HAL shares jumps over 4% to record highs on highest revenue growth in FY24 - Business News, Finance News, Share Market News - Market trendz

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Monday 1 April 2024

HAL shares jumps over 4% to record highs on highest revenue growth in FY24


On Monday, April 1, Hindustan Aeronautics Ltd (HAL) saw its shares soar by nearly 4%, reaching a new 52-week peak of Rs 3,454.35 each on the BSE. This upward movement followed the revelation that the company had attained its highest-ever revenue from operations, exceeding Rs 29,810 crore for the fiscal year 2024 (FY24).

In a filing to the stock exchanges, the Defence Public Sector Undertaking (PSU) reported a double-digit growth of almost 11% in revenue for the financial year ended March 31, 2024.

HAL disclosed its highest-ever revenue from operations at Rs 29,810 crore, showcasing a notable increase from the previous year’s revenue of Rs 26,928 crore, marking a 9% growth.

As of March 31, 2024, HAL’s order book stands at over Rs 94,000 crore, with expectations of increased major orders in the new financial year 2024-25.

During the financial year ending in March 2024, HAL received major orders worth more than Rs 19,000 crore, in addition to repair and overhaul (ROL) contracts exceeding Rs 16,000 crore.

Furthermore, HAL inked an export contract with the Guyana Defence Forces for the supply of two Hindustan 228 aircraft in FY24. Notably, both aircraft were successfully supplied within a record time of one month after signing the contract.

Hindustan Aeronautics Ltd (HAL) reached a significant milestone in FY24 by achieving the production of the first series fighter of LCA Mk1A, which successfully completed its maiden flight on March 28, 2024.

“Despite the major supply chain challenges arising due to geopolitical issues, the Company has met the expected revenue growth with improved performance for the entire year,” stated CB Ananthakrishnan, the CMD of Hindustan Aeronautics, in a press release dated April 1.

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