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Hindustan Shipyards logs first operating profit in 35 years

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A file photo.

VISHAKAPATNAM (PTI): For the first time in 35 years, state-run Hindustan Shipyards on Tuesday reported an operating profit as well as net profit of Rs 30 crore in fiscal 2017, helped by a massive jump in revenue.

In fiscal 2016, the company had reported a net profit of Rs 19 crore but an operating loss of Rs 45 crore.

"With the best measures and improved morale, we made an operational profit of Rs 30 crore in fiscal 2017 which is the first in the past 35 years," chairman and managing director LV Sarat Babu told reporters here.

Director for finance and commercial M Nagaraj explained that the shipyard had an other income of Rs 15 crore, during the year which helped it report better numbers.

Babu said the overall revenue grew to a lifetime high of Rs 625 crore from Rs 593 crore in the previous year.

The shipyard, which was brought under the administrative control of the defence ministry in February 2010, has an order book of over Rs 500 crore at present, Babu said, adding apart from these, the shipyard also has offers to build two strategic operating vessels called as Midgets amounting to Rs 6,000 crore.

Babu said the company will soon be entering into a deal with South Korean major Hyundai Heavy Industries to build a five-fleet support ships worth Rs 10,000 crore.

We will get the technology also with the agreement with the Korean company to be inked in a few days, he added.

Babu said the yard has making operational losses in the last 35 years barring the past two years.

The shipyard's revenue from shipbuilding stood at Rs 294 crore in 2014-15, which rose to Rs 593 crore in 2015-16 and to Rs 625 crores in 2016-17.

The revenue of Rs 625 crore in fiscal 2017 is the highest since its inception 75 years ago, Babu said, adding since then it has built 179 vessels and repaired 1,950 ships of various types.

The shipyard was also actively pursuing orders for construction of two cadet training ships and nine 25 tonne bollard pull tugs for the Navy and eight IPVs for the Coast Guard.

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