;;~~ ~~~eJ

~""g'R11'1 ~-<~;iiTeCFtt ~fqe:s

-A Maharatna CPSE-
~c.liiC'I~
HINDUSTAN AERONAUTICS LIMITED
CORPORATE OFFICE

CO/SEC/4(7)/2025-26/ BSE & NSE Filing/35 12th August, 2025

Rl~e\5 BSE Limited ~ Qcro~\jj Jifq; ~ Rl~e;s

RIRC~ I fcl'l-fllT Listing Department National Stock Exchange of India Ltd
~ "Gfi"Gfi~ cTcm RIRC~ I fcl'l-fllT Listing Department
Phiroze Jeejeebhoy Towers, QCRJ~\jj ~. 5 ciT d'('f, LffiC -;f. ~/1
~ ~ Dalal Street, Exchange Plaza, 51h Floor, Plot No C/1,
~ Mumbai- 400 001 "Gfi ~. ~-~ ct5IA08cro, ~ (1ICf)
G Block, Bandra-Kurla Complex, Bandra (E),
· Mumbai- 400051

~= ra. .
iCf) 30 Ufi, 2o2s -em fjqllij fdqltfl Wg
d~lqflfaffi~q~ouq ~~~fti}f4sa)
Sub: Audited Financial Results (Standalone and Consolidated)
for the quarter ended 301h June, 2025

~: ilfh~fl{ ~ ~: 541154, ~"'1~fl{ Rl~cstld: ~il~~d

Ref: BSE Scrip Code: 541154, NSE Symbol: HAL
***
"$tAT if> Pla~ICf5 ~ -q Jf[\jf st JfLFft ~ ~ ~ 30 \Jff, 2o25 "Cf5T ~ ~
~ 0Rl~if>m~-m~. 8~1q>ft~fcttft<:r q~onJOi'i ~~~ *!~Fcha) if>~cc.r~ 01"jJOOtl~'i
~~I
The Board of Directors of the Company at its meeting held today has, inter-alia,
approved the Audited Financial Results (Standalone and Consolidated) for the quarter
ended 301h June, 2025.

2. RIRC~ I FclPtQJOJ if> fclf."lqJOI 33 if> 3f¥RUT ~. ~ Pt~Rl~d ~'* "Cf5T ~ CfR ~ ~:
Pursuant to Regulation 33 of the Listing Regulations, we are enclosing herewith
the following:
a) ~ 30 \Jff, 2025 "Cf5T ~ ~ ~ 8'!914-ft~ fcttft<:r q~UIIJ:tl. ~~ ~
*l~fchd) ~~~ (~U-1)
Statement showing the Audited Financial Results (Standalone and Consolidated)
for the quarter ended 301h June, 2025. (Annexure-!);

b) el'!914>ft~fcttft<:T q~UIIJ:t"'j~~ el'!914>ft&ilftq)i (~-II)

Auditors' Reports on the Audited Financial Results (Annexure-11);

15j1, ?itJ~ dfaeW, 2JoriWadJ- 560 001, ?J~FPJ?J, ~d~, 15/1, ~ xm, ~-560001, Cf>UfccJ>, 'l:lmf
15/1, Cubbon Road, Bangalore- 560 001, Karnataka, India
d.rc>dc::Je>~ (~) Ph. : +91-80-2232 0001,2232 0475, cpe>~u""' (~) Fax: +91-80-2232 0758
'61 ci)ed' ({) Email : [email protected]
CIN: L35301 KA 1963GOI001622
3. ~ fcptrr \jffffi ~ ~ R1 RC~ I Fcl PI £1 J:i'i if> Fcl PI £1 J1 3 3 (3) if> ~'4 "B, ~ 8'@ Iq;ft~,
~ 1J<fT ;w:R ~ cl?q;:fi, ~llti4bld 8'@1¢1~ ~ ~ 30 \Jff, 2025 em m ~ ~
8'@1q:ftfam fcRfr:r qRon4i ~~ ~ >Hilfct>a) if> ~cq "B ~~if> m~ 8'@14:ftarr
ff41t "GIRt qft ~ I
This is to inform that the Statutory Auditors, M/s. Gupta Nayar & Co., Chartered
Accountants have issued an Audit Report with unmodified opinion on the Audited Financial
Results (Standalone and Consolidated) for the quarter ended 301h June, 2025 in terms of
Regulation 33(3) of the Listing Regulations .

4. ~ \34q<ffi 4RUIIJOi'i qrr ~(~-Ill)~ CfR" ~ ~~ ~ RIRC~I Fc!Pit!Ji if> Fc!Pit!Ji 47

if> ~"B 'HJOO!Iill~ tcif"B IJICf51F.<Id fcptrr~ I
We are also enclosing an extract of the aforementioned results, which would be
published in the newspapers in accordance with Regulation 47 of the Listing Regulations
(Annexure-Ill).

5. cl?q;:ftif>Pie~ICf5~<tt~ Jl: •o ~mt1-f~Cf~ J" 'o S ~m~ 1

The meeting of the Board of Directors of the Company commenced at IJ ~ o
hours and concluded at I ~o 5 hours.

6. ~tJTCRfi~ I
Kindly acknowledge the receipt.

~Thanking you,

~Yours Faithfully
ra
<pff ~ "G'Ht H ~il "1lR fM I'll e~
For Hint~autics Ltd

(~~ -~ nsal)
'$"'q;ft ~ ~ 31"jQid"'1 ~
Company Secretary & Compliance Officer
 Hll\TIUSTAJ.'I AERONAUTICS Lll\lfiTED
Regd.Office: 15/ 1 Cubbon Road, Bengal urn- 560 001
CIN: L35301KA1963GOI001622, TEL ;.080 22320001, email: [email protected] website: www.hal-india.co.in
STATE!v!El\'T OF AUDITED STAl"\'DALONE FINAJ.'ICIAL RESULTS FOR THE QUARTER El'<TIED 30TH JUI\'E, 2025
Rs inLakhs
Standalone
Quarter ended Year ended
Sl.No Particulars
30-Jun-25 31-Mar-25 30-Jun-24 31-Mar-25
--· . -~ ·
(Audited) (Aud ited) (Audited) (Audited)

,__.___! - Income from 0).lerations ·-- - - ----- -- - 13,69,987

--- -- ~

(a) Revenue from operations 4,81,~ 4,34,757 30,98,092

- ·-
(b) Other Income 74,894 65.274 73,764 2,56,553
Total Income 5 56 808 14 35 261 5 08 521 33 54,645

-- --
2Expenses
(a) Cost of materials consumed 3,16,201 11 ,55,329 __ .!_,44,810 ~.2q_~
- - - - -
---- ·- (b) Purchase of stock-in-trade _..I.Q2±L ___:?_~ _ ____!l, 25! _ _ _ 67,'0.._
(c) Changes in Inventories of F inished Goods, Work-in-Progress,
Stock-in-Trade and Scrap -1,72 ,519 -6,82,754 -11,894 ___ -7, 6?~
f-- -
(d) EmQloyee benefits e192ense 1,37,969 1,80, 784 1,?4,443 5,71, 772
1 - --
(e) Finance Costs 29 842 13 - ~~
(f) DeFeciation and Amortisation E"::Eense 18,502 73,626 14,907 1,33,970
1--
(g) Impairment Loss 225 987 8 2.~~
- - (h) 0.!£ler C:\"£enSeS 47,747 55, 798 37,595 1 ,78, 1~~
(i) Direct Input to WIF /Exoenses Capitalised 8,118 14_.~ --~.!... -- - ~~
-
47,506 2,53,010
- - (j) Provisions 29,515 1,43,645
Total Gross Expenses 3,96,328 9,67,577 3,75, 773 24,08,740
Less: E"::Eenses relating to CaQitai and Other A ccounts 24.289 52,344 . 25,469 1,35,507
I--- -
Total Expenses 3,i2,039 9 ,15,233 3,50,304 22,73 ,233
3 Profit/ (Loss) before Exceptional items and Tax (1-2) 1,84, 769 5 ,20,028 1,58,217 10,81,412
4 Exceptional item - ~~
Profit/(Loss) befo~e tax (3+4)
~-- 6
1,84, 769 5,20 ,~ 1,58,217 10,82,001
Tax expense - - - · - · :.,..,--
- - - (i) Current Tax - 46,078 1,39,098 40,169 2,88,000
- (ii) Earlie; Tax (Refund)/ Liability
- ·- --· - - -25,608 -25,608
(iii) Deferred Tax 976 -14,895 97 -12.071
- ---
47,054 1 24 203 14 658 2 50,321
7 l\'et Profit i (:Loss) forth~- perlod (5-6) 1,37,715 3,95,825 1,43,559 8,31,680

