Hindustan Aeronautics Ltd recorded a provisional turnover of ₹21,100 crore for the financial year ended March 31, 2020. The amount is 7% more than the previous year’s turnover of ₹19,705 crore, the company said on Tuesday.
The latest profit figures, which should be on similar lines as sales, would be fully assessed in the coming weeks, HAL CMD R. Madhavan said. For 2018-19, profit after tax showed a year’s growth of over 14%.
The performance of 2019-20 has been achieved in spite of difficulties in cash flows, interruptions in operations due to workmen’s agitation and the interruption arising in March due to the COVID-19 related lockdown, HAL said.
Mr. Madhavan said during the new 2020-21 fiscal, HAL expects three orders — including the chunky and nearly sealed contract for 83 Light Combat Aircraft in the advanced Mark 1A version — to give its order book a “healthy position”.
The LCAs would be delivered over nine years from the signing of the contract.
The other two are an IAF order for 12 more Sukhoi-30MKI fighter planes; and a limited series production of 15 LCH (Light Combat Helicopters.) The latter is in the final stages of discussion.
It expects to spend around ₹1,400 crore in the new fiscal towards the LCA unit in Bengaluru, the helicopter complex in Tumakuru and an extension of its Su-30 repair overhaul facility at Nashik and Koraput.
During the year that ended, 13 ALHs were produced out of the Army’s contract for 40.
HAL said it has high expectations on the business prospects of the glass cockpit Dornier-228 civil transport plane. “The avionics upgrades of the Hawk trainer and Su-30 MKI fighter and the [latter’s] BrahMos missile modifications would be a game changer for us,” it said.
HAL attributed the performance to the production of 31 new aircraft; 117 new engines; overhaul of 199 aircraft and 490 engines. It managed to sustain the growth rate and turnover in the current circumstances due to uniform production and project execution measures put in place by the company.
During the financial year, the company has also maintained uninterrupted supplies and services to the defence forces in spite of various constraints including cash flows. Mr.Madhavan said, “[The situation] has encouraged us to focus on cost optimisation measures, including indigenisation of components, increasing our outsourcing efforts and rationalisation of manpower.”
COVID-19 delays deliveries
The COVID-19 pandemic has shut down regular manufacturing activities across HAL centres due to the nationwide lockdown since March 24. The ongoing crisis has affected the final tests and certification of certain additional aircraft which were in final stages of production.
It has delayed customer trials of the first Advanced Light Helicopter customised for the Coast Guard with nine new systems. The ALH awaits a new date at Kochi.
The delivery of the first LCA-Tejas in the final operational clearance version has also been deferred from February. HAL expects to deliver it in April when operations resume.
While HAL and its staff have contributed ₹26.25 crore to the new PM’s relief fund, the salaries of daily wage earners throughout the company are being paid in advance, HAL said.
Source Name – The Hindu