GRSE Financial Result FY 2021-22: India’s state owned naval shipbuilder Garden Reach Shipbuilders & Engineers Limited (GRSE), has recorded the highest ever turnover of Rs 1,750 crore ($232 million) for FY 2021-22, reflecting a year-on-year growth of 53%. The financial results for April 2021 to March 2022 period are provisional and unaudited, said the company.
GRSE, one of the leading warship builders in the country, said 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 %. The shipyard is also a zero-debt company and continues to retain the highest credit rating from Brickwork.
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The shipyard is presently undertaking concurrent construction of 23 ships for Indian Navy, India Coast Guard, Republic of Guyana and Government of Bangladesh such as 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 in April 2021.
The company is also 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 June 2021. Installation of the crane enables construction of larger ships in reduced timeframe using advanced modular construction technology.
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As a strategic move towards exploring new business opportunities in ship repair & 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 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 North East.
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