Hindustan Aeronautics Limited (HAL) disclosed a 1.26% year-on-year (YoY) increase in consolidated net profit, reaching Rs 1236.67 crore for the September quarter of FY24. The company witnessed a 9.5% YoY surge in consolidated revenue, totaling Rs 5635.7 crore. However, Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) experienced a 5.8% YoY decline, standing at Rs 1527.7 crore in Q2FY24.
A joint venture between HAL and HATSOFF Helicopter Training Private Limited incurred a loss of Rs 10,166.16 lakh, resulting in the erosion of net worth. HAL paid the ECB principal of Rs 2,200 lakh against overdue instalments, with the ECB loan now classified as a non-performing asset by the lending bank.
In a recent development, HAL entered into a contract with Airbus for maintenance, repair, and overhaul (MRO) facilities dedicated to the A-320 aircraft. Airbus will provide the A320 family tool package and offer specialized consulting services to HAL for MRO setup. The collaboration aims to enhance self-reliance in the aircraft maintenance industry in India. The Nashik facility, Maharashtra, is expected to be operational and ready for aircraft induction by November 2024, pending DGCA approval.
HAL, a government-owned aerospace and defense company, engages in the development, design, manufacturing, and supply of aircraft, helicopters, avionics, and communication equipment for military and civil markets. HAL shares were up 1.30% at ₹2,057.10 on the NSE at 2:27 pm.
