Hindustan Aeronautics posts first decline in profit in 10 quarters
BENGALURU (Reuters) – India’s Hindustan Aeronautics Ltd (HAL) on Friday, reported its first decline in profit in 10 quarters, hurt by higher input costs and tax expenses.
HAL’s consolidated net profit fell nearly 9% to 28.31 billion rupees ($346.2 million) in the fourth quarter ended March 31.
While revenue from operations rose 8% to 124.95 billion rupees, that was offset by a 9.2% jump in expenses, led by a nearly 39% spike in cost of materials, HAL said in an exchange filing.
The company also said it incurred tax expenses of 124.7 million rupees in the quarter, against a gain of 5.28 billion rupees from tax refunds a year ago.
