'Exceptional': PM Modi lauds HAL's record revenue of ₹26,500 crore
In a tweet, Hindustan Aeronautics Limited said that an eight per cent growth was recorded compared to ₹24,620 revenue in the previous financial year.
After Hindustan Aeronautics Limited announced on Friday its highest-ever revenue registered from operations of ₹26,500 crore (provisional and unaudited) for the financial year 2022-23, Prime Minister Narendra Modi on Saturday took to Twitter to congratulate the team. Retweeting a post from the official handle of HAL, PM Modi hailed the feat and appreciated the team effort leading to the incredible achievement.
The PM wrote, “Exceptional! I laud the entire team of HAL for their remarkable zeal and passion.”
In a tweet, HAL said that an eight per cent growth was recorded compared to ₹24,620 revenue in the previous financial year. The company wrote, “HAL registers highest-ever revenue from operations of around Rs.26,500 Crores (provisional and unaudited) for FY 2022-23 as against Rs.24,620 for the previous FY. The Company has recorded a revenue growth of 8% during the year as compared to last year.”
HAL chairman, C B Ananthakrishnan, in a statement to news agency PTI, said that the company could fulfil its targets in spite of ‘supply chain disruptions owing to the geopolitical climate’. He further added that the renewed focus on indigenisation with the available inventory helped to achieve the goals.
Ananthakrishnan revealed that the order book of HAL stood at around ₹82,000 crore at the end of March 2023 after liquidation of the supplies during 2022-23.With payments of around ₹25,000 crores received from various defence customers during in 2022-23, the company has also witnessedan improved cash flow.
The contracts worth ₹26,000 crore includes manufacturing deals for 70 HTT -40, 6 Do-228 Aircraft and PSLV launch vehicles.
"During the year, the income tax refund of ₹1,798 crores including interest of Rs. 542 Crores has been received consequent to the favourable decision of the IT AT," said HAL in its filing.
According to LiveMint, HAL has paid an interim dividend of ₹40 per share during the current financial year representing 400% on the face value of Rs. 10 per share. On Friday, the defence PSU’s share ended 1.32 per cent up at ₹2,740 on BSE.