Despite pandemic, GSL networth reached an all-time high of Rs 1,098 crore: CMD

During the Financial Year 2020-21, Goa Shipyard Limited (GSL) has achieved gross revenue of Rs 979 crore and value of production of Rs 827 crore, while profit before tax (PBT) stands at Rs 172 crore and profit after tax (PAT) at Rs 128 crore
Despite pandemic, GSL networth reached an all-time high of Rs 1,098 crore: CMD

New Delhi/Goa: The 55th Annual General Meeting (AGM) of Goa Shipyard Limited (GSL) was held on September 29, through video conferencing, due to the COVID-19 pandemic. The meeting was chaired by GSL's Chairman & Managing Director (CMD) Cmde BB Nagpal and attended by other Directors, Auditors and the Shareholders. In the meeting, audited financial statements for FY 2020-21 were adopted.

While addressing the members, CMD informed that in spite of the COVID-19 pandemic, the net worth of the company has reached an all-time high to Rs 1,098 crore. The company achieved gross revenue of Rs 979 crore and a value of production of Rs 827 crore in FY 2020-21. Profit Before Tax (PBT) was reported at Rs 172 crore and Profit After Tax (PAT) at Rs 128 crore.

He further mentioned that a final dividend of Rs 1.00 per equity share of Rs 5.00 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 percent on paid-up share capital.

The shipyard has delivered three vessels out of the five Offshore Patrol Vessel Project to the Indian Coast Guard till date with over 70 percent indigenous content and further consolidated its record of on-time deliveries. The fourth vessel is ready for delivery in all respects and is expected to be delivered soon.

Significant progress has been achieved in Frigate Project as the keel of both the vessels has been laid. The company has recently been awarded a contract for the construction of two Pollution Control Vessels for the Indian Coast Guard and also secured an order for the supply of twelve specialized boats for the Indian Army on competitive bidding. The Yard is also executing multiple orders of ship repairs and general engineering services.

Further, CMD remarked that as of Mar 31, 2021, the company has a healthy order book of Rs 14,120 crore (approx), which provides clear visibility of growing revenue and profitability in the coming years. The recently concluded contract valuing Rs 559 crore for two PCVs has further strengthened the order book position.

GSL has been proactively implementing various Govt. initiatives such as 'Make in India', 'Atmanirbhar Bharat', 'Skill India,' 'Startup India,' 'Swachh Bharat Abhiyan', etc. In order to enhance indigenisation content, the company has taken various measures which will promote and facilitate MSMEs and local vendors to participate in the shipbuilding process. Continuing its past trend, the company has spent a much higher amount on CSR than the statutory prescribed, which indicates its strong commitment to the social development of the community in and around Goa.

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 unwavering support and valuable guidance. He also thanked all the shareholders and directors for their co-operation and acknowledged the unstinted support and unflinching commitments by all the employees of the company during these uncertain times.

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