The only PSU shipyard in the state, Goa Shipyard Ltd (GSL) sailed smoothly on the financial front in 2018-18. The shipyard achieved operating revenue of Rs 906 crores and operating profit of Rs 130 crores, thereby earning a profit before tax (PBT) of Rs 210 crores during the year.
The results were declared at the 53rd AGM on September 12, wherein the annual accounts were adopted for 2018-19. On the results, Cmde B B Nagpal, chairman and managing director, said that, performance was promising in terms of revenue and profit amidst challenging business environment. “Despite adverse market conditions and low order book position we managed to achieve value of production of Rs 848 crores during the year generated from five Coast Guard Offshore Patrol Vessels (OPVs), ship repairs and general engineering service’s projects,” said Cmde Nagpal.
He added that, the net worth of the company increased marginally to Rs 912 crores from Rs 909 crores in 2017-18 and EBIDTA margin improved to 26.28 per cent in 2018-19 compared to 25.75 per cent in the previous year.
It was disclosed that, during the year, GSL paid two interim dividends of Rs 1.50 and Rs 1.30 respectively per equity share of Rs 5 face value. Further a final dividend of Rs 1.20 per equity share was also declared. “The total outgo for final dividend including DDT will be Rs 16.84 crores. Thus, the total dividend for the year 2018-19 is Rs 4 per equity share, being 80 per cent on paid-up share capital and total outgo will be Rs 56.13 crores (including DDT)”, said Cmde Nagpal.
Informing about future prospects, he disclosed that “GSL has set target for value of production of Rs 980 crores for 2019-20, as per the MoU signed with the government. We are working hard to achieve the target and are presently executing five Coast Guard OPV projects and focusing on the launching of three Coast Guard OPVs and delivery of 1st Coast Guard OPV during the financial year 2019-20.”
Cmde Nagpal said that the shipyard commenced preparatory activities for construction of P1135.6 frigate project in full swing so as to commence the production by early 2020. “The company is in transition phase and is scaling up its infrastructure and operational capabilities to handle this high value project”, said Cmde Nagpal. He further opined that a number of shipbuilding projects of the Indian Navy and Coast Guard are on the anvil and are likely to be tendered out in the near future.
“GSL will be bidding aggressively for these projects to increase the order book value and expand product portfolio”, stated Cmde Nagpal while expressing sincere thanks to all stakeholders who helped the shipyard achieve success.
The AGM was attended by members of the board of directors, shareholders and other senior functionaries of GSL.