HAL records revenue of over Rs 22,700 cr in FY 2020-21 despite COVID-19

Despite the effect of the ongoing COVID-19 pandemic, Hindustan Aeronautics Limited (HAL) has recorded revenue of over Rs 22,700 crores for the financial year 2020-2021.

As per a statement, there was a jump of 6 per cent when compared to the corresponding figure of the last financial year, which stood at Rs 21,438 crores.

"This year, HAL secured the largest-ever defence contract of 83 LCA MK-IA by an Indian company, which helped the company surpass the order book position in excess of Rs 80,000 crores," the statement quoted HAL CMD R Madhavan.

The record revenue was achieved with the help of the production of 41 new helicopters/aircraft, 102 new engines, an overhaul of 198 aircraft/helicopters and 506 engines.

The cash flow position has improved significantly with improved budget allocation from defense customers and it stands in excess of Rs 34,000 crores, including advance payment of around Rs 5,400 crores for 83 LCA MK1A contract.

"The company ended the year with a positive cash balance of around Rs 6,600 crores as against borrowings of Rs 5,775," Madhavan said.

Considering the anticipated growth in profits, HAL paid an interim dividend of Rs 30 per share during the current financial year representing 300 per cent on the face value of Rs 10 per share, he added.

( With inputs from ANI )