Kolkata: Garden Reach Shipbuilders and Engineers Ltd (GRSE), a premier Warship building Company in India which was conferred the status of a Mini Ratna Category I Company in 2006 has in a span of over 62 years, attained the stature of a PCMM Level-2 Certified Company, built 788 platforms including 107 warships for Indian Navy, Indian Coast Guard, and Government of Mauritius and Seychelles Coast Guard which is the highest number of warships built and delivered by any Indian shipyard till date. From Frigates, Corvettes, Fleet Tankers, Landing Ship Tank, Landing Craft Utility to Survey Vessels, Offshore Patrol Vessels and Fast Attack Craft – the repertoire is rich and varied.
At its 106th Annual General Meeting held in Kolkata on September 26, which was attended by all the top officials of the company including Chairman and Managing Director of GRSE, Commodore (Retd) P R Hari, R K Dash, Director (Finance), Cdr Shantanu Bose, IN (Retd), Director (Shipbuilding), Sandeep Mahapatra, Company Secretary along with the Independent and government nominee directors and shareholders, the Company demonstrated a very strong performance during the year 2021 – 22.
According to figures released at the meeting, the revenue from operation as on March 31 was Rs 1758 Crore as against previous year of Rs.1141 Crore, which was an increase of Rs 617 Crore registering a growth of 54%. The total income as on March 31 was Rs 1918 Crore as against previous year of Rs 1327 Crore which was an increase by Rs 591 Crore registering a growth of 45%.
The company’s Operating Profit as on March 31 was Rs. 104 Crore as against previous year of Rs.42 Crore showing an increase of Rs 62 Crore which was a growth of 147%. Its Profit Before Tax (PBT) increased by Rs 50 Crore registering a growth of 24% and EBITDA increased by Rs 57 Crore registering a growth of 24%. The earnings per share (EPS) increased by Rs 3.15 per share with a growth of 23.51%. The total Dividend declared for the Financial Year 2021-22 is Rs. 5.80/- per equity share of face value of Rs.10/- each.
On the Production performance, GRSE has met the project milestones despite the challenges of the pandemic. In December 2021, the first of four Survey Vessels (Large), ‘INS Sandhayak’, was launched at nearly 40% physical progress of construction. Further, the keel of the third P-17A ship for the Indian Navy was laid, and construction of all the three ships of this prestigious project is progressing smoothly.
The Shipyard is currently executing seven shipbuilding projects across 24 platforms, with three projects comprising of fifteen (15) ships for the Indian Navy, one (1) FPV project for Indian Coast Guard, one (1) for government of West Bengal and two export projects.
Addressing the shareholders, Cmde (Retd) Hari said GRSE has a strong order book of approximately Rs.24000 crores as on March 31. He said the company is on a growth trajectory and expressed confidence in sustaining the performance in the coming years. The unstinted support from the Ministry of Defence, Indian Navy, Indian Coast Guard, Central and State Government Authorities has helped GRSE achieve its goals.
Apart from harnessing GRSE’s core competencies gained over the years in warship building, key priorities envisaged revolve around renewed focus in R&D, with an emphasis on Green Technology and Autonomous/Unmanned Vessels. The Company is well on its way towards implementing a much-awaited roadmap in ushering Green Technology, starting with reduction of the carbon footprint on the Hooghly River, with the impending induction of the New Generation Electric Ferry. GRSE is the only shipyard to receive Green Channel Certification by DGQA for supply of Bailey Type Portable Steel Bridges of various spans and configurations to Indian Army.
