Hindustan Aeronautics Limited (HAL) has announced that its revenue for the financial year ended on March 31, 2022, stood at over INR 24,000 crore (provisional and unaudited). The company said that it registered a revenue growth of 6% over the previous financial year’s revenue of INR. 22,755 crore.
R Madhavan, CMD, HAL, said, “Despite the challenges of the second wave of COVID-19 during the first quarter of the year and the consequent production loss, the company could meet the targeted revenue growth with improved performance during the balance period of the year.”
The company manufactures indigenously developed aircraft and helicopters and produces aircraft and engines under license from foreign OEMs.
Over the course of FY 2021-22, HAL produced 44 new helicopters/aircraft and 84 new engines. It also completed the overhaul of 203 aircraft / helicopters and 478 engines.
The company, which has its headquarters in Bengaluru, was recently awarded a contract by the Ministry of Defence (MoD) to produce 15 indigenously developed Light Combat Helicopters (LCH) worth INR 3,887 crore.
Ten of these helicopters will be delivered to the Indian Air Force (IAF), and five will be delivered to the army. HAL will also establish the infrastructure required to operate these helicopters at the respective services for INR 377 crore.
The company’s credit rating was upgraded from AA+ Stable to AAA/Stable during the financial year by the Credit Rating Agencies CARE Ratings and ICRA.
HAL recorded an improved financial performance despite the second wave of COVID-19, which forced it to declare a phased lockdown at its various divisions during April and May 2021.