Hindustan Aeronautics Ltd posted a massive 77% jump in consolidated net profit at Rs 1,437 crore for the April-June quarter of this financial year from Rs 814 crore in the same period last year. Consolidated total income of the state-owned defence giant rose by 18% to Rs 5,083 crore during the June quarter, as against Rs 4,325 crore in the same period last year.
Its expenses marginally rose to Rs 3,506 crore for the three months ended June from Rs 3,239 crore during the same quarter last year. Government-owned Hindustan Aeronautics Ltd has benefited hugely from the Modi government's Aatmanirbhar campaign that involves making the nation self-reliant in matters of defense production. It had declared a final dividend of Rs 13 per equity share for the financial year 2023-24; this was 260 percent of the face value of Rs 5 per share in June.
The final dividend was declared after an interim dividend of Rs 22 per share was paid. Bengaluru-based HAL has so far supplied mainly to meet the Indian Air Force's requirements and is staring at a technological leap as India and the US get ready to sign an agreement for manufacturing advanced GE engines for military aircraft at HAL's facilities. Apart from this, in April, HAL bagged a mega order from the Ministry of Defence pertaining to the manufacture of 97 LCA Mk1A Tejas aircraft for the Indian Air Force, worth around Rs 67,000 crore. On March 31, 2024, the order book stood at over Rs 94,000 crore, with major orders likely to come in FY25 also.
It won new manufacturing contracts worth over Rs 19,000 crore and repair and overhaul contracts worth more than Rs 16,000 crore in FY24. Besides, the export contract with Guyana Defence Forces for the supply of two Hindustan-228 aircraft was signed; delivered the same within one month of contract signing.
HAL had posted a record profit of Rs 4,308 crore in the January-March quarter of 2023-24. Consolidated net profit of HAL rose 31 per cent to Rs 7,621 crore for the entire financial year 2023-24 from Rs 5,828 crore in 2022-23. On Wednesday, the share price of HAL was trading at Rs 4,649 per share in the stock market.
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