Hindustan Aeronautics Ltd (HAL) on Friday reported doubling of its net profit to Rs 853 crore in October-December from Rs 425 crore in the year-ago quarter. Sequentially, net profit rose 39 per cent from Rs 613 crore in the preceding July-September quarter.
The state-owned company's total income rose 23 per cent year-on-year (YoY) to Rs 5,518 crore during December quarter. On a quarter-on-quarter (QoQ) basis, it increased 12 per cent from Rs 4,941 crore in September quarter.
Total expenses rose 14 per cent YoY to Rs 4,449 crore during October-December.
The company said reduced availability of manpower and disruption in supply chain after resumption of services post lockdown on April 28 last year resulted in lower turnover and consequent lower profit during the first two quarters of financial year 2020-21.
"However during the third quarter of financial year 2020-21 near normalcy is restored in the operations. The company improved its turnover and profitability as compared to last two quarters of financial year 2020-21," it said.
On a consolidated basis, the aerospace and defence company's net profit rose 85 per cent YoY to Rs 853 crore. On Friday, shares of the company closed 3.19 per cent higher at Rs 1,025.85 on the BSE.