Thursday, September 29, 2022

GSL to push value of production to Rs 980 cr in FY20

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Vasco: Elaborating on the future plan of Goa Shipyard Limited (GSL), CMD Commodore BB Nagpal said that the company is targeting to push the value of production to Rs 980-crore in FY 2019-20. The company is presently executing five CG OPV projects and is focusing on the launching of three CG OPVs and the delivery of its first CG OPV in FY 2019-20.

Speaking at the 53rd Annual General Meeting (AGM) of GSL, a Miniratna PSU under the Ministry of Defence, Nagpal said that the performance of the company in FY2018-19 was promising in terms of revenue and profit. The meeting was attended by members of the board of directors, shareholders and other senior functionaries of the company.

GSL adopts financial report for FY19

“GSL’s CMD Commodore BB Nagpal in his address informed that the performance of the company during the FY 2018-19 was promising in terms of revenue and profit amidst challenging business environment. Despite adverse market conditions and low order book position, the company managed to achieve a value of production (VoP) totalling Rs 848 crore during the year generated from 5 CG OPVs being constructed in the Yard Ship Repairs and General Engineering Services projects. During FY 2018-19, the company achieved operating revenue of Rs 906 crore and an operating profit of Rs 130 crore. The company earned a profit before tax (PBT) of Rs 210 crore,” said a press release.

The CMD said that the net worth of the company has increased marginally to Rs 912 crore in the FY 2018-19 from Rs 909 crore in the FY 2017-18. On the other hand, EBIDTA margin has improved to 26.28 percent in the FY 2018-19 from 25.75 percent in the FY 2017-18.

Dividend paid to the government

During FY-2018-19, the company has paid two interim dividends of Rs 1.50 and Rs 1.30 per equity share of Rs 5.00 each on November 23, 2018 and March 16, respectively. Further, the company declared a final dividend of Rs 1.20 per equity share of Rs 5.00 each i.e. 24 percent of the paid-up share capital for the year 2018-19. The total outgo for final dividend, including DDT, will be Rs 16.84 crore. Thus, the total dividend for the year 2018-19 is Rs 4.00 per equity share, being 80 percent on paid-up share capital and total outgo, including DDT, will be Rs 56.13 crore.

What are the company’s future plans?
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The Yard has 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 a transition phase and is scaling up its infrastructure and operational capabilities to handle this high-value project.

The CMD further mentioned 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. The company will be bidding aggressively for these projects to increase the order book value and expand the product portfolio.

On behalf of GSL, the CMD expressed his sincere thanks to all the stakeholders for the cooperation extended to the company which helped the company in achieving success.

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