Hindustan Aeronautics Limited said on Friday it has recorded the highest ever revenue of over Rs 24,000 crore (provisional and unaudited) for the financial year ended on March 31, 2022, registering a 6 percent growth over the previous fiscal. The corresponding figure for the previous year stood at Rs 22,755 crore.

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"Despite the challenges of the second wave of COVID-19 during the first quarter of the year and the consequent production loss, the Company could meet the targeted revenue growth with improved performance during the balance period of the year," said HAL CMD, R Madhavan.

The second wave of COVID-19 had compelled the company to declare a phased lockdown at various divisions during April and May 2021, the Bengaluru-headquartered company noted in a statement. The employees had put in additional hours in June and July 2021 to compensate for the loss of man hours due to the lockdown, it said.

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Further, based on the improved financial performance and cash flow position, the credit rating agencies CARE Ratings and ICRA Limited have upgraded the company's credit rating from AA+ Stable to AAA/Stable during the financial year, it was stated. HAL said it achieved record revenue with production of 44 new helicopters/aircraft, 84 new engines, overhauling 203 aircraft / helicopters and 478 engines.

Recently, HAL bagged a contract for production of 15 Light Combat Helicopters (LCH) -- ten for IAF and five for the Indian Army -- at a cost of Rs 3,887 crore along with Infrastructure sanctions worth Rs 377 crore.

Considering the improved financial performance during the financial year, HAL paid an interim dividend of Rs 40 per share representing 400 percent on the face value of Rs 10 per share during 2021-22, the statement added.

First Published:Apr 1, 2022 12:09 PM IST