HAL: India’s state owned aircraft manufacturer Hindustan Aeronautics Limited clocked a record $3.01 billion (Rs 22,700 crore) in gross revenue in the financial year 2021-22 (April-March period) despite the outbreak of Covid-19 global pandemic that disrupted supply chains as the company also had to suspend operations for a month due to the lockdown imposed by Prime Minister Modi.
The Bengaluru based aircraft manufacturer registered a 6% year-on-year growth in its revenue as the corresponding figure for the previous financial year was $2.93 billion (Rs 21,438 crore).
“In spite of the COVID-19 pandemic that affected company’s operations and disrupted the supply chain (both within and outside the country), HAL has recorded a revenue in excess of Rs. 22,700 crores (provisional and unaudited) for the financial year ended on March 31, 2021,” the HAL said in a statement.
The HAL said it recorded a revenue growth of around 6% in FY 2020-21 due to the improved productivity after suspending the operations for one month in the beginning of the year.
READ: India’s NAL unveils a new two-seat trainer aircraft Hansa-NG
“The year 2020-21 was significant in terms of securing the largest ever defence contract of 83 LCA MK-IA by an Indian company. This helped the company surpass the order book position in excess of Rs. 80,000 crores,” says R Madhavan, Chairman and Managing Director of HAL.
HAL produces 41 jets, helicopters
According to the company, it was able to achieve record revenue by producing 41 new helicopters and aircraft, 102 new engines, overhaul of 198 aircraft, helicopters and 506 engines.
READ: Factually Incorrect: India’s HAL rejects dealings with Myanmar military
The cash flow position has improved significantly with improved budget allocation from defence customers and it stands in excess of Rs. 34,000 crores ($4.6 billion) including advance payment of around Rs. 5,400 crores ($736 million) for 83 LCA MK1A contract, the HAL said.
The company said it helped to liquidate all bank borrowings.
The company has ended the year with a positive cash balance of around $914 million (Rs 6,700 crores) as against borrowings of $788 million (Rs 5,775 crores) as on March 31, 2020.
READ: India’s DRDO testfires Helina, Dhruvasta anti-tank guided missiles
“HAL has taken various cost cutting and austerity measures during the year that include indigenisation of various components, increasing outsourcing efforts and rationalisation of manpower which is expected to facilitate the Company to register a double digit growth in the Profit After Tax (PAT),” the company said in the statement.
“Considering the anticipated growth in profits, HAL paid an interim dividend of Rs 30 per share (40 Cents) during the current financial year representing 300% on the face value of Rs 10 per share (14 cents),” it added.
*1 USD = 73.3027 INR
READ: India hikes border road development budget by over 7 per cent