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Goa Shipyard’s Value of Production jumps 42% to Rs 1030 cr for FY 2016-17

Value of Production (VoP) of Goa Shipyard Limited for FY 2016-17 has jumped to Rs 1030 Crore (highest in the history of GSL) as against Rs 726 Crore in the previous year, an increase of 42% over the previous year. This is second highest VoP amongst Defence Public Sector Undertaking (DPSU) shipyards, says a release. Similarly, Operating Profit has increased to Rs 131 Crore as against Rs 69 Crore in the previous year, a growth of 91% year on year. The Company has earned a Profit before Tax of Rs 177 Crore during FY 2016-17, highest in the last six years. The Company has achieved nearly 40% turnover from exports. These are best results achieved in the history of the Company, adds the release.

The financial results of the company was tabled at 51st Annual General Meeting of Goa Shipyard Limited held on 26th September, 2017. The meeting was attended by members of the Board of Directors, shareholders and other senior functionaries of GSL. RAdm. Mital, Chairman & Managing Director reported yet again excellent all round results both on Operational and Financial fronts wherein.

RAdm Shekhar Mital, CMD of GSL said that the Company has been consistently performing well and informed that the Order Book position of the Company as of 31st March, 2017, stood at around Rs 3,298.29 Crore (approx). This includes orders of about Rs 666.56 Cr from exports and Rs 1870 Cr (approx) order for five CGOPV, which became effective in Aug 2016.

Elaborating upon the business outlook, RAdm Mital stated that the Company's focus areas in the coming years would primarily be on timely completion of concurrent projects like SL OPVs, CG OPVs, NBC Training facility at Lonavla, 4 x 1000T Fuel Barges and other General Engineering projects. 

The Company has paid Productivity Linked Incentive (PLI) to its workers at the highest ever rate of 15%, of annual Basic pay, in keeping with its excellent Operational performance for the year 2016-17. The Company has declared dividend of Rs. 40.74 Crore being 70% of the Paid-up Share Capital of Rs 58.20 Crore (post allotment of 1:1 Bonus Shares) for the year 2016-17, as against 64% Dividend paid on the reduced Paid-up Share Capital of Rs 29.10 Crore in the previous year. This is more than 100% increase.

 As recognition of the illustrious work undertaken by the Company, the Company has bagged the prestigious Raksha Mantri’s Award 2015-16 for ‘Best Performing Shipyard’the Highest award in the country for any DPSU shipyardSCOPE Award for Excellence, Turnaround Category for FY 2014-15and Raksha Mantri’s Award 2014-15 for Design Efforts and for Best Performance in Export. The Company has achieved ‘Excellent’ MoU grading from Government this year, after 5 years of Good/Very Good ratings.

 Commenting on the annual results, CMD indicated to our correspondent that these results are direct offshoot of very benign industrial atmosphere, policy formulation and decision making at Govt level. CMD further assured of much better performance in the ongoing year.

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