GRSE conferred with prestigious Dun & Bradstreet
India’s Top PSU Award 22
Kolkata 30 Sep 2022-Garden Reach
Shipbuilders and Engineers Ltd., (GRSE), one of the
leading Public Sector Undertaking and Mini-ratna
Category 1 Shipyard has been conferred with the
prestigious Dun & Bradstreet India’s Top PSU Award
22 in the category of Digital Transformation. The
award was received by CMD GRSE Commodore PR Hari IN
(Retd.) on 29 Sep 22 at the PSU and Government Summit
held in New Delhi.
GRSE as a Defense Public Sector Undertaking has in the
recent past embarked on a journey of digital
transformation in a big way with a complete revamp of
the IT landscape in the Shipyard. In-house Data
Centre, Disaster Recovery Facility, Virtual Reality
Lab to aid smart manufacturing, improvisation in the
employee portal, e-procurement, digital file
movements, network application & communication
system.
PRESS RELEASE
106 th Annual General Meeting of GRSE
Kolkata, 26 Sep 2022: The 106 th
Annual General Meeting (AGM) of Garden Reach
Shipbuilders & Engineers Limited (GRSE) was held
on Monday 26 Sep 22 through VC/OAVM. The Meeting was
attended by Cmde PR Hari, IN (Retd.), Chairman &
Managing Director, GRSE, Shri R K Dash, Director
(Finance), Cdr Shantanu Bose, IN (Retd), Director
(Shipbuilding), Shri Sandeep Mahapatra, Company
Secretary along with the Independent & Govt
Nominee Directors and shareholders of the company.
The Company demonstrated a very strong performance
during the year 2021 – 22:
Revenue from Operation as on 31.03.22 is Rs.
1758 Cr. as against previous year of Rs.1141
Cr., increased by Rs. 617 Cr. registering a
growth of 54%.
Total Income as on 31.03.22 is Rs. 1918 Cr. as
against previous year of Rs. 1327 Cr., increased
by Rs 591 Cr. registering a growth of 45%.
Operating Profit as on 31.03.22 is Rs. 104 Cr.
as against previous year of Rs.42 Cr., increased
by Rs. 62 Cr. registering a growth of 147%
Profit Before Tax (PBT) increased by Rs 50 Cr.
registering a growth of 24%
EBITDA increased by Rs 57 Cr. registering a
growth of 24%.
Profit After Tax (PAT) increased by Rs 36 Cr.,
registering a growth of 24 %.
Earnings per share (EPS) increased by Rs 3.15
per share with a growth of 23.51%.
The total Dividend declared for the Financial Year
2021-22 is Rs. 5.80/- per equity share of face value
of Rs.10/- each.
On the Production performance, GRSE has met the
project milestones despite the challenges of the
pandemic. In December 2021, the first of four Survey
Vessels (Large), ‘INS Sandhayak’, was launched at
nearly 40% physical progress of construction. Further,
the keel of the third P-17A ship for the Indian Navy
was laid, and construction of all the three ships of
this prestigious project is progressing
smoothly. The Shipyard is currently
executing seven shipbuilding projects across 24
platforms, withthree projects comprising of
fifteen (15) ships for the Indian Navy, one (1) FPV
project for Indian Coast Guard, one (1) for Govt. of
West Bengal and two export projects. In the beginning
of the financial year 2021-22, ‘SCG PS Zoroaster’ a
Fast Patrol Vessel built by the company was handed
over by the Hon’ble Prime Minister of India to the
President of Seychelles.
Ship repairs have been a focus area for the company
and the GRSE-KPDD unit (Khidderpore Dry Dock) took off
last year as a structured business vertical providing
a new gateway for “Ship Repair & Refit”. During
the year, GRSE has carried out refits of four (4)
ships including the refit of CGS Barracuda for the
Government of Mauritius. The Bailey Bridge division
has provided a fillip with new products & “go to
market strategies” in the Single & Double Lane
Portable Bridges & signing a historic MoU with
DGBR for supply of 27 bridges for difficult terrains
in the North East region of India. The Engine Division
has successfully completed FATs and delivered the
1st shipset of the 1 MW Diesel Alternators
for the P17A project, a key achievement of the year.
