After a gap of nearly three decades, Hindustan Shipyard Limited has posted an operational profit of ₹37.49 crore. This was announced at the 65th annual general meeting of the State-owned company held at the corporate office here on Thursday to approve the financial results for 2016-17.
The company has also achieved the highest turnover of ₹629 crore since its inception and posted a net profit of ₹53.77 crore. HSL’s focused efforts for improvement in productivity and stringent austerity measures resulted in highest turnover and net profit, Rear Admiral Sarat Babu said.
The CMD presided over the meeting and Sadhna Khanna, Deputy Secretary (Naval systems) represented the President of India. Among others, Bijoy Kumar Sahoo, Chairman of Audit Committee, members of the board and representatives from the statutory auditors attended. Briefing the participants, the CMD said nominated high value orders for fleet support ships and special operation vehicles would materialise in the near future.
He also highlighted the welfare measures being implemented by the company to boost the morale of the employees.
Appreciating the contribution of the employees for the turnaround of the company, he said HSL could bag Raksha Mantri awards for technology development and innovation due to the cooperation of all. The AGM approved the annual accounts along with the board’s report and report of the auditors.
