HAL records highest-ever turnover despite doubts over its ability to make Rafale jets

BENGALURU: India's aerospace major - Hindustan Aeronautics Limited (HAL) – which lost the race to get the contract to Anil Ambani's Reliance Defence for building parts of the Rafale fighter jets as the Indian partner of France's Dassault Aviation, has recorded its highest turnover.

The company achieved significant growth in revenue and profits despite several challenges, a top official said on Saturday.

"We have recorded the highest ever turnover of Rs 18,28,386 lakhs in the financial year 2017-18 compared to previous year's turnover of Rs 17,60,379 lakhs," HAL CMD R Madhavan said in a statement here.

HAL had on Friday, held its 55th Annual General Body Meeting of Shareholders, first after its listing.

According to the statement, its Profit Before Tax for the year was Rs 3,32,284 lakhs as against Rs 3,58,258 lakhs in previous year.

The Profit After Tax (PAT) for the year was Rs 2,07,041 lakhs, its CMD said.

During the said period, HAL produced 40 aircraft and helicopters covering Su-30 MKI, LCA Tejas & Dornier Do-228 in fixed wing and ALH Dhruv and Cheetal Helicopters in rotary wing, Madhavan said.

In addition, HAL produced 105 new engines, overhauled 220 aircraft, helicopters and 550 engines, he said.

Also, as many as 146 new aero-structures for space programs were produced during the period, he added. 

The disclosure comes at a time when a political slugfest continues over the controversial Rafale fighter jet deal between India and France over allegations of the Narendra Modi government recommending the name of industrialist Anil Ambani's relatively ''inexperienced'' firm Reliance Defence over HAL as the Indian partner of Dassault Aviation.

It may be recalled that Defence Minister Nirmala Sitharaman had recently stated HAL's inability to produce parts of the Rafale fighter jets in India as one of the major reasons why the previous Congress-led UPA regime could not finalise the deal with France.

On Thursday, Minister of State for Heavy Industries Babul Supriyo added that HAL had quoted double manpower hours to Dassault Aviation for a job that could be done in "100 man-hours".

(With Agency inputs)