Government-owned Hindustan Aeronautics Ltd (HAL) recorded a turnover of over Rs 21,100 crore for the financial year ended on Tuesday, up 7 per cent from Rs 19,705 crore in the previous fiscal.
"The company 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," it said in a statement.
HAL said the performance has been achieved in spite of difficulties in cash flows, interruptions in operations due to workmen agitation and interruption due to COVID 19 lockdown which affected 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 and helicopters besides 117 new engines and overhaul of 199 aircraft, helicopters and 490 engines.
HAL said it managed to sustain the growth rate and turnover in current circumstances due to uniform production and project execution measures.
Besides achieving all physical and financial targets, it has also been maintaining uninterrupted supplies and services to the defence forces in-spite of various constraints including cash flows.
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"This encouraged us to focus more on cost optimisation measures including indigenisation of various components, increasing outsourcing efforts and rationalisation of manpower," said Chairman and Managing Director R Madhavan.
HAL produced 13 new advanced light helicopters in FY20 against the contract of 40 of which three were produced ahead of schedule for the Indian Army.
The first helicopter for Coast Guard is ready and awaiting customer trials at Kochi which should have beencompleted but for the outbreak of COVID-19.
The complete test equipments are already positioned to ensure commencement of trials immediately after the situation improves. All the new systems for Coast Guard are ready and bulk of the trials are completed.
The first light combat aircraft Tejas also completed its contract flight test acceptance within 12 months of the standard of preparation released in February last year. The aircraft is ready for delivery once operations resume likely next month.
HAL said the glass cockpit of Dornier-228 is an important business portfolio for the future and is expected to get them more revenues in the years to come. "The avionics upgrade of HAWK, SU-30 MKI and BrahMos missile modifications will be a game changer and is important for us."
HAL completed production of all SU 30 MKI contracted to HAL by the Indian Air Force during the current year and is expecting to get a few additional orders for SU-30MKI.
"With this and the expected order for 83 MK1A LCA which is cleared by Defence Acquisition Committee 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."
Meanwhile, HAL has contributed a sum of Rs 26.25 crore towards PM-CARES Fund and is paying the salaries of daily wage earners throughout the company in advance to support the needy in the wake of COVID-19.