HAL reports revenue of more than ₹22,000 crore

Defence PSU HAL reported revenue of over ₹22,700 crore during 2020–21 despite disruption in operation owing to COVID-19 as supply chains within India and abroad were affected.

The revenue is about ₹1,300 crore more than that reported in the corresponding period in the previous fiscal — ₹21,438 crore.

“The company posted a revenue growth of around 6% in 2020–2021, thanks to improved productivity after suspending the operations for one month in the beginning of the year,” a company note on Wednesday said.

The record revenue came with the help of production of 41 new helicopters/aircraft, 102 new engines, and overhaul of 198 aircraft/helicopters and 506 engines.

The contract for production of 83 LCA Mk-1A has brought in advance payment of around ₹5,400 crore, which has helped liquidate all its borrowings availed of from banks.

“The company ended the year with a positive cash balance of around ₹6,700 crore as against borrowings of ₹5,775 crore as on March 31, 2020,” the note said, adding that the cash flow position had improved significantly with about ₹34,000 crore, including ₹5,400 crore advance payment for LCA.

“The year was significant in terms of securing the largest ever defence contract of 83 LCA Mk-1A by an Indian company. This helped the company surpass the order book position in excess of ₹80,000 crore,” HAL chairman and managing director R. Madhavan said in the note.

Considering the anticipated growth in profits, HAL paid an interim dividend of ₹30 per share during the current financial year.

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Printable version | Dec 7, 2021 7:06:10 PM | https://www.thehindu.com/news/national/karnataka/hal-reports-revenue-of-more-than-22000-crore/article34210571.ece

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