New Delhi/Bengaluru: The CARE Ratings Limited has upgraded the present Hindustan Aeronautics Limited (HAL) Long Term ratings from 'CARE AA+ Outlook Stable' to 'CARE 'AAA Outlook Stable'.  HAL's short term rating has remained the same as A1+.

This is done on the basis of recent developments including the operational and financial performance of HAL for FY 2021 (Audited) and Q1 FY22 (Unaudited).

The financial year 2020-21 was significant for HAL in terms of securing the largest ever defence contract of 83 LCA MK-IA for the Indian Air Force. This helped the company surpass the order book position in excess of Rs 80,000 crores.  HAL has taken various cost-cutting and austerity measures that include indigenization of various components, increasing outsourcing efforts and rationalization of manpower.

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