GRSE results
GRSE
at DSEi in London, September 2023
The
107th Annual General Meeting (AGM) of Garden Reach Shipbuilders and Engineers
(GRSE) Ltd was held on 22 September 2023. FY23 has been the most
successful year in the Company's history in terms of key performance
parameters. Revenue from Operations increased by 46% from Rs 1,754 crore in
FY22 to Rs 2,561 crore in FY23. Total Income grew from Rs 1,916 crore of FY22
to Rs 2,763 crore in FY23. This increase of Rs 847 crore over the previous year
was a growth of 44%. The Profit After Tax (PAT) increased by 20% from Rs
190 crore in FY22 to Rs 228 crore in FY23.
GRSE
began the year with an order book of Rs 24,103.60 crore and was working on
seven projects. Apart from three Project 17A Frigates, four Survey Vessels
(Large), and eight ASW Shallow Water Craft for the Indian Navy, the shipyard
was also building a Fast Patrol Vessel (FPV) for the Indian Coast Guard. Export
orders included an ocean-going passenger cum cargo ferry for Guyana and six
patrol boats for Bangladesh.
GSL results
During FY 2022-23, Revenue from Operation clocked at Rs 869 Cr compared
to Rs 741 Cr in FY 2021-22 and Profit Before Tax grew to Rs 205 Cr as against
Rs 135 Cr in the previous year, registering an impressive growth of 52%. GSL
CMD stated, “for the first time GSL is executing 20 platforms concurrently.
Amidst disruption in global supply chain, construction of two highly
technologically advanced Frigates for the Indian Navy is progressing well. Further, the construction of two Pollution
Control Vessels and eight Fast Patrol Vessels for the Indian Coast Guard and prestigious export
contract for construction of 4000 T Floating Dry Dock are also advancing
satisfactorily”.
Cochin Shipyard Limited for Mid Life Upgrade
of INS Beas
The Ministry of Defence signed a contract on
October 16, 2023, in New Delhi for Mid Life Upgrade and Re-Powering of
"INS Beas" with Kochi-based Cochin Shipyard Limited (CSL) at an
overall cost of Rs. 313.42 Cr. INS Beas is the first of Brahmaputra Class
Frigate to be re-powered from Steam to Diesel Propulsion. After completion of
Mid Life Upgrade and Re- Powering in 2026, INS Beas will join the active fleet
of the Indian Navy with a modernised weapon suite and upgraded combat
capability.
The transformative maiden re-powering project
marks a significant stride in the maintenance philosophy of the Indian Navy and
repair capabilities of CSL. The project would involve more than 50 MSMEs and
would lead to generation of employment for more than 3500 personnel.
Mazagon Dock to construct 1st ICG
Training Ship
The Ministry of Defence signed a contract for
the construction of one Training Ship for the Indian Coast Guard (ICG) with
Mazagon Dock Shipbuilders Ltd (MDL), Mumbai at a cost of Rs 2,310 crore under
the Buy (Indian- IDDM) category in New Delhi on October 17, 2023. This is the
first dedicated training platform with integral helicopter capabilities that
will provide basic sea training to 70 Coast Guard and other international
under-trainee officers to prepare these budding mariners on the multi-dimensional
maritime aspects of Coast Guard life. This training ship with advanced and
modern high-tech surveillance and monitoring systems will provide profound
insight and expertise to the ICG cadets on the challenges at sea while ensuring
the security of coastline and offshore assets.