 "HAL soars 3%, hits 52 week high on highest ever revenue from operations")
Shares of Hindustan Aeronautics Limited soared 2.80 per cent at Rs 3,420 a piece on Monday after the company declared a 11 per cent growth in operating revenue in financial year 2024. In comparison, the S&B BSE Sensex was up 0.57 per cent.
The stock also reached its 52 week high on Monday morning at Rs 3,454.35. Till 12:14 PM, a combined 97 thousand shares of the company changed hands on the BSE.
On Monday, HAL in a statement said that it has recorded the highest ever revenue from operations of over Rs. 29,810 crores for the financial year ended on March 31, 2024, registering a double digit growth of around 11 per cent as against 9 per cent in the previous financial year. The corresponding figure for the previous year was at Rs. 26,928 crores.
"Despite the major supply chain challenges arising due to geopolitical issues, the company has met the expected revenue growth with improved performance for the entire year. As on March 31, 2024, company's order book stands in excess of Rs 94,000 crores with additional major orders expected during FY 2024-25", said C. B. Ananthakrishnan, CMD, HAL.
The management informed the exchanges that HAL received fresh manufacturing contracts of over Rs 19,000 crores and ROH contracts of over Rs 16,000 crores during FY 2023-24.
FY24 was an eventful year for the HAL, the management said in the filing as it signed multiple contracts. During FY24, the company signed an export contract with Guyana Defence Forces for supply of 2 Hindustan 228 aircraft which it supplied within a month of signing of contract.
During the year, HAL and General Electric signed an MoU for transfer of technology and manufacturing of GE-414 -aero-engine in India for LCA MK2 Aircraft. The company will receive 80 per cent technology transfer for this program which would
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transform the Indian Aero Engine Manufacturing Ecosystem to be self-reliant.
Further, HAL also signed a contract with Airbus signed for establishing MRO facilities for the A320 family of aircraft in New Delhi. This collaboration.
The stock prices of HAL have soared 75 per cent in the last six months while rallying 21 per cent year to date. The stock is currently trading at a price to equity multiple of 37 times.
HAL is an Indian public sector aerospace and defence company, headquartered in Bangalore.