Addressing the shareholders, Cmde PR Hari, IN (Retd.),
Chairman & Managing Director, stated that GRSE has
a strong order book of approximately Rs.24000 crores
as on 31 Mar 22. GRSE has been consistent in paying
dividend to the Shareholders and has done so every
year for the last 29 consecutive years. He also stated
that the company is on a growth trajectory and
expressed confidence in sustaining the performance in
the coming years.He expressed his gratitude to
Team GRSE for effectively managing the challenges
brought on by the pandemic and appreciated the
resilience and determination of all the employees in
taking the Company forward both in terms of financial
& production performance. The unstinted support
from the Ministry of Defence, Indian Navy, Indian
Coast Guard, Central and State Government Authorities
has helped GRSE achieve its goals, he said. The CMD
also took the opportunity to extend his gratitude to
all the investors for the confidence they reposed in
the Company, which was further reflected by the
Company’s increased market capitalization.
Apart from harnessing GRSE’s core competencies gained
over the years in warship building, key priorities
envisaged revolve around renewed focus in R&D,
with an emphasis on Green Technology and
Autonomous/Unmanned Vessels. The Company is well on
its way towards implementing a much-awaited roadmap in
ushering Green Technology, starting with reduction of
the carbon footprint on the Hooghly River, with the
impending induction of the New Generation Electric
Ferry. GRSE is the only shipyard to receive Green
Channel Certification by DGQA for supply of Bailey
Type Portable Steel Bridges of various spans and
configurations to Indian Army.
PRESS RELEASE
GRSE awarded the Prestigious ‘RAJBHASA KIRTI
PURASKAR’ for 2021-22 by the Ministry of Home
Affairs
Surat/Kolkata, 15 Sep 2022: Garden Reach
Shipbuilders and Engineers Limited, Kolkata has been
awarded the prestigious ‘RAJBHASHA KIRTI
PURASKAR’ by the Ministry of Home Affairs,
Government of India for the best implementation of
Official Language under Public Sector Undertakings
in Region ‘C’ for the year
2021-22. The award was presented to GRSE by Shri. Ajay Kumar
Mishra, Hon’ble Union Minister of State for
Home, during the Hindi Diwas Celebration organized at
Surat under the Chairmanship of Shri. Amit Shah,
Hon’ble Union Minister of Home Affairs and
Cooperation. Shri Bhupendra Bhai Patel, Hon’ble
Chief Minister of Gujarat, Shri. Nishith Pramanik,
Hon’ble Union Minister of State for Home Affairs
and other Union and State Cabinet Ministers, MPs and
MLAs were present on the occasion.
The Rajbhasha Kirti Puraskar is the highest award
given by the Government of India in the field of
official language implementation and it is a matter of
great pride and honour for GRSE, the only Defence and
Public Sector Undertaking in Kolkata to receive this
prestigious award this year. It is also the sixth time
that GRSE has been conferred with the award for the
implementation of official language in Public Sector
Undertakings. It is noteworthy that GRSE has earlier
received awards for the best official language
implementation during 2011-12, 2012-13, 2014-15,
2015-16 and 2016-17. GRSE has continued its progress
in the direction of achieving excellence and quality
in shipbuilding and made qualitative progress in the
field of the official language Hindi. GRSE has been
honoured with Rajbhasha Kirti Puraskar as well as
Rajbhasha Shield by Town Official Language
Implementation Committee (TOLIC) this year.
