Bengaluru/UNI: Hindustan Aeronautics Limited (HAL) recorded a turnover of over Rs 21,100 crores (provisional and unaudited) for the financial year ended on March 31, 2020 (corresponding figure for the previous year was Rs. 19,705 crores).
In a press release issued here on Monday, it was stated that the Company has posted a revenue growth of around 7 per cent during 2019-20 for the second year consecutively, post listing as compared to 3.8 per cent during 2017-18.
The encouraging performance of the company in 2019-20 has been achieved in-spite of difficulties in cash flows , interruptions in operations due to workmen agitation and the interruption arising in the month of March 2020 due to COVID 19 lockdown which has affected the final tests and certification of certain additional aircraft that were under final stages of production.
This sustenance in financial performance during current financial year is in wake of production of 31 new aircraft / helicopters and 117 new engines and overhaul of 199 aircraft / helicopters and 490 engines.
HAL has managed to sustain the growth rate and turnover in the current circumstances due to uniform production and project execution measures put in place by the company.
''During the financial year, the company besides achieving all the physical and financial targets has also been maintaining uninterrupted supplies and services to the defence forces in-spite of various constraints including cash flows. This has encouraged us to focus more on cost optimization measures including indigenisation of various components, increasing outsourcing efforts and rationalisation of manpower,'' said R Madhavan, CMD HAL.
He further stated that more dedicated efforts are being made towards meeting the current and future requirements of customers.
This strategy will also help HAL to be on the growth track in meeting the expectations of the shareholders further, he added.
HAL has produced 13 new ALHs against the contract of 40, out of which three were produced ahead of schedule for the Indian Army. The first Helicopter for the Coast guard is ready and awaiting customer trials at Cochin which should have been completed but for the outbreak of Covid-19. The complete test equipment are already positioned to ensure commencement of trials immediately after the situation improves. All the new systems for CG are ready and bulk of the trials are already completed satisfactorily and have met customer requirements.
The first LCA-Tejas FOC standard aircraft also completed its contract flight test acceptance within 12 months of the standard of preparation release in February 2019. The aircraft is ready for delivery once the operations resume likely in April 2020.
''The Glass cockpit of Dornier -228 is an important business portfolio for the future and is expected to get us more revenues in the years to come. The Avionics upgrade of HAWK and SU-30 MKI and BrahMos missile modifications would be a game changer and is important for us,'' he said.
HAL has completed production of all SU 30 MKI contracted to HAL by IAF during the current year and is expecting to get few additional orders for SU-30MKI. With this and the expected order for 83 MK1A LCA which is cleared by DAC and 15 LCH limited series production aircraft , which is in final stages of discussion , the order book is likely to attain a healthy position during the next financial year 2020-21.
''Further to support the Government, we have already contributed a sum of Rs 26.25 Crores towards PM CARES fund and are paying the salaries of daily wage earners throughout the company in advance to support the needy in this hour of acute crisis,'' he added.