Sign of growth
With best productivity measures and improved morale, Hindustan Shipyard (HSL) has undergone a major turnaround by achieving operating and net profit for the last four consecutive years (FY2015-16 to 2018-19) after a gap of 65 years without any financial assistance or grant from the government. Its revenue from operations (VoP) has increased year-on-year during the last four years. HSL has achieved a VoP of `595 crore, operating profit of `68.08 crore and profit after tax (PAT) of `36.23 crore during FY2018 -19. The PAT has increased by 73% during FY 2018-19whencomparedwithprevious year. HSL has turned around in securing orders in the competitive bidding process. HSL has emerged as the lowest bidder (L1) in the competitive tendering process for 3 tenders during the FY2018-19.All these contracts have been secured amidst stiff competition from public sector shipyards and private shipyards, senior officials of the company briefed Union Defence Minister while making a presentation about the company current activities and future plans. HSL has signed two major shipbuilding contracts with Indian Navy i.e. two diving support vessel and four 50 ton BP tugs worth`2,392.94croreand`260.72 crore respectively.