HAL gains on signing 2 contracts with Defence Ministry

Hindustan Aeronautics (HAL) advanced 3.13% to Rs 3,134.90 after the company announced that it has signed two contracts with Minsitry of Defence for Rs 8,073.17 crore on 13 March 2024.

The contracts have been inked for acquisition of 34 advanced light helicopters (ALH) Dhruv Mk III along with operational role equipment for Indian Army (25 ALHs) and Indian coast guard (9 ALHs) under Buy (Indian-IDDM - Indigenously Designed, Developed & Manufactured) category marking a significant move towards indigenisation in defence manufacturing.

The project will generate employment of an estimated 190 lakh man-hours during its duration. It will also entail supply of equipment from more than 200 MSMEs and 70 local vendors will be involved in the indigenisation process which is likely to have a positive impact on employment generation in this sector, thus furthering the vision of 'Aatmanirbhar Bharat'.

The ALH Dhruv Mk III UT (Utility), the Indian Army version, is designed for search & rescue, troop transportation, internal cargo, recce/ casualty evacuation etc. It has proved its performance in high altitude regions like Siachen Glacier and Ladakh.

The ALH Mk III MR (Maritime Role), the ICG version, is designed for maritime surveillance and interdiction, search and rescue, rappelling operations and also for cargo & personnel transportation, pollution response using external cargo carrying capability and medical casualty evacuation. It has proved its mettle even in adverse atmospherics conditions over sea and land.

Hindustan Aeronautics (HAL) is an aerospace and defense company, owned by the government of India. The company develops, designs, manufactures, and supplies aircraft, helicopters, avionics, and communications equipment for military and civil markets.

The companys consolidated net profit increased 9.2% to Rs 1,261.51 crore on 6.98% rise in revenue from operations stood to Rs 6,061.28 crore in Q3 FY24 over Q3 FY23.

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