Hindustan Shipyard in profit

The Visakhapatnam-based shipbuilding company, Hindustan Shipyard Ltd (HSL), is all set to report nominal profits in the current year. “The company will make some profits in the current year whether we get the revival package or not. However, if the government accepts the revival package, it would be comfortable,” said Rear Admiral Tewari, chairman and managing director of HSL.

HSL has recently submitted a revival package covering funding of voluntary retirement scheme (VRS), financing the working capital requirements and fund the old tax payments like minimum alternate tax and sales tax liability. On the downsizing of the workforce, the revival package envisages extending VRS annually for about 500 employees for three years. This would bring down the employee strength to 1,200 from the existing 3,600.