PRESS RELEASE
GRSE Achieves Another First: Green Channel
Certification for Supply of Portable Steel Bridges
(Bailey Type)
New Delhi/Kolkata, 30 Aug 2022: Garden Reach
Shipbuilders and Engineers Ltd., (GRSE), one of the
leading Public Sector Undertaking and Mini-Ratna
Category 1 Shipyard, has been conferred with the
coveted Green Channel Certification by Ministry of
Defence, Govt. of India, on 30 August 2022 at Head
Quarters, Directorate General of Quality Assurance,
Ministry of Defence, New Delhi, for supply of
Portable Steel Bridges (Bailey Type) of various
spans and configurations to Indian Army.
Cmde PR Hari, IN (Retd.), Chairman & Managing
Director, GRSE received the Green Channel
Certification from Lt Gen RK Malhotra, Director
General, Quality Assurance (DGQA) in the presence of
distinguished officials from GRSE and Indian Army /
DGQA. This is a remarkable achievement considering the
fact that, GRSE is the only organization in India
qualified for the prestigious Green Channel
Certification for Portable Steel Bridges (Bailey
Type), from Indian Army.
An initiative of Government of India to facilitate
“Ease of Doing Business”, to promote the national
mission of “Make in India” with special focus on
“Defence Manufacturing”, going forward, Indian Army
would accept the GRSE made Portable Steel Bridge
components based on GRSE’s internal Quality Control
Certification. This is a testament to the inherent
commitment of GRSE to supply quality goods in shorter
time frames.
The Portable Steel Bridge Division of GRSE has
developed new improved versions of portable bridge
designs through R&D efforts. More than 5,300
portable steel bridges have been supplied by GRSE to
Indian Army, Border Road Organization, State PWDs and
Central Government. The bridges, primarily used for
disaster management, have also been exported to
friendly countries including Bhutan, Nepal, Myanmar,
and Sri Lanka. GRSE has developed Double Lane Portable
Steel Bridge and Portable Assault Bridge for the first
time in India. Earlier this year, GRSE signed an MoU
with Border Roads Organization for the fabrication,
supply, erection, and launching of first-of-its-kind,
27 double-lane Class 70 modular steel bridges in
border areas.
PRESS RELEASE
GRSE inaugurates Job-oriented Skill Development
Programmes for Youth at Ramakrishna Math
Kolkata
Kolkata, 22 Aug 22: In its commitment
towards CSR activities, Garden Reach Shipbuilders and
Engineers Ltd., (GRSE), one of the leading Public
Sector Undertaking and Mini-ratna Category 1 Shipyard
inaugurated Skill Development Programs for youth
including Phlebotomy Technician & General Duty
Assistant Training Batches at Ramakrishna Math
Baghbazar.
The new batch was inaugurated by Cmde PR Hari, IN
(Retd.),
Chairman & Managing Director,
GRSE in the presence of Swami Krishnanathananda of
Ramakrishna Math, Senior Officials of GRSE &
Ramakrishna Math.
GRSE had signed a MoU with Ramakrishna Math, Belur on
21 Jul 2022 to provide vocational training programs at
“Ma Sarada Swanirvar Kendra (MSSK)”, a unit of
Ramakrishna Math (RKM), Baghbazar.
Under this initiative, GRSE plans to reinforce its
commitment to continue being an active participant in
improving the quality of life for the society at large
in the state of West Bengal.
On the ocassion, Cmde PR Hari, IN (Retd.), CMD, GRSE
said, ‘GRSE has a long association with
Ramakrishna Math and we are proud to be executing some
of these noble projects. I am confident that in the
coming years our association will only grow from
strength to strength.’
This significant CSR initiative aims to providing
Job-oriented Skill Development Programmes to
unemployed youth from the underprivileged society.
This six-month training program will also serve in
helping the unemployed youth to develop and update
their skill towards securing a better livelihood.
PRESS RELEASE
Performance Review of 1st Quarter Ended 30th June
2022
Kolkata, 11th Aug, 2022: Garden Reach
Shipbuilders & Engineers Limited (GRSE), one
of the leading warship builders in the country have
announced the Company’s financial results for the
first quarter ended 30th June, 2022. Following the
highest ever revenues reported in the last financial
year, the Company has reported stellar quarterly
results for Q1 of FY 23.
