GSL posts 75% hike in net profit in FY 2023-24

New Delhi: Goa Shipyard Limited (GSL) delivered an outstanding financial performance for the fiscal year 2023-24, reporting a remarkable 75 percent growth in net profit. GSL's Chairman & Managing Director (CMD) Brajesh Kumar Upadhyay declared the company's financial results in its 58th Annual General Meeting (AGM) held on Wednesday in virtual mode. The directors, auditors, and shareholders attended the meeting.

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During FY 2023-24, GSL achieved net profit of Rs 271 crore, a substantial increase of 74.84 percent, against Rs 155 crore in the previous year. Profit Before Tax (PBT) also rose by 78 percent to Rs 365 crore.

GSL's gross revenue surpassed the Rs 2,000 crore mark for the first time, achieving a 100 percent year-over-year increase, highlighting its highest-ever performance. The company recorded Rs 1,753 crore in revenue from operations, a 102 percent increase over the previous year.

CMD Upadhyay emphasized the company's strong order book position of Rs 18,562 crore as of March 31, 2024, securing stable revenue streams for the future. The company also declared a total dividend of Rs 7.00 per share for FY 2023-24, an increase from Rs 5.40 per share in FY 2022-23, translating to a total dividend outflow of Rs 81.48 crore.

Additionally, the company's Earnings Per Share (EPS) surged by 76 percent from Rs 13.28 in FY 2022-23 to Rs 23.31 in FY 2023-24.

Operational Highlights and Milestones

In terms of operations, GSL is currently executing multiple contracts for 22 platforms, the highest in the company’s history. These include two Advanced Frigates and seven Next Generation Offshore Patrol Vessels (NGOPVs) for the Indian Navy, and two Patrol Craft Vessels (PCVs) and eight Fast Patrol Vessels (FPVs) for the Indian Coast Guard.

Significant milestones were achieved during FY 2023-24, such as the launch of 'INS Triput,' the first of two frigates, and the first PCV 'ICGS Samudra Pratap.' The company has also expanded its international footprint, securing a global order for the construction of a Next Generation Trailing Suction Hopper Dredger for Luxembourg-based Jan De Nul Group.

Furthermore, the GES vertical contributed to the company's turnover, with deliveries including a Damage Control Simulator to the Indian Navy and specialized boats to the Indian Army. Other notable deliveries included an LPG Cylinder Carrier to the Union Territory of Lakshadweep.

Government Initiatives

CMD Upadhyay reiterated GSL’s commitment to various government initiatives, including ‘Make in India’, ‘Atmanirbhar Bharat’, and the deployment of Artificial Intelligence in defense platforms. The company continues to advance in indigenization and technological innovation, positioning itself as a key player in both domestic and international defence markets.

Corporate Social Responsibility and Employee Relations

The company has also exceeded its statutory requirement in corporate social responsibility (CSR) spending, contributing Rs 3.81 crore in FY 2023-24, surpassing the mandated Rs 3.42 crore. Industrial relations have remained cordial, with several employee engagement initiatives undertaken throughout the year.

Order Book

With a robust order book and the successful execution of multiple projects, CMD Upadhyay assured shareholders of consistent growth in the coming years. He expressed gratitude to the Ministry of Defence, various government authorities, shareholders, and employees for their continued support and commitment to GSL's growth and excellence.

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