- -g-- Other Comprehensive Income (OCn

- ·-
--
_--=]
- ;~
A . Items tha~ will not be reclassified to statement of Profit and
- - Loss
(i) Remeasurements of defmed benefit plans 3,369 1,643 2,158
(ii) Income Tax relating to items that will not be rec!.;illi.ed to
statement of Profit anc! Loss -848 -413 -543 __:Z(£_

B. Items that will be reclassified to statement of Profit and Loss - - -

(i) Exchange differences in translating financial statements of foreign
---- operations - - - -----=---
(ii) Income Tax relating to items that will be reclassified to statement
of Profit and Loss
-
- - - -
Total Other Comprehensive Income (A+ B) 2 ,521 1,230 1,615 2,098
-
9 Total Comprehensive Income for the period (7 + 8) 1 40 236 3 97 055 1,45 174 8 33 778

'J:o- Paid:~P Equity Sh~e Capital (Face Value Rs.S each)

-- 33,439 33,439 33,439 3?Ji}f
-
Other Eg,uity exclud~g Revaluation Reserves
-~
11 34,50,84k

- 12 ·-- 1--- -14,761

Capit.J Redemption Reserve
--- -
Earnings per share (in Rupees) (EPS for the quarter are not
13
annualised)
----· --- - - -_--:
-
(a) Basic 20 .59 59.19 21.47
--~~
t- - - (b) Dilute~-- -------- -. ·-- - - --- - -- --
20.59
- - · - -- ·
59.19 21.47 --- 124.3_6_
·- 1- --·- -
Net 'Worth (including RetahteiE~g)
--;~

14
--·- --- ~4,8~~
 HINDUSTAN AERONAUTI CS LJ}.UTED
Regd.Office: 15 / 1 Cubbon Road, Bengaluru- 560 001
CIN: L35301KA1963GOI001622 , TEL: 080 22320001 , email: investors~a, halaindia .co.in website: www.hal-india.co.in
SfATE~ffi'iT OF AUDITED COi'iSOLIDATED FINA..' iOAL RESULTS FOR THE Q UARTER E."""DED 30"' TIE\"E, 2025
Rs in Lakhs
Consolidated
Q uarter ended Year ended
SI.No ParticUlars 31-Mar-25 30-Jun-24 31-Mar-25
30-Jun-25
(Audited) Audited (Audited) (Audited
!Incoll}C ~om Opcrati orlS
( )R fi · -tS190 t 13.69.98:' 4.3-l.;so 30.98.095
1--- a ever.uc rom opcr<luons .74: 709 65.1 53 73.635 2.56. 169
1--- @) Other Income

r--z
Total Income

Expenses -=-=- - ~- ~- =-----

a Coso.ofmaterialsconsumed _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ___l_.l_§_.2:!1_ .._ 11.5-L729
o Purchase of sLock-i.rt-trade _ _ _.
5 56,610 14 35 138

----c-::-:-:- f- - - · -

_ __ _ ~-i.Q..lli, l--·
__

25,020
5 08 385

--1_:_-_-_-__--.jf-.--.,...-,.-
l-~ --
!9,23.446
12.254
33 54,264

--,-l

6J. ..937
(c) Changes in Inventories ofFin ished G oods, W ork-in-Progress. Stock-in-Trade
?Sld Scrap -6.R2.7o4 · 1 i.898 -7,62.5i9
d Employee henefits exDense 1.38.252 1.8!.!33 1.2-ti56 5,73.031
t - - ~ Finance Costs 30 844 14 86X
~---P(~ O~D~e~p~re~cJ~ · a~
tio~n~~~n~d~A ~m~.~o~ro~·s~au~·o~n~E~·x~~~~ns~e-------·------------·--- -­ 18 .5 :6 73.649 i-1.923 1.3-1.(137

---==--===- =___ ____ _J~

I- --P(""g)'-'1='rn"'p"'a"irrn=en:_etc.olo;o:e.ss,___ _ _ _ __ _ 225 987 8
(h) Ot:, er expenses 47.823 55,868 37.665
--- [;(!'!-).;;D:;:i:~ect""I.,nPe;U,_t_,to,_\_\,co'1,_P:.c:'E=cx'-!·pe=ns~es=...=Co=•;oo·i"'i c•,_.!i,_,se"•a,·_ ~-~ 14.300 6.!31 37.233
( j) Pro\'isions _ _ _ _ 29.467 l.-43.556 -li.465 2.52.iS.;
Total Gross Expenses 3,96,496 9,67,332 3,76, 085 24,07,699
1- - Less: Expenses relating to Capital and O th er Accounts 24.::!89 5::!.3 ~-t 25.469 1.35.:'0i
Total Expenses 3,i2 ,207 3,50,616 22 72 , 192

Profit / (Lnss) before Share of Profit / (Loss) of Joint Ventures; Exceptional

items and Tax (1-2) 1,84,403 5,20, 150 1,5j,769 10,82,072
4
? hare of Profit '(Loss) of Joint Ventures (JV) accounted us ing £q~ MeJh.Q.L_ _ __ _1!@_ 71'-"6+ - - - __@. _ _ __:!.065
_;I .,.cc
Profit / (Loss) before Exce~tional items and Tax (3+4) 1,8 5_.~ ~- 5,21,866 l,58,3i2 IO,_I!§_,Ql_
Exccption<1l item 589
Profit/ (Loss) before ta.<(5+6) 1.85.43 1 5.21.866 1.58.3;2 10.86. 726
Ta."t expense~
(i) Current Tax 46,0 78 40.169 2. 8H ,OO~
(ii) Earlier Tax (Refund). 'Li ahilit · -25.608 -25.608
iii) Deferred Tax 976 ·14.89:> 97 ·12.071
47 054 1,24 203 14,658 2,50,321
9 Net Profit I (Loss) for the Peoe:!;
ri'-"o"d-'(7"'-"8'-
) - - - · - -- - · - - - - - -- - 8 c:3c.7!..7+---.=.3....:
-+- -"-'1•.=.3,_ , 9:!7~,6~6=-3+---~lc.:,4!:3~,7;ci,4+--'8""'-36'!J•C!40"'5~
- ---~

1
__!O_j Otbcr~ C~mpr':!~cn...,ivc Incon;tc (O~D _

'"' ~.,: ~~;~

'--~ A. Items that will not be reclassified to stat.ero~nt of Profit and L~ss
f-- - - {!) Rer:1e:uuremc:nts of defmed lX'nefi t plans 3.369
(ii) Share;• of Other Comprehcns in· lr:t.·omc of J V's i".lxoumed using Equ ity
I\ let!1od -i ~ -81 _ __::,:->'+ _,
r-- (iii)-1~-o~~·~Tax -;elating ::o ite ms Li-ta t win not he recli".ssified to statement of
Profit and l os!'>
= - ·B. itc~ th~t !"ill be recla....;sificd to statement of Profit and Loss
. 4131 _2~c--= ~7:]
I --~--~ j
-~( i ) Exchange di!1~n·n~·es !:1 tri".ns!atln:~ !inancia! sta~~m~Ets of fO!L';~, opem:ions
(ii) Share of OLr,e:- Co mprehcnsiYe Income of JV's accounted using Equity
1---- Method
(iii) L-:1comc Tax reiating to items that will he reclc>.ssi fied to statement of Profit
and Loss I
Total Other Comprehensive Income (A+B) 2,507 1,194 1 621 2,066

11 Total Comprehensive Income for the period (9 + 10) 1,40,884 3 98 857 I 45 335 8,38 471

r-~1~2-+P~r~o~fi~t~~(=_.~~
L ;~~~:~~~rth~t~~~~P~o~~n~:.~~~~~rtti
~w~u~ta~b~le~t~o~-----------------------i-----l.-3~8.-3~77~-- 3,97.666 ~~ ----8-.36.413
I- Kon Controiling interest -3 -2 -8

13 Other Comprehensive Income for the p-c n-.o-d a_ttn

_w_ u-ta-b1-e -to-- - - -- l- - - -i - - -- - I- - - - - 1 : -- -- -
0 wners c!the Company 2.507 1.194 !.6].1 2.066
C~l'!.trolJing Ultercst
i\:nn

14 TofaJ Comprehensive Income for the period attributable to-

Owners of the Company 1.40,884 3,98,860 1.45.337 8.3RA7_9
No n Contro lling interest -3 _ __-2_ :8

15 Paid-up Equity Share Capital (Face Value Rs.S each) 33 ,439 33 439 33,439 3~.~

~t2thcr Equity excluding Revaluation Reserves 34,64,722

·-
r---!2--~ital Redemption Reserve 14,761

18
~--t'E:::=
::..:::·"ngs
'-' per share (in Rupees) (EPS for tbe quarter arc not annualiscd) ------=--:-:- _ _ _ ·.,-::- ~ - - ~
(a) Basic -------~- -------------+---~2:;:0'-'.6'-"9+----=59~c~ _ 21.49 125.07
l-----t'0-"o)L!Dc<;i~1u;ete:;:d.__ - - - - -- - - - - -- - - - - ·-- - 1- - - 1Q& 59.46 21.49 --~
Notes:
I . The above results have been reviewed and recommended by the Audit Committee in its meeting held on 12.08.2025
and approved by the Board of Directors in the meeting held on t1e same date.

