend of Rs 40 per share representing 400 per cent on the face value of Rs 10 per share during FY 2021-22.
Shares of Hindustan Aeronautics Ltd (HAL) gained over 3 per cent in early trade after the Ministry of Defence inked two separate contracts for Indian Air Force and Indian Army at a total cost of Rs 3,887 crore. HAL share touched an intraday high of Rs 1,539, rising 3.49 per cent on BSE. Shares of HAL have risen 9.54 per cent in the last five days.
HAL stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The large cap share has gained 47.43% in a year and risen 25.82 per cent since the beginning of this year. Total 0.72 lakh shares of the firm changed hands amounting to a turnover of Rs 10.92 crore.
Market cap of the firm rose to Rs 50,979 crore on BSE. The stock hit a fresh 52-week high of Rs 1568.45 crore on October 18, 2021 and a 52-week low of Rs 925 on April 19, 2021.
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