BENGALURU: Aerospace giant Hindustan Aeronautics Ltd (HAL) has recorded the highest ever revenue of over Rs 24,000 crore (provisional and unaudited) for the financial year ending March 31, 2022, registering a 6 % revenue growth over the previous financial year. The corresponding figure for the previous year stood at Rs 22,755 crore.
“Despite the challenges of the second wave of Covid-19 during the first quarter of the year and the consequent production loss, the Company could meet the targeted revenue growth with improved performance during the balance period of the year”, said R Madhavan, Chairman & Managing Director, HAL. HAL achieved record revenue with the production of 44 new helicopters/aircraft, 84 new engines, overhauled 203 aircraft/helicopters and 478 engines.
Recently, HAL bagged a contract for the production of 15 Light Combat Helicopters (LCH), 10 for IAF, and five for the Indian Army at a cost of Rs 3,887 crore along with infrastructure sanctions worth Rs 377 crore.
The second wave of Covid-19 had forced HAL to declare a phased lockdown at various divisions during April and May 2021. The employees had put in additional hours in June and July 2021 to compensate for the loss of man-hours due to the lockdown.
Further, based on the improved financial performance and cash flow position, the credit rating agencies, Credit Analysis & Research Ltd (CARE)Ratings and ICRA Limited have upgraded the Company’s credit ratings from AA+ Stable to AAA/Stable during the financial year.
Considering the improved financial performance during the financial year, HAL paid an interim dividend of Rs 40 per share representing 400 per cent on the face value of Rs 10 per share during FY 2021-22.