India’s biggest defence companies – Hindustan Aeronautics Limited (HAL) and Bharat Electronics Limited (BEL) – have posted increases in turnover for fiscal year (FY) 2018–19, the two companies said on 1 April.
In separate stock exchange filings, HAL said it achieved provisional turnover of INR194 billion (USD2.8 billion), a year-on-year increase of 6%, while BEL said its provisional turnover increased 16% to INR117 billion. Neither company disclosed figures for annual profit.
During FY 2018–19, HAL said it built 41 new aircraft (fixed-wing platforms and helicopters) and 98 new aero-engines. It said it also overhauled 213 aircraft and 540 aero-engines.
R Madhavan, HAL chairman and managing director, said the company’s financial performance has encouraged HAL to “focus more on [the] design and development of indigenous products and technologies” and to develop India’s “aerospace and defence manufacturing ecosystem”.
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