Shares of Hindustan Aeronautics (HAL) hit a record high of Rs 1,592.35, up 4 per cent over BSE in trade during Monday. The stock surged 7 per cent in two trading sessions after the company reported its highest ever revenue of over Rs 24,000 crore (provisional and unaudited) for FY 2021-22 (FY22) versus Rs 22,755 crore in FY21, registering 6 per cent. per year – on an annual basis.
Record fiscal year 22 revenue was led by production of 44 new helicopters/aircraft, 84 new engines, and repairs of 203 aircraft/helicopters and 478 engines.
Recently, HAL was awarded a contract to produce 15 Light Combat Helicopters (LCH), 10 for the IAF and five for the Indian Army worth Rs 3,887 crore along with infrastructure penalties of Rs 377 crore.
Furthermore, the credit rating agencies CARE Ratings and ICRA upgraded the company’s credit rating from AA+ Stable to AAA/Stable during the fiscal year, based on improved financial performance and cash flow position.
HAL designs, develops, manufactures, repairs and refurbishes a wide range of products including aircraft, helicopters, aero engines, avionics, accessories and airframes. The company was created to meet the requirements of the Indian Defense Forces (i.e. Indian Air Force, Indian Navy, Indian Army and Indian Coast Guard) in the field of aviation.
At 01:31 pm the share of the state-owned defense company was up 3 percent at 1,566 rupees, compared to a 2 percent increase in the S&P BSE Sensex at 60,483 points. It surpassed its previous high of Rs 1,568.45 touched on October 18, 2021.
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