Bharat Heavy Electricals Limited (BHEL) has bounced back into the black in fiscal 2021-22 despite the second wave of COVID impacting Q1 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 per cent to Rs 21,211 crore, against Rs 17,308 crore in the previous year, the company achieved a Profit Before Tax (PBT) 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 & 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 per cent for FY 2021-22, after a span of three 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 five years) as well as the highest ever project closures.

This has also resulted in a cash surplus of Rs 660 crore from operation activities. As on March 31, 2022, the company had cash and bank balances, net of borrowings, of Rs 2,409 crore as compared to Rs 1,868 crore, at the end of FY 20-21.

During the year, BHEL has commissioned and synchronised 4,119 MW of power plants in the utility, solar and captive segments and an additional 1,460 MW of steam generators.