Hindustan Aeronautics (HAL)'s consolidated net profit dropped 74% to Rs 148.65 crore in Q1 June 2020 compared with Rs 564.69 crore in Q1 June 2019.
Consolidated net sales for Q1 June 2020 stood at Rs 1736.74 crore, a 47% decline compared with Rs 3289.47 crore in Q1 June 2019. The company said it operations for the current quarter were impacted by the lockdown imposed to contain the spread of COVID-19. The Group's manufacturing facilities were shut down during April 2020. The activities resumed from 28th April 2020 with precautions, reduced availability of manpower and disrupted supply chain, resulting in lower turnover and consequent lower profit.Profit before tax (PBT) fell 74% to Rs 214.81 crore in Q1 June 2020 over Q1 June 2019. Total tax expense dropped 74% to Rs 66.16 crore during the period under review. The result was announced after market hours yesterday, 10 September 2020.
Shares of Hindustan Aeronautics were down 0.16% at Rs 863.40. The scrip trade in the range of Rs 834 to Rs 875 so far during the day.
HAL 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
After recent offer for sale, the Government holds 74% stake in the company.
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