HAL reports revenue of Rs 4,425 crore in Q3 2018-19, but net profit slips

Mumbai: Hindustan Aeronautics Restricted has reported income from operations elevated to Rs four,425.26 crore through the October to December quarter of present monetary 12 months 2018-19 in comparison with Rs four,278.24 crore in the identical interval of final fiscal.

Nonetheless, the online revenue dipped to Rs 455.19 crore in comparison with Rs 548.59 crore in the identical interval. The earnings per share additionally got here all the way down to Rs 13.61 in Q3 of FY19 from Rs 15.33 in Q3 of FY18, mentioned the government-owned aeronautics main in a submitting earlier than inventory exchanges on Monday.

HAL mentioned a fraud involving misappropriation of funds by an organization official in collusion with six contractors has been observed by the administration and referred to the vigilance division for additional investigations.

"The vigilance division primarily based on the investigations has lodged FIR with Central Bureau of Investigation (CBI) in Bhubaneshwar. An quantity of Rs 1,876 lakh has been provisionally assessed as fraudulent funds made to contractors through the interval from December 2013 to September 2018, and reported within the FIR with CBI," the corporate mentioned.
The matter is beneath investigation by CBI, it mentioned.

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