2. The standalOi-:::c and consolidated financial results have been audited by the Statutory Auditors as required under -:;>,,

Regulation.33 of the SEBI (Listing Obligations and Disclosure Rt guirements) Regulations, 2015 and they have issued
an unmodified opinion for the quarter ended 30 June, 2025.

3. Ministry vide OM dated 12.07.2023 has conveyed the approva . for increasing the Company's contribution to the
Pension Scheme ofExecutives from existing 7% to 10% ofBasic Pay+ DA w.e.f. 0.1.01.2017. Revision ofPension
contribution from 7% to 10% ofBasic Pay+ DA w.e.f01.01.20t7 has been made in respect ofExecutives who are
on the rolls of the Company as on the date of implementation of the revised ceiling i.e. 01.01.2017 implemented
during 2023-24.

In respect of Workmen, Company issued Circular dated 24.04 ..W25 has conveyed the approval for increasing the
Company's contribution to the Pension Scheme from existing 7% to 10% of Basic Pay + DA w.e.f. 01.01.2025 .
Revision of Pension contribution from 7% to 10% of Basic Pay -- DA w.e .f01.01.2025 has been made in respect of
workmen who were on the rolls of the Company as on the date of implementation of the revised ceiling during March
2025.

The additional liability accruing to the Company due to the increased ceiling in respect of workmen is Rs . 1113 lakh
pertaining to the quarter ended 30.06.2025 (previous quarter 30.( 6.2024: Nil). Accordingly, employees cost for the
current period is not comparable with the corresponding previou: : period.

4. Revision of pay scales of executives and workmen, with effect fro n 01.01.2017 was implemented in accordance with
the guidelines issued by Department of Public Enterprises vi:ie OM dated 03.08.2017 for Executives and in
accordance with the Wage Agreement entered into between Marragement and Employees Union representative in
2019-20 in respect of Workmen.

On an interpretation on pay refixation and pursuant to the directi·res of the Administrative Ministry, the pay fixation
to be revised and the excess amount paid is to be recovered from the employees. Based on the directives Company
issued a Circular dated 24.07.2021 and the communication dated 26.07.2021 for recovery of the excess amount.

While so, the Employees Union and Officers Association had filed Writ Petition with Honorable High Court of
Kamataka to stay recovery of excess amount of salary paid by the <:ompany. The Honorable High court given verdict
in favour of Officers Associations by setting aside the Circular dated 24.07.2021 and the communication dated
26.07.2021 issued by the Management. The order of the HonoraJle High Court in favour of Officers was put up to
the Board in its 490th Meeting held on 12.02.2025 . Board has tLoted the judgement of the Honorable High Court
and accorded approval to abide by the Court order. Accorcingly, the differential amount withheld by the
 In respect of Workmen, the Court Order is awaited, hence, reduction of salaries and wages in respect of workmen
recovery for the period ended 30.06.2025 ofRs. 581lakh (30.06.: :024: Rs. 579lakh) given effect in the books. Excess
amount credited to salaries and Wages in respect of Workmen has been shown under claims receivable (Gross) of
Rs.l6971 lakh as at 30.06.2025 (31.03 .2025: Rs.l6390 lakh). Based on the final verdict, decision in respect of
workmen will be taken and suitable effect wiLHJe carried out in t1e accounts.

5. Inventory were damaged due to floods caused by rains durinf ; September 2022. Based on the internal technical
assessment, the loss oflnventory was estimated as Rs. 7,856lakh Subsequently, based on the findings, as part of the
exercise to submit an insurance claim, the actual loss towards cornpany owned items was reassessed as Rs.1,001lakh
and towards customer owned and sister division owned items as Ls.5,590 lakh. For the same, a provision was created
in the books of accounts for Rs.l ,001lakh as redundancy charges and Rs.5,590 lakh as replacement charges during
2023-24. Based on the insurance claims submitted by the divisior. for company owned items, the Insurance Surveyor
has assessed loss of Rs. 688 lakh, for which an advance amount< 1f Rs. 250 lakh is received as interim settlement and
the balance receivable from insurer ofRs. 438lakh is shown und~r claims receivable as at 31 March, 2025. Further,
during the year, based on the feedback received from OEMs on :etrieval of the items, the Company has re assessed
the loss of inventory as Rs. 3,664 lakh against Rs.5,590 lakh as ;essed during 2023-24. Hence, Rs.3,664 lakh have
been retained under provision for replacement and future charges and the balance provision ofRs.l ,926lakh towards
inventory retrieved back have been reversed during 2024-25. Insurance claims ofRs. 688lakh admitted by the Insurer,
hence redundancy charges for the same amount have been revers· ~d during 2024-25. Accordingly. no inventory lying
in the books as on 30.06.2025 which was damaged due to floods .

6. The Company has invested in "Systems Testing and Research fo: Advanced Materials Foundation" which has been
incorporated as a Section 8 Company under the Companies Act, 2013 on 18 September 2024. Hindustan
Aeronautics Limited has invested Rs.61 lakh i.e. 61,250 Eqnity Shares of Rs.100 each towards 20% of the
subscription shares in the Section 8 Company. Total61,250 Equity Shares have been allotted to the Company as at
30 June, 2025.

7. Ministry of Corporate Affairs vide notification no 1/2/2014-CL-V dated 23'd February 2018 has exempted the
Government companies engaged in defence production to the extent of application of lnd AS 108 on "Operating
Segment".

8. The standalone and consolidated financial results include the r·~sults for the quarter ended 31 March, 2025 being
the balancing figures between the published audited figures fc r the full financial year 31 March, 2025 and the
published audited year-to-date figures up to 31 December, 2024.
9. Notes specific to Consolidated Results:
Notes specific to Joint Ventures
(i) In respect ofHATSOFF Helicopter Training Private Limited
Going Concern
The Company has made a net profit ofRs. 667.39lakhs forth< three months period ended 30th June 2025 and, as " -'
of that date, the Company's current liabilities exceeded its cum nt assets by Rs. 11,820.73 lakhs. In addition to this,
as at the balance sheet date, the Company has significant ace umulated losses which have resulted in erosion of
networth. The networth of the Company as at 30th June 202) is Rs. 1,004.39 lakhs (31st March 2025 was Rs.
337.10 lakhs)
Further, OEM declared obsolescence of the current projector system and consequent to this, OEM stopped the
product support. Anticipating the criticality of the situation, HATSOFF had procured sufficient spares in 2014-15
itself to support operations up to Sep 2018. As no viable resol11tion was found until September 2018, HATSOFF
found a local vendor who does repairs to the used projectors. The cost of replacement with new projector systems
requires INR 28 Crores excluding duties and taxes and the lead 1ime for supply and commissioning of new projector
systems would be 6-8 months.

