Garden Reach Shipbuilders -; Engineers achieves highest ever turnover of of Rs1750 crore in FY22; Stock jumps 6%

4 Apr 2022 , 11:15 AM

Garden Reach Shipbuilders & Engineers Limited (GRSE), one of the leading warship builders in the country has recorded the highest ever turnover of Rs1750 crore (Provisional & unaudited) for FY22, reflecting yoy growth of 53%.

The company said in a filing on Saturday that 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 Rs4.95 per equity share of Rs10 for FY22 against Rs3.85 in FY21, 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.

At around 11.18 am, Garden Reach Shipbuilders & Engineers Ltd was trading at Rs244 apiece up by Rs13.75 or 5.97% from its previous closing of Rs230.25 apiece on the BSE. The scrip opened at Rs239.65 and has touched a high and low of Rs246.50 and Rs235.95 respectively.

The shipyard is presently undertaking concurrent construction of 23 ships for Indian Navy, India Coast Guard, Republic of Guyana & Govt. of Bangladesh viz. 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 on 08 Apr 21 . The company 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 Jun 21. Installation of the crane enables construction of larger ships in reduced timeframe using advanced modular construction technology.

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 Mo Us 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.

GRSE is thus well poised to take its growth story forward in the years to come.