HAL soars to new high
Lots of news from Govt owned, HAL.
First the earnings, which were actually announced last Friday. The company reported a 91% (YoY) jump in consolidated net profit at Rs.3105 crore on a 6% rise in revenue from operations at Rs.11,561 crore. EBITDA was up 8% at Rs.2500 crore but EBITDA margins slipped by 340 bps to 21.6%.
Since then, in this one week, the stock has gained over 18% and today it went on to hit a new high at Rs.1785.85.
Two more news added to the buoyancy. Yesterday, the company announced that it has received 'Type Certification' of first indigenous light transport civil passenger aircraft "Hindustan 228-201" from Directorate General of Civil Aviation (DGCA) to Transport Aircraft R&D Center, HAL Kanpur at DGCA HQ New Delhi. This is the first Type Certified fixed wing aircraft in India complying with latest FAR 23 certification requirement.
Prior to that, in April, the company said that it had entered into a pact with its long-term partner Israel Aerospace Industries (IAI) to convert civil (passenger) aircraft to multi mission tanker transport (MMTT) aircraft in India.