State owned Hindustan Aeronautics Limited (HAL) soared to new heights in the financial year ending March 31, 2024, reporting an outstanding double-digit growth in revenue.
The aerospace giant achieved a record-breaking revenue of over Rs. 29,810 crores, marking an impressive 11 percent increase compared to the previous fiscal year’s 9 percent. This significant growth demonstrates HAL’s resilience and adaptability in navigating through supply chain hurdles, particularly those stemming from geopolitical tensions.
Despite facing considerable supply chain challenges, HAL’s performance surpassed expectations, reflecting its commitment to excellence and innovation. CB Ananthakrishnan, CMD (Addl Charge) of HAL, highlighted the company’s robust order book exceeding Rs. 94,000 crores, with substantial new contracts anticipated for the upcoming fiscal year.
Notably, HAL secured manufacturing contracts exceeding Rs 19,000 crores and Repair and Overhaul (ROH) contracts surpassing Rs. 16,000 crores during FY 2023-24. One notable achievement during the fiscal year was HAL’s swift fulfilment of an export contract with the Guyana Defence Forces, supplying two Hindustan-228 aircraft within a month of contract signing.
This rapid delivery underscored HAL’s proactive approach and commitment to meeting customer needs efficiently. Furthermore, HAL celebrated significant milestones, including the successful maiden flight of the first production series fighter of LCA Mk1A in March 2024.
The fiscal year was marked by high-profile visits and accomplishments, enhancing customer satisfaction, brand recognition, and stakeholder trust.
HAL’s pursuit of technological advancement was evident through strategic collaborations with global and Indian partners. The company signed a memorandum of understanding (MoU) with General Electric, USA, for the Transfer of Technology (ToT) and manufacturing of GE-414 aero-engines in India. This initiative aims to bolster India’s Aero Engine Manufacturing Ecosystem, fostering self-reliance and innovation.
Additionally, HAL formed a joint venture, SAFHAL Helicopter Engines Pvt Ltd., with Safran Helicopter Engines, France, to develop engines for Indigenous Multi-Role Helicopters (IMRH) and Defence-Borne Multi-Role Helicopters (DBMRH).
Collaborations with industry leaders like Airbus for establishing Maintenance, Repair, and Overhaul (MRO) facilities further solidify HAL’s commitment to the Make-in-India mission and boost export potential. With a robust order book and accelerated delivery plans, HAL is poised to sustain and enhance its growth trajectory, supporting the Indian Defence services in safeguarding the nation’s security. HAL’s success underscores its position as a beacon of innovation and excellence in the aerospace industry, driving India’s journey towards self-reliance and technological advancement.
