New Delhi: Buoyed by a contract for 70 HTT-40 trainer aircraft by the Indian Air Force among other deals, state-run Hindustan Aeronautics Limited (HAL) has recorded its highest-ever revenue from operations of around Rs 26,500 crore for the financial year 2022-23.
The Bengaluru-headquartered company, in a statement Friday, said the revenue from operations (provisional and unaudited) this fiscal recorded an eight per cent growth, as against Rs 24,620 crore for the previous financial year.
“Despite the challenges of supply chain disruptions due to geo-political situations, the company could achieve the targeted growth in the top line. This was possible with the increased thrust on indigenisation and with the available inventory,” C. B. Ananthakrishnan, chairman and managing director of the firm said.
The company said that its orderbook stood at around Rs 82,000 crore at the end of March 2023 after liquidation of the supplies during 2022-23.
“During the year, fresh contracts of around Rs 26,000 crore were received, which includes manufacturing contracts for 70 HTT-40, 6 Do-228 aircraft and PSLV launch vehicles. In addition, on the ROH (Repair and Overhaul) front fresh order to the tune of Rs 16,600 crore was received during the year,” it said.
The cash flow of the company “improved substantially” with payments of around Rs 25,000 crore received from the various defence customers during FY 2022-23.
However, critics in the defence establishment said that the revenue is largely driven by captive customers – the Indian armed forces.
They underlined that given HAL is manufacturing a range of products – from helicopters to fighters – revenue should also come in from exports.
As reported by ThePrint, HAL is in talks with both Argentina and Egypt for the sale of at least 35 Tejas Mk-1A indigenous fighter aircraft, besides the sale of six Advanced Light Helicopters to the Philippines.
However, it lost the bid to sell Tejas aircraft to Malaysia, with a South Korean company winning the contract.
Meanwhile, HAL said that during the year, the income tax refund of Rs 1,798 crore, including an interest of Rs 542 crore, has been received after a favorable decision by the Income Tax Appellate Tribunal.
This, it said, will clear all the old outstanding tax litigation with the Income Tax department.
Also read: India ‘largest arms importer’ in 2018-2022, but defence exports hit ‘all-time high’ of Rs 13,399 cr in 2022-23