India’s HAL posts mixed performance in FY 2017/18

[Zarvan]

India’s Hindustan Aeronautics Limited reported record turnover in fiscal year 2017/18. The company attributed the growth to programmes including its licensed production of Sukhoi Su-30MKI fighter aircraft (pictured here). Source: Irkut

India's Hindustan Aeronautics Limited (HAL) registered record turnover in fiscal year (FY) 2017/18 but its profits declined, the state-owned company said on October 1.

HAL said in a press release that its turnover in the year was INR182.8 billion (USD2.49 billion) while pre-tax profit was INR33.2 billion. These figures represent a year-on-year increase of 4% and a decline of 7% respectively.

HAL said its post-tax profit in FY 2017/18 was INR20.7 billion, a fall of 21% compared with the INR26.1 billion the company recorded in FY 2016/17. HAL did not detail factors behind the decreases, only pointing to a "challenging" business environment.

Despite the profit decline, HAL said that its order book as of March 2018 was "healthy", with a value of INR611 billion.

In its press release, HAL also outlined some of its production activities during FY 2017/18. The company said it produced 40 fixed-wing aircraft and helicopters in the year including Sukhoi Su-30MKI fighter aircraft, the Tejas Light Combat Aircraft (LCA), the Dornier Do-228 twin-turboprop light transport aircraft, as well as its Dhruv Advanced Light Helicopter (ALH) and Cheetal utility helicopters.

HAL added that it produced 105 new engines in the fiscal year, and also overhauled 220 fixed- and rotary-wing helicopters and 550 aircraft engines. The company added that it also produced 146 "new aero-structures for space programmes" during the year.

In its newly published annual report, HAL also said it is in a strong position to continue to grow in line with the Indian government's objective to modernise the Indian Air Force (IAF) and localise defence and aerospace manufacturing.

The annual report said, "Considering the changing economic and business environments, HAL has formulated strategies aligned to the government's initiatives and [is] implementing them to maximise the benefits for the company and support the development of the Indian aerospace and defence manufacturing industry."

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