Garden Reach Shipbuilders & Engineers Limited (GRSE), a warship builder in India, on Sunday announced that it has recorded an annual turnover to the tune of Rs 3400 crore (provisional & unaudited) for FY 2023-24, up 33 per cent on-year. This, it added, has been driven by an effective management of resources and improved internal efficiencies. GRSE has also declared an interim dividend at 79 per cent of paid-up share capital against 55 per cent of previous year.
“FY 2023-24 has been a remarkable year for the company, both in terms of physical and financial performance. Commissioning of the GRSE built ship, MV ‘Ma Lisha’ for the Cooperative Republic of Guyana, was a milestone achievement. Further, GRSE has also delivered the 1st Survey Vessel (Large), INS Sandhayak, the largest Survey Vessel of our nation, on 04 Dec 2023, and the ‘Next Generation Electric Ferry’ to the Govt. of West Bengal on 22 Mar 2024,” it said in a regulatory filing.
The company also signed a MoU with the Border Roads Organisation (BRO) for the fabrication, supply, erection and launching of additional 30 Double-Lane Class 70 modular steel bridges in border areas. It also received an order for indigenously developing and supplying ten 30 mm Naval Surface Gun, from the Indian Navy. It also launched the “GRSE Accelerated Innovation Nurturing Scheme (GAINS)” focusing on leveraging the strengths of the start-up ecosystem to foster the spirit of innovation, and AUV “Neerakshi”.
The warship building company under the administrative control of the Ministry of Defence, a PCMM Level-2 Certified Company, started operations in 1884 when it started its journey as a small workshop to repair vessels of River Steam Navigation Company. Today, GRSE has built over 780 platforms including 108 warships for the Indian Navy, Indian Coast Guard, and Government of Mauritius & Seychelles Coast Guard.