HAL to pursue growth opportunities despite challenges
Bengaluru, Sep 28 : State-run Hindustan Aeronautics Ltd (HAL) will pursue growth opportunities despite facing challenges, said a top official of the aerospace major on Friday.
"We are committed to pursue growth opportunities in spite of the challenges," HAL's new Chairman R. Madhavan told the shareholders at the company's 55th Annual General Meeting (AGM) for fiscal 2017-18 here.
Addressing the institutional and retail investors of the city-based defence behemoth, Madhavan said the company had posted consolidated net sales of Rs 18,624 crore for the fiscal under review.
"The company recorded the highest sales turnover of Rs 18,624 crore in fiscal 2017-18, as against Rs 18,553 crore in fiscal 2016-17, registering a 0.4 per cent annual growth despite challenges," said Madhavan.
The AGM was the first the company held with the participation of the retail shareholders after it went public in March, divesting 10.2 per cent of its equity holding to raise about Rs 1,400 crore.
The company's consolidated net profit for the fiscal, however, declined 21 per cent year-on-year (YoY) to Rs 2,073 crore from Rs 2,625 crore year ago.
Profit before tax also declined 7.5 per cent YoY to Rs 3,326 crore from Rs 3,592 crore year ago.
"We produced 40 aircraft and helicopters, including Sukhi-30 MKI fighters, Light Combat Aircraft (LCA) Tejas and Dornier Do-228 in fixed wing and Advanced Light Helicopter (ALH) Dhruv and Chetak choppers in rotary wing," said Madhavan.
The company also made 105 aero engines, overhauled 220 aircraft/copters and 550 engines during the last fiscal.
"We have also produced 146 aero-structures for the space programmes of the state-run Indian Space Research Organisation (ISRO) during the period," added Madhavan.
The company's scrip with Rs 10 face value lost Rs 44.10 per share on Friday's trading, ending at Rs 781.85 on the BSE against Thursday's closing rate of Rs 825.95 and opening price of Rs 818.
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Kerala DGP recommends action against ADGP Ajith Kumar for false testimony
Thiruvananthapuram: Kerala’s Director General of Police (DGP) Sheikh Darvesh Saheb has submitted a report to Chief Minister Pinarayi Vijayan recommending legal action against Additional Director General of Police (ADGP) M.R. Ajithkumar for allegedly making a false statement implicating a fellow officer.
The DGP’s report states that both civil and criminal cases could be initiated against Ajithkumar for falsely accusing ADGP P. Vijayan of having ties to a gold smuggling gang. Following the allegation, Vijayan filed a formal complaint with the state police chief, prompting a direct investigation by the DGP.
After conducting the probe, DGP Sheikh Darvesh Saheb exonerated Vijayan and recommended that Ajithkumar be held accountable for his misleading claims.
The development has political overtones as well. P.V. Anvar, a two-time legislator who was elected as a CPI(M)-backed independent, resigned from his post after his own complaint against Ajithkumar was dismissed by the CPI(M) leadership and the Chief Minister. Anvar has since joined the Congress-led United Democratic Front (UDF) and declared support for the Congress candidate in the upcoming Nilambur assembly by-election.
Anvar accused the ruling dispensation of shielding Ajithkumar, alleging, “If anyone believes action will be taken based on this report, they are living in a fool’s paradise.” He also claimed that CM Vijayan considers Ajithkumar his “third son.”
The controversy unfolds as DGP Sheikh Darvesh Saheb prepares to retire on May 30. With six officers under consideration to succeed him, Ajithkumar ranks sixth on the list—a position now clouded by the fallout from the DGP’s report.
The final decision on whether action will be taken against Ajithkumar now lies with Chief Minister Vijayan.
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