HAL net soars 116% in Q2

Bengaluru, Nov 13 (IANS) State-run defence major Hindustan Aeronautics Ltd (HAL) on Wednesday reported Rs 621-crore net profit for the second quarter (Q2) of fiscal 2019-20, registering a 116 per cent annual growth from Rs 287 crore in the same period a year ago.Sequentially, net profit, however, rose 10 per cent to Rs 621 crore from Rs 564 crore a quarter ago.The city-based aerospace firm said in a statement that revenue from sales grew 32 per cent annually to Rs 3,451 crore from Rs 2,610 crore in the like period a year ago."Our performance is a result of streamlining the production to even out seasonality of business leading to bunching of revenue during the third and fourth quarters of a fiscal," said the statement.Sequentially, revenue rose 5 per cent to Rs 3,451 crore from Rs 3,291 crore a quarter ago.Though the company filed the quarterly results on the BSE on November 11, it shared the details with the media belatedly on Wednesday.HAL shares with a face value of Rs 10 closed at Rs 802.25 on Wednesday on the BSE.
--IANS sth-fb/prs