HAL posts double-digit growth with record revenues of Rs 29,810 cr for FY24

The company signed an export contract with Guyana Defence Forces for supply of two Hindustan228 aircrafts which were delivered within a month of singing the contract

Bengaluru-based defence public sector undertaking Hindustan Aeronautics Ltd (HAL) reported revenues of over Rs 29,810 crore for the financial year ended March 31, 2024, marking an 11 per cent increase over the previous year.

The company secured significant new manufacturing contracts worth over Rs 19,000 crore and Repair and Overhaul (ROH) contracts exceeding Rs 16,000 crore during FY24.

The company signed an export contract with Guyana Defence Forces for the supply of two Hindustan228 aircraft, which were delivered within a month of signing the contract. Moreover, HAL reached a “major milestone” as the first production series fighter of LCA Mk1A completed its maiden flight on March 8, 2024.

"Despite major supply chain challenges arising from geopolitical issues, the company has met the expected revenue growth with improved performance throughout the year. As of March 31, 2024, the company's order book stands in excess of Rs 94,000 crore, with additional major orders expected during FY25. HAL continuously seeks opportunities to collaborate and develop new technologies by forging alliances with global and Indian technology partners,” said C B Ananthakrishnan, chairman and managing director (additional charge), HAL.

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HAL and General Electric (USA) inked a Memorandum of Understanding (MoU) for the Transfer of Technology (ToT) and Manufacturing of the GE-414 aero-engine in India, intended for the LCA Mk2 Aircraft, during the year. This collaboration aims to facilitate an 80 per cent technology transfer, bolstering India's Aero Engine Manufacturing Ecosystem towards self-reliance.

During the year, HAL formed a joint venture named 'SAFHAL Helicopter Engines Pvt. Ltd.' with Safran Helicopter Engines, France, to design and develop engines domestically for Indian multi-role helicopters (IMRH) and deck-based multi-role helicopters (DBMRH).

Throughout the financial year, HAL and Airbus signed a contract to establish Maintenance, Repair, and Overhaul (MRO) facilities for the A-320 family of aircraft in New Delhi. This partnership will reinforce the Make-in-India mission and also enhance export potential.

“With a robust order book and an accelerated delivery plan, HAL is expected to sustain and improve its growth trajectory and support the Indian Defence services in their efforts towards the defence preparedness of the country,” HAL stated.