VASCO
Despite the disruption in construction operations due to the pandemic, the Goa Shipyard Limited (GSL) achieved gross revenue of Rs 1,072 crore as against Rs 986 crore in the previous year.
The 54th Annual General Meeting (AGM) of GSL was held on Wednesday via video conferencing due to the pandemic. The meeting was attended by GSL CMD Cmde B B Nagpal and other directors, auditors and the shareholders.
The Audited Financial Statements for FY 2019-20 were adopted at the meeting.
Addressing the members, GSL CMD Cmde B B Nagpal informed that the company posted yet another successful year of performance putting forth the impressive results despite disruption in construction activities owing to the pandemic.
“Against all odds, the company achieved gross revenue of Rs 1,072 crore as against Rs 986 crore in the previous year and Value of Production (VoP) of Rs 903 crore in FY 2019-20 as compared to Rs 848 crore achieved in FY 2018-19.”
“In the year under review, the company earned Profit before Tax (PBT) of Rs 265 crore as against Rs 210 crore in the previous year, registering a growth of 26%. Profit after Tax (‘PAT’) also increased by 50% to Rs 198 crore from Rs 132 crore in the previous year. The net worth of the company as on March 31, 2020, stood at Rs 1,025 crore, which is an all-time high in the 60 years of the company’s history,” stated Cmde Nagpal.
He further mentioned that a final dividend of Re 1 per equity share of Rs 5 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.
During the reported period, GSL achieved several production milestones such as the delivery of one and launching of two Coast Guard OPVs. The vessel was commissioned with 70% indigenous content.
Defying the challenges posed by the pandemic, GSL through a Plate Cutting Ceremony on September 21 commenced production of Frigate Project Vessels.
The CMD remarked that the future holds good prospects for the company which presently has a healthy order book of approx Rs 14,600 crore 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 said it was instrumental in implementing various government initiatives such as ‘Make in India’, ‘Atmanirbhar Bharat’, Skill India, ’Startup India’, Swachh Bharat Abhiyaan’.
To boost indigenisation, GSL has put in place slew of measures which will promote and facilitate MSMEs and Local vendors to participate in the shipbuilding process.
Besides, GSL spent Rs 506 lakh towards CSR for the benefit of the local community.
