HAL achieves record revenue of Rs 29810 Cr for FY 2023-24

Hindustan Aeronautics Limited (HAL), a leading Defence Public Sector Undertaking (DPSU) of India, has announced a significant milestone, recording its highest ever revenue from operations, exceeding Rs 29,810 crore for the financial year 2023-24.

Notably, this remarkable achievement reflects a notable growth rate of 11%, a substantial improvement from the previous fiscal year’s 9%.

The Bengaluru-headquartered company’s performance underscores its resilience amidst challenges, particularly in the supply chain, attributable to geopolitical factors.

Noteworthy, HAL is an Indian public sector aerospace and defence company, headquartered in Bangalore.

Established on 23 December 1940, HAL is one of the oldest and largest aerospace and defence manufacturers in the world.

Overcoming Supply Chain Challenges

Despite grappling with major supply chain disruptions, HAL demonstrated remarkable adaptability, ensuring the realization of its projected revenue growth.

In a TOI report, HAL CMD CB Ananthakrishnan, said, “Despite major supply chain challenges arising due to geopolitical issues, the company has met the expected revenue growth with improved performance throughout the year.

As of March 31, 2024, our order book exceeds an impressive Rs 94,000 crore, with additional major orders expected during FY 2024-25.”

Strong Order Book and Future Prospects

HAL’s order book stands at an impressive Rs 94,000 crore as of March 31, 2024, projecting a promising outlook for the upcoming fiscal year.

Ananthakrishnan highlighted the company’s robust order book, stating, “As on March 31, 2024, the company’s order book stands in excess of Rs 94,000 crore with additional major orders expected during 2024-25.”

Contracts and Collaborations

During the fiscal year 2023-24, HAL secured fresh manufacturing contracts exceeding Rs 19,000 crore and Repair and Overhaul (ROH) contracts surpassing Rs 16,000 crore, further bolstering its financial performance.

Notably, the company expanded its global footprint by signing an export contract with the Guyana Defence Forces for the supply of two Hindustan-228 aircraft.

These aircraft were delivered in record time, within a month of contract signing, showcasing HAL’s efficiency and commitment to meeting customer demands.

Strategic Alliances for Technological Advancement

HAL’s pursuit of technological advancement and innovation was evident through strategic collaborations with global partners.

Further, Ananthakrishnan emphasized the importance of such alliances, stating, “HAL continuously looks for opportunities to collaborate and develop newer technologies by forging alliances with global & Indian technology partners.”

The company signed a crucial Memorandum of Understanding (MoU) with General Electric, USA, for the transfer of technology and manufacturing of the GE-414 aero-engine in India for the LCA MK2 Aircraft.

Additionally, HAL formed a joint venture, “SAFHAL Helicopter Engines Pvt Ltd,” with Safran Helicopter Engines, France, for the indigenous design and development of engines for the Indian Multi-Role Helicopter (IMRH) and Deck-Based Multi-Role Helicopter (DBMRH).

Enhancing Make-in-India Mission

HAL’s collaboration with Airbus for establishing maintenance, repair, and operations facilities for the A-320 family of aircraft in New Delhi further strengthens the ‘Make-in-India’ mission.

This collaboration not only enhances domestic capabilities but also augments export potential, contributing to the growth of the aerospace sector in India.

With a robust order book and an accelerated delivery plan, HAL is well-positioned to sustain and enhance its growth trajectory.

The company’s unwavering commitment to technological advancement, coupled with its operational efficiency, reinforces its pivotal role in supporting the Indian Defence services and contributing to the nation’s defence preparedness.

(With inputs from TOI)

Source: https://economictimes.indiatimes.com/news/defence/hal-revenue-up-by-11-at-rs-29810-crore/articleshow/108938378.cms