Companies

GRSE registers 53 per cent growth in turnover on provisional and unaudited basis for FY22

BL Kolkata Bureau | | Updated on: Apr 03, 2022

Garden Reach Shipbuilders & Engineers Ltd (GRSE) has registered 53 per cent growth in turnover at Rs 1750 crore on a provisional and unaudited basis for FY-22.

GRSE has declared an interim dividend of Rs 4.95 per equity share of Rs 10 for FY -22 against Rs 3.85 in FY - 21, reflecting an increase of 29 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 country’s leading warship builders, GRSE, is also a zero-debt company and continues to retain the highest credit rating from Brickwork, the company said in a press statement.

The shipyard is presently undertaking concurrent construction of 23 ships for Indian Navy, India Coast Guard, Republic of Guyana and Bangladesh government. It is also working on bringing new products for the commercial sector such as hovercrafts and electric ferries.

As a strategic move towards exploring new business opportunities in ship repair and refit of the defence and 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 release said.

The shipyard also signed strategic MoUs with global shipyards and 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.

Published on April 03, 2022
COMMENTS
This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you