After making a turnaround last year by earning a net profit of 19 crore after a gap of five years, Hindustan Shipyard Limited (HSL) achieved a turnover of 625 crore during 2016-17 — the highest since its inception.
The Ministry of Defence enterprise not only earned a net profit (provisional) of 30 crore in the just-concluded financial year but also increased per capita value of production by 22%.
All this was possible due to adherence to techno-economic parameters and boosting the morale of the workforce by initiating several employee-friendly measures, Rear Admiral (retired) L.V. Sarat Babu, HSL Chairman and Managing Director, told reporters here on Tuesday. He said HSL had also earned an operating profit of 15 crore after a gap 35 years.
Rear Admiral Sarat Babu said HSL had received Letters of Offer for construction of five Fleet Support Ships at a tentative cost of 10,000 crore and two strategic operating vessels (also called midgets) amounting to 6,000 crore.
He said as the construction of Fleet Support Ships and midgets would take 12 to 15 months, the yard was trying to get new orders like construction of cadet training ship and tugs and IPVs amounting to 1,350 crore along with refit of INS Sindhuvir submarine costing nearly 600 crore during current fiscal.
He said Request for Proposal (RFP) for construction of midgets would be issued shortly.
HSL Directors P.H.M. Salih, A.S. Mitra, M. Nagaraj and Hemanth Khatri were present.