Updated April 1st, 2024 at 16:28 IST

Hindustan Aeronautics revenue hit record high of Rs 29,810 crore in FY24

During FY 2023-24, HAL secured fresh manufacturing contracts worth over Rs 19,000 crore and Repair and Overhaul (ROH) contracts exceeding Rs 16,000 crore

Reported by: Business Desk
Hindustan Aeronautics Ltd | Image:HAL Tejas
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Hindustan Aeronautics Limited (HAL) reported its highest-ever revenue from operations, surpassing Rs 29,810 crore, marking an impressive double-digit growth of around 11 per cent compared to the previous financial year's 9 per cent. The increase from the previous year's revenue of Rs 26,928 crore reflects HAL's continued success and strong performance.

"Despite the major supply chain challenges arising due to geopolitical issues, the Company has met the expected revenue growth with improved performance for the entire year. As on March 31, 2024, Company's order book stands in excess of Rs 94,000 crore with additional major orders expected during FY 2024-25”, said C. B. Ananthakrishnan, CMD (Addl Charge), HAL.

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During FY 2023-24, HAL secured fresh manufacturing contracts worth over Rs 19,000 crore and Repair and Overhaul (ROH) contracts exceeding Rs 16,000 crore, further contributing to its revenue growth and strengthening its position in the market. Additionally, HAL inked an export contract with the Guyana Defence Forces for the supply of two Hindustan-228 aircraft, which were delivered within a month of contract signing, showcasing the company's efficiency and proactive approach.

One of the notable achievements of the fiscal year was the successful maiden flight of the first production series fighter of LCA Mk1A, which took place around March 8, 2024, marking a major milestone for HAL.

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Throughout FY 2023-24, HAL witnessed several high-profile achievements, enhancing its reputation and stakeholder confidence. The company's commitment to customer satisfaction, branding, and recognition remained a priority, contributing to its overall improved performance.

HAL also focussed on collaborations and technology development initiatives, aiming to strengthen its capabilities and contribute to the advancement of the Indian aerospace industry. During the year, HAL signed a Memorandum of Understanding (MoU) with General Electric, USA, for the Transfer of Technology (ToT) and Manufacturing of GE-414 aero-engines in India, a move expected to bolster the country's Aero Engine Manufacturing Ecosystem.

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Furthermore, HAL formed a Joint Venture, "SAFHAL Helicopter Engines Pvt. Ltd.," with Safran Helicopter Engines, France, to undertake indigenous design and development of engines for various helicopter projects. Additionally, a contract was signed with Airbus for establishing Maintenance, Repair, and Overhaul (MRO) facilities for the A-320 family of aircraft in New Delhi, reinforcing India's Make-in-India mission and enhancing export potential.

With a robust order book and an accelerated delivery plan, HAL is well-positioned to sustain and improve its growth trajectory, supporting the Indian Defence services in their efforts towards enhancing the country's defence preparedness.
 

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Published April 1st, 2024 at 16:28 IST