After a wait of 40 years, finally Hindustan Shipyard Limited is in a profitable condition. There was a time when this company was on the verge of closure. Currently the financial condition of the company has been improved. The work of this company is to build ships for the Indian Navy. Apart from this it also repairs submarines. In the year 2010, the Defense Ministry took it over. At that time, the condition of this company was not good.
According to officials, Hindustan Shipyard Limited has earned Rs 1,586 crore in financial year 2024-25. The company has made a profit of Rs 295 crore.
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The officials mentioned that this is for the first time in last 40 years that the company made a profit. Not this company can get the status of Miniratna, as reported by the Economic Times.
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History Of Hindustan Shipyard Limited
HSL was established in 1941 before the country got Independence. The headquarters of the company is in Visakhapatnam. The speciality of the company is to fix submarines and make ships for the Indian Navy.
The country's Nuclear submarines are developed here. The headquarters of the Eastern Navy is also there in Visakhapatnam.
How Government Supported HSL?
In the year 2010, the Defense Ministry took the control of HSL. In 2010-11, the company was given a grant of Rs 452.68 crore. This helped in the growth of the company. By 2014-15, the company's loss went to Rs 1,023 crores. This was because the company was not getting enough work and was facing several issues.
How The Company Became Profitable?
The company faced a loss during Covid. Things started in a good way for the company in the last four years. The company landed into profitable condition because of the orders it received from the Navy and other projects.
According to media reports, the company put its major focus on increasing production, promoting new ideas, and reducing costs. The liabilities of Rs 1,253 were also reduced.
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