Under the Supply Contract 2008 with CAE Inc, Canada, the Cl)mpany is still awaiting the delivery of the Military
Dhruv Cockpit, with a price of USD 6,892, 777. An amount of· JSD 4,892, 777 was paid against proforma invoice,
as per agreed milestones. Revised estimated price is USD 1,36,92, 777 as per the cost escalation quoted by CAE Inc
in June 2019, was valid up to March 2020. The Company is negotiating for the final quote and delivery schedules
from CAE Inc. Funding for above cost escalations will be decided after agreeing with fmal price and delivery
schedules.
However, these financial statements have been prepared on a goi !lg concern basis, notwithstanding the above factors
in view of the following:
1) Board has affirmed that Company has the ability to meet all the obligations.
2) The Company has been able to get the multi-year contracts fnm Defence forces with increased training hours.
3) The Company along with the shareholders are presently pun uing several options with the Company's bankers,
viz. ICICI Bank.
4) The Company has paid, ECB Principal ofRs. 1,950.59 Lakh:; (USD 2,250,000) during the reporting period and
previous year Rs. 3,600.00 Lakhs (USD 4,217,066) against ECB overdue Installments at various dates and serviced
interest up 04th September 2023. Considering the promoters ability to fund the companies requirements and procure
orders for execution, management is of the opinion that compar.y is a going concern.
(ii) In respect of HALBIT Avionics Private Ltd
Material Uncertainty Related to Going Concern
The Company, as on June 30 2025 , has a net liability ofRs 1016.58lakhs (March 31st 2025: Rs 1,015.30 lakhs)
and a net current liability of Rs 1093.02 lakhs (March 31st 20:~5 : Rs 1,088.45 lakhs) indicating existence of an
uncertainty that may cast doubt upon the Company's ability to continue as a going concern. However, the bulk of
its current liability is subject to the satisfactory completion of the performance obligations by the supplier, who is
~----
also a shareholder of this joint venture Company. Besides this, the Company continues to generate positive c
'\,<'
flows from its operations and plans to liquidate the liability in a phased manner. The Company expects to , dits
.~ f / ' r: ~r... te
d?e U.iJCC
 that these actions are sufficient to mitigate the uncertainty ar d has prepared the financial statements on a going
concern basis.
(iii) In respect ofMultirole Transport Aircraft Limited
Board in its 47th Meeting held on 09th February, 2023, approved the following resolution: "Subject to the necessary
c-.o.' approval being obtained from the Government of India, in principle approval of the Board was-,rrccorded for the
Voluntary Liquidation of the Company in accordance with its) .rticles of Association, Shareholders Agreement and
other relevant contracts, provisions of Section 59 and other applicable provisions of the Insolvency and Bankruptcy
Code 2016 read with the Insolvency and Bankruptcy Board of [ndia (Voluntary Liquidation Process) Regulations,
2017 and other provisions of the Companies Act 2013 and reltvant rules and any other law as may be applicable.
Hence, on fulfillment of the following steps, the Going Conceo assumption will become inappropriate-
i. Receipt of Government oflndia approval for closure of the Company,
ii. Adopting unanimous resolution with affirmative vote by all the directors as per Para 9.4(h) of the Shareholders
Agreement read with Para 147(2)(h) of the Articles of Association, recommending liquidation of the Company to
the General Meeting.
iii. Adopting necessary resolutions for Voluntary Liquidation o.'the Company in the Members General Meeting as
per the provisions oflnsolvency and Bankruptcy Code, 2016.
iv. Adherence of procedures for closure of MT AL Moscow B ranch in compliance with rules and regulations of
Russian Federation.
v. Compliance of all other necessary steps as per internal rules ar.d regulations of the Company, as well as applicable
statutory provisions of the respective country (i.e. India and Ru;sian Federation) for closure of the company."
10. The audited/reviewed financial statements oflnfotech HAL Ltd, joint venture ofHindustan Aeronautics Limited
are not made available .and hence not considered in consolidated financial statements. The joint venture was
hitherto consolidated under equity method. The impact ofnon-,;onsolidation, however, is not material.
11. The Joint Venture Company, HAL-Edgewood Technologies Private Limited, has not prepared the financial
statements for the three months ended 30 June 2025, and accordingly not considered for consolidation. The impact
of non-consolidation, however, is not material. The Board ir.. its 406th meeting held on 22 September, 2017,
accorded in principle approval for Voluntary winding up I closur ~of HAL-Edgewood Technologies Private Limited
enabling the Company to take further action in the matter.
12. The Joint Venture Company Helicopter Engines MRO Private Limited has prepared the financial statements for
the three months period ended 30 June 2025. The Group's share of loss of Rs.l5 lakh has been considered in
consolidated financial results under the equity method of accoutlting based on the unaudited Financial statement,
certified by the management. The impact on consolidation, ho\'1 ever, is not material.
13. Existing FPQ (arising out of 3rd PPRC) is up to 2022-23. 4th PPRC is under progress, due to which the prices for
the year 2023-24 and onwards is yet to be firmed up . Hence, pending finalisation of approval for the fixation of
FPQprices for subsequent years 2023-24 and 2024-25, Sales have been recognized provisionally based on the indices
provided by Air HQ. For the period ended 30.06 .2025, Divisions have recognized FPQ sales by considering the
provisional prices of 2024~25 .

I
 14. The Board of Directors of the Company, at its meeting held 01 27 June, 2025, had recommended a final dividend
ofRs.15 per equity share (300% of the face value ofRs.5 per ec uity share) for the financial year 2024-25 in addition
to one interim dividen-d·of Rs.25 per equity share (500% of the face value of R.s.5 per equity share) which is subject
to the approval of shareholders in the ensuing Annual General Meeting.

For

GUPTANAYAR& CO
rsU;.
--
BARENYA SENHPATI Dr. D.K. SUNIL
Chartered Accountants

Firm Registration No. 008376N

CA NANDLAL AGARWAL
Director (Finance) & CFO Chairman & Managing Director
DIN: 085259·l3 DIN: 09639264
r-0
rc v-J-
Partner
Membership No.091272
SHAILESH BANSAL
Place: Bengaluru
Date: 12.08.2025

I
FCS No.5064
 C\
A""' '1-tv--]!
CA
IND IA
~J«p:ta ~ & ~.
CHARTERED ACCOUNTANTS
Head Office: 610, Jaksons Crown Heights, Plot No. 3 B1,
Twin District Centre, Sector-10, Rohini, Delhi-11 0085
e-mail : [email protected], [email protected]
Mob.: 9818462655, 9414075928, 9810200957
Phone : 011-45587632

~· ..
INDEPENDENT AUDITOR'S REPORT

TO THE BOARD OF DIRECTORS OF HINDUSTAN AERONAUTICS LIMITED

Report on the audit of the Standalone Finandal Results

Opinion

We have audited the accompanying standalone quarterly financial results of Hindustan

Aeronautics Limited for the quarter ended 30th June 2025 attached herewith, being
submitted by the company pursuant to the requ rement of Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
("LODR Regulations") .

In our opinion and to the best of our informatic ·n and according to the explanations
given to us these standalone financial results:

a) are presented in accordance with the requi rements of Regulation 33 of the LODR
Regulations in this regard; and
b) Give a true and fair view in conformity w ith the recognition and measurement
principles laid down in the applicable Indian accounting standard 34 "Interim
Financial Reporting" ("Ind AS 34") pn:Scribed under section 133 of the
Companies Act,2013 (the "Act") read with relevant rules issued thereunder and
other accounting principles generally accepted in India of the net profit and other
comprehensive income and other financial nformation for the quarter ended 30th
June 2025 .

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act, 201J (the Act). Our responsibilities under
those Standards are further described in the Aud itor's Responsibilities for the Audit of
the Standalone Financial Results section of our report . We are independent of the
Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical rE !quirements that are relevant to our
audit of the financial results under the provisions of the Act and the Rules thereunder
and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the Code of Ethics . We believe that the audit evidence obtained by
us and other auditors in terms of their reports referred to in "Other Matter" paragrap,~;:;........;;~
below, is sufficient and appropriate to provide a b3sis for our opinion . 'l?':~p...Y~R« 00
A;, rl/
Q.. 'I' .
5* r?.~·.uus~lo~ *
Ne'~'~ oe\'!\1 -p
Cl ~
'5~ o'><::-
"tered ,..,cc

website : www.gupt;~ n ayar.com

----------------------------------------------
B.O.: i) Plot No.135, Doctors Colony, DCM, Ajmor Road , Jaipur - 302021 (Rajasthan)
8 .0.: ii) Flat No. A-1002, August Grand, Sarjllpur Man Road, 8engaluru - 560035 (Karnataka)
8.0.: iii) N1 - 401, Nandanvan-2, V IP Road, VESU, S urat - 395007 (Gujarat)
 Emphasis of Matter Paragraph

P;· Attention is invited to Notes to the Fina, ·, ci,~l Results extracted below :

Note 3:

·· ~'linistry
vide OM dated 12 .07.2023 has conve ~ red the approval for increasing the
Company's contribution to the Pension Scheme of Executives from existing 7% to 10%
of Basic Pay+ DA w .e.f . 0 .1.01.2017. Revision of Pension contribution from 7% to 10%
of Basic Pay + DA w.e.f 01.01.2017 has been mace in respect of Ex ecutives who are on
the rolls of the Company as on the date of impli ~ mentation of the revised ceiling i.e.
01.01.2017 implemented during 2023-24.
In respect of Workmen, Company issued Circula r dated 24.04.2025 has conveyed the
approval for increasing the Company's contribution to the Pension Scheme from existing
7% to 10% of Basic Pay+ DA w .e.f. 01.01.2025 . Revision of Pension contribution from
7% to 10% of Basic Pay+ DA w .e.f 01.01.2025 has been made in respect of workmen
who were on the rolls of the Company as on the elate of implementation of the revised
ceiling during March 2025.

