HAL signs MoU with MoD; targets Rs.17,900 cr revenue in FY’18
The Dollar Business Bureau
Targeting a highest ever revenue at Rs.17,900 crore for current financial year, state-owned aerospace and defence firm, Hindustan Aeronautics Limited (HAL) on Wednesday signed a Memorandum of Understanding (MoU) with the Ministry of Defence (MoD).
HAL has also put special emphasis on modernisation, capacity building and solar power plants, with the aim to attain a capital expenditure (capex) of Rs.1,300 crore, the company said in a statement.
The MoU has charted out the targets on several performance parameters for the current fiscal.
The MoU was signed by Ashok Kumar Gupta, Secretary in the Department of Defence Production, on behalf of Defence Ministry and T Suvarna Raju, CMD, on behalf of HAL.
“The company’s thrust is on ‘Make in India’ projects such as Hindustan Turboprop Trainer-40 (HTT-40), Light Combat Helicopter (LCH) and Light Utility Helicopter (LUH),” the statement said.
The major milestones targeted to be accomplished include the clearance by Directorate General of Civil Aviation (DGCA) for Do-228 aircraft’s civil version, Mirage 2000 Upgrade and Jaguar DARIN-III Upgrade.
The defence PSU also aimed at achieving an increase of 5% in indigenous content via indigenisation under the initiative of Make in India, it said.
HAL recorded sales worth Rs.17,406 crore in the fiscal of 2016-17, witnessing 4% growth compared to Rs.16,736 crore in the corresponding year. The profit-before-tax of the company stood at Rs.3,294 crore in given fiscal, almost flat from Rs.3,288 crore in the previous year.