Saturday, May 21, 2022

GRSE achieves highest-ever turnover of Rs 1,750 crore in FY 2021-22

Must read

New Delhi: Garden Reach Shipbuilders & Engineers Limited (GRSE) has recorded the highest ever turnover of Rs 1,750 crore (provisional & unaudited) for FY 2021-22, reflecting YoY growth of 53 percent. “Despite being a labour-intensive industry, the company effectively managed the challenges posed by the COVID-19 pandemic and progressed operations, continuously improving internal efficiencies. GRSE has also declared an interim dividend of Rs 4.95 per equity share of Rs 10 for FY 21-22 against Rs 3.85 in FY 20-21, reflecting a remarkable increase of 28.57 percent, the Defence PSU said in a press release.

The shipyard is also a zero-debt company and continues to retain the highest credit rating from Brickwork, it added.

The shipyard is presently undertaking concurrent construction of 23 ships for the Indian Navy, India Coast Guard, Republic of Guyana & Govt of Bangladesh viz. 03 P17A Stealth Frigates, 04 Survey Vessels (Large), 08 ASW SWCs, 01 FPV, 06 Patrol Boats & 01 Passenger – Cargo Ferry. GRSE also delivered one Fast patrol Vessel PS Zoroaster to the Government of Seychelles on 08 Apr 21. The company is working on bringing new products for the commercial sector such as hovercrafts and electric ferries.

As a major step for infrastructure development, for the first time in India a fully assembled 250 ton state of the art ‘Goliath Crane’ was transported from ship to shore and commissioned successfully at GRSE in Jun 21. Installation of the crane enables the construction of larger ships in a reduced timeframe using advanced modular construction technology.

As a strategic move towards exploring new business opportunities in ship repair and refit of the defence & commercial segment, GRSE signed a Concession Agreement with Syama Prasad Mookerjee Port, Kolkata to develop and operate three dry docks. This is a major step towards revenue generation, skill development, infrastructure upgrade & employment generation in the eastern region of India.

The shipyard also signed strategic MoUs with global shipyards & academia to enhance its shipbuilding prowess. The Bailey Bridge Division of GRSE has developed new improved versions of portable bridge designs through R&D efforts and for the first time, an MoU was signed by GRSE with Border Roads Organisation (BRO) for fabrication, supply, erection and launching of 27 double-lane galvanized modular bridges for difficult terrains across states of the northeast.

"GRSE is thus well poised to take its growth story forward in the years to come," said GRSE.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)

- Advertisement -

More articles

- Advertisement -

Latest News