Bengaluru:: Hindustan Aeronautics Limited (HAL), a Navratna PSU under the Ministry of Defence, has declared its financial results for the second quarter (Q2) of the FY 2019-20. HAL has posted a strong financial performance registering a growth of 32 percent on revenue from operations of Rs 3451 crores for the quarter ended September 2019 as compared to Rs 2610 crores for the quarter ended September 2018.
The HAL Q2 profit is a result of streamlining the production uniformly so as to even out the seasonality of business leading to bunching of revenue during the third and fourth quarters of the financial year. This has resulted in uniform revenue in the first two quarters of the current financial year 2019-20 as compared to the corresponding previous period of 2018-19.
The profit after tax (PAT) has also registered a growth of 116 percent of Rs 624 crores for the quarter ended September 2019 as compared to Rs 289 crores for the quarter ended September 2018 primarily due to reduction in the income tax rates and re-measuring of its deferred tax liabilities.
HAL is confident of maintaining the similar growth rate in revenue and profit for the current financial year as in the previous year 2018-19.
Hindustan Aeronautics Limited (HAL) is an Indian state-owned aerospace and defence company headquartered in Bangalore, India. It is governed under the management of the Indian Ministry of Defence.
The government-owned corporation is primarily involved in the operations of the aerospace and is currently involved in the design, fabrication and assembly of aircraft, jet engines, helicopters and their spare parts. It has several facilities spread across India including Nasik, Korwa, Kanpur, Koraput, Lucknow, Bangalore, Hyderabad and Kasaragod. The HAL HF-24 Marut fighter-bomber was the first fighter aircraft made in India.
Disclaimer: This story is a press release and is being published without any editing by PSU Watch desk.
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