THIRUVANANTHAPURAM: After running on losses ever since its formation in 2007, missile unit BrahMos Aerospace Thiruvananthapuram Ltd (BATL) had some good news on Friday.
In 2014-15, BATL has achieved a sales turnover of `43 crore against the previous fiscal’s sales of `32 crore. The ailing company has recorded an operating profit of `6 lakh, while the net profit stood at `78.73 lakh in the 2014-15 financial year, Sudhir K Mishra, CEO, BrahMos Aerospace Pvt Ltd (BAPL) said after chairing BATL’s annual board meeting here.
“For a company that had been referred to the Board of Industrial and Financial Reconstruction (BIFR) in September 2014, this is encouraging news,” Mishra told ‘Express.’ “This company has turned around after years of continuous loss-making. The credit for this goes to the employees, technicians and engineers. The state government also has given us ample support. It proves that this company has the inherent capability to deliver,” he said. “The bad news is that with accumulated losses to the tune of `24.2 crore, BATL is still within the purview of BIFR. But we hope to come out of it within three to four years. We are still a sick company, but a profit-making sick company,” he said.
“For the 2015-16 fiscal, BATL has set itself a sales target of `50 crore and is exploring new markets in India as well as abroad,” Mishra said. Within India, BATL is fishing for orders at Hindustan Aeronautics Ltd, Aeronautical Development Agency, Indira Gandhi Centre for Atomic Research and Bhabha Atomic Research Centre.
“We are also exploring the European and West Asian markets,” Mishra said. BATL was formed in 2007 by taking over the state government-run Kerala Hi-Tech Industries Ltd, Chakkai, for a token `1. But the company was bogged down by operational and administrative issues, leading to the reference to the BIFR in September 2014.