HAL skids over 1% after Q2 profit gains marginally
For the September quarter, the profit soared to Rs 1236.67 crore. The same was Rs 1221 crore in the same quarter last year.
Hindustan Aeronautics shares were trading on a weak note in Monday's session as the company posted subdued Q2 performance with consolidated net profit rising only marginally year-on-year (YoY). At the time of writing the copy at around 9:50 am, shares traded weak by 0.85 per cent at Rs 2055.4, while at day's low it hit a price of Rs 2043.25 per share.
For the September quarter, the profit soared to Rs 1236.67 crore. The same was Rs 1221 crore in the same quarter last year.
Revenue from operations at the defence major came in at Rs 5635.7 crore versus Rs 5144.7 crore in the same quarter last year.
In Friday's session, the stock ahead of its quarterly numbers notched a fresh all-time high price of Rs 2110.5.
Brokerages recommendation and call on HAL post Q2 results
CLSA on the stock maintained an outperform call. The brokerage said the order book slowed to 4% YoY and
2Q Ebitda declined 6%. Orders slowed on a delay in Russia-linked programs. Balance sheet remains cash rich, the brokerage highlighted. Further, it said a shift of key aerospace programs to PPP mode would be a risk.
Morgan Stanley maintains an overweight call with a target price of Rs 2182.
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