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Hindustan Aeronautics Limited (HAL) on Tuesday announced a record turnover of over Rs 21,100 crore (provisional and unaudited) for 2019-20. This amounts to a growth of 7 per cent over the previous year’s turnover of Rs 19,705 crore. This achievement comes despite “difficulties in cash flows, interruptions in operations due to workmens' agitation and the interruption arising in March due to the Covid-19 lockdown. It has affected the final tests and certification of certain additional aircraft that were under final stages of production,” said HAL in a press release. During the year 2019-20, HAL said it has delivered 31 aircraft/helicopters and 117 new engines. It has also overhauled 199 aircraft/helicopters and 490 engines. Speaking to Business Standard after the announcement, HAL’s chairman R Madhavan said the company’s healthy order book made it likely that the coming year would see similar growth. Read Complete Article

Hindustan Aeronautics Limited (HAL), which has faced concerted criticism over the past year from both the defence ministry and the Indian Air Force (IAF), has announced a record turnover of over Rs 19,400 crore (provisional and unaudited) for the financial year that ended March 31. This amounts to 6 per cent revenue growth over the previous year’s turnover of Rs 18,284 crore. That comfortably beat the revenue growth of 3.8 per cent during 2017-18. However, the IAF still owes HAL about Rs 20,000 crore in unpaid dues for aircraft delivered and overhauled and for milestone payments due, Business Standard has learnt. In January, HAL had to take a bank loan of Rs 781 crore to pay salaries to its 29,000 employees. At the time, HAL Chairman R Madhavan had told Business Standard: “The IAF owes HAL money for aircraft, helicopters and services that we have already delivered. Current dues are at Rs 15,700 crore and will rise to Rs 20,000 crore by March 31.” Madhavan’s projecti...