New Delhi, Aug 14 (IANS): Hindustan Aeronautics Ltd (HAL) on Wednesday reported a 77 per cent surge in its consolidated net profit to Rs 1,437 crore for the April-June quarter of the current financial year from Rs 814 crore in the same period of the previous year.
The government-owned defence major's total income went up by 18 per cent to Rs 5,083 crore during the quarter from Rs 4,325 crore in the same period last year.
There was a marginal increase in the expenses of the company in the April-June quarter at Rs 3,506 crore from Rs 3,239 crore in the same quarter last year.
HAL has been a major beneficiary of the government's Aatmanirbhar campaign aimed at self-reliance in defence production.
HAL's board of directors had in June this year recommended a final dividend of Rs 13 per equity share, equivalent to 260 per cent of the face value of Rs 5 per equity share for the financial year 2023-24.
The final dividend was in addition to an interim dividend of Rs 22 per equity share.
Bengaluru-headquartered HAL, which caters mainly to the Indian Air Force, is poised for a bigger leap in technology as India and the US are ready to sign an agreement for the manufacture of advanced GE engines for military planes at HAL's facilities.
In April this year, the company bagged an order from the Defence Ministry to produce 97 light combat aircraft (LCA Mk-1A) Tejas for the Indian Air Force, which will cost around Rs 67,000 crore.
As on March 31, 2024, the company’s order book stands in excess of Rs 94,000 crore with additional major orders expected during FY25.
HAL received fresh manufacturing contracts of over Rs 19,000 crore and repair and overhaul contracts of over Rs 16,000 crore during FY24.
An export contract with Guyana Defence Forces for supply of 2 Hindustan- 228 aircraft was signed in FY24 and both the aircraft have been supplied in record time within a month of signing of contract, the company said.
The company had also registered a record profit of Rs 4,308 crore for the January-March quarter of 2023-24.
For the financial year 2023-24, HAL's consolidated net profit increased 31 per cent to Rs 7,621 crore as compared to the corresponding figure of Rs 5,828 crore in 2022-23.
HAL's share price was hovering at Rs 4,649 apiece in the stock market on Wednesday.