Hindustan Aeronautics (HAL) turned volatile after the state-owned company reported Q3 earnings during market hours today, 13 February 2020.
On a consolidated basis, HAL's net profit rose 1.23% to Rs 460.67 crore in Q3 December 2019 as against Rs 455.07 crore posted in Q3 December 2018. Net sales rose 0.7% to Rs 4456.35 crore during the period under review.Profit before tax (PBT) for Q3 December 2019 stood at Rs 649.32 crore, declining 5% year-on-year (YoY). Current tax expense jumped 18% YoY to Rs 296.86 crore in Q3 December 2019.
The company in notes to accounts said that exceptional item of Rs 11.78 crore for the quarter ended 31 December 2019 represents compensation received from the Office of Special Land Acquisition Officer, Bangalore under KIADB Act. The compensation is on back of acquisition of 14,424.06 Sq. Mtrs of HAL land at Beninganahalli Village, Bangalore by Bangalore Metro Rail Corporation.
Shares of Hindustan Aeronautics were trading 0.26% higher at Rs 778.40. The stock price traded in the range of 767 and 782.5 during the day.
Hindustan Aeronautics is engaged in carrying out design, development, manufacture, repair and overhaul of aircraft, helicopter, engines and related systems like avionics, instruments and accessories primarily serving Indian defence programme. It also manufactures the structural parts of various Satellite Launch Vehicles of the Indian Space Research Organization (ISRO).
The Government of India (GoI) holds majority stake of 89.97% as on 31 December 2019.
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