Companies

HAL says Covid-19 impact minimal, posts ₹1,226.01 cr Q4 profits

Our Bureau Bengaluru | Updated on August 19, 2020

HAL’s income is lower by 1.18 per cent to ₹10,399.28 crore as against ₹10,277.59 crore in the same period last year   -  Rajeev Bhatt

HAL has posted 1.04 per cent lower profits at ₹1,226.01 crore on a consolidated basis for the fourth-quarter (Q4) of FY 2019-20 as against ₹1,238.93 crore profits recorded in the same period last year.

The company’s income is lower by 1.18 per cent to ₹10,399.28 crore as against ₹10,277.59 crore in the same period last year. EPS for the quarter stood at ₹36.66 compared with ₹37.05 posted in the previous year.

On Covid-19 risk, the company said for the current year impact - the group considered the possible effects that may result from Covid-19 pandemic on the carrying amounts of property, plant and equipment, investment, inventories, receivables and other current assets.

“Impact due to Covid-19 will be minimal as a major portion of the group’s revenue is generated from defence service. Further ministry of defence, in a letter dated June 12, 2020 has extended the contractual delivery date for a period of four months, ie March 25 to July 24 due to force majeure. Based on the business model, there is no material impairment which needs to be recognised on plant property equipment, receivables and inventory.”

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Published on August 18, 2020
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