HAL Achieves Record-breaking Revenue of Rs 29,810 Crores, Registers Double Digit Growth
Bengaluru, April 1, 2024: Hindustan Aeronautics Limited (HAL) has marked a significant milestone with its highest-ever revenue from operations, exceeding Rs. 29,810 crores for the fiscal year ending March 31, 2024. Demonstrating a robust growth trajectory, HAL recorded a double-digit growth of approximately 11%, surpassing the 9% growth achieved in the previous financial year, with revenues reaching Rs. 26,928 crores.
Despite facing formidable supply chain challenges arising from geopolitical issues, the company has showcased remarkable resilience, meeting its expected revenue growth and delivering improved performance throughout the year. C.B. Ananthakrishnan, CMD (Additional Charge) of HAL, announced that as of March 31, 2024, the company’s order book stands at over Rs. 94,000 crores, with significant additional orders anticipated in the upcoming fiscal year 2024-25.
During the fiscal year 2023-24, HAL secured fresh manufacturing contracts exceeding Rs. 19,000 crores and Repair, Overhaul, and Maintenance (ROH) contracts exceeding Rs. 16,000 crores. Additionally, an export contract was signed with the Guyana Defence Forces for the supply of two Hindustan-228 aircraft, both of which were delivered within a month of contract signing, underscoring HAL’s proactive approach and efficiency.
HAL has sustained its growth momentum and achieved all-round improvement in performance, highlighted by the successful maiden flight of the first production series fighter of LCA Mk1A on March 28, 2024. The fiscal year 2023-24 was characterized by high-profile visits and notable achievements, contributing to enhanced customer satisfaction, branding, and recognition, while building trust and confidence among stakeholders.
Emphasizing its commitment to technological advancement, HAL has actively pursued collaborations with global and Indian technology partners. Notable partnerships include the Memorandum of Understanding (MoU) signed with General Electric, USA, for the Transfer of Technology (ToT) and Manufacturing of GE-414 aero-engines in India for the LCA MK2 Aircraft. Additionally, a Joint Venture, SAFHAL Helicopter Engines Pvt. Ltd., was established with Safran Helicopter Engines, France, for the indigenous design and development of engines for IMRH and DBMRH.
In a significant development, HAL signed a contract with Airbus for establishing Maintenance, Repair, and Overhaul (MRO) facilities for the A-320 family of aircraft in New Delhi, furthering 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, reinforcing its commitment to supporting the Indian Defence services in bolstering the country’s defence preparedness.
