HomeIndustry NewsFrom ODs to FDs, HSL turns the tide

From ODs to FDs, HSL turns the tide

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Highlighting the mega turnaround of India’s oldest shipyard Hindustan shipyard limited, HSL’s C&MD Cmde Hemant Khatri, IN (Retd), said that the shipyard has come a long way

Addressing HSL personnel on India’s 75th republic day, C&MD effused optimism in HSL’s staff and said that the shipyard is in a much better financial position now than it was sometime back. 

For last many decades we have been operating on overdrafts (ODs). But today we have FDs (Fixed deposits). Until the signing of the FSS contract, we were requesting the bank officials to help us. But today bank officials are running behind HSL’ said a proud Cmde Khatri under whose watch the FSS contract was finally inked.  

The shipyard last year signed its biggest contract with the Indian Navy for a whopping Rs 19,048/- Crs for building 5 FSS (fleet support ships). This is the biggest contract HSL has signed since its inception.

He opined that this is an opportunity once in life time to clear HSL’s balance sheet of Rs 478 cr. of negative net worth, Rs 1080 Cr of accumulated losses and other Rs 1200 Cr of contingent liabilities. 

Such opportunity has never been seen before and may not be ever seen, if we let it slip out of our hands.

The CMD also noted that the FSS contract was a sign of trust that the government and the defence force had shown in it.

‘The real FSS is not about just an order and advance, it is about the Trust and confidence that the Government of India has once again reposed on HSL’ said Cmde Khatri. 

HSL is fast moving now on the path of becoming a “Credible & modern HSL” and the year 2023 has become its foundation with the FSS contract.

‘DSVs and FSS, will prove to the nation that we are no less than any other shipyards in the country in constructing warships of highest quality’ pointed Cmde Khatri.

Speaking of the current year, the CMD said that in 2024 HSL needs to do much more.

‘We need to substantially improve our performance in terms of turnover, profitability, customer satisfaction, ease of doing business, strategy procurement and strategic finance, infrastructure augmentation. 17 years from now we will be celebrating 100th anniversary of our HSL. 

We have to achieve in the next 17 years, what we have not achieved in the last 83 years” said HSL’s CMD.

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