HAL admits to delays receivables from IAF, Army

Bengaluru: Claiming that its financial condition was stable and robust, state-run Hindustan Aeronautics Ltd (HAL) on Thursday admitted that receivables amounting to Rs 9,500 crore were delayed from customers including the Indian Air Force (IAF) and Indian Army. “Our finances are stable and robust. There is no problem with our financial condition as we have Rs 12,000 crore in reserves and surplus. Our cashflows were affected as receivables were delayed from our customers, namely IAF and Army,” HAL Director (Finance) Ananth Krishnan told reporters here.

Admitting that the city-based defence behemoth had to borrow from banks to meet its working capital as receivables were delayed, Krishnan said production, sales and other operations were not affected due to the cash crunch. (IANS)

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