India's HAL posts quarterly profit drop on aircraft supply delays
India's Hindustan Aeronautics Ltd (HAL) reported a nearly 8% drop in its fourth-quarter profit on Wednesday, weighed by a delay in the supply of its Tejas light combat aircraft.
The fighter jet maker's consolidated profit fell to 39.77 billion rupees ($465.9 mln) in the quarter ended March 31, from 43.09 billion rupees a year earlier.
HAL's revenue was expected to take a hit due to delays in the supply of Tejas Mk 1A light combat aircraft, analysts had said, even as ordering activity in the defence sector remained steady throughout the quarter.
State-owned HAL's quarterly revenue fell 7.2% to 137 billion rupees for the March quarter, coming just under Elara Securities' estimates of an 8% fall.
Defence stocks, including HAL, have been under the spotlight since April-end, as India and its neighbour Pakistan engaged in a cross-border conflict following a deadly attack on tourists in Indian Illegally Occupied Jammu and Kashmir. HAL has risen 6% since then. Its shares were up 2.6% after the results.
During the quarter, the company bagged orders worth 627 billion rupees for the supply of 156 light combat helicopters called 'Prachand'.
Peer Bharat Electronics will report its quarterly results next week.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
2 hours ago
- Business Recorder
New rail line links IIOJK to Indian network: Modi vows not to stop IIOJK development after attack
NEW DELHI: India is committed to efforts to develop its restive territory of Occupied Jammu and Kashmir, Prime Minister Narendra Modi said on Friday, accusing neighbour Pakistan of seeking to destroy livelihoods there with April's deadly attack on tourists. He was speaking on his first visit to the Himalayan region since attackers targeted Hindu tourists in the popular Pahalgam area, killing 26 men, triggering hostilities between the nuclear-armed neighbours that ended in a ceasefire last month. 'The atmosphere of development that emerged in Indian Illegally Occupied Jammu and Kashmir will not be hindered by the attack… I will not let development stop here,' Mr Modi said in remarks after inaugurating infrastructure projects. Key among these was a US$5 billion (S$6.4 billion) rail link between the IIOJK Kashmir Valley and the rest of India, which has been more than 40 years in the making and features the world's highest railway arch bridge. Others include highways, city roads and a new medical college. India has accused Pakistan of backing the April attack, a claim denied by Islamabad, and they engaged in four days of fierce fighting in May before agreeing to a ceasefire. Pakistan aimed to disrupt the livelihoods of the poor in IIOJK, who rely heavily on tourism, Mr Modi said, adding that he would face down any obstacle to regional development. Pakistan's Foreign Ministry rejected Mr Modi's remarks on June 6 and said it remained steadfast in its 'principled support' for the people of Indian Illegally Occupied Jammu and Kashmir. 'Claims of development… ring hollow against the backdrop of an unprecedented military presence, suppression of fundamental freedoms, arbitrary arrests, and a concerted effort to alter the region's demography in violation of international law,' it said. In May, Islamabad said a just and peaceful resolution of the Kashmir dispute was essential to ensure lasting peace in the region, known for its snow-capped mountains, scenic lakes, lush meadows and tulip gardens. The region, which drew more than 3 million visitors in 2024, is at the heart of the hostility between the old foes, both of which claim it in full, but rule it in part and have fought two of their three wars over it. India also accuses Pakistan of supporting Islamist militants battling security forces in Indian Illegally Occupied Jammu and Kashmir, but Islamabad denies the accusation. Trains run in the IIOJK Kashmir Valley but the new link is its first to the wider Indian railway network. Apart from boosting the regional economy, it is expected to help revive tourism, which plummeted after the April attack.
