HAL achieved its highest-ever revenue from operations, amounting to over Rs. 29,810 crores (provisional and unaudited) for the fiscal year ending on March 31, 2024, marking a notable double-digit growth of around 11 percent compared to the previous fiscal year’s 9 percent, with revenue reaching Rs. 26,928 crores. Despite encountering significant challenges in the supply chain due to geopolitical issues, the company managed to meet its anticipated revenue growth, demonstrating enhanced performance throughout the year.
As of March 31, 2024, HAL’s order book exceeded Rs. 94,000 crores, with expectations of additional major orders during the FY 2024-25, as stated by C.B. Ananthakrishnan, CMD (Additional Charge), HAL. The company secured fresh manufacturing contracts totaling over Rs. 19,000 crores and ROH contracts exceeding Rs. 16,000 crores during FY 2023-24. Notably, an export contract with Guyana Defence Forces for the supply of 2 Hindustan-228 aircraft was signed during the current FY 2023-24, and both aircraft were delivered within a month of signing the contract, underscoring the company’s proactive approach.
HAL sustained its growth momentum, achieving comprehensive improvements in performance. A significant milestone was reached with the maiden flight of the first production series fighter of LCA Mk1A on March 28. The fiscal year 2023-24 witnessed numerous high-profile visits and achievements, enhancing customer satisfaction, branding, recognition, and stakeholder trust and confidence.
The company remains committed to seeking opportunities for collaboration and developing new technologies through partnerships with global and Indian technology partners. Notably, during the year, HAL and General Electric, USA signed an MoU for Transfer of Technology (ToT) and Manufacturing of GE-414 aero-engine in India for LCA MK2 Aircraft, with the company set to receive 80% technology transfer for the program, fostering self-reliance in the Indian Aero Engine Manufacturing Ecosystem.
Furthermore, a Joint Venture SAFHAL Helicopter Engines Pvt. Ltd. was established with Safran Helicopter Engines, France, for indigenous design and development of Engines for IMRH and DBMRH. Additionally, HAL and Airbus inked a contract for establishing Maintenance, Repair, and Overhaul (MRO) facilities for A-320 family of aircraft in New Delhi, aimed at bolstering the Make-in-India mission and boosting export potential.
With a robust order book and accelerated delivery plan, HAL is poised to sustain and enhance its growth trajectory, supporting the Indian Defence services in their efforts towards the country’s Defence preparedness.