HAL Reports 11 Per Cent Revenue Growth in FY 2023-24

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Revenue-growth

Hindustan Aeronautics Limited (HAL) has recently reported a substantial increase in its revenue from operations for the financial year 2023-24. The company achieved a provisional and unaudited revenue of over Rs 29,810 crore, showing a notable growth of around 11 per cent compared to the previous fiscal year’s 9 per cent. This growth contrasts with the revenue of Rs. 26,928 crores reported in the previous year.

The Bengaluru-based defence PSU credited this achievement to its strong performance despite facing significant supply chain challenges due to geopolitical issues. C B Ananthakrishnan, HAL’s Chairman and Managing Director (Additional Charge), expressed satisfaction with the company’s performance, noting that HAL successfully met the expected revenue growth and improved its performance throughout the year. Ananthakrishnan also highlighted the company’s robust order book, which stands at over Rs 94,000 crore as of March 31, 2024.

He further mentioned that HAL anticipates receiving additional major orders during the upcoming financial year 2024-25. In the fiscal year 2023-24, the company achieved remarkable milestones, securing new manufacturing contracts exceeding Rs 19,000 crore and Repair and Overhaul (ROH) contracts surpassing Rs 16,000 crore. Furthermore, a significant development was the signing of an export contract with the Guyana Defence Forces for the supply of two Hindustan-228 aircraft.

An exciting highlight of the year was the successful maiden flight of the first production series fighter of LCA Mk1A on March 28, 2024. This event marked a significant step forward in the company’s commitment to innovation and technological advancement. In a strategic move toward enhancing India’s aerospace manufacturing capabilities, the company signed a Memorandum of Understanding (MoU) with General Electric, USA, for the transfer of technology and manufacturing of GE-414 aero-engines in India for the LCA MK2 Aircraft.

This initiative aims to achieve an impressive 80 per cent technology transfer, contributing significantly to India’s aero engine manufacturing ecosystem. Additionally, in collaboration with Safran Helicopter Engines, France, the company established a joint venture named ‘SAFHAL Helicopter Engines Pvt. Ltd’ for the indigenous design and development of engines for the Indian Multi-Role Helicopter (IMRH) and Deck Based Multi-Role Helicopter (DBMRH).

This partnership underscores the company’s commitment to innovation and indigenous development in the aerospace sector. Moreover, HAL and Airbus solidified their partnership by signing a contract during the financial year to establish maintenance, repair, and operations facilities for the A-320 family of aircraft in New Delhi. This strategic alliance not only aligns with the ‘Make-in-India’ initiative but also underscores the company’s commitment to enhancing India’s export potential in the aerospace sector.

Hindustan Aeronautics Limited (HAL) is a premier aerospace company in India, engaged in the design, development, manufacture, repair, and overhaul of aircraft, helicopters, engines, and related systems. Founded in 1940, HAL has played a significant role in the development of the Indian aerospace industry and has emerged as a key player in the global aerospace market. The company’s diverse product portfolio includes fighter aircraft, transport aircraft, helicopters, and engines, catering to both military and civilian applications.

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