Monday 30 November 2020, 02:02 PM
GSL reported yet another Successful year of Operation
By BDK Bureau | Bharat Defence Kavach | Publish Date: 10/1/2020 4:46:12 PM
GSL reported yet another Successful year of Operation

Goa: The 54thAnnual General Meeting (AGM) of Goa Shipyard Limited was held on 30 Sep, 2020 through video conferencing, due to COVID-19 pandemic.The meeting was attended by Cmde B. B. Nagpal, Chairman & Managing Director (CMD), other Directors, Auditors and the Shareholders. Audited Financial Statements for FY 2019-20 were adopted at the meeting.

CMD whilst addressing the members, informed that the Company posted yet another successful year of performance putting forth the impressive results despite disruption in construction activities owing to COVID-19 pandemic. Against all odds, the Company achieved Gross Revenue of Rs 1072 Cr as against Rs 986 Cr in the previous year and Value of Production (‘VoP’) of Rs 903 Cr in FY 2019-20 as compared to Rs 848 Cr achieved in FY 2018-19.

In the year under review, the Company earned Profit before Tax (PBT) of Rs 265 Cr as against Rs 210 Cr in previous year, registering a growth of 26%. Profit after Tax (‘PAT’) also increased by 50% to Rs 198 Cr from Rs 132 Cr in the previous year. The Net Worth of the Company as on 31 Mar 2020 stood at Rs 1025 Cr, which is an all-time high in the 60 years of Company’s history.

He further mentioned that a final dividend of Rs. 1.00 per equity share of Rs.5.00 each for FY 2019-20 was declared at the AGM. This is in addition to the interim dividend of Rs. 4.50 declared during the year. The total dividend for FY 2019-20 is Rs 5.50 per equity share being 110% on Paid-up Share Capital as against 80% Dividend paid in the previous year.

                                                                                                                                                                  (Amt in Rs Cr.)
 

During the reported period, the Company achieved several production milestones such as delivery of one and launching of two Coast Guard OPVs. The vessel was commissioned with 70% indigenous content.Defying the challenges posed by COVID-19 Pandemic, the Yard through a Plate Cutting Ceremony held on 21 Sep 2020,commenced the production of Frigate Project Vessels. CMD remarked that the future holds good prospects for the company which presently has a healthy order book of approx. 14600 crores for execution. The company’s recent bagging of the Pollution Control Vessel Bid for Indian Coast Guard will open up a new line of business which will provide immense opportunities in the future.

GSL is instrumental in implementing various Govt initiatives such as ‘Make in India’, ‘Atmanirbhar Bharat’, Skill India, ’Startup India’, Swachh Bharat Abhiyaan’ etc. In order to boost indigenization, company has put in place slew of measures which will promote and facilitate MSMEs and Local vendors to participate in the Shipbuilding process.In addition, company has spent Rs506 lakhstowards CSR for the benefit of the local community.

CMD expressed his sincere gratitude to the Ministry of Defence, Central and State Government Authorities and Indian Navy & Indian Coast Guard Authorities and all other valued customers for their unstinted support and valuable guidance and acknowledged the unwavering support and untiring efforts put in by all the employees of the Company for its continued progress.

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