Hindustan Aeronautics Limited (HAL), a Defence Public Sector Undertaking (DPSU) company, has achieved a remarkable milestone by recording its highest-ever revenue from operations in the financial year ending on March 31. The provisional and unaudited figures reveal a double-digit growth of around 11%, which is higher than the previous year’s 9%. The company has earned over Rs. 29,810 crore, compared to Rs. 26,928 crore in the preceding year.
“Despite the major supply chain challenges arising from geopolitical issues, the Company has met the expected revenue growth with improved performance for the entire year. As of March 31, the Company’s order book stands in excess of Rs 94,000 crore, with additional major orders expected during FY 2024-25,” said CB Ananthakrishnan, CMD, HAL.
According to the Company’s statement, HAL received fresh manufacturing contracts worth over Rs 19,000 crore and ROH contracts worth over Rs 16,000 crore during the financial year (FY) 2023-24.
In the current fiscal year 2023-24, HAL signed an export contract with the Guyana Defence Forces to supply two Hindustan-228 aircraft. “Due to the company’s proactive approach, HAL was able to deliver both aircraft within a month of signing the contract, setting a new record for timely delivery,” the statement stated.
The Company’s performance has improved across the board and has managed to sustain its growth momentum. The company added that an important achievement was marked by the successful maiden flight of the first production series fighter of LCA Mk1A on March 28.
The year FY2023-24 was quite notable for HAL, marked by a series of noteworthy achievements and high-profile visits. The company made significant progress in a number of areas, including customer satisfaction, branding and recognition, and building trust and confidence among stakeholders. Throughout the year, HAL remained committed to seeking opportunities for collaboration and developing new technologies. To this end, the company forged alliances with a range of global and Indian technology partners in an effort to drive innovation and advance its capabilities, HAL said.
During the year, HAL and General Electric, USA, signed an MoU for the ToT (Transfer of Technology) and Manufacturing of GE-414 aero engines in India for LCA MK2 Aircraft. The company would receive 80% technology transfer for this program, which would transform the Indian Aero Engine Manufacturing Ecosystem into a self-reliant one.
A Joint Venture, SAFHAL Helicopter Engines Pvt. Ltd., was formed with Safran Helicopter Engines, France, for the indigenous design and development of Engines for IMRH and DBMRH.
During the FY, HAL and Airbus signed a contract to establish MRO facilities for the A-320 family of aircraft in New Delhi. The statement said this collaboration will strengthen the Make-in-India mission and enhance export potential.
The company hoped that with a robust order book and accelerated delivery plan, HAL would sustain and improve its growth trajectory and support the Indian defence services in their endeavour to prepare the country for defence.
Ravi Shankar
