MoU signed between Department of Defence Production and GSL

July 18, 2017 Photo(s): By PIB
The Secretary (Defence Production), Ashok Kumar Gupta and the CMD of Goa Shipyard Limited (GSL), Rear Adm. (Retd.) Shekhar Mital at the MoU signing ceremony, in New Delhi on July 18, 2017

Goa Shipyard Limited (GSL), a miniratna Defence Public Sector Undertaking (DPSU) signed a Memorandum of Understanding (MoU) for the financial year 2017-18, here today. The annual MoU was signed between Secretary (Defence Production) Ashok Kumar Gupta on behalf of the Ministry of Defence and Chairman and Managing Director (CMD), GSL Rear Adm (Retd) Shekhar Mital.

This year's MoU target for 'Revenue from Operations' has been set at Rs. 1150 crore, which is 43 percent higher than the financial year 2016-17 target of Rs. 800 crore. Notably in financial year 2016-17, the Shipyard achieved historical high VoP of Rs. 1030 crore and PBT of Rs. 177 crore. GSL was adjudged as 'Best Performing Shipyard' by MoD. Target for PAT to Networth ratio has been set at 13.30 percent.

Export target has been set at 28 percent of 'Revenue from Operations', which is highest among DPSU Shipyards.