Q1 FY 23 Compared with Q1 FY 22:
The Total Income stood at Rs.621 Crore in Quarter
ended June 30th, 2022 as against Rs 344 Crore in
Quarter ended June 30th, 2021 with an increase of
Rs. 277 Crore, and registered a growth of 81%.
Revenues from operations for the Quarter ended June
30th, 2022 stood at Rs. 580 Crore as compared to Rs
304 Crore in Quarter ended June 30th, 2021,
increased by Rs. 276 Crore and registered a growth
of 91%.
The Earnings Before Interest, Tax, Depreciation and
Amortization (EBITDA) stands at Rs. 74 Crore in
Quarter ended June 30th, 2022 as against Rs 42 Crore
in Quarter ended June 30th, 2021, registering growth
of 76% & The Company’s EBITDA margin stood
at 13%.
Profit Before Tax (PBT) stood at Rs 64 Crore for
Quarter ended June 30th, 2022 as compared toRs 26
Crore in Quarter ended June 30th, 2021 and
registered a growth of 146%.
Profit After Tax (PAT) stood Rs.50 Crore in Quarter
ended June 30th, 2022 as against Rs 21 Crore in
Quarter ended June 30th, 2021.and registered growth
of 138%.
Earnings per share (EPS) for the Quarter ended June
30th, 2022 stood at Rs 4.38 compared to Rs 1.80 in
Quarter ended June 30th, 2021.
Q1 FY23 Compared with Q4 FY22:
The Total income is Rs. 621 Crore in Q1 FY23 as
against Rs.586 Crore in Q4 FY22 increased by Rs 36
Crore with an increase of 6.15%.
Revenue from Operation stood at Rs. 580 Crore in Q1
FY23 as against Rs.544 Crore in Q4 FY22 increased by
Rs 34 Crore and registered growth of 6.61%.
Profit Before Tax (PBT) stood at Rs 64 Crore in Q1
FY23 as compared to Rs 63 Crore in Q4 FY22.
Profit After Tax (PAT) stood at Rs 50 Crore in Q1
FY23 as compared to Rs 44 Crore in Q4 FY22.
Earnings per share (EPS) in Q1 FY23 stood at Rs 4.38
compared to Rs 4.12 in Q4 FY22.
Commenting on the results, Cmde Hari PR, IN (Retd)
Chairman and Managing Director, Garden Reach
Shipbuilders & Engineers Limited said, “FY 23
has started on a very buoyant note for GRSE with the
shipyard recording the highest ever revenues during
Q1. As far as the project milestones are concerned,
four (4) Warships were Launched during Q1, including
the 2 nd Ship of the Prestigious P17A Project on 15
Jul 22 by the Hon’ble Raksha Mantri. In our endeavour
to introduce ‘Green Technology’ in Shipbuilding, we
have signed a contract with the West Bengal Govt for
Construction of ‘Next Generation Electric Ferry’ and I
believe that once delivered, this vessel will be a
game changer for Inland Water Transport in India and
also have good export potential. Towards improving
operational efficiency, we have introduced an AI
enabled “Intelligent Weld Inspector” to expedite the
structural welding inspection process. Looking
forward, we are confident of achieving the planned
project milestones on time.”
PRESS RELEASE
GRSE Observes Har Ghar Tiranga Utsav
Kolkata, 08 August 22: Garden Reach
Shipbuilders and Engineers Ltd., (GRSE), a Mini Ratna
Category 1 Defence PSU and leading warship building
company in India initiated their “Har Ghar Tiranga”
program today under the aegis of Azadi ka Amrit
Mahotsav. The celebrations started with the inaugural
address by Dr. Dhrubajyoti Chattopadhyay, Vice
Chancellor of Sister Nivedita University, followed by
the distribution of national flags by the dignitaries
to the students of the university. The dignitaries
present on the occasion included Shri RK Dash,
Director of Finance, GRSE, and eminent personality Ms.
