New Delhi, May 23: Bharat Heavy Electricals Limited (BHEL) has bounced back into the black in fiscal 2021-22 despite the 2nd wave of COVID impacting first quarter operations severely.

Due to a strong focus on speeding up execution, cost control, prudent resource management, and improving service and quality standards, the company has not only achieved break-even in FY 21-22 but has also strengthened its balance sheet.

While revenue from operations surged 24% to Rs.21,211 crore, against Rs.17,308 crore in the previous year, the company achieved a Profit Before Tax of Rs.437 crore against a loss of Rs.3,612 crore in the year before.

Overall, the company achieved an EBIDTA of Rs.1,100 crore. This has been achieved despite tremendous pressure on margins due to a sharp spike in metal prices and increase in other material and fuel costs.

Profit After Tax stands at Rs.410 Crore against a loss of Rs.2,717 crore in the previous year.

Notably, the company has declared a dividend of 20% for FY 2021-22, after a span of 3 years. This performance is a result of a shift in focus towards project centric operations over the last couple of years, with the company achieving the highest level of execution at project sites (in the past 5 years) as well as the highest ever project closures.

This has also resulted in a cash surplus of Rs.660 crore from operation activities.