Hindustan Shipyard Ltd (HSL), which is owned and operated by the Indian Ministry of Defence (MoD), posted a fall in income but strong growth in profits in fiscal year 2018–19, the company announced on 28 September.
The naval shipbuilder’s total income in the year was INR6.05 billion (USD86 million), a year-on-year decline of 7%. Net profit was INR362.3 million, an increase of 70%. Operating profit, or earnings before interest and taxes (EBIT), decreased 2% to INR680.8 million.
HSL also said that it closed the year with an order book worth INR26.9 billion.
HSL, which is located in Visakhapatnam on the east coast of India, was transferred to the MoD in 2010 from the Ministry of Shipping, Road and Highways.
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