Business Recorder
22-05-2025
- Business Recorder
Trump says US doing ‘big deals' with Pakistan, India
US President Donald Trump, while reiterating that he helped to de-escalate tensions between Pakistan and India, said that the United States is doing 'big deals' with the two nuclear-armed neighbours. Speaking at a press conference alongside South African President Cyril Ramaphosa on Wednesday, Trump said, 'If you take a look at what we just did with Pakistan and India, we settled that whole thing, and I think I settled it through trade.' 'We're doing a big deal with India. We're doing a big deal with Pakistan.' The US is Pakistan's largest export market with over $5 billion in annual exports as of 2024, while Pakistan's imports from the US are about $2.1 billion. Trump praises 'brilliant' Pakistanis, says Islamabad 'would love to trade with US' In April, Trump ignited a potentially ruinous trade war as he slapped sweeping tariffs on imports worldwide and harsh additional levies on key trading partners. Pakistan was hit by a 29% reciprocal tariff, which was put on hold until July. Last month, Finance Minister Muhammad Aurangzeb told Bloomberg in an interview that Pakistan wants to buy more goods from the United States and remove non-tariff barriers to escape Trump's high tariffs. Meanwhile, commenting on the recent tensions between Pakistan and India, Trump said, 'Somebody had to be the last one to shoot. The shooting was getting worse and worse, deeper into the countries. 'We spoke to them, and I think you know we got it settled, and then two days later, something happens, and they say it's Trump's fault.' Trump tariffs to 'weigh on' Pakistan's economy, says IMF Ties between Pakistan and India nosedived after a deadly attack in Indian Illegally Occupied Jammu and Kashmir (IIOJK) last month that New Delhi said was backed by Islamabad. Pakistan denied involvement, but intense fighting broke out when India struck what it said were 'terrorist camps' in Pakistan last week. They agreed on a ceasefire on Saturday, which has largely held.
Business Recorder
17-05-2025
- Business Recorder
Trump praises ‘brilliant' Pakistanis, says Islamabad ‘would love to trade with US'
US President Donald Trump has said he enjoys good relations with Islamabad, calling Pakistanis 'brilliant people' who make 'incredible products'. 'You know they (Pakistanis) are brilliant people, they make incredible products. We don't do much trading with them, and yet I have a good relationship with them,' Trump said in an interview with US outlet Fox News on Friday. 'They (Pakistan) would love to trade (with the US).' The US is Pakistan's largest export market with over $5 billion in annual exports as of 2024, while Pakistan's imports from the US are about $2.1 billion. In April, Trump ignited a potentially ruinous trade war as he slapped sweeping tariffs on imports worldwide and harsh additional levies on key trading partners. Pakistan was hit by a 29% reciprocal tariff, which was put on hold until July. Last month, Finance Minister Muhammad Aurangzeb told Bloomberg in an interview that Pakistan wants to buy more goods from the United States (US) and remove non-tariff barriers to escape Trump's high tariffs. Meanwhile, speaking for Fox News on Friday, Trump reiterated that he brokered a ceasefire agreement between India and Pakistan, calling it a 'bigger success than I will ever be given credit for'. 'Those are major nuclear powers, and they were angry. It was tit-for-tat,' he said. Trump said the situation between the two neighbouring countries had escalated to the point where nuclear war could have broken out. 'That was going to be a nuclear war, I think or close.' 'The hatred was great, and I said, we're going to talk about trade. We're going to do a lot of trade.' Pakistan-India conflict: PM Shehbaz commends Trump's role Trump emphasised his strong engagement with Pakistan, saying he had 'great conversations' with them. 'You know we can't forget them (Pakistan) because it does take two to tango.' Referring to his trade discussions with both India and Pakistan, the US President said that he is using trade 'to settle scores and make peace'. Ties between Pakistan and India nosedived after a deadly attack in Indian Illegally Occupied Jammu and Kashmir (IIOJK) last month that New Delhi said was backed by Islamabad. Pakistan denied involvement, but intense fighting broke out when India struck what it said were 'terrorist camps' in Pakistan last week. They agreed on a ceasefire on Saturday, which has largely held.
