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GRSE Records Highest Turnover, Registers 45% YoY Revenue Growth and Rs 3500 Crore Order Book Surge

Defence Industry

Kolkata: Garden Reach Shipbuilders & Engineers Limited (GRSE), one of the leading warship builders in the country, continues to break records and has for the first time in the company’s history of 63 years as a DPSU, achieved an annual turnover to the tune of Rs 2550 Crore (Provisional & Unaudited) for FY 2022-23. The company maintained its momentum through FY 22-23 achieving a remarkable revenue growth of 45%. GRSE also signed the contract with Ministry of Defence for construction of four Next Generation Offshore Patrol Vessels (NGOPVs) on 30 Mar 23. This INR 3500 Crore (approx.) contract won on competitive bidding, boosts the Shipyard’s credentials for building next generation warships indigenously, with the first NGOPV scheduled to be delivered in 44 months.

The company has effectively managed its resources in this labour-intensive industry and progressed operations continuously improving internal efficiencies thereby surpassing its FY 21-22 revenues in Q3 FY 22-23 itself. It had also declared an interim dividend in FY22-23, @ 55% of paid-up share capital against 49.50% of previous year. The zero-debt company continues to build on its strong reputation as a leader in the shipbuilding sector in India.

GRSE also achieved a significant milestone in 2022 when the company ventured into “Green Technology” in Shipbuilding by signing a contract with the Government of West Bengal to construct the ‘Next Generation Electric Ferry’. Becoming the only shipyard to be awarded the coveted Defence Minister Award 2022 for Excellence in Defence & Aerospace Sector at “Defence Expo 22” and another 16 prestigious awards for Design, CSR, Corporate Communication, HR, Digital Transformation etc. are testimony to the excellence in design and operations achieved by GRSE.

The shipyard is presently undertaking concurrent construction of 22 ships including 03 P17A Stealth Frigates, 04 Survey Vessels (Large), 08 ASW SWCs, 01 New Generation Electric Ferry and 06 Patrol Boats.

Major production milestones achieved in 2022-23 include mega-ship launches for the Indian Navy such as the 2nd P17A Advanced Frigate Dunagiri, two Anti-Submarine Warfare Shallow Water Craft and two Survey Vessels (Large). One Ocean Going Passenger & Cargo Vessel for Cooperative Republic of Guyana & 01 Fast Patrol Vessel (FPV) for the Indian Coast Guard were also launched and delivered in FY 23.

In the growth journey of FY 23, the company has collaborated through ‘MoUs’ with more than 20 firms including several MSMEs and Startups. In a major step aimed towards bolstering the ‘Make in India’ initiative, GRSE has also signed a Memorandum of Understanding (MoU) with Rolls Royce Solutions of Germany to manufacture high-quality marine diesel engines. At DEFEXPO 22, GRSE launched first of its kind ‘Double Lane Modular Steel Bridges’ which are used in HADR operations and in border areas for establishing road connectivity. GRSE’s Diesel Engine Plant at Ranchi, has developed India’s first Naval Shock Standards fully qualified, 01 MW Diesel Alternator for marine application.

Through strategic initiatives, the Company is focused on increasing self-reliance in the maritime domain including development of ‘autonomous vessels’ and ‘Close in Weapon Systems (CIWS)’ for maritime use. Looking ahead, GRSE is well poised to maintain its growth trajectory and deliver exceptional value to its customers, shareholders and other stakeholders.