The additional liability accru ing to the Company due to the increased ceiling in respect
of workmen is Rs. 1113 lakh perta ining to the quarter ended 30 .06 .2025 (previous
quarter 30.06.2024: Nil) . Accordingly, employees cost for the current period is not
comparable with the corresponding previous period.

Note 4:

Revision of pay scales of ex ecutives and workmE ~ n, with effect from 01.01.2017 was
implemented in accordance with the guidelines issued by Department of Public
Enterprises vide OM dated 03.08.2017 for Executi'Jes and in accordance w ith the Wage
Agreement entered into between Management an j Employees Union representative in
2019-20 in respect of Workmen.

On an interpretation on pay refixation and l)ursuant to the di rectives of the

Administrative Ministry, the pay fixation to be revi ;ed and the excess amount paid is to
be recove red from the employees. Based on the ,jirectives Company issued a Circular
dated 24 .07.2021 and the commun ication dated 25.07.2021 for recovery of the excess
amount.

While so, the Employees Union and Officers Assxiation had filed Writ Petition with
Honorable High Court of Karnataka to stay recovery of excess amount of salary paid by
the Company. The Honorable High court given ve njict in favour of Officers Associations
by setting aside the Circular dated 24.07.20 ~1 and the communication dated
26.07.2021 issued by the Management. The order ;)f the Honorable High Court in favour
of Officers was put up to the Board in its 490th ['.leeting held on 12.02.2025 . Board
has noted the judgement of the Honorable High Court and accorded approval to abide
by the Court order. Accordingly, the differential a mount withhe ld by the Manageme:.J.l:::;:=~
in respect of Ex-officers has been released /refunded to the con cerned ~AYA}i> cf
office rs/Nominees along with applicable interest during 2024-25. .§ V ~
~ FRN:008376N .*
Cl New Delhi "
~.;> 'b~
'7.e,.edAcco~<-"

2
In respect of Workmen, the Court Order is awaited, hence, reduction of salaries and
wages in respect of workmen recovery for the period ended 30.06 .2025 of Rs. 581 lakh
(30.06.2024: Rs. 579 lakh)tgiven effect in the books. Excess amount credited to
salaries and Wages in respect of Workmen has been shown under claims receivable
(Gross) of Rs.169711akh as .at 30.06.2025 (31.03.2025: Rs.16390 lakh). ·Based on the
final verdict, decision in respect of workmen wil l be taken and suitable .effect will be
carried out in the accounts.

Note 5:

Inventory were damaged due to floods caused by rains during September 2022. Based
on the internal technical assessment, the loss of [nventory was estimated as Rs.7,856
lakh. Subsequently, based on the findings, as part of the exercise to submit an
insurance claim, the actual loss towards company owned items was reassessed as
Rs.1,0011akh and towards customer owned and si5ter division owned items as Rs.5,590
lakh. For the same, a provision was created in th1~ books of accounts for Rs.1,001 lakh
as redundancy charges and Rs.5,590 lakh as rEplacement charges during 2023-24 .
Based on the insurance claims submitted by the d vision for company owned items, the
Insurance Surveyor has assessed loss of Rs. 688 lakh, for which an advance amount of
Rs. 250 lakh is received as interim settlement and the balance receivable from insurer
of Rs. 438 lakh is shown under claims receivable as at 31 March, 2025. Further, during
the year, based on the feedback received from OEMs on retrieval of the items, the
Company has reassessed the loss of inventory as Rs. 3,664 lakh against Rs.5,590 lakh
assessed during 2023-24. Hence, Rs.3,664 lakh hilve been retained under provision for
replacement and future charges and the balance provision of Rs.1,926 lakh towards
inventory retrieved back have been reversed during 2024-25. Insurance claims of Rs.
688 lakh admitted by the Insurer, hence redundan ,:y charges for the same amount have
been reversed during 2024-25. Accordingly. no inventory lying in the books as on
30.06.2025 which was damaged due to floods.

Note 6:

The Company has invested in "Systems Testing 2nd Research for Advanced Materials
Foundation" which has been incorporated as a Section 8 Company under the Companies
Act, 2013 on 18 September 2024. Hindustan Aer ::mautics Limited has invested Rs.61
lakh i.e. 61,250 Equity Shares of Rs.100 each towards 20% of the subscription shares
in the Section 8 Company. Total 61,250 Equit~, Shares have been allotted to the
Company as at 30 June, 2025.

Note 13:

Existing FPQ (arising out of 3rd PPRC) is up to 2( ,22-23. 4th PPRC is under progress,
due to which the prices for the year 2023-24 and onwards is yet to be firmed up. Hence,
pending finalisation of approval for the fixation of FPQ prices for subsequent years 2023-

3
by Air HQ. For the period ended 30 .06.2025, Di'tisions have recognized FPQ sales by
considering the provisional prices of 2024-25.

II. We draw attention that the Company is not complying with Regulation 17(1) of
the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as
amended, and Section 149( 4) of the Companies Act, 2013 pertaining to the required
composition of its Board of Directors .

Our opinion is not modified in respect of these m<ltters.

Management's Responsibilities for the Standalone Financial Results

These Standalone quarterly financial results hav ~ been prepared on the basis of the
interim financial statements . The Company's Board of Directors are responsible for the
preparation of these standalone financial results that give a true and fair view of the
net profit and other comprehensive income and other Financial information in
accordance with the recognition and measurement principles laid down in Indian
Accounting Standard 34 'Interim Financial Reporting' prescribed under Section 133 of
the Act read with relevant rules issued there u nder and other accounting principle
generally accepted in India and in compliancE with Regulation 33 of the LODR
Regulations. This responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the .1\,ct for safeguarding of the assets of
the Company and for preventing and detecting fra Jds and other irregularities, selection
and application of appropriate accounting policie ;; making judgments and estimates
that are reasonable and prudent; and design i nplementation and maintenance of
adequate internal financial controls that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the standalone financial results tr at give a true and fair view and are
free from material misstatement, whether due to l'raud or error

In preparing the standalone financial results, the Eloard of Directors are responsible for
assessing the Company's ability to continue as a going concern, disclosing, as
applicable, matters related to going concern an d using the going concern bfJSis of
accounting unless the Board of Directors either intends to liquidate the Company or to
cease operations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial
reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assura 1ce about whether the standalone
financial results as a whole are free from material misstatement whether due to fraud
or error and to issue an auditor's report that includE·S our opinion. Reasonable assurance

4
As part of an audit in accordance with SAs, WE exercise professional judgment and
maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks ofmaterial misstatement of the standalone financial
results, whether due to fraud or error, clesign and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the company's
internal control.
• Evaluate the appropriateness of accountin g policies used and the reasonableness
of accounting estimates and related disclo~ . ures made by the Board of Directors.
• Conclude on the appropriateness of the 13oard of Directors' use of the going
concern, basis of accounting and, based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company's ability to continue as a going concern. If we
conclude that a material uncertainty exists we are required to draw attention in
our auditor's report to the related disclosUI·es in the standalone financial results
or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our auditor's report.
However, future events or conditions m< 1y cause the Company to cease to
continue as a going concern.
• Evaluate the overall presentation, structJre and content of the standalone
financial results, including the disclosures, :md whether the standalone financial
results represent the underlying transactions and events in a manner that
achieves fair presentation.

We communicate with those charged with governa 11 ce regarding, among other matters,
the planned scope and timing of the audit and significant audit findings, including any
significant deficiencies in internal control that we i·jentify during our audit.

We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding indeiJendence, and to communicate with
them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

Other Matters

The Standalone Financial Results also include the a Jdited Financial Results and financial

5
The Independent Auditors Reports on the int€~ r im financial statements 1 financial
information of these Divisions have been furnishEd to us, and our opinion in so far as it
relates to the amounts and disclosures included in respect of these Divisions, are based
solely on the report of such at..:d itors and the procedures performed by us are as stated
in paragraph above.

The Standalone Financial Results includes comparative financial results of the company
for quarter ended 30th June, 2024, which have been audited by the predecessor
auditors, M/s A. John Moris & Co., Chartered !\ccountants, who has expressed an
unmodified opinion vide their audit reports dated 14th August, 2024.
Our opinion is not modified in respect of these m11tters.

FOR GUPTA NAYAR & CO.

