Hindustan Aeronautics Limited records revenue of Rs 22,700 cr in FY 2020-21
 

BENGALURU:

Despite the COVID-19 pandemic affecting businesses across the country, state-owned Hindustan Aeronautics Limited (HAL) has recorded revenue in excess of Rs 22,700 crores (provisional and unaudited) for the financial year ending on March 31, 2021.

The company has posted revenue growth of 6 per cent in the fiscal year 2020-21 despite halting operations for one month during the pandemic.

R. Madhavan, CMD, HAL said that the year 2021-21 was a good year for the company as HAL secured the largest-ever defence contract of 83 LCA MK-IA from the Indian Air Force.

"The 80,000 crore order coupled with rapid production of 41 new helicopters/aircraft, 102 new engines, an overhaul of 198 aircraft/helicopters and 506 engines helped the company surpass the set target of growth," added Madhavan. 

In addition to the production part, the cash flow position has improved significantly for the company with improved budget allocation which stands at Rs 34,000 crores and an advance cash payment of around Rs. 5,400 crores for 83 LCA MK1A contract.

The above factors helped HAL to liquidate all its borrowings availed from the banks and also position itself as a major public-sector firm in the country.

Furthermore, the company had ended FY 2020-21 with a positive cash balance of around Rs 6,700 crores as against borrowings of Rs 5,775 crores.

(Edited by Shankar Kumar Turha)