Bengaluru, Apr 1 (IANS): Public sector Hindustan Aeronautics Limited (HAL) has reported its highest ever revenue of over Rs 24,000 crore (provisional and unaudited) for the financial year ending on March 31. Compared to the previous year's revenues of Rs 22,755 crore, the company has registered a 6 per cent revenue growth.

"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 R. Madhavan, CMD, HAL.

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

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.

HAL achieved record revenues through production of 44 new helicopters/aircraft, 84 new engines, overhauling 203 aircraft / helicopters and 478 engines, a statement from HAL noted.

Recently, HAL has bagged a contract for production of 15 Light Combat Helicopters (LCH), 10 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 per cent on the face value of Rs 10 per share during FY 2021-22.