HAL Q1 2023 Results: Profit Declines, Revenue Grows
Government aerospace and defense company Hindustan Aeronautics Limited (HAL) is experiencing a significant surge in its shares today. The shares jumped nearly 4% intraday on the Bombay Stock Exchange (BSE) and reached a record high of INR 3,659. This upward trend in share buying is due to the company’s stock split plan. The company provided this information in an exchange filing on Thursday, June 8th.
HAL did not perform well in the March 2023 quarter. Its profit for the quarter declined by 8.8% from INR 3,105.17 crore annually to INR 2,831.18 crore.
HAL Share Price: Government aerospace and defense company Hindustan Aeronautics Limited (HAL) is showing a strong performance in its shares today. The shares surged by approximately 4% intraday on the Bombay Stock Exchange (BSE) and reached a record high of INR 3,659. This upward trend in share buying is due to the company’s plan for a stock split. The company provided this information in an exchange filing on Thursday, June 8th. According to the exchange filing, the company’s Board of Directors will discuss the proposal related to the stock split in a meeting scheduled for June 27th. The shares closed today on the BSE at INR 3,734.90, with a gain of 5.87%.
Trading in their shares has been suspended
The company has provided information regarding the stock split in an exchange filing. The decision related to this will be taken in the board meeting scheduled for June 27th. As a result, all designated personnel, associated individuals, and close affiliates of the company have been prohibited from trading HAL shares starting today. This trading restriction will remain in effect until 48 hours after the announcement of the board meeting’s outcome.
The March quarter did not go well for HAL
Hindustan Aeronautics Limited did not have a good performance in the March 2023 quarter. Its profit for the quarter declined by 8.8% from INR 3,105.17 crore annually to INR 2,831.18 crore. However, the company’s revenue saw a growth of 8% during the same period, reaching INR 12,494.67 crore.
Conclusion:
In the March 2023 quarter, Hindustan Aeronautics Limited (HAL) faced a decline in profit by 8.8%, reaching INR 2,831.18 crore. However, the company managed to maintain a steady revenue growth of 8%, amounting to INR 12,494.67 crore. HAL will need to address the profit decline and focus on strategies to enhance profitability while leveraging its consistent revenue growth.
