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C. B. Ananthakrishnan, chief managing director (CMD) of HAL said, “Despite the challenges of supply chain disruptions due to geo-political situations, the company could achieve the targeted growth in the top line. This was possible with the increased thrust on indigenization and with the available inventory.”
The order book of the aerospace & defence company stood at around Rs 82,000 crore at the end of March 2023, after liquidation of the supplies during 2022-23. During the year, fresh contracts of around Rs 26,000 crore were received which includes manufacturing contracts for 70 HTT-40, 6 Do-228 aircraft and PSL V launch vehicles. In addition, on ROH front fresh order to the tune of Rs 16,600 crore was received during the year.
The company said that its cash flow has improved substantially with payments of around Rs 25,000 crore received from the various defence customers during FY 2022-23.
During the year, the income tax refund of Rs 1,798 crore including interest of Rs 542 crore has been received consequent to the favorable decision of the ITAT. This will clear all the old outstanding tax litigation with the Income Tax Department, said HAL.
HAL is engaged in carrying out design, development, manufacture, repair and overhaul of aircraft, helicopter, engines and related systems like avionics, instruments and accessories primarily serving Indian defence programme. As of 31 December 2022, the Government of India held 75.15% stake in the company.
The company's consolidated net profit rose 23.8% to Rs 1,155.19 crore despite of 3.9% decline in net sales to Rs 5,665.54 crore in Q3 FY23 over Q3 FY22.
Shares of Hindustan Aeronautics rose 0.22% to Rs 2,736.20 on the BSE.
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