Defence Ministry appoints C B Ananthakrishnan as HAL's Chairman & MD

Hindustan Aeronautics said that the Ministry of Defence has conveyed that C B Ananthakrishnan, Director (Finance), will hold the additional charge for the post of Chairman & Managing Director of the company, for a period of three months.

Ananthakrishnan's tenure will take effect from 1 November 2022. The announcement was made during market hours today, 29 November 2022.

Hindustan Aeronautics (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. As of 31 March 2022, the Government of India held 75.15% stake in the company.

The company reported 44.2% jump in consolidated net profit to Rs 1,221.22 crore in Q2 FY23 as compared to Rs 846.74 crore posted in Q2 FY22. Revenue from operations fell 7.3% year on year to Rs 5,144.79 crore in the quarter ended 30 September 2022.

The scrip shed 0.38% to currently trade at Rs 2751.55 on the BSE, as the counter witnessed some bit of profit booking after advancing in the past three session. The stock had gained 1.58% in the past three sessions.

On a year-to-date (YTD) basis, the stock has zoomed 127.14% while the benchmark Sensex has added 7.73% during the same period.

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