India's state-owned aerospace manufacturer, Hindustan Aeronautics Limited (HAL), has been set a target to achieve INR179 billion (USD2.8 billion) in revenue for fiscal year 2017–18, it announced on 12 July.
The target, set by the Indian ministry of defence (MoD), represents a 3% increase over the record revenue achieved in 2016–17, which in turn was a 4% increase over the previous year. HAL's pre-tax profit in 2016–17 was INR32.94 billion, which is comparable with 2015–16, although the company did not disclose profit targets for 2017–18.
The targets are framed through a memorandum of understanding (MoU) signed by HAL and the MoD on 11 July (the MoU is signed by the two parties on an annual basis).
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