Hindustan Aeronautics Ltd. (HAL), a government-owned aerospace and defence business, reported on Friday that its consolidated net profit for the first quarter of FY24 was Rs 814 crore, up over 31% year over year (YoY) from Rs 620 crore recorded in the same quarter previous year.
On a sequential basis, however, the net profit decreased by 71% from Rs 2,831 crore in the prior quarter.
In contrast, operating revenue increased 8% to Rs 3,915.35 crore for the quarter ended in June. In the same period, it was Rs 3,622 crore.
EBITDA (earnings before interest, tax, depreciation, and amortization) for the company was Rs 880 crore during the April–June period, up 6% from Rs 830 crore in the same period last year.
In the June quarter, margins increased to 22.5 percent from 22.9 percent in the previous quarter.
HAL shares were down 0.55 percent to Rs 3,770.85 in Friday’s late-afternoon session on NSE following the results announcement. The stock has increased by around 48.43 percent year to date.
HAL has an average target price of Rs 3497.50, according Trendlyne data. From the most recent price of 3826, the consensus projection reflects a decline of 8.59 percent.
