HAL gains on bagging contract from MoD

Hindustan Aeronautics (HAL) rose 1.12% to Rs 2,881.80 after the company said it secured a contract worth Rs 667 crore from India's Ministry of Defence (MoD) for 6 Dornier-228 aircraft for Indian Air Force (IAF).

The aircraft was used by IAF for Route Transport Role and communication duties. Subsequently, it has also been used for training of transport p.ilots of the IAF. Th e present lot of six aircraft will be procured with an upgraded fuel-efficient engine coupled with a five bladed composite propeller.

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 December 2022, the Government of India held 75.15% stake in the company.

The company reported 23.8% rise in consolidated net profit to Rs 1,155.19 crore in Q3 FY23 as compared to Rs 933.40 crore posted in Q3 FY22. Revenue from operations was at Rs 5,665.54 crore in Q3 FY23, down 3.9% from Rs 5,893.82 crore recorded in the same period a year ago.

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