Efforts are being made to make Goa an important ‘defence manufacturing cluster’ for the supply of various materials, sub-assemblies and services required in the construction of special purpose vessels (SPVs), says the top official of Goa Shipyard (GSL).

CMD Sekhar Mital said GSL registered speedy turnaround, and recorded R78 crore net profit in 2014-15, against a loss of R61 crore in FY14. He added that GSL is contemplating to outsource/subcontract many allied works of the mine counter-measure vessels project to local Goan companies, which will provide a major boost to the state’s economy.

At the 49th annual general meeting held, Mital said during FY15, GSL achieved a sharp turnaround with both top and bottom lines registering healthy growth. The company registered value of production (VOP) of R569.55 crore as compared to R508.90 crore, an 11.92% increase over the previous year and earned profit after tax of R78.24 crore as against a loss of R61.09 crore in the previous year, and profit of R15.5 crore in FY13. The company declared a dividend of 54% on the paid-up share capital of R2,910 lakh as against ‘nil’ dividend in the last year and 20% in FY13. While the earning per share has also moved up manifold from a loss of R21 in FY14 to R27 in FY15. The capital expenditure for 2014-15 was around R110 crore.

‘Focus on execution’ is the one single factor that has yielded excellent returns, both in terms of boosting the profitability and also in strengthening the brand image of GSL. GSL is known for its disciplined approach along with timely delivery of ships on time and at a fixed cost, Mital added.

As part of the ‘Make in India’ policy of the government, GSL has formulated policies on outsourcing, long-term procurement, and vendor development and indigenisation. The aim of all three policies is to enhance local content/indigenisation through increased vendor manufacturing base with a common aim to increase indigenisation in our shipbuilding projects, he said.

In its quest for self-reliance in sophisticated shipbuilding, GSL delivered the fourth naval offshore patrol vessel (NOVP) to the Indian Navy in July, thereby successfully concluding the NOPV project. During the year, GSL undertook two guarantee refits of NOPVs successfully. The defence PSU also launched two CGOPVs and laid the keel of three ships, the final one in the series of six coast guard OPVs, Mauritius FPV and Sri Lankan OPV.

Made in India

Efforts are being made to make Goa an important ‘defence manufacturing cluster’ for the supply of various materials, sub-assemblies and services required in the construction of special purpose vessels, says Goa Shipyard’s CMD.

As part of the ‘Make in India’ policy of the government, GSL has formulated policies on outsourcing, long-term procurement, and vendor development and indigenisation.