Riding on a strong order book, GRSE aims for peaking its revenue in 2023-24

Garden Reach Shipbuilders and Engineers Ltd (GRSE), one of India’s premier defence shipyards and a Category 1 Mini Ratna Company, is riding on a strong order book which currently stands worth over Rs 24,456 crore.

At present, the order book of the shipyard includes four projects for the Indian navy comprising of 19 warships and two more projects — one for the government of Bangladesh and one for the government of West Bengal. 

Further, it anticipates reaching its peak revenue during this period (FY2024-25), as told by  Retired Commodore PR Hari,  Chairman and Managing Director of GRSE in a recent interview with CNBC-TV18.

This projection underscores the company’s determination to harness its capabilities and capitalise on market opportunities.

Noteworthy, during the first quarter of the financial year, GRSE was able to successfully executed orders worth Rs 750 crore, while also bagging a Rs 250 crore order from the Indian navy for the manufacture of 30mm naval surface guns. 

The company aims to maintain an order book of Rs 24,000 crore by the end of the current year.

Worth mentioning that in Q1FY24, GRSE reported 52.8 per cent year-on-year (YoY) jump in profit after tax at Rs 76.68 crore, on strong operational performance and higher other income.

Further, the shipyard’s revenue, also increased 30.4 per cent YoY to Rs 755.9 crore, led by execution of strong order backlog.

About GRSE

Garden Reach Shipbuilders and Engineers Ltd (GRSE), is a Schedule B Mini-Ratna Category-I Shipyard under the administrative control of Ministry of Defence primarily catering to the shipbuilding requirements of India Navy and Indian Coast Guard.

Based in Kolkata, it has been a pioneering shipyard since becoming a DPSU way back in 1960 by delivering the first indigenous warship INS Ajay to the Indian Navy in 1961.

The shipyard has been adopting technological advances for quite some time now to emerge as a leading name in shipbuilding in the global market.

The company has a total of eight units, of which seven (shipbuilding and repair, engineering and training) are located in and around Kolkata, and one (engine division – assembles and tests new diesel engines and repairs and reconditions old engines of Naval and Coast Guard Ships) is in Ranchi, Jharkhand.

The company manufactures various types of vessels, ranging from tugs and barges to warships, frigates, bulk carriers, oceanographic research vessels, high powered diesel engines and portable steel bridges. (For more information, visit the link: http://www.grse.in