Rituparna Sengupta.
In his address, Prof Dhrubajyoti Chattopadhyaya said
“Our relationship with the flag has always been more
formal and instituitional than personal. Bringing the
flag home collectively as a nation in the 75th year of
Independence thus becomes symbolic of not only an act
of personal connection to the Tiranga but also an
embodiment of our commitment to nation building which
the Garden Reach Shipbuilders & Engineers Ltd
is performing for many years. The idea behind this
initiative is to invoke the feeling of patriotism in
the hearts of the people and to promote the awareness
about the Indian national flag”.
Speaking on the occassion, Shri RK Dash said, “Har
Ghar Tiranga” is a campaign under the aegis of Azadi
Ka Amrit Mahotsav to encourage people to bring the
Tiranga home and to hoist it in their homes to mark
the 75th year of India’s Independence. This awareness
program by GRSE is also an embodiment of our
commitment to nation-building. Garden Reach
Shipbuilders & Limited is the only shipyard
which has given more than 100 ships to the Indian Navy
and Indian Coast Guard.
Extending this campaign towards every citizen of
Kolkata, GRSE is set to observe a week-long
celebration beginning today and shall include
distribution of the National Flags to all employees
on 10 Aug 22, Swachtta Abhiyan at Victorial Memorial
on 13 Aug 22, a ‘Quiz’ on India’s freedom struggle and
flag hoisting at the residences of personnel to mark
the 75th year of Indian Independence. Har Ghar Tiranga
Utsav concludes with hoisting the Tricolour on
Independence Day at all units of GRSE.
Har Ghar Tiranga is an initiative under the aegis of
Aazadi Ka Amrit Mahotsav to bring out apersonal
connection for the Tricolor amongst every Indian. The
campaign implores every Indian to hoist the Tricolor
at their own homes from 13-15 August.
PRESS RELEASE
GRSE built Advanced Frigate “DUNAGIRI” launched by Hon’ble Raksha Mantri Shri Rajnath Singh
Kolkata, 15 July 2022: Garden Reach Shipbuilders
and Engineers Ltd (GRSE) accomplished a key
milestone in the prestigious Project 17A today, with
the launch of “Dunagiri” (Yard 3023) the
second of GRSE’s three Advanced Frigates, by Shri
Rajnath Singh, Hon’ble Minister of Defence,
Government of India, the Chief Guest on the
occasion. Upholding the best of maritime traditions,
the ‘Naming Ceremony’ of the ship was performed by
Smt Kala Hari Kumar, wife of Admiral R Hari
Kumar the Chief of Naval Staff, Indian Navy. Admiral
R Hari Kumar, the Chief Of Naval Staff, Vice Admiral
Biswajit Dasgupta, FOC-in-C Eastern Naval Command,
Lt Gen RP Kalita GOC-in-C East, Cmde PR Hari, IN
(Retd.), Chairman and Managing Director, GRSE, and
other Senior Officials of Indian Armed Forces, GRSE
and a host of other dignitaries were present at the
occasion.
The Launch symbolises the ship’s birth as she
makes her first contact with water. The ceremony was
conducted in true maritime Indian traditions with the
application of vermillion, breaking of coconut on the
ship’s bow and chanting of Vedic mantras
followed by the ship being floated out of her building
dock.
With a value of around rupees nineteen thousand two
hundred crores (Rs.19200+ crores) the contract for
building three Frigates under Project 17A is the
largest order ever won by GRSE. The first ship of the
series, “INS Himgiri” was launched in 14 Dec 20, and
is presently undergoing the ‘outfitting’ phase.
