Gandhinagar: Garden Reach Shipbuilders & Engineers (GRSE) Ltd’s Chairman and Managing Director (CMD) Cmde (Retd) PR Hari, who has just taken charge of the top-most position at the defence PSU, has said that he expects the company’s revenue to grow three-fold in the next five years. PSU Watch spoke to him on the sidelines of the AKAM (Azadi Ka Amrit Mahotsav) mega show in Gandhinagar and discussed the vision which he has for GRSE as he takes over the charge of the CMD post.
Here are excerpts:
Q. We are here to celebrate 75 years of CPSEs’ contribution towards nation-building. What do you think of GRSE’s journey when you look back?
A. We have been a PSU for the last 62 years. Over the course of these years, we have grown from a very small company to a Miniratna, Category I, Schedule B company. As far as numbers go, we have delivered 107 warships. That itself speaks volumes of the contribution that we have made towards nation-building.
Q. GRSE has been delivering vessels ahead of time, setting benchmarks in the process. How much indigenisation have you been able to achieve under Atmairbhar Bharat initiatives?
A. In the recent orders that we have executed, we have achieved more than 90 percent indigenisation in one of the projects and over 85 percent in the other two projects which were for the Indian Navy. And I feel that anything beyond 70 percent is a good contribution towards indigenisation. The numbers speak of the focus we are putting on indigenisation.
Q. Has the rise in the price of raw materials had any impact on the cost?
A. There has been an impact but not so much, considering the overall cost of the project.
Q. What is the vision that you have for GRSE? Where do you see the company headed in the next five years?
A. As far as revenue generation is concerned, I expect peak revenue generation in the next three years. And speaking of the company, in the next five years, I would say I expect the revenue to grow three-fold.
Our order book stands at Rs 24,000 crore. We have got two export orders won through competitive bidding. But it is still in nascent stages. With the current focus of the government also on increasing exports, I expect the percentage of exports in our orderbook to go up in the coming years.
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