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Business Economy

HSL earns profits for the last 4 consecutive years without any external aid : CMD

Viskahapatnam, Oct 12 (UNI) Visakhapatnam-based Hindustan Shipyard Ltd (HSL) Chairman
and Managing Director, Rear Admiral LV Sarat Babu, on Saturday claimed that with the best productivity measures and improved morale, the shipyard has undergone a major financial turnaround by achieving operating profit and net profit for the last four consecutive financial years.
From 2016,despite legacy liabilities which has taken away a sizable portion of its earnings.

Addressing around 1300 employees to declare the performance of HSL post completion of 67th Annual General Meeting held in last month, RAdm Sarat said the Shipyard has achieved an operating profit of Rs 68.08 crore and profit after tax (PAT) of Rs 36.23 crore during FY 2018-19.

HSL has achieved the operating and net profit for last four consecutive financial years (2016-2019) for the first time since inception of the Company that too without any Government Grant, he said.

The Chairman stated that combined efforts of all employees and good IR has contributed towards this achievement.
Shipyard has turned around in securing orders in the competitive bidding process, he further said it has emerged as the lowest bidder (L1) in the competitive tendering process for four tenders where it has participated during the last two years. These contracts have been secured amidst stiff competition from public sector shipyards and Private shipyards.

During the FY 2018-19, HSL has signed two major shipbuilding contracts with Indian Navy, diving Support Vessel and 50 Ton BP Tugs worth Rs 2,390 Crore and Rs 260 Crore respectively, he stated that and added that HSL has also signed contract for construction of three flap gates at a cost of Rs 20 crore with Naval Dockyard Visakhapatnam. These orders came in right time when the yard has a lean order book and have completed the delivery of most of the backlog shipbuilding orders.

With this, the order book position of the company has increased to Rs 2,689.10 crore as on March 31, 2019, he further stated the yard has also been aggressively participating in various ship repair tenders issued by Indian Navy, Coast Guard, DCI, SCI and got orders of INS Sutlej and INS Sujata in competitive tendering process.

He asserted that during the last four years most of the legacy projects have been completed which includes delivery of 15 vessels (11 ships and 4 pontoons) and repair of 37 vessels for various customers.

The two most important projects of national importance undertaken by the shipyard are construction of support vessel and normal refit of INS Sindhuvir for Indian Navy, both of which are at final stages of completion, he added.

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