Defence PSU HAL reported revenue of over ₹22,700 crore during 2020–21 despite disruption in operation owing to COVID-19 as supply chains within India and abroad were affected.
The revenue is about ₹1,300 crore more than that reported in the corresponding period in the previous fiscal — ₹21,438 crore.
“The company posted a revenue growth of around 6% in 2020–2021, thanks to improved productivity after suspending the operations for one month in the beginning of the year,” a company note on Wednesday said.
The record revenue came with the help of production of 41 new helicopters/aircraft, 102 new engines, and overhaul of 198 aircraft/helicopters and 506 engines.
The contract for production of 83 LCA Mk-1A has brought in advance payment of around ₹5,400 crore, which has helped liquidate all its borrowings availed of from banks.
“The company ended the year with a positive cash balance of around ₹6,700 crore as against borrowings of ₹5,775 crore as on March 31, 2020,” the note said, adding that the cash flow position had improved significantly with about ₹34,000 crore, including ₹5,400 crore advance payment for LCA.
“The year was significant in terms of securing the largest ever defence contract of 83 LCA Mk-1A by an Indian company. This helped the company surpass the order book position in excess of ₹80,000 crore,” HAL chairman and managing director R. Madhavan said in the note.
Considering the anticipated growth in profits, HAL paid an interim dividend of ₹30 per share during the current financial year.