Chartered Accountants
Firm Reg. No. 008376N

~th
;--'
Nandlal Agarwal
Partner
M No. 091272
Place: Bengaluru
Date: 12.08.2025
UDIN: 25091272BMSCAT3308

6
CA
INDIA
tfoltta ~ & e,.
CHARTERED ACCOUNTANTS
Head Office: 610, Jaksons Crown Heights, Plot No.3 B1,
Twin District Centre, Sector-10, Rohini, Delhi-110085
e-mail : [email protected], [email protected]
Mob.:9818462655, 9414075928,98 10200957
Phone : 011-45587632

INDEPENDENT AUDIToR'S REPORT

TO THE BOARD OF DIRECTORS OF HINDUSTAN AERONAUTICS LIMITED

Report on the Audit of the Consolidated Finc1ncial Results

Opinion

We have audited the accompanying Statement of Consolidated Financial Results of

Hindustan Aeronautics Limited ("Holding Company") and its subsidiaries (holding
company and its subsidiaries together referred tc as the "Group"), its jointly controlled
entities for the quarter ended 30th June 2025 ("th1~ Statement"), being submitted by the
Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, as amended ("LODR
Regulations").

In our opinion and to the best of our informatic'n and according to the explanations
given to us, and based on the consideration of the reports of the other auditors on
separate audited financial statements/ Financial results/ financial information of
subsidiaries, and jointly controlled entities, the Statement:

a)· Includes the quarter ended 30th Jun1~ 2025, the financial results of the
following entities:

S. No. Subsidiaries

1 Naini Aerospace Limited

2 Indo Russian Helicopters Limited (IRHL)

S.No Joint Ventures

1 BAe-HAL Software Ltd.

2 Safran HAL Aircraft Engines Private Ltd .

3 Indo Avia Services Limited (Erstwhile k11own as Indo Russian Aviation Ltd .)

4 HALBIT Avionics Pvt. Ltd .

5 SAMTEL HAL Display Systems Ltd.

6 HATSOFF Helicopter Training Pvt. Ltd.

7 International Aerospace Manufacturing )vt . Ltd . I

l

8.0.: i) Plot No.135, Doctors Colony, DCM, Ajme r Road, Jaipur- 302021 (Rajasthan) \
8.0.: ii) Flat No. A-1002, August Grand, Sa~apur Mai11 Road , 8engaluru- 560035 (Karnataka)
8.0.: iii) AJ1- 401, Nandanvan-2, VIP Road, 'IESU, Surat- 395007 (Gujarat)
8# Helicopter Engines MRO Pvt. Ltd .

9 SAFHAL Helicopter Engines Pvt. Ltd

10 Multi ; ole Transport Aircraft Ltd .

11* HAL Edgewood Technologies Private Li mited

12* Infotech HAL Limited

#The Group's share of loss of Rs.15 lakh has bet!n considered in consolidated financial
results under the equity method of accounting be sed on the unaudited accounts.

*Not considered in Consolidation as the financial results were not made available till the
date of our report .

b) is presented in accordance with the requirements of Regulation 33 of the

LODR Regulations, as amended; and
c) gives a true and fair view in co 1formity with the recognition and
measurement principles laid down i 1 the applicable Indian accounting
standard 34 "Interim Financial Reporting" ("Ind AS 34") prescribed under
section 133 of the Companies Act,201J (the "Act") read with relevant rules
issued thereunder and other accountins principles generally accepted in India
of the consolidated net profit and consolidated total comprehensive income
and other financial information of the Ciroup for the quarter ended 30th June
2025.

Basis for Opinion

We conducted our audit in accordance with the St;mdards on Auditing ("SA"s) specified
under section 143(10) ofthe Companies Act, 201:: (the Act). Our responsibilities under
those Standards are further described iii Auditor's Responsibilities for audit of the
consolidated financial results section of our report. We are independent of the Group,
its Jointly controlled entities in accordance with the Code of Ethics issued by the Institute
of Chartered Accountants of India ("ICAI") togetht! r with the ethical requirements that
are relevant to our audit of the consolidated financial results under the provisions of the
Act and the Rules thereunder, and we have fulfille·j our other ethical responsibilities in
accordance with these requirements and the ICAI'~; Code of Ethics . We believe that the
Emphasis of Matter

I. Attention is invited to Notes to the Financial results extracted below:

Note 3: ·. r·· ·i..- .•

Ministry vide OM dated 12.07.2023 has conveyed the approval for increasing the
Company's contribution to the Pension Scheme of Executives from existing 7% to 10%
of Basic Pay+ DA w .e.f. 0 .1.01.2017. Revision of Pension contribution from 7% to 10%
of Basic Pay+ DA w.e.f 01.01.2017 has been made in respect of Executives who are on
the rolls of the Company as on the date of implementation of the revised ceiling i.e.
01.01.2017 implemented during 2023-24 .
In respect of Workmen, Company issued Circulal' dated 24.04 .2025 has conveyed the ..
approval for increasing the Company's contributio 1 to the Pension Scheme from existing
7% to 10% of Basic Pay+ DA w.e.f. 01.01 _.2025. Revision of Pension contribution from
7% to 10% of Basic Pay+ DA w.e.f 01.01.2025 has been made in respect of workmen
who were on the rolls of the Company as on the ,jate of implementation of the revised
ceiling during March 2025.

The additional liability accruing to the Company cue to the increased ceiling in respect
of workmen is Rs. 1113 lakh pertaining to the ~ uarter ended 30.06.2025 (previous
quarter 30.06.2024: Nil). Accordingly, employE ·es cost for the current period is not
comparable with the corresponding previous peric ·d.

Note 4:

Revision of pay scales of executives and workmE~n, with effect from 01.01.2017 was
implemented in accordance with the guidelines issued by Department of Public
Enterprises vide OM dated 03.08.2017 for Executi .res and in accordance with the Wage
Agreement entered into between Management and Employees Union representative in
2019-20 in respect of Workmen.

On an interpretation on pay refixation and I)Ursuant to the directives of the

Administrative Ministry, the pay fixation to be revi::;ed and the excess amount paid is to
be recovered from the employees. Based on the directives Company issued a Circular
dated 24.07.2021 and the communication dated 25.07.2021 for recovery of the excess
amount.

While so, the Employees Union and Officers AsS•)Ciation had filed Writ Petition with
Honorable High Court of Karnataka to stay recovery of excess amount of salary paid by
the Company. The Honorable High court given verdict in favour of Officers Associations
by setting aside the Circular dated 24.07.20n and the communication dated
26.07.2021 issued by the Management. The order l)fthe Honorable High Court in favour
of Officers was put up to the Board in its 490th rv eeting held on 12.02.2025. Board
has noted the judgement of the Honorable High Cl)urt and accorded approval to abide
by the Court order. Accordingly, the differential amount withheld by the Management
in respect of Ex-officers has been released /refunded to the concerned Ex-
officers/Nominees along with applicable interest dLring 2024-25.

3
'·
In respect of Workmen, the Court Order is awa ited, hence, reduction of salaries and
wages in respect of workmen recovery for the pe ·iod ended 30.06.2025 of Rs . 581 lakh
(30.06 .2024 : Rs. 579 lakh) given effect in the books . Excess amount credited to
salaries and Wages in respect of Workmen has been shown under,,claims receivable
(Gross) of Rs.16971 lakh as at 30 .06 .2025 (31.0::.2025: Rs.16390 lakh). Based on the
final verdict, decision· in respect of workmen will be taken and suitable effect will be
carried out in the accounts.

Note 5:

Inventory were damaged due to floods caused by rains during September 2022. Based
on the internal technical assessment, the loss of Inventory was estimated as Rs.7,856
lakh. Subsequently, based on the findings, a~ ; part of the exercise to submit an
insurance claim, the actual loss towards compc: ny owned items was reassessed as
Rs.1,001 lakh and towards customer owned and sister division owned items as Rs.5,590
lakh. For the same, a provision was created in th =books of accounts for Rs.1,001 lakh
as redundancy charges and Rs.5,590 lakh as n ~ placement charges during 2023-24.
Based on the insurance claims submitted by the division for company owned items, the
Insurance Surveyor has assessed loss of Rs. 688 lakh, for which an advance amount of
Rs. 250 lakh is received as interim settlement and the balance receivable from insurer
of Rs. 438 lakh is shown under claims receivable c:s at 31 March, 2025. Further, during
the year, based on the feedback received from OEMs on retrieval of the items, the
Company has reassessed the loss of inventory as Rs. 3,664 lakh against Rs.5,590 lakh
assessed during 2023-24. Hence, Rs.3,664 lakh h;JVe been retained under provision for
replacement and future charges and the balancE provision of Rs.1,926 lakh towards
inventory retrieved back have been reversed during 2024-25. Insurance claims of Rs.
688 lakh admitted by the Insurer, hence redundan·:y charges for the same amount have
been reversed during 2024-25. Accordingly . no inventory lying in the books as on
30.06 .2025 which was damaged due to floods.

