Hindustan Aeronautics records highest ever revenue of over Rs24,000 crore in FY22; Stock surges 2%

1 Apr 2022 , 02:53 PM

Hindustan Aeronautics Ltd (HAL) has recorded highest ever revenue of over Rs24,000 crore (provisional and unaudited) for the financial year ended on March 31, 2022 registering a 6% revenue growth over the previous financial year. The corresponding figure for the previous year stood at Rs22,755 crore.

“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”, said Mr. R. Madhavan, CMD, HAL.

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 lock down.

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 production of 44 new helicopters/aircraft, 84 new engines, overhauling 203 aircraft / helicopters and 478 engines.

Recently, HAL bagged a contract for production of 15 Light Combat Helicopters (LCH), 10 for IAF and five for the Indian Army at a cost of Rs 3,887 crores along with Infrastructure sanctions worth Rs. 377 Crores.

Considering the improved financial performance during the financial year, HAL paid an interim dividend of Rs. 40 per share representing 400% on the face value of Rs: 10 per share during FY 2021-22.

At around 2:54 PM, HAL was trading at Rs1,520 apiece up by Rs32.9 or 2.21% on the BSE.