Hindustan Aeronautics (HAL) said its turnover rose 7% to Rs 21,100 crore in the year ended 31 March 2020, from Rs 19,705 crore in the year ended 31 March 2019.
HAL said after market hours yesterday, 31 March 2020, that the encouraging performance of the company in 2019-20 has been achieved in-spite of difficulties in cash flows, interruptions in operations due to workmen agitation and the interruption arising in the month of March 2020 due to COVID 19 lockdown which has affected the final tests and certification of certain additional aircraft that were under final stages of production.During the current financial year HAL produced 31 new aircraft/helicopters, 117 new engines and overhauled 199 aircraft/helicopters and 490 engines.
"During the financial year the company besides achieving all the physical and financial targets has also been maintaining uninterrupted supplies and services to the defence forces in-spite of various constraints including cash flows. This has encouraged us to focus more on cost optimization measures including indigenisation of various components, increasing outsourcing efforts and rationalisation of manpower," R Madhavan, CMD HAL said.
HAL has produced 13 new Advanced Light Helicopters (ALHs) against the contract of 40, out of which three were produced ahead of schedule for the Indian Army. The first Helicopter for the Coast guard is ready and awaiting customer trials at Cochin which should have been completed 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 CG are ready and bulk of the trials are already completed satisfactorily and have met customer requirements.
Shares of HAL were down 0.15% at Rs 532.15.
On a consolidated basis, HAL's net profit rose 1.23% to Rs 460.67 crore in Q3 December 2019 as against Rs 455.07 crore posted in Q3 December 2018. Net sales rose 0.70% to Rs 4,456.35 crore during the period under review.
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HAL is engaged in carrying out design, development, manufacture, repair and overhaul of aircraft, helicopter, engines and related systems like avionics, instruments and accessories primarily serving Indian defence programme. It also manufactures the structural parts of various Satellite Launch Vehicles of the Indian Space Research Organization (ISRO).
The Government of India (GoI) holds majority stake of 89.97% as on 31 December 2019.
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