Note 6:

The Company has invested in "Systems Testing and Research for Advanced Materials
Foundation" which has been incorporated as a Section 8 Company under the Companies
Act, 2013 on 18 September 2024. Hindustan AerJnautics Limited has invested Rs.61
lakh i.e . 61,250 Equity Shares of Rs.100 each towards 20% of the subscription shares
in the Section 8 Company. Total 61,250 Equity Shares have been allotted to the
Company as at 30 June, 2025.

Note 9:

Notes specific to Joint Ventures

(i) In respect of HATSOFF Helicopter Training Private Limited
Going Concern
The Company has made a net profit of Rs. 667.3~l lakhs for the three months period
ended 30th June 2025 and, as of that date, the Company's current liabilities exceeded
..,-;;::;=:::::-....
its current assets by Rs .

4
date, the Company has significant accumulated losses which have resulted in erosion
of networth . The networth of the Company as at 30th June 2025 is Rs. 1,004.39 lakhs
(31st March 2025 was Rs . 337.10 lakhs)
Further, OEM declared obsolescence of the curre11t projector system and consequent to
this, OEM stopped the product support. Anticipating the criticality of the situation,
HATSOFF had procured sufficient spares in 201ll-15 itself to support operations up to
Sep 2018. As no viable resolution was found until September 2018, HATSOFF found a
local vendor who does repairs to the used projectors . The cost of replacement with new
projector systems requires INR 28 Crores excluding duties and taxes and the lead time
for supply and commissioning of new projector s)'stems would be 6-8 months .
Under the Supply Contract 2008 with CAE Inc, Canada, the Company is still awaiting
the delivery of the Military Dhruv Cockpit, with a price of USD 6,892,777. An amount of
USD 4,892,777 was paid against proforma invoice, as per agreed milestones. Revised
estimated price is USD 1,36,92,777 as per the mst escalation quoted by CAE Inc in
June 2019, was valid up to March 2020. The Comoany is negotiating for the final quote
and delivery schedules from CAE Inc. Funding for 3bove cost escalations will be decided
after agreeing with final price and delivery sched ules.
However, these financial statements have been prepared on a going concern basis,
notwithstanding the above factors in view of the fJIIowing:
1) Board has affirmed that Company has the abil ty to meet all the obligations.
2) The Company has been able to get the multi-ye3r contracts from Defence forces with
increased training hours.
3) The Company along with the shareholders am presently pursuing several options
with the Company's bankers, viz. ICICI Bank.
4) The Company has paid, ECB Principal of Rs. 1,950.59 Lakhs (USD 2,250,000) during
the reporting period and previous year Rs. 3,60( .00 Lakhs (USD 4,217,066) against
ECB overdue Installments at various dates and serviced interest up 04th September
2023. Considering the promoters ability to fund the companies requirements and
procure orders for execution, management is of the opinion that company is a going
concern.

(ii) In respect of HALBIT Avionics Private Ltd

Material Uncertainty Related to Going Concem
The Company, as on June 30 2025, has a net liabi lity of Rs 1016.58 lakhs (March 31st
2025: Rs 1,015.30 lakhs) and a net current liabili ty of Rs 1093.02 lakhs (March 31st
2025 : Rs 1,088.45 lakhs) indicating existence of an uncertainty that may cast doubt
upon the Company's ability to continue as a goinq concern. However, the bulk of its

5
current liability is subject to the satisfactory completion of the performance obligations
by the supplier, who is also a shareholder of this joint venture Company . Besides this,
the Company continues to generate positive cash flows from its operations and plans to
liquidate the liability in a phased manner. The Company expects to fund its operating
and capital expenditure and continue business operations. Accordingly, the
management has determined. that these act1ons are sufficient to mitigate the
uncertainty and has prepared the financial statements on a going concern basis .

(iii) In respect of Multirole Transport Aircra1t Limited

Board in its 47th Meeting held on 09th February, 2023, approved the following
resolution: "Subject to the necessary approval being obtained from the Government of
India, in principle approval of the Board was acco rded for the Voluntary Liquidation of
the Company in accordance with its Articles of Association, Shareholders Agreement
and other relevant contracts, provisions of Sectic n 59 and other applicable provisions
of the Insolvency and Bankruptcy Code 2016 reacl with the Insolvency and Bankruptcy
Board of India (Voluntary Liquidation Process) Regulations, 2017 and other provisions
of the Companies Act 2013 and relevant rules anc any other law as may be applicable .
Hence, on fulfillment of the following steps, the Going Concern assumption will become
inappropriate-
i. Receipt of Government of India approval for closure of the Company,
ii. Adopting unanimous resolution with affirmative vote by all the directors as per Para
9.4(h) of the Shareholders Agreement read witl Para 147(2)(h) of the Articles of
Association, recommending liquidation of the Com pany to the General Meeting.
iii. Adopting necessary resolutions for Voluntary Liquidation of the Company in the
Members General Meeting as per the provisions Df Insolvency and Bankruptcy Code,
2016.
iv. Adherence of procedures for closure of MTAL Mo;cow Branch in compliance with rules
and regulations of Russian Federation.
v. Compliance of all other necessary steps as per internal rules and regulations of the
Company, as well as applicable statutory provision~; of the respective country (i.e. India
and Russian Federation) for closure of the compan·(."

Note 10:

The audited/reviewed financial statements of Infotech HAL Ltd, joint venture of

Hindustan Aeronautics Limited are not made ava ilable and hence not considered in
 Note 11:

The Joint Ventu re Company, HAL- Edgewood T=chnologies Private Limited, has not
prepared the financial statements for the thre = months ended 30 June 2025, and
accordingly not considered for consolidation. The impact of non-consolidation , however,
is not material. The Board in its 406th meeting held on 22 September, 2017, accorded
in principle approval for voluntary winding up I c osu re of HAL-Edgewood Technologies
Private Limited enabling the Company to take further action in the matter.

Note 12:

The Joint Venture Company Helicopter Engines ~IRO Private Limited has prepared the
financial statements for the three months period ended 30 June 2025. The Group's
share of loss of Rs .15 lakh has been considered in consolidated financial results under
the equity method of accounting based on the unaudited financial statement, certified
by the management. The impact on consolidation, however, is not material.

Note 13:

Existing FPQ (arising out of 3rd PPRC) is up to 2 ) 22-23. 4th PPRC is under progress,
due to which the prices for the year 2023-24 and cnwards is yet to be firmed up . Hence,
pending finalisation of approval for the fixation of FPQ prices for subsequent years 2023-
24 and 2024-25, Sales have been recognized provi ;ion ally based on the indices provided
by Air HQ. For the period ended 30 .06.2025, Divisions have recognized FPQ sales by
considering the provisional prices of 2024-25 .

II. We draw attention that the Company is not complying with Regulation 17(1) of the
SEBI (Listing Obligations and Disclosure Re wirements) Regulations, 2015, as
amended, and Section 149(4) of the Companie~ Act, 2013 pertaining to the required
composition of its Board of Directors .

Our opin ion is not modified in respect of the abovE matters

Management Responsibilities for the Consoliclated Financial Results

These quarterly consolidated financial results hav1~ been prepared on the basis of the
interim financial statements .

The Holding Company's Board of Directors are responsible for the preparation and
presentation of these consolidated financial results t hat give a true and fair view of the
including its jointly controlled entities in accordance with the recognition and
measurement principles laid down in Indian Acccunting Standard 34, 'Interim Financial
Reporting' prescribed under Section 133 of the Act, read with relevant rules issued
thereunder and other accounting principles qenerally accepted in India and in
compliance with Regulation 33 of the LODR F.egulations. The respective Board of
Directors of the companies included in the Group and of its jointly controlled entities ~.

are responsible for maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the Group and its jointly controlled
entities and for preventing and detecting frauds :md other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and the design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the consolidated financial results :hat give a true and fair view and are
free from material misstatement, whether due to fraud or error, which have been used
for the purpose of preparation of the consolidate j financial results by the Directors of
the Holding Company, as aforesaid.

In preparing the consolidated financial results, tht~ respective Board of Directors of the
companies included in the Group and of its jointly controlled entities are responsible for
assessing the ability of the Group and of its jointly controlled entities to continue as a
going concern, disclosing, as applicable, matters n~lated to going concern and using the
going concern basis of accounting unless the respedive Board of Directors either intends
to liquidate Group or to cease operations, or have no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its
jointly controlled entities are responsible for overseeing the financial reporting process
of the Group and of its jointly controlled entities.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assura nce about whether the consolidated
financial results as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditor's report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a quarantee that an audit conducted in
accordance with SAs will always detect a mat1~rial misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the
decisions of users taken on the basis of these cons)lidated financial results.

