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India’s Hindustan Aeronautics Ltd (HAL) reported a rise in fourth-quarter profit on Thursday, helped by demand for its aircraft from the country’s defence ministry.

Consolidated net profit rose 52% year-on-year to 43.09 billion rupees ($516.2 million) for the three months ended March 31. Capital goods and manufacturing companies have benefited throughout fiscal 2024 from the Indian government’s push for higher capital expenditure. This extended into the fourth quarter.

The state-owned aerospace and defence company bagged orders worth 176 billion rupees during the quarter, up 135% from a year earlier, per Elara Capital.

The company’s order inflow includes the supply of 25 Dornier aircraft to the Indian Navy and orders for engines for MiG-29 aircraft, the brokerage said.

HAL, whose customers include the Indian Army, Navy and Air Force, along with aerospace corporations Airbus and Boeing, said revenue rose over 18% to 147.69 billion rupees.

Its two main businesses are manufacturing defence technology and aircraft maintenance, but it does not give a segment-wise break-up.

Its rivals Bharat Electronics and Bharat Dynamics have yet to report March-quarter results.

HAL’s shares jumped as much as 5.4% after the results.