State-run Hindustan Shipyard Limited (HSL) has posted the highest production value worth Rs 755 crore in the PSU’s history in the financial year 2021-22, a senior company official said on Friday.
Addressing a press conference here, HSL Chairman and Managing Director Hemant Khatri said that despite various challenges due to the partial lockdown and restrictions of the second and third waves of COVID, the state-owned entity has recorded the value of higher production with the three main businesses. segments that contribute to it.
He said the production target value would be more than Rs 1,000 crore in the current financial year.
Khatri said the shipbuilding production value remained at Rs 613 crore, marking it as the highest recorded production value of the shipbuilding division in the shipyard’s history.
HSL has made a net profit of Rs 50.78 crore during 2021-22 with an operating profit of Rs 10.69 crore against a net loss of Rs 14 crore with an operating loss of Rs 73 crore during the previous year, he said.
The president and CEO said the construction of two diving support vessels is in advanced stages of construction with both vessels at 70% completion.
He said a similar improvement in performance has been achieved in the ship repair business unit. The yard has repaired 17 vessels from various owners in 2021-22 and HSL has aggressively participated in several ship repair tenders and secured five successive ship repair orders worth Rs 270 crore during the year.
One of the five orders was a ship repair order from MODU Sagar Bhushan worth Rs 154 crore.
Khatri said the yard has delivered 200 ships, including 40 ships of various types, to the Indian Navy and repaired 2,000 ships so far.
The value of the balance order book for shipbuilding is around Rs 2,185 crore, which includes two diving support vessels.
The public sector company has signed a memorandum of understanding with defense shipyards and other companies for mutual cooperation to tap domestic and export markets in both the defense and non-defense sectors.
Khatri said HSL has uploaded 80 defense products on the Srijan portal with Rs 800 crore, of which more than 20 products worth Rs 123 crore have already been located. In addition, various measures have been taken to promote indigenous defense manufacturing in the MSME sector.