India's Hindustan Aeronautics posts first drop in profit in 10 quarters
The Hindu
India’s Hindustan Aeronautics Ltd (HAL) on May 12, reported its first decline in profit in 10 quarters, hurt by higher input costs and tax expenses.
India's Hindustan Aeronautics Ltd (HAL) on May 12, reported its first decline in profit in 10 quarters, hurt by higher input costs and tax expenses.
HAL's consolidated net profit fell nearly 9% to 28.31 billion rupees ($346.2 million) in the fourth quarter ended March 31.
While revenue from operations rose 8% to 124.95 billion rupees, that was offset by a 9.2% jump in expenses, led by a nearly 39% spike in cost of materials, HAL said in an exchange filing.
The company also said it incurred tax expenses of 124.7 million rupees in the quarter, against a gain of 5.28 billion rupees from tax refunds a year ago.
The state-owned aerospace and defence firm, whose customers include the Indian army, navy and air force, along with aerospace corporations Airbus and Boeing, said its order book position stood at 817.84 billion rupees for the quarter.
HAL is engaged in the design, development, manufacture, repair, overhaul, upgrade and servicing of a wide range of products including, aircraft, helicopters, aeroengines, avionics, accessories, aerospace structures and Industrial Marine Gas Turbine.
The Indian government currently owns a 71.65% stake in HAL as of March-end, according to exchange data, having sold 3.5% of its holdings in a deal that fetched it 28.67 billion rupees in the last fiscal year.
The Opposition Congress demanded that the government open the Gandhi Vatika Museum, depicting Mahatma Gandhi’s legacy and freedom struggle, built at a cost of ₹85 crore in Jaipur’s Central Park last year, during the Congress-led regime in Rajasthan. The museum has not been opened to the public, reportedly because of the administration’s engagements with the State Assembly and Lok Sabha elections.
Almaya Munnettam (Lay People to the Fore), group in the Ernakulam-Angamaly Archdiocese of the Syro-Malabar Church opposed to the synod-recommended Mass, rejected a circular issued by Major Archbishop Raphael Thattil and apostolic administrator Bosco Puthur on June 9 to implement the unified Mass in the archdiocese from July 3.
Pakistan coach Gary Kirsten stated that “not so great decision making” contributed to his side’s defeat to India in the Group-A T20 World Cup clash here on Sunday. The batting unit came apart in the chase, after being well placed at 72 for two. With 48 runs needed from eight overs, Pakistan found a way to panic and lose. “Maybe not so great decision making,” Kirsten said at the post-match press conference, when asked to explain the loss.