Hindustan Shipyard Ltd (HSL) has achieved the highest turnover of ₹625 crore (provisional) during 2016-17 financial year against ₹593 crore during the previous year (2015-16), according to Chairman and Managing Director LV Sarat Babu.
Reviewing the performance of the HSL here on Tuesday, he told reporters that the shipyard had turned a new leaf and improved its efficiency on all parameters during the past two years or so. “We have earned net profit of ₹19 crore during 2015-16 and ₹30 crore during 2016-17 and operating profit of ₹15 crore during 2016-17, after a gap of 35 years," he said.
The CMD said the negative net worth had been reduced from ₹1,023 crore to ₹650 crore.
“The HSL is tying up with the Hyundai Industries Ltd, South Korea, for strategic co-operation and we plan to build together five fleet support ships, worth about in all ₹10,000 crore," he said.
In response to a query, he said the government and the South Korean Government will shortly sign an agreement facilitating the tie-up.
“Hyundai is rated to be the best shipyard in the world and the tie-up will be mutually beneficial," he added.
He said the HSL was also pursuing orders for construction of two cadet training ships, nine 25 T Bollard pull tugs for the Navy and eight inshore patrol vessels for the Indian Coast Guard.
He said the capital restructuring plan was still under the consideration of the Centre and the HSL had received ₹200 crore as relief after the Hudhud cyclone which ravaged the HSL.
The amount was being spent on renovating the shipyard and for the shipyard employees' colony.