VASCO: The Goa Shipyard Limited (GSL) has reported highest ever financial performance in financial year 2018.
An announcement on the same was made at the Annual General Meeting of Goa Shipyard Limited held earlier.
The GSL adopted the annual accounts for FY 2017-18 at the AGM attended by members of the Board of Directors, shareholders and other senior functionaries of GSL.
Chairman and Managing Director RAdm Shekhar Mital, addressing the members, informed that the Company revenue has moved up by 32% from Rs 1102 Cr in FY 17 to Rs 1452 Cr in FY 18, while Operating Profit has moved up from Rs 131 Cr in the previous year to Rs 252 Cr, registering a growth of 92%.
Correspondingly, the VoP has moved up from Rs 1030 Cr in FY 17 to Rs 1343 Cr in FY 18. During the FY 18, the company earned profit before Tax (PBT) of Rs 331 Cr, a jump of 87% over previous year’s PBT of Rs 177 Cr. Turnover per employee has moved up from Rs 62 lakh in previous year to Rs 82 lakh in FY 18.
Mital highlighted the performance, recorded year after year by the Company during last four years with compounded growth in revenues of over 28% in last four years. He informed that the company has managed to create new benchmarks and the ‘Build-Timelines’ have become a ‘new normal’ for the Industry.
Commenting on the annual results, Mital attributed the results to be direct offshoot of very benign industrial atmosphere, policy formulation and decision making at Govt / Ministry of Defence level. “GSL has been direct beneficiary of Raksha Mantri’s direct guidance and support” he said.
