Hindustan Aeronautics Limited (HAL) reported an eight per cent decline in its fourth-quarter profit, affected by delays in supplying its Tejas light combat aircraft. The fighter jet manufacturer’s consolidated profit fell to Rs 39.77 billion in the quarter ending 31 March, down from Rs 43.09 billion a year earlier.

HAL’s quarterly revenue dropped 7.2 per cent to Rs 137 billion, slightly above Elara Securities’ estimated 8 per cent decline. Despite delays, ordering activity in the defence sector remained steady throughout the quarter.

Following recent border tensions between India and Pakistan, HAL’s shares have risen six per cent since late April and were up 2.6 per cent after the results were announced.

During the quarter, HAL secured orders worth Rs 627 billion for the supply of 156 Prachand light combat helicopters. Peer company Bharat Electronics is expected to announce its quarterly results next week.

Source:Financial Express