Hindustan Aeronautics Limited (HAL) posted a record high revenue on Friday, which rose by 6% to Rs. 24,000 crore in the financial year ended March 31, 2022 as compared to Rs. 22,755 crore recorded in the previous year.
“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,” R Madhavan, Chairman and Managing Director, HAL, said in a statement.
The second wave of COVID-19 had compelled the company to declare a phased lockdown at various Divisions during April and May 2021. The employees had put in additional hours in June and July 2021 to compensate for the loss of man-hours due to the lockdowns, HAL said.
Further, based on the improved financial performance and cash flow position, the Credit Rating Agencies CARE Ratings and ICRA Limited have upgraded the company’s credit rating from AA Stable to AAA/Stable during the financial year.
HAL achieved record revenue with the production of 44 new helicopters/aircraft, 84 new engines, overhauling 203 aircraft/helicopters and 478 engines.
Recently, HAL bagged a contract for the production of 15 Light Combat Helicopters (LCH), 10 for IAF and five for the Indian Army at a cost of ₹3,887 crore along with infrastructure sanctions worth ₹377 crore.
Considering the improved financial performance during 2021-22, HAL paid an interim dividend of ₹40 per share representing 400 per cent on the face value of ₹10 per share during FY 2021-22.