Garden Reach Shipbuilders posts record turnover of Rs 1,750 crore in FY22

Warship maker Garden Reach Shipbuilders and Engineers Ltd (GRSE) on Saturday said it recorded its highest-ever turnover of Rs 1,750 crore during financial year 2021-22, reflecting a year-on-year (YoY) growth of 53 per cent. 

"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," the defence PSU said in a statement.

GRSE has also declared an interim dividend of Rs 4.95 per equity share for FY22 against Rs 3.85 in FY21, an increase of 28.57 per cent, it added.

The shipyard is currently undertaking concurrent construction of 23 ships, including three P17A stealth frigates, four survey vessels and six patrol boats, for Indian Navy, India Coast Guard, Republic of Guyana and Bangladesh.

GRSE, which delivered one fast patrol vessel PS Zoroaster to the Government of Seychelles last year, said it 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 June 21. Installation of the crane enables construction of larger ships in reduced timeframe using advanced modular construction technology," the statement said.

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As a strategic move towards exploring new business opportunities in ship repair in defence and commercial segment, GRSE also 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 upgradation and creation of employment opportunities in the eastern region of the country, the statement said.

GRSE also signed strategic MoUs with global shipyards and academia to enhance its shipbuilding prowess.

The bailey bridge division of the company has developed new improved versions of portable bridge designs through its research and development, it said, adding that for the first time, an MoU was also signed with Border Roads Organisation (BRO) for fabrication, supply, erection and launching of 27 double-lane galvanised modular bridges for difficult terrains across states of the North East

Shares of GRSE on Friday ended 1.72 per cent higher at Rs 230.25 on the BSE.

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