8
As part of an audit in accordance with SAs, wt~ exercise professional judgment and
maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of materic:tl misstatement of the Consolidated

Financial Results, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and <)btain audit evidence that is sufficient
and appropriate to provide a basis for ou · opinion. The risk of not detecting a
material misstatement resulting from fraucl is higher than for one resulting from
error, as fraud may involve collusic ·n, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design

audit procedures that are appropriate in thE circumstances but not for the purpose
of expressing an opinion on the effectiveness of the company's internal control.

• Evaluate the appropriateness of accountin~ l policies used and the reasonableness

of accounting estimates and related disclo~ures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors' use of the going

concern basis of accounting and, based on the audit evidence obtained, whether
a material uncertainty exists related to events or conditions that may cast
significant doubt on the ability of the Group and of its jointly controlled entities to
continue as a going concern. If we concludt~ that a material uncertainty exists, we
are required to draw attention in our auditl)r's report to the related disclosures in
the consolidated financial results or, if sud disclosures are inadequate, to modify
our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor's report. However, future events or conditions may cause the
Group and of its jointly controlled entities to cease to continue as a going concern.
• Evaluate the overall presentation, structure, and content of the consolidated
financial results, including the disclosures, and whether the consolidated financial
results represent the underlying transactions. and events in a manner that
achieves fair presentation.

• Obtain sufficient appropriate audit evideno~ regarding the financial information of

the entities within the Group and of its jc ·intly controlled entities to express an
opinion on the consolidated Financial Results. We are responsible for the direction,
supervision and performance of the audit of financial information of such entities
included in the consolidated financial results of which we are the independent
auditors . For the other entities included in the consolidated Financial Results,
which have been audited by other auditors, such other auditors remain responsible

9
 for the direction, supervision and performance of the audits carried out by them.
We remain solely responsible for our audit c1pinion.

We communicate with those charged with govern<: nee of the Holding Company and such
other entities included in the consolidated fin ;mcial results of which we are the
independent auditors regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including ~ny significant deficiencies in internal
control that we identify during our audit.

We also provide those charged with governance wi th a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with
them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safequards.

Other Matters

1. The consolidated Financial Results include the audited Financial Results of two
subsidiaries, whose interim financial state nents I financial information reflect
Group's share of total assets of Rs. 4039 Lakhs as at 30th June 2025, Group's
share of total revenues of Rs 188 Lakhs and Group's share of total net loss after
tax of Rs 187 Lakhs for quarter ended on :lOth June 2025, as considered in the
consolidated financial results, which haVE ! been audited by their respective
independent auditors.
The Consolidated financial results also inciL de Group's share of Net Profit of Rs
1028 lakhs for quarter ended on 30th June 2025, as considered in the
consolidated financial results, in respect of Twelve Joint ventures (Financial
results not provided for two joint ventures>, which have been audited by their
respective independent auditors except for Helicopter Engines MRO Private
Limited, where the unaudited financial results reflecting the Group's share of loss
of n5 lakh have been considered.

The independent auditors reports on inte,·im financial statements/ Financial

Results/ financial information of these entitiE ·s have been furnished to us and our
opinion on the consolidation Financial ResJits, in so far as it relates to the
amounts and disclosures included in respect of these entities, is based solely on
the report of such auditors and the procedures performed by us are as stated in
paragraph above.
Our opinion on the Consolidated Financial Results is not modified in respect of
the above matters with respect to our reliance on the work done and the reports

10
 of the other auditors and the Financial Results/financial information certified by
the Board of Directors.
2. The consolidated Financial Results include, the audited Financial Results/
:·· ·~:.
financial information of 29 Divisions of tht ! Company, whose financial statements
1 financial information reflect total asset~ of Rs 1,08,13,198 lakh as at June 30,
2025 , total income of Rs . 5,56,808 la khs and Net profit before Tax of Rs.
1,84J69 lakhs for the quarter ended ::oth June 2025, as considered in the
Standalone Financial Results which have been audited by the respective
independent auditors.
The Independent Auditors Reports on the interim financial statements I financial
information of these Divisions have been furnished to us, and our opinio~ in so
far as it relates to the amounts and di~closures included in respect of these
Divisions, are based solely on the report of such auditors and the procedures
performed by us are as stated in paragraph above.
3. The Consolidated Financial Results includt!S comparative financial results of the
company for quarter ended 30th June, 2024, which have been audited by the
predecessor auditors, M/s A. John Moris & Co., Chartered Accountants, who has
expressed an unmodified opinion vide tr eir audit reports dated 14th August,
2024.
Our opinion is not modified in respect of these matters.

FOR GUPTA NAVAR & CO.

Chartered Accountants
Firm Reg. No. 008376N; ·

, ,t,,.... \,

tj~trJ.t~~""

Nandlal Agarwal
Partner
M No. 091272
Place: Bengaluru
Date: 12.08.2025
UDIN: 25091272BMSCAV8845

11
 0
Al-t.k t..>s- f It

HINDUSTAN AERONAUTICS LI •1ITED

Rcgd.Office: 15 / 1 Cubbon Road, Bengal Jru~ 560 001
ern: L3530IKA1963GOI001622, TEL: 080 22320001 , email: in\'estors(ll hal-india.co.in website: www.hal-india. co .in
SJATE~IENT OF AIIDITED SJANDAI ONE AND CONSOLIDATED FINANCIAL i ESULTS FOR THE OUARTER ENDED 30TH JUNE 2025

Rs"Lkh
m a
Standalone Consolidated '
s. Qu~ f<r ended Year ended Quarter ended Year ended
Particulars Audited Audited Audited
No. Audited •• Audited Audited
' ::'i 30-Jun-25 30-Jun-24 31-Mar-25 30-Jun-25 30-Jun-24 31-Mar-25
I Total Income from Operations 4,81 ,91<, 4,34,757 30,98 ,092 4,8 1,901 4,34,750 30,98,095
2 Other Income 74,89< 73,764 2,56,553 74,709 73,635 2,56,169
3 Total Income 5,56,80! 5,08 ,521 33 ,54,645 5,56,610 5,08,385 33,54,264
4 Net Profit/ (Loss) for the period (before T ax and Exceptional Items) - 1,84,765 1,58 ,217 10,81 ,412 1,85,431 1,58,372 10,86, 137

5 Net Profit! (Loss) for the period before Tax (after Exceptional Items) 1,84,761 1,58 ,217 10,82,001 1,85,43 1 1,58,372 10,86, 726

6 Net Profit! (Loss) for the period after Tax (after Exceptional Items) 1,37,715 1,43,559 8,31 ,680 1,38 ,377 1,43,714 8,36,405

7 Total Comprehensive Income for the period [Comprising Profit/ (Loss) for the period 1,40,236 1,45,174 8,33 ,778 1,40,884 1,45,335 8,38,471
(after tax) and Other Comprehensive Income (after tax)]

8 Paid-up Equity Share Capital (Face value - R.s.5 each) 33,439 f - - - - 33,439 33,439 33 ,439 33,439 33,439
9 Other Equity excluding revaluation reserves 34,50,846 34,64,722
10 Capital Redemption Reserve 14,76 1 14,761

III Earnings Per Sh are (Face value ofR.s .5/- each) (EPS for the quarter are not
annualised) (in R.s.)
l(i)Basic 20.59 21.47 124.36 20.69 21.49 125.07
l(ii)Diluted 20.59 21.47 124.36 20.69 21.49 125.07
12 Net Worth (including Retained Earning) 34,84,285 34,98 ,517

Notes:
1 The Company has prepared these standalone and consolidated financial results in accordanc e with the Companies (Indian Accounting Standards) Rules, 2015
prescribed under Section 133 of the Companies Act, 2013.
2 The Statutory Auditors have issued unmodified opinion on the standalone and consolidated financial results of the Company for the quarter ended 30th June 2025 .

3 The above is an extract of the detailed format of quarterly audited financial results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations , 2015. The full format of the quarter! r audited financial results are available on the Stock Exchange websites
i.e. www.bseindia.com & www.nseindia.com and also on the Company's website www.hal-i n.dia.co.in. The same can be accessed by scanning the QR code
produced below.

Place : Bengaluru Dr. D .K. Su1il

Chairman & Managit tg Director

DIN: 096392 !4
Date: 12.08.2025