HAL registers highest-ever revenue from operations of ₹26,500 Cr, PM Modi congratulates

Prime Minister Narendra Modi lauded the performance of Hindustan Aeronautics Ltd (HAL) after the company registered its highest-ever revenue from operations of around ₹26,500 Crores (provisional and unaudited) for the Financial Year 2022-23, recording revenue growth of 8% during the year as compared to the previous year, 2021-22. Moreover, following an ITAT decision, the defence PSU has also cleared all of its litigations with the IT department. HAL also paid an interim dividend of ₹40 per share during 2022-23.   

PM Modi in a response to the announcement of the HAL financial results for FY 2022-23 said, “Exceptional! I laud the entire team of HAL for their remarkable zeal and passion.”

HAL earlier in a tweet posting the results stated, “HAL registers highest-ever revenue from operations of around ₹26,500 Crores (provisional and unaudited) for FY 2022-23 as against ₹24,620 for the previous FY. The Company has recorded revenue growth of 8% during the year as compared to last year.” The company further added it is sitting on a healthy order book.

Exceptional! I laud the entire team of HAL for their remarkable zeal and passion. https://t.co/KgGaCDh82R

— Narendra Modi (@narendramodi)

High revenue despite supply chain challenges

HAL CMD C. B. Ananthakrishnan said, “Despite the challenges of supply chain disruptions due to geo-political situations, the Company could achieve the targeted growth in the top line. This was possible with the increased thrust on indigenization and with the available inventory.” The order book of the company, he further stated was around ₹82,000 Crores at the end of March 2023. During the past FY, fresh contracts of around ₹26,000 Crores were received. 

HAL received manufacturing contracts for 70 HTT-40, 6 Do-228 Aircraft and PSLV launch vehicles. In addition, on the ROH front, fresh order to the tune of ₹16,600 Crores was received during the year. The other financial parameters of HAL were also encouraging. 

The cash flow of the company improved significantly with payments of around ₹25,000 Crores received from the various Defence Customers during FY 2022-23. During the year the company will clear all the old outstanding tax litigation with the Income-tax Department. As it received the income tax refund of ₹1,798 Crores including interest of ₹542 Crores consequent to the favorable decision of the ITAT. The Company on the back of the improved financial performance paid an interim dividend of ₹40 per share during the current financial year representing 400% on the face value of ₹10 per share. The public sector unit has also paid a final dividend of ₹10 per share for the financial year 2021-22.