Goa Shipyard Limited CMD Cmde B B Nagpal and other officials during the 55th Annual General Meeting of GSL.
VASCO
The Goa Shipyard Limited (GSL) has recorded an all-time high of Rs 1,098 crore in its net worth, while achieving a gross revenue of Rs 979 crore.
This was stated by GSM CMD Cmde B B Nagpal at the 55th Annual General Meeting on Wednesday through video conferencing, due to the Covid-19 pandemic. The meeting attended by other directors, auditors and the shareholders.
Cmde Nagpal informed that the Value of Production was Rs 827 Cr in FY 2020-21, Profit Before Tax was Rs 172 crore and Profit After Tax was Rs 128 crore.
He further mentioned that a final dividend of Rs 1 per equity share of Rs 5 each for FY 2020-21 was declared at the AGM. This is in addition to the interim dividend of Rs 3.75 declared during the year. Thus, the total dividend for FY 2020-21 is Rs 4.75 per equity share being 95% on Paid-up Share Capital.
The GSL delivered three vessels of the five Offshore Patrol Vessel Project to the Indian Coast Guard till date with over 70% indigenous content and further consolidated its record of on-time deliveries.
Significant progress has been achieved in the Frigate Project as the keel of both vessels have been laid. The GSL was recently awarded a contract to construct two Pollution Control Vessels for the Indian Coast Guard and also secured an order for supply of 12 specialised boats for the Indian Army on competitive bidding.
The GSL is also executing multiple orders of ship repairs and general engineering services.
CMD remarked that as on March 31, the GSL has a healthy order book of Rs 14,120 crore (approx), providing clear visibility of growing revenue and profitability in coming years.
In order to enhance indigenisation content, the GSL has taken measures to promote and facilitate MSMEs and local vendors to participate in the Shipbuilding process.
The GSL said it has also spent much higher amount on CSR than the statutory prescribed, indicating its strong commitment for social development of the community in and around Goa.
