Hindustan Aeronautics Limited (HAL) recorded the highest ever revenue of over INR 24,000 crore (provisional and unaudited) for the financial year ended on March 31, 2022, registering a 6% growth over the previous fiscal. The corresponding figure for the previous year stood at INR 22,755 crore.
“Despite the challenges of the second wave of Covid-19 during the first quarter of the year and the consequent production loss, the Company could meet the targeted revenue growth with improved performance during the balance period of the year.”R Madhavan, CMD, Hindustan Aeronautics Limited (HAL)
The second wave of Covid-19 had compelled the company to declare a phased lockdown at various divisions during April and May 2021, the Bengaluru-headquartered company noted in a statement. The employees had put in additional hours in June and July 2021 to compensate for the loss of man-hours due to the lockdown, it said.
Further, based on the improved financial performance and cash flow position, the credit rating agencies CARE Ratings and ICRA Limited have upgraded the company’s credit rating from AA+ Stable to AAA/Stable during the financial year, it was stated.
HAL said it achieved record revenue with the production of 44 new helicopters/aircraft, 84 new engines, overhauled 203 aircraft/helicopters and 478 engines.
An Intent of Cooperation (IOC) was signed between Hindustan Aeronautics Limited (HAL) and Pawan Hans Limited (PHL) for the purchase or long term lease for 20 helicopters, 10 each civil variants of ALH Dhruv and Light Utility Helicopters at the Wings India-2022 held at Hyderabad’s Begumpet Airport.
This would also bring synergy between HAL and PHL in the helicopter ecosystem and strengthen the helicopter business in India’s civil aviation market.
Recently, HAL bagged a contract for the production of 15 Light Combat Helicopters (LCH) – 10 for IAF and 5 for the Indian Army – for INR 3,887 crore along with Infrastructure sanctions worth INR 377 crore.
Considering the improved financial performance during the financial year, HAL paid an interim dividend of INR 40 per share representing 400% of the face value of INR 10 per share during 2021-22, the statement added.