Hindusthan Shipyard Ltd (HSL) here has achieved the highest turnover of Rs 625 crore (provisional) during the financial year 2016-17 as against Rs 593 crore in the previous year (2015-16), according to Chairman and Managing Director L.V Sarat Babu.

Reviewing the performance of HSL here on Tuesday, he told presspersons that the shipyard had turned a new leaf and had improved its efficiency in all parameters during the past two years or so. "We earned net profit of Rs 19 crore in 2015-16 and Rs 30 crore in 2016-17 and operating profit of Rs 15 crore in 2016-17 after a gap of 35 years," he said.

The CMD said the negative net worth had been reduced from Rs 1,023 crore to Rs 650 crore. "HSL has embarked on a new, exciting path. We are also tying up with Hyundai Industries of South Korea for strategic co-operation and we plan to build five fleet support ships worth Rs 10,000 crore in all," he said.

In response to a query, he said the Centre and the South Korean Government would shortly sign an agreement facilitating the tie-up between HSL and Hyundai Industries Limited. "Hyundai is rated to be the best shipyard in the world and the tie-up will be mutually beneficial," he added.

He said HSL was also actively pursuing orders for construction of two cadet training ships, nine 25 T Bollard pull-tugs for the Navy and 8 inshore patrol vessels for the Indian Coast Guard.

He said the capital restructuring plan was still under consideration of the Centre and HSL had received Rs 200 crore as relief after severe cyclone Hudhud ravaged HSL. The amount was being spent on renovating the shipyard and for the shipyard employees' colony.

sarma.rs@thehindu.co.in

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