Goa Shipyard to go public next year; eyes Rs 50-bn revenue in 5 years: CMD

Goa Shipyard Limited has planned to get listed on the bourses over the next one year, a top official said.

GSL, Chairman and Managing Director, Shekhar Mittal said, "with a healthy balance sheet and order book size, within a year we plan to go public."

He said the company during the last four years, witnessed a turnaround and became a profit making firm.

The value of production increased to Rs 13.71 billion in 2017-18 from Rs 5 billion in 2013-14.

Responding to a query, during a recent interaction, Mittal said, the company clocked profits of Rs 3 billion last year with a total revenue of Rs 15 billion.

"We have been witnessing 30 per cent compounded (annual growth rate) over the last few years. We have the maximum number of deliveries of ships," he said.

He attributed the increase in revenue on account of completing projects ahead of time, delivery of ships and improving operational efficiencies.

The company recently signed a pact with Rolls-Royce to manufacture technologically-advanced MTU Series 8,000 engines, used in offshore patrol vessels, in the country.

As per the agreement, the companies would assemble 16-cylinder and 20-cylinder MTU Series 8,000 engines at the GSL's new facility to come up in Goa at investments of Rs 1 billion, Mittal said.

To a query, Mittal said the next phase of growth for the company would come through Mine Counter Measuring Vessels and Advanced Missile Frigates for the Navy. "Our plan is to move towards Rs 50 billion revenue in five years.".

On the investments made so far, he said, the company invested close to Rs 10 billion in capacity building.