HAL shares hit fresh 52-week high on record revenue of ₹29,810 crore in FY24

Defence PSU Hindustan Aeronautics Ltd (HAL) on Monday said that its revenue from operations increased 11% to a record high of ₹29,810 crore in FY 2023-24. After the announcement, shares of HAL gained nearly 4% to hit a fresh 52-week high of ₹3,454.25 on the NSE.

New major contracts flow of around ₹19,000 crore as well as repair and overhaul orders of more than ₹16,000 crore helped the central public sector undertaking (PSU) log a double-digit growth in revenue in the last fiscal that ended on March 31, 2023.

HAL had posted a 9% growth in revenue from operations to ₹26,928 crore in the financial year ended on March 31, 2023, according to an exchange filing.

The Defence Ministry PSU informed the stock exchanges that its order book stood at more than ₹94,000 crore at the end of the 2023-24 financial year. The PSU expects increased major orders in FY2024-25 that started on Monday, April 1.

In its major export order, HAL entered into a deal with Guyana Defence Forces for the supply of two Hindustan228 aircraft. The company delivered both aircraft within a month of the signing of the contract.

HAL also achieved a milestone in the production of the LCA Mk1A fighter series which finished its first flight on March 8, 2024.

HAL shares hit 52-week high on BSE and NSE

HAL shares rose around 4% to hit year-high levels on both NSE and BSE following the record revenue numbers.

HAL touched a 52-week high of ₹3,454.25 on NSE, up by 3.82% ver the previous close. More than 21 lakh shares of the company changed hands on the bourse. Shares also rose up to 4% to hit a 52-week high of ₹3,454.35 on BSE as well.

HAL shares have risen more than 20% in 2024 so far while in the past year the stock is up around 160% from its 52-week lows hit in March 2023.

Hindustan Aeronautics shares were trading 2.36% higher at ₹3,405.40 on the NSE at 3:16 PM.

HAL bags ₹1,173-crore order for Indian Navy missile project

HAL on Monday also announced winning a ₹1,173.42 crore order from Cochin Shipyard for the supply of equipment and tools for an Indian Navy missile project. The contract is for the supply of equipment and tools for the.

It signed a contract with Kochi-based Cochin Shipyard Ltd for the supply of six sets of LM2500 Gas Turbines (GT). HAL will also supply GT Auxiliaries (GTAE), Spares, and Tools under the contract for Indian Navy’s NGMV Project.The company signed a contract with Kochi-based Cochin Shipyard Ltd to supply six LM2500 Gas Turbines (GT). HAL will also supply GT Auxiliaries (GTAE), Spares, and Tools under the contract for Indian Navy’s Next Generation Missile Vessel (NGMV) Project.