Garden Reach Shipbuilders and Engineers Limited (GRSE), one of the leading warship builders in the country achieved an annual turnover to the tune of Rs. 2,550 crore, growing 45 percent.

GRSE also signed the Contract with Ministry of Defence for construction of four Next Generation Offshore Patrol Vessels (NGOPVs) on 30th Mar 2023. The company says "This Rs 3,500 crore (approx.) contract won on competitive bidding, boosts the Shipyard’s credentials for building next generation warships indigenously, with the first NGOPV scheduled to be delivered in 44 months."

The Company had also declared an Interim dividend in FY22-23 at 55 percent of Paid-up Share Capital against 49.50 percent of previous year.

Also read: Hindustan Aeronautics registers highest ever revenue of Rs 26,500 crore in FY 2022-23

In 2022, the company ventured into “Green Technology” in Shipbuilding by signing a contract with the Government of West Bengal to construct the ‘Next Generation Electric Ferry’. The shipyard is presently undertaking concurrent construction of 22 ships including 03 P17A Stealth Frigates, 04 Survey Vessels (Large), 08 ASW SWCs, 01 New Generation Electric Ferry and 06 Patrol Boats.

Major production milestones achieved in 2022-23 include mega-ship launches

for the Indian Navy such as the 2nd P17A Advanced Frigate Dunagiri, two AntiSubmarine Warfare Shallow Water Craft and two Survey Vessels (Large). One Ocean Going Passenger and Cargo Vessel for Cooperative Republic of Guyana and 01 Fast Patrol Vessel (FPV) for the Indian Coast Guard were also launched and delivered in FY 23.

At Defence Expo 22, GRSE launched first of its kind ‘Double Lane Modular Steel Bridges’ which are used in HADR operations and in border areas for establishing road connectivity. For FY2022-23, the stock gained 85 percent in trade.

Also read: Defence PSU Bharat Electronics achieved a record turnover of Rs. 17,300 Crore