HAL registers double digit growth with record revenue of Rs 29810 crore in FY2023-24
Despite facing supply chain challenges, HAL achieved a remarkable double-digit growth of approximately 11%. The company's order book stands at over Rs. 94,000 crores, with significant contracts secured and notable achievements, including the maiden flight of the first production series fighter of LCA Mk1A
FollowHindustan Aeronautics Limited (HAL) has announced a significant milestone with its highest-ever revenue from operations, surpassing Rs. 29,810 crores for the fiscal year ending on March 31, 2024. This marks a substantial double-digit growth of approximately 11% compared to the previous financial year's 9%. The corresponding figure for the previous year stood at Rs. 26,928 crores.
Despite facing considerable supply chain challenges stemming from geopolitical issues, HAL managed to meet the expected revenue growth, demonstrating improved performance throughout the year. CB Ananthakrishnan, CMD (Addl Charge) of HAL, reported that as of March 31, 2024, the company's order book stands at over Rs 94,000 crore, with additional major orders anticipated during the fiscal year 2024-25.
During the financial year 2023-24, HAL secured fresh manufacturing contracts exceeding Rs 19,000 crore and Repair and Overhaul (ROH) contracts surpassing Rs 16,000 crore. Additionally, the company inked an export contract with the Guyana Defence Forces for the supply of 2 Nos. Hindustan-228 aircraft, both delivered within a month of contract signing due to HAL's proactive approach.
Maintaining its growth momentum, HAL achieved all-round improved performance, highlighted by the maiden flight of the first production series fighter of LCA Mk1A on March 28, 2024. The fiscal year was marked by notable events, high-profile visits, and achievements, underscoring HAL's commitment to customer satisfaction, branding, recognition, and stakeholder trust.
HAL continues to explore opportunities for collaboration and technological advancement by partnering with global and Indian technology firms. During the fiscal year, HAL signed an MoU with General Electric, USA, for the Transfer of Technology (ToT) and Manufacturing of GE-414 aero-engine in India for LCA MK2 Aircraft. This initiative is expected to enable 80% technology transfer, significantly enhancing India's Aero Engine Manufacturing Ecosystem.
Further strengthening its partnerships, HAL formed a Joint Venture SAFHAL Helicopter Engines Pvt. Ltd. with Safran Helicopter Engines, France, focusing on the indigenous design and development of Engines for IMRH and DBMRH. Additionally, HAL and Airbus entered into a contract to establish Maintenance, Repair, and Overhaul (MRO) facilities for the A-320 family of aircraft in New Delhi, aligning with the Make-in-India mission and bolstering export potential.
With a robust order book and an accelerated delivery plan, HAL is poised to sustain and enhance its growth trajectory, playing a crucial role in supporting the Indian armed forces' efforts towards the country's defence preparedness.
