HAL revenue up 2% to Rs 18,000 cr in FY 2018

Bengaluru :State-run Hindustan Aeronautics Ltd (HAL) on Monday reported Rs 18,000 crore revenue for fiscal 2017-18, registering 2.2 per cent annual growth.

"According to the provisional and unaudited figures, sales turnover for the year ending March 31, 2018 is Rs 18,000 crore against Rs 17,605 crore in the previous fiscal (2016-17), posting an annual growth of 2.2 per cent," it said in a regulatory filing on the BSE.

HAL, however, did not disclose the provisional profit before or after tax achieved for the fiscal under review.

The company produced 40 military aircraft/helicopters and 105 engines and carried out overhaul of 220 aircraft/helicopters and 550 engines during the just-concluded fiscal.

"We have received order for 41 Advanced Light Helicopters (ALH) and 8 Chetak helicopters from the Indian armed forces in FY 2018," said the company in a statement.

HAL also received Initial Operational Clearance certificate for its Light Combat Helicopter (LCH) and certificate of airworthiness for Dornier Do-228 civil variant from the Director-General of Civil Aviation.

The Indian Air Force has cleared upgrade of its Mirage 2000 by the company after the Final Operational Clearance during the fiscal.

"We support the armed forces with indigenous and licenced manufactured products, with emphasis on self-reliance and building an eco-system to develop vendors and enhance outsourcing," said HAL Chairman T. Suvarna Raju in the statement.

The company's initial public offering to divest 10.2 per cent of its equity holding from March 16-20 for raising Rs 1,400 crore just managed to subscribe 99 per cent, with the help of institutional investors like the state-run Life Insurance Corporation of India.

The issue failed to attract retail and high-net worth investors despite 5 per cent discount offer on the price band of Rs 1,215-1,240 per share of Rs 10 face value.

The company's blue-chip scrip, however, gained Rs 21.10 per share to close at Rs 1,149.45 at the end of Monday trading on the BSE from Thursday's closing price of Rs 1,128.35 and opening price of Rs 1,129 earlier in the day.