BENGALURU: Production of 41 new helicopters/aircraft, 102 new engines, overhaul of 198 aircraft/helicopters and 506 engines helped Hindustan Aeronautics Limited (HAL) achieve record revenues. Despite the Covid impact on its operations, the Bengaluru-headquartered Defence Public Sector Undertaking recorded revenues of over Rs 22,700 crore, provisional and unaudited, for the financial that year ended on March 31, 2021. The pandemic had disrupted the supply chain, both within and outside the country, for several months.
Despite that, it posted a revenue growth of around 6 per cent in the financial year 2020-21, thanks to improved productivity after suspending operations for one month at the beginning of the year, a HAL statement read. The corresponding figure for the previous year was Rs 21,438 crore. HAL got the largest-ever defence contract for 83 Light Combat Aircraft (LCA) MK-IA by an Indian company. That helped the PSU surpass the order book position by over Rs 80,000 crore, said R Madhavan, CMD, HAL.
The PSU ended the year with a positive cash balance of around Rs 6,700 crore as against borrowings of Rs 5,775 crore. The cash flow position has improved significantly with improved budget allocation from defence customers and it stands at over Rs 34,000 crore, including advance payment of around Rs 5,400 crore for 83 LCA MK1A contract. The state-owned aircraft-maker had taken several cost-cutting and austerity measures during the year that includes indigenisation of various components, increasing outsourcing efforts and rationalisation of manpower which is expected to facilitate the company to register double-digit growth in the Profit After Tax (PAT), the statement said.