HAL revenue up 11 per cent this FY
BENGALURU: Hindustan Aeronautics Limited (HAL)--Defence public sector undertaking (PSU) recorded the highest ever revenue from operations of over Rs 29,810 crores (provisional and unaudited) for the financial year 2023-24.
The company registered a double-digit growth of around 11 per cent, compared to 9 per cent in 2022-23. The total revenue last year was capped at Rs 26,928 crores.
Despite major supply chain challenges arising due to geopolitical issues, the company met the expected revenue growth with improved performance for the year. “The order book stands over Rs 94,000 crores with additional major orders expected in the new financial year 2024-25,” said Ananthakrishnan, Chairman and Managing Director (Addl Charge), HAL.
HAL received fresh manufacturing contracts of over Rs 19,000 crores and Repair and Overhaul (ROH) contracts of over Rs 16,000 crores in 2023-24.
An export contract with Guyana Defence Forces for the supply of two Hindustan-228 aircraft was signed during 2023-24 and both the aircrafts were supplied in record time, within a month of signing the contract, noted a release by HAL.
A very significant milestone was also achieved with the first production series fighter of LCA Mk1A completing its maiden flight recently on March 28.
Other achievements include HAL and General Electric, USA signing an MoU for transfer of technology and manufacturing of GE-414 aero-engine for LCA MK2 Aircraft. The company will receive 80 per cent technology transfer for this programme, which is set to transform the Indian aero engine manufacturing ecosystem to be self-reliant.
A joint venture was initiated with Safran Helicopter Engines, France, for indigenous design and development of engines for Indian Multi-role Helicopter (IMRH) and Deck Based Multi-role Helicopter (DBMRH).
“HAL and Airbus signed a contract for establishing maintenance, repair, and operations (MRO) facilities for A-320 family of aircraft in New Delhi. This collaboration is expected to strengthen the ‘Make in India’ mission and also enhance export potential,” the statement read.