Shares of Hindustan Aeronautics Limited (HAL) witnessed a notable 2% gain during morning trading on February 13, propelled by the company’s robust financial performance for the third quarter of fiscal year 2024 (Q3FY24).
Following the announcement of the quarterly results, analysts at CLSA expressed confidence in HAL’s prospects by issuing an “outperform” call, setting a target price of Rs 3,225 per share. This target price suggests a potential upside of 13% from the stock’s previous closing price, indicating optimism regarding the company’s future trajectory.
HAL’s stock has been on a steady upward trajectory, surging by over 37% in the past three months alone, outperforming the benchmark Sensex, which recorded an 8% increase over the same period. Notably, the company’s shares reached a 52-week high of Rs 3,130 on February 8, underscoring investor confidence and bullish sentiment surrounding the defense sector.
The robust financial performance showcased by HAL in Q3FY24 further solidified investor optimism. The company reported a standalone net profit of Rs 1,253 crore, marking an impressive 8.6% year-on-year increase. Additionally, HAL’s revenue for the quarter witnessed a commendable 7% year-on-year growth, reaching Rs 6,061 crore.
As the company continues to demonstrate operational excellence and drive growth initiatives, investor interest remains buoyant, driving the stock’s upward trajectory and fostering optimism about its future prospects.