Hindustan Shipyard posts profit for the fourth consecutive year with PAT at Rs 36.23 crore

Hindustan Shipyard
Hindustan Shipyard

 

The state-run Hindustan Shipyard Limited has earned operating profit of Rs 68.08 crore and after tax of Rs, 36.23 crores during FY 2018-19, Chairman and Managing Director and Rear-Admiral (Retd) L.V. Sarat Babu said on 28 September.

This is the fourth consecutive year it is receiving benefits, he told the media. Shipbuilding, ship repair, and submarine refits of all three business sectors during 2018-19 have contributed to achieving a production value of Rs 595 crore.

He said that the shipyard has taken steps for wage revision for officers and workers with effect from 2018 and the proposals have already been sent to the Ministry of Defense and it is expected to be approved in due time.

The shipyard also paid salary arrears for retired employees pending the 2009-10 pay revision, with benefits accruing by management. On the shipbuilding front, he said the yard has delivered seven vessels, including an inshore patrol vessel in the Indian Coast Guard, a 50-tonne BP tug to Deendayal Port Trust, three 10-tonne BP tugs to the Indian Navy and the Navy The two pontoons here dockyard.

He said the support vessel for the Navy and the remaining three ten-ton BP tugs such as those in the advanced stage of construction.

On the ship repair front, he said that the shipyard has undertaken the repair of 12 vessels of various types for the Navy, Dredging Corp of India (DCI), Shipping Corporation of India (SCI) and Visakhapatnam Port Trust (VPT).

The shipyard is also aggressively participating in various repair tenders issued by the Navy, Coast Guard, DCI, and SCI. According to him, HSL has emerged as the lowest bidding company in the competitive tender process for the four tenders where it participated during the last two years.

These contracts have been secured amid stiff competition from public sector shipyards and private shipyards. Sharat Babu said that the shipyard has been designated for the construction of five fleet support vessels at a cost of approximately Rs 90.945 crore. In October 2018, M / s Anadolu Shipyard, (ADIK) Istanbul, Turkey has been finalized by the shipyard as a design partner for the FSS project against the global tender.

He said that the signing of a contract with ADIK is expected to be completed in the current financial year 2019-20 and after that, the yard will submit its commercial bid to the Indian Navy.

During 2018-19, HSL signed two major shipbuilding contracts with the Indian Navy for two diving aid vessels and four 50 tonne BP tugs valued at Rs.2390 crore and Rs.4 crore respectively.

HSL signed a contract with Naval Dockyard, Visakhapatnam, for the construction of three ‘flag gates’ at a cost of Rs 20 crore, he said, adding the company’s order book position has increased to Rs 31 crore by March 31, 2019. 689 crores.

Source: Money Control

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