Thursday, January 8, 2015

Scaling new high: Pawan Hans posts highest profit in 2013-14

Anil Srivastava, CMD, Pawan Hans
AT A time when most of the airliners in India — both state-owned and private — are bleeding losses despite the free fall in global crude oil prices, Pawan Hans has added another feather to its glorious wing by posting the highest ever turnover of Rs. 530 crore for the year 2013-14. This growth...
is around 15 percent above the previous year’s figures of Rs. 465 crore, the company said in a statement.
The profit from operations has increased to Rs. 73 crore from Rs. 39 crore in 2012-13 recording an increase of 87 percent and profit net of tax depreciation and all other liabilities has also been more than doubled to Rs. 38.57 crore during 2013-14.
After incurring a loss of Rs. 10.35 crore during 2011-12, Pawan Hans started paying dividend after a gap of four years and for the year 2013-14 has declared Rs. 7.71 crores keeping in view the improved financial results. It is a success story for the helicopter company that may prove useful others to emulate.  
The company also recruited 10 fresh pilots under its new recruitment policy which has brought down the cockpit cost and it is expected to save Rs. 7.30 crores in two years time.
“This turnaround has been achieved due to various strategic steps taken to make an aviation company efficient and minimizing the overheads,” said Anil Srivastava, CMD, Pawan Hans in a statement. 
However, the safety aspect has not at all been compromised and last three years have been without any incident for Pawan Hans, Srivastava added.
Fleet serviceability of its fleet of 53 helicopters has also been at its highest ever level and was around 83 percent.
With deployment of 11 helicopters in the North East, Pawan Hans has started a new region to cater to the demands from region with its headquarters at Guwahati.
Overall performance and its turnaround has also been recognized by various external agencies and the airliner has been bestowed with five awards during last one year including the prestigious “Golden Peacock” recognition at London for overall business sustainability.
This is noteworthy that Pawan Hans gets most of its business through an open competitive bidding and does not take any assistance from government budget.
Pawan Hans Ltd, the national helicopter company was incorporated in 1985. Presently, the government of India has is 51 percent stake in the company and Oil and Natural Gas Corporation (ONGC) 49 percent.
Pawan Hans was incorporated with the primary objective of providing helicopter support services to the oil sector for its off-shore exploration operations, services in remote and hilly areas and charter services for promotion of tourism.
Pawan Hans has grown into one of Asia’s largest helicopter company.
Thanks to its growing wings, the aviation ministry in November last year said it would list Pawan Hans Helicopter Ltd along with the Airports Authority of India (AAI) on the stock exchanges to improve efficiency and transparency.
The announcements by civil aviation minister Ashok Gajapathi Raju were part of the aviation policy unveiled on November 11. The government has sought views from the public on the draft policy, which is likely to be finalised in January.

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