GSL makes a net profit of Rs 78 crore in 2014-2015

State-run Goa Shipyard Limited has registered a speedy turnaround with a net profit of Rs 78 crore in 2014-15 as against a loss of Rs 61 crore in the previous financial year.
"The excellent financial results achieved, clearly reflects the impact of new policies, strategic realignment of priorities coupled with cost control initiatives and close project monitoring introduced at various levels," Chairman and Managing Director of GSL Rear Admiral (Retd) Sekhar Mittal said.
Addressing the 49th AGM of the company, he said the all round improvement in all areas of its operations has been enabled by timely delivery of ships as per contractual schedules to its customers.

The Company registered Value of Production (VOP) of Rs 569.55 crore as compared to Rs 508.90 crore, an 11.92 per cent increase over the previous year and earned profit after tax of Rs 78.24 crore as against a loss of Rs 61.09 crore in the previous year and profit of Rs 15.5 crore in FY 12-13, a company statement said.
"Focus on execution", is one single factor, which has yielded excellent returns, both in terms of boosting the profitability and also in strengthening the brand image of GSL, Mittal said.
GSL added yet another feather to its cap by delivering the fourth Naval Offshore Patrol Vessel to the Indian Navy on July 16 2014, thereby successfully concluding the NOPV Project.

"GSL today is the largest exporter of defence ships from the country and is presently executing export orders of 2 OPVs for Sri Lanka Navy, 2 Water Jet Fast Attack Crafts and 11 Fast Interceptor Boats for Government of Mauritius and Damage Control Simulator for Government of Myanmar. The Company is well equipped, has potential to undertake further export orders and is taking all measures to expand its global footprint further," the CMD said.
The Defence Ministry had in February this year cleared the shipyard to manufacture 12 Mine Counter Measure Vessels (MCMVs) indigenously with 'Transfer of Technology' from foreign shipyard for the Indian Navy amounting to Rs 32,600 crore.

"This will help significantly in arresting the decline in order-book, the company was facing for last four years, and will provide traction in the coming years. The Project will start construction from April 2018 and last of the vessel will be delivered in 2026," Mittal said.