State-run plane maker HAL on Monday announced that it achieved the highest-ever revenue from operations of more than ₹29,810 crore for the financial year 2023-24, which accounts for around 11% growth compared to 9% during the previous financial year when the figure stood at ₹26,928 crore.

The firm received fresh manufacturing contracts of over ₹19,000 crore.

“Despite major supply chain challenges arising due to geopolitical issues, the company has met the expected revenue growth with improved performance for the entire year. As of March 31, 2024, the order book stands in excess of ₹94,000 crore with additional major orders expected during FY 2024-25,” HAL chief CB Ananthakrishnan said in a statement issued in Bangalore.

The firm received fresh manufacturing contracts of over ₹19,000 crore, and repair and overhaul contracts worth ₹16,000 crore in FY 2023-24.

It announced its financial results days after the first TEJAS MK-1A aircraft made its maiden flight from an HAL facility in Bangalore. IAF ordered 83 TEJAS MK-1A jets for ₹48,000 crore in February 2021 and plans to buy 97 more MK-1As at a cost of around ₹67,000 crore. The first aircraft was to be delivered to IAF by March 31 but there is some delay as some key certifications are still pending.

“The company has maintained the growth momentum and has achieved an all-round improved performance. A very significant milestone was achieved with the first production series fighter of TEJAS MK-1A completing its maiden flight on March 28, 2024,” HAL said in the statement.

Last year, HAL and US engine maker General Electric signed an MoU for transfer and technology (ToT) and manufacturing of GE-414 aero-engines in India for TEJAS MK-2 aircraft. It will receive 80% technology transfer for this programme, which will transform the Indian aero-engine manufacturing ecosystem to be self-reliant, the statement said.

“HAL continuously looks for opportunities to collaborate and develop newer technologies by forging alliances with global and Indian technology partners.”

TEJAS MK-1A is an advanced variant of the TEJAS MK-1, which has been inducted by IAF. TEJAS is set to emerge as the cornerstone of IAF’s combat power in the coming decade and beyond.

IAF, the world’s fourth largest air force, is expected to operate around 350 TEJASs (MK-1, MK-1A, and MK-2 versions), with a third of those already ordered, some inducted, and the rest figuring prominently on the air force’s modernisation roadmap and expected to be contracted in the coming years.

In October 2023, HAL handed over the first trainer version of TEJAS MK-1 to IAF chief Air Chief Marshal VR Chaudhari in Bangalore, with the twin seater set to fill a key training role and double as a fighter if needed.

The aircraft was part of an earlier order for 40 MK-1 jets in the initial operational clearance (IOC) and the more advanced final operational clearance (FOC) configurations—the first variants of TEJAS. Of the 40 MK-1s, IAF inducted 32 single-seater jets and raised two TEJAS squadrons. The remaining eight aircraft are trainers and all of them will be delivered to IAF soon.

HAL also formed a joint venture, the SAFHAL Helicopter Engines Pvt Ltd, with French firm Safran Helicopter Engines for indigenous design and development of chopper engines.