Hindustan Aeronautics said that the credit rating agency ICRA has upgraded the company's long-term (LT) fund-based/cash credit rating to '[ICRA] AAA; Stable' from '[ICRA] AA+; Positive'.
Simultaneously, ICRA has reaffirmed the company's short term non-fund based and commercial paper (CP) issue rating at '[ICRA] A1+'.
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 30 September 2021, the Government of India held 75.15% stake in HAL.
The company reported 37.64% rise in consolidated net profit to Rs 846.76 crore on a 14.37% increase in sales to Rs 5551.16 crore in Q2 FY22 over Q2 FY21.
The scrip rose 0.45% to currently trade at Rs 1316.60 on the BSE.
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