Hindustan Shipyard Limited registers highest value of production in its history

State-run Hindustan Shipyard Limited (HSL) has posted the highest value of production worth Rs 755 crore in the PSU's history during the financial year 2021-22, a senior company official said on Friday.

Addressing a press conference here, Chairman and Managing Director of HSL Hemant Khatri said that despite various challenges due to the partial lockdown and restrictions dung second and third COVID waves, the state-run entity has posted the highest value of production with all three major business segments contributing to this.

He said the value of production target would be more than Rs 1,000 crore during the current financial year.

Khatri said the value of production from shipbuilding remained at Rs 613 crore marking it as the highest value of production recorded from shipbuilding division in the history of the shipyard.

HSL has earned a net profit of Rs 50.78 crore during 2021-22 with an operating profit of Rs 10.69 crore as against a net loss of Rs 14 crore with an operating loss of Rs 73 crore during the previous year, he said.

The Chairman and Managing Director said the construction of two diving support ships are at advanced stages of construction with both the ships at 70 per cent completion.

He said similar improvement in performance has been achieved in the ship repair business unit. The yard has repaired 17 vessels of various owners in 2021-22 and HSL has been aggressively participating in various ship repair tenders and secured five successive ship repair orders worth Rs 270 crore during the year.

One of the five orders was ship repair order of MODU Sagar Bhushan worth Rs 154 crore.

Khatri said the yard has delivered 200 ships, including 40 ships of various types, to the Indian Navy and repaired 2,000 vessels so far.

The balance order book value for ship construction is about Rs 2,185 crore which comprises two diving support vessels.

The public sector company has signed an MoU with defence shipyards and other companies for mutual cooperation for tapping domestic and export markets both in defence and non-defence sectors.

Khatri said HSL has uploaded 80 defence products on Srijan portal with Rs 800 crore out of which more than 20 products worth Rs 123 crore have already been indigenised. Besides, various measures have been taken for promoting indigenous defence manufacturing in the MSME sector.