Defence PSU Hindustan Aeronautics Limited (HAL), on Tuesday said it recorded a turnover of more than Rs 21,100 crore (provisional and unaudited) for the financial year ending March 31, 2020. It’s turnover for the previous year was Rs 19,705 crore.
The company has posted a revenue growth of around 7% during 2019-20 for the second year consecutively, post listing as compared to 3.8% during 2017-18.
“The performance of the company in 2019-20 has been achieved in-spite of difficulties in cash flows, interruptions in operations due to workmen agitation and the interruption arising in the month of March 2020 due to Covid-19 lockdown which has affected the final tests and certification of certain additional aircraft that were under final stages of production,” HAL said.
It added that the sustenance in financial performance is in the wake of production of 31 new aircraft/helicopters and 117 new engines and overhaul of 199 aircraft/helicopters and 490 engines.
HAL said besides achieving all the physical and financial targets, it has also been maintaining uninterrupted supplies and services to the defence forces in-spite of various constraints including cash flows.
“…This has encouraged us to focus more on cost optimisation measures including indigenisation of various components, increasing outsourcing efforts and rationalisation of manpower,” HAL CMD R Madhavan said.