With a length of 149 metres, a displacement of over
6670 T, and a cutting-edge CODOG Propulsion system
that allows for speeds of over 28 knots, P17A ships
will be the most modern, cutting-edge Guided Missile
Frigates in the Indian Navy’s fleet. These
sophisticated weapon platforms are equipped with a
powerful weapon & sensor package capable of
neutralising threats in all three dimensions – Air,
Surface & Sub-surface. To improve quality and
shorten build times, P17A Advanced Frigates are being
constructed using an Integrated Construction
Methodology and improved pre-outfitting. M/s
Fincantieri, an Italian company, is the
project’s know-how provider for technology
upgrades and capability enhancement. Another
distinctive feature of Project 17A is that
construction is being carried out by GRSE
simultaneously with MDL, based on the basic design
created by the Directorate of Naval Design, Indian
Navy. An intelligent PDM PLM system is also being
implemented to manage the project and aid in its life
cycle management.
Hon’ble Raksha Mantri mentioned that launching of
‘Dunagiri’ is a significant milestone in the journey
of GRSE’s growth story and that today’s launch
demonstrates the foresightedness of Indian Navy and
untiring efforts of GRSE’s workforce. The Hon’ble
Raksha Mantri also stated that the construction of
this highly sophisticated platform displays the
indigenous design strength of Indian Navy, Indian
Shipyards, ancillary industries and MSMEs. The Raksha
Mantri also applauded GRSE’s fight against Covid and
continuing with the construction of the ship
irrespective of the challenging situation at hand.
Speaking on the occasion, Admiral R Hari Kumar termed
GRSE a close and valued partner for the Indian Navy
for many decades. He mentioned that the shipyard has
grown significantly over the years and has a good
track record in building complex ships. He also
mentioned that this aspect was underscored with the
launch of Himgiri in Dec 20, followed by today’s
launch, within a short period of just 18 months.
Cmde PR Hari IN, (Retd) during his speech on this
historic occasion said, “It is a proud moment for us,
as we launch “Dunagiri” the second of our
three Frigates and take the shipyard into the league
of building capital stealth ships for the nation.
Having built and delivered 107 warships, GRSE is proud
to be a part of this growth story of nation towards
Atmanirbharta. Out of 107 ships, 70 have been built
for the Indian Navy and with 15 ships presently under
construction and few more orders on the anvil. The
shipyard is confident of delivering a century of
Warships for the Indian Navy during this decade
itself.”
As part of the Make in India initiatives of Ministry
of Defence through indigenisation efforts, GRSE has
made commendable progress by successfully
incorporating a high percentage of indigenous content
into the ships. INS Kamorta and INS Kadmatt, the First
Two of Class of 4 ASW Corvettes built by GRSE, became
the first warships built in the country with
indigenously developed warship grade steel-DMR 249A.
These Ships and the Eight Landing Crafts built by GRSE
for the Indian Navy, have the distinction of achieving
over 90% Indigenous Equipment Fit and hence a major
step towards attaining Self Reliance in
State-of-the-Art Warship Design and Construction.
Since the takeover by the Government of India in 1960,
GRSE has produced a wide variety of potent warships,
including Frigates, Missile & ASW Corvettes,
Landing Ship Tanks, LCUs, Fast Patrol Vessels, and
Fleet tankers. Leveraging its modern infrastructure
facilities, GRSE can now build multiple warships by
employing advanced modular integrated shipbuilding
technology, which is on par with the best global
practices. The shipyard is now capable of producing 20
warships simultaneously and is ably poised to meet the
future warship requirements of Indian Navy and Indian
Coast Guard such as Next Generation Corvettes,
Frigates and Patrol Vessels.
GRSE is presently executing an order book of
approximately Rs. 24100 crore (31 Mar 22) and working
on two other significant projects for the Indian Navy
– development of the 04 Survey Vessel Large ships and
the 08 ASW SWC ships, thus, constructing 15 Navy
warships. The Shipyard also bagged two orders for
export vide International Competitive Bidding viz 01
Ocean Going Passenger and Cargo Vessel for Guyana and
06 Patrol Boats for Bangladesh and is exploring new
projects in Friendly Foreign Countries.