Money-strapped HAL posts 17% drop in Q3 internet revenue – Deccan Herald

Money-strapped HAL posts 17% drop in Q3 internet revenue – Deccan Herald

The cash-strapped defence PSU, Hindustan Aeronautics Restricted (HAL), on Monday reported 17.03% decline in internet revenue at Rs 455 crore for the third quarter ended December 31, 2018. Throughout the identical quarter a 12 months in the past, its internet revenue stood at Rs 549 crore, the corporate stated in a BSE submitting.

The corporate’s earnings have eroded on account of a 5% rise in bills throughout the quarter. The corporate’s bills stood at Rs 3,799 crore throughout the quarter, as in opposition to Rs 3,618.14 crore within the corresponding quarter final 12 months.

On the income entrance, the corporate registered Rs 4,625.26 crore topline throughout the quarter, up 8.11% from Rs 4,278.24 clocked within the corresponding quarter final 12 months.

Rising finance price

The corporate, on Monday, reported that it has paid Rs 29.69 crore in its curiosity funds throughout the October to December quarter, as in opposition to Rs 1 lakh paid throughout the corresponding quarter final 12 months — a bounce of two,969 instances.

On a sequential foundation, the financing prices of the corporate have jumped by 21.34 instances from Rs 1.39 crore within the September quarter.

Financing price, also referred to as the price of funds, is the fee, curiosity, and different costs concerned within the borrowing of cash to construct or buy belongings.

The Bengaluru-based Navratna PSU has been, of late, borrowing cash to maintain its everyday operations, because the funds from the Indian armed forces — its largest purchasers — are usually not getting cleared from previous one and a half years.

Actually, the corporate lately borrowed a whopping Rs 1,000 crore to pay the salaries to its workers.

The corporate, in January this 12 months, had additionally acquired approval from lenders to reinforce its working capital restrict from earlier Rs 2,500 crore to Rs 6,050 crore, which was sanctioned by a consortium of banks led by State Financial institution of India (SBI).

Fraud detected

In a regulatory submitting, HAL stated 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 based mostly on the investigations has lodged FIR with Central Bureau of Investigation (CBI), Bhubaneshwar. An quantity of Rs 18.76 crore has been provisionally assessed as fraudulent funds made to contractors throughout the interval from December 2013 to September 2018 and reported within the FIR with CBI,” the corporate stated.