Naval Shipbuilder GRSE Records Highest FY22 Revenue, Declares Dividend

Garden Reach Shipbuilders and Engineers (GRSE) Ltd, one of the country’s leading naval shipbuilders, recorded the highest turnover ever 1,750 crore for FY22, reflecting 53% year-over-year growth.

“Although it is a labor-intensive industry, the company has effectively managed the challenges posed by the Covid-19 pandemic and has advanced its operations, continuously improving efficiency internal,” GRSE said in a filing.

GRSE also declared an interim dividend of 4.95 per share for the EX22.

The shipyard is also a debt-free business and continues to maintain M/s Brickwork’s highest credit rating.

GRSE is currently undertaking the simultaneous construction of 23 vessels for the Indian Navy, Indian Coast Guard, Republic of Guyana and Government. from Bangladesh viz. 03 P17 A

Stealth frigates, 04 hydrographic vessels (large), 08 SWC ASW, 01 FPV, 06 patrol boats and 01 passenger – cargo. The GRSE also delivered a PS Zoroaster fast patrol vessel to the Seychelles government on 08 April 21, it said.

The company is working on introducing new products for the commercial sector such as hovercraft and electric ferries.

As a major milestone for infrastructure development, for the first time in India, a fully assembled state-of-the-art 250-ton “Goliath Crane” was transported from ship to shore and successfully commissioned at GRSE on June 21.

The installation of the crane enables the construction of larger vessels in reduced timeframes using advanced modular construction technology, the company said.

As part of a strategic step towards exploring new business opportunities in the repair and refitting of vessels in the defense and commercial segment, GRSE has signed a concession agreement with Port of Syama Prasad Mookerjee, Kolkata , to develop and operate three dry docks.

“This is a major step towards income generation, skills development, infrastructure upgrading and job creation in the eastern region of India,” GRSE said.

The shipyard has also signed strategic MoUs with shipyards and universities around the world to enhance its shipbuilding prowess. GRSE’s Bailey Bridge Division has developed new and improved versions of portable bridge designs through R&D efforts and for the first time a Memorandum of Understanding has been signed by GRSE with Border Roads Organization (BRO) for manufacturing, the supply, erection and launching of 27 double-track bridges. galvanized modular bridges for rough terrain across the Northeastern States.

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