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Hindustan Aeronautics Limited (HAL) on Wednesday reported a 14 per cent rise in consolidated net profit at Rs 1,439.83 crore for the third quarter (Q3) of the financial year 2024-25 (FY25) from Rs 1,261.40 crore reported during the same period last year. The defence public sector undertaking (PSU) also saw its revenue from operations grow 15 per cent to Rs 6,957.31 crore in the October-December quarter, compared to Rs 6,061 crore in the year-ago period.
HAL dividend declared
In a regulatory filing, HAL announced a first interim dividend of Rs 25 per equity share with a face value of Rs 5 for FY25. The record date for the dividend has been set for February 18, with the payout to eligible shareholders scheduled on or before March 14.
READ: Ashok Leyland Q3 Results: Net profit rises 36% to Rs 762 cr, revenue up 8%
IAF raises concerns over Tejas Mk1A delays
The earnings announcement comes on the heels of the Indian Air Force (IAF) expressing concerns over delays in the delivery of the Tejas Mk1A fighter jets. Reports earlier in the day highlighted that Air Chief Marshal (ACM) VR Chaudhari voiced dissatisfaction with HAL’s progress during the Aero India show in Bengaluru.
READ: 'Just not confident': IAF chief 'frustrated' with HAL
The IAF has placed an order for 83 Tejas Mk1A aircraft to strengthen its fighter fleet. However, during an inspection at the event, ACM Chaudhari reportedly criticised HAL, stating that he currently has "no confidence" in the company’s ability to meet deadlines. A video shared by defence news platform NationalDefence captured the Air Chief Marshal conveying his concerns to HAL officials.
HAL shares slide
Following the remarks, HAL’s stock took a hit, declining 4.8 per cent intraday to touch a low of Rs 3,471.25 per share on the BSE. At 1:50 pm on February 12, the stock was trading 1.5 per cent lower at Rs 3,596 apiece.
READ: Why Hindustan Aeronautics share price dipped 5% in trade today?
The company's shares have seen significant volatility, with a 52-week high of Rs 5,674 and a low of Rs 2,825. As of today, HAL’s market capitalisation stands at Rs 2.39 trillion.
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