Tuesday 20 November 2018, 11:15 AM
GSL REPORTS HIGHEST EVER FINANCIAL PERFORMANCE IN FY 2017-18
By BDK Bureau | Bharat Defence Kavach | Publish Date: 9/27/2018 7:29:25 PM
GSL REPORTS HIGHEST EVER FINANCIAL PERFORMANCE IN FY 2017-18

Goa: 52st Annual General Meeting of Goa Shipyard Limited was held on 17th September, 2018 wherein the Company adopted the Annual Accounts for FY 2017-18. The meeting was attended by members of the Board of Directors, shareholders and other senior functionaries of GSL. RAdm Mital, Chairman & Managing Director whilst addressing the members, informed that the Company revenue has moved up by 32% YoY from Rs 1102 Cr in FY 17 to Rs 1452 Cr in FY 18, while Operating Profit has moved up from Rs 131 Cr in the previous year to Rs 252 Cr, registering a growth of 92% YoY.

Correspondingly, the VoP has moved up from Rs 1030 Cr in FY 17 to Rs 1343 Cr in FY 18. During the FY 18, the Company earned Profit before Tax (PBT) of Rs 331 Cr, a jump of 87% over previous year’s PBT of Rs 177 Cr. Turnover per Employee has moved up from Rs 62 lakh in previous year to Rs 82 lakh in FY 18.

RAdm. Shekhar Mital highlighted the rich exhilarating performance, recorded year after year by the Company during last four years with compounded growth in revenues of over 28% in last 04 years. He highlighted the Company has managed to create new benchmarks and the ‘Build-Timelines’ have become a ‘new normal’ for the Industry. The Company, in the last four years has created an enduring culture of outperformance by delivering 26 ships, all ahead of schedule, amounting to 32,000 tonnes, (12,000 tonnes in FY 17-18 alone), which is the highest in the industry. These include 06 Coast Guard OPVs, 02 OPVs to Sri Lanka, 01 OPV to Indian Navy, 02 Fast Patrol Vessels & 11 Fast Interceptor Boats to Mauritius, 04 x 1000 Ton Fuel Barges to Indian Navy. Besides this, the Company has also delivered 01 Damage Control Simulator each to Myanmar and Indian Navy.

Due to focus on execution and deliveries coupled with strategic alignment and refinement in policies, the Value of Production has surged Rs 3 times in last 4 years from Rs 509 Cr in FY 14 to Rs 1343 Cr in FY18. Compared to Rs (-) 63 Cr Profit Before Tax in FY 14, Company recorded Rs 331 Cr PBT in FY 18 (CAGR 83.87%). Similarly, Operating Profit has increased manifold from Rs (-) 29 Cr in FY 14 to Rs 252 Cr in FY 18 and has been the highest amongst all DPSU shipyards consecutively for last three years.

Elaborating upon the business outlook, RAdm Mital stated that the Company's focus areas in the coming years would primarily be on timely completion of 05 CG OPV Project and NBC Training facility at INS Shivaji. The Company will also focus on early conclusion of contract for 02 Frigates for the Indian Navy and work in conjunction with MoD/ Navy for expeditious processing of MCMV Project. The Company is working hard to commence both projects by 2020.

 

During the year, the Company has paid Interim Dividend of Rs. 58.20 Cr being 100% on the Paid-up Share Capital and further declared Final Dividend of Rs. 66.93 Cr being 115% of the Paid-up Share Capital of Rs 58.20 Crore. Thus, the total dividend for FY 18 is Rs 10.75 per equity share (on face value of Rs 5) being 215% on paid-up share capital and total outgo will be Rs 150.74 Cr (including DDT). This is against 70% Dividend being Rs. 49.04 Cr paid in the previous year.

Commenting on the annual results, CMD indicated that these results are direct offshoot of very benign industrial atmosphere, policy formulation and decision making at Govt / Ministry of Defence level. Further, GSL has been direct beneficiary of Raksha Mantri’s direct guidance and support.

 

The highlights of the declared financial results are as tabulated below:

 

                                       Particulars

2013-14

2014-15

2015-16

2016-17

2017-18 

4 year Change

Revenue (Rs in Cr)

553

681

 805

1,102

1,453

163%

PBT (Rs  in Cr)

(63)

  53

111

177

   331

626%

Turnover Per Employee (In lakhs)

33

36

45

62

82

148%

Tags:

52st,General,Goa Shipyard Limited

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