Hindustan Shipyard Limited has undoubtedly been an iconic shipyard for the country, reflecting its rich legacy and profound maritime history.
Established way back in 1941 and strategically located on the eastern coast of the Indian subcontinent in Visakhapatnam, Andhra Pradesh, HSL has had a significant influence on India’s maritime and defence history.
Having started courageously 85 years ago, the yard, unfortunately, lost its way during the 1980s and was swamped in steep financial losses, which lasted for 4 decades.
Despite government backing, the yard pretty much remained in the red for 40 years.
Things, however, started to turn around at HSL in 2020-21 when a former Indian Naval officer, Cmde Hemant Khatri, IN (Retd.), was given the mantle to lead HSL as its Chairman and Managing Director.
A person known for his charm and wit and not to take NO for an answer, Cmde Khatri was probably the right leader HSL needed at that time.
Although the yard had shown trivial signs of revival in 2020, Cmde Khatri had a herculean task at hand.
From boosting employee morale to regaining customer confidence to securing new orders, reassuring key stakeholders, arresting losses, and overall disciplining the yard in operational efficiency, the man had his hands full.
Armed with a never-say-die attitude and a customer-is-king mantra, Cmde Khatri led the yard from the front and took HSL to record-breaking heights of growth and prosperity in his 5-year tenure.
Numbers speak for themselves. As per HSL’s financials, the yard has gone from a total income of Rs 487 crores in FY 21 to a whopping Rs 1783 crores in FY 25. This marked a staggering fourfold increase over 5 years.
Similarly, the yard went from a pre-tax loss of Rs 85 crores in FY21 to an applaud-worthy profit before tax (PBT) of Rs 284 crores in FY25.
The FY 25 numbers were indeed historic as HSL for the first time in 40 years turned net positive.
Unquestionably, one of HSL’s biggest achievements came in 2023 when the rejuvenating yard secured the mammoth order of building 5 fleet support ships (FSS) from the Indian Navy valued at over a staggering Rs 21,000 crores, something the yard had been trying to get for several years.
Another major achievement for the yard has been its ability and prowess to construct two DSVs, i.e, Diving support vessels, which truly elevates HSL into the big league.
With 75% indigenous content, HSL recently delivered India’s first indigenously designed and constructed DSV (Nistar) to the Indian Navy.
Today, HSL has become eligible for Mini Ratna status. “This is a remarkable transformation from once a struggling PSU,” said Mr Sanjeev Kumar, IAS, Secretary, DP, DDP, MoD, GoI, in a note to HSL’s flipbook.
Having seldom shown signs of despair, Cmde Khatri has steered this organization through one of the most testing and challenging times.
“Our guiding mantra, i.e., Reform with intent, perform with integrity, and transform with intensity, continues to inspire our actions,” a line Cmde Khatri has always reiterated at the yard and to the people who have interacted with him.
A man known to always credit his team for his and the organization’s success, Cmde Khatri’s leadership has won HSL rewarding reviews from stakeholders all around.
This is evident from the plethora of awards HSL has been bestowed upon over the past 5 years.
Going forward, team HSL will have to further capitalise on this momentum and take the yard to even greater heights of success.
And to best describe the HSL of today, it would only be apt to quote a line from the C&MD himself, ‘Welcome to the new HSL’.
