Press Releases 2023-24 - Quarter 2

PRESS RELEASE

107th Annual General Meeting of GRSE

Kolkata, 22 Sep 2023: The 107th Annual General Meeting (AGM) of Garden Reach Shipbuilders and Engineers (GRSE) Ltd was held on Friday, 22 Sep 23. The meeting was attended by Cmde PR Hari, IN (Retd), Chairman and Managing Director, GRSE, Shri R K Dash, Director (Finance), Cdr Shantanu Bose, IN (Retd), Director (Shipbuilding), DIG Subrato Ghosh, ICG(Retd.), Director (Personnel) and Shri Sandeep Mahapatra, Company Secretary, along with the Independent and Government nominee Directors and shareholders of the company.

FY23 has been the most successful year in the Company’s history in terms of key performance parameters.

• Revenue from Operations increased by 46% from Rs 1,754 crore in FY22 to Rs 2,561 crore in FY23.
• Total Income grew from Rs 1,916 crore of FY22 to Rs 2,763 crore in FY23. This increase of Rs 847 crore over the previous year was a growth of 44%.
• The EBITDA stands at Rs. 351 crore in FY23, as against Rs. 294 crore in FY22, with an increase of 19%.
• The Profit After Tax (PAT) increased by 20% from Rs 190 crore in FY22 to Rs 228 crore in FY23.
• Earnings per share (EPS) grew by 20% from Rs 16.55 in FY22 to Rs 19.91 in FY23.

The shareholders of the Company at 107th Annual General Meeting held on 22 Sep 2023 approved a Final Dividend of Rs. 0.70/- per equity share of face value of Rs. 10/- each for the financial year 2022-23. This is in addition to the Interim Dividend of Rs. 5.50/- per equity share of face value of Rs. 10/- each, which was paid in Feb 2023. The total dividend declared for the financial year 2022-23 is Rs. 6.20/- per equity share of face value of Rs. 10/- each.

"During the year, even as the world was grappling with the ripple of economic volatility due to the Russia-Ukraine conflict, our company delivered a robust performance. The Company's strength and resilience have helped it steer through the challenges to surpass market expectations and achieve unprecedented milestones," Cmde Hari informed the gathering during the AGM.

GRSE began the year with an order book of Rs 24,103.60 crore and was working on seven projects. Apart from three Project 17A Frigates, four Survey Vessels (Large), and eight ASW Shallow Water Craft for the Indian Navy, the shipyard was also building a Fast Patrol Vessel (FPV) for the Indian Coast Guard, In addition to this, GRSE was working on an electric zero-emission ferry for the Government of West Bengal and two export orders. The export orders included an ocean-going passenger-cum-cargo ferry for the Cooperative Republic of Guyana and six patrol boats for Bangladesh. The orders for Survey Vessel Large (SVL), ASW Shallow Water Craft, & the ferry for the Cooperative Republic of Guyana were won on competitive bidding.

In 2022-23, GRSE delivered the FPV to the Indian Coast Guard and the ferry to Guyana ahead of schedule. As on March 31, 2023, GRSE’s order book stood at Rs 25,111.29 crore. This increase was due to a new order for four Next-Generation Offshore Patrol Vessels (NGOPVs) for the Indian Navy, won on competitive bidding again. This order is worth Rs 3,550 crore and reflects the confidence that the Ministry of Defence and the Indian Navy has on the capabilities of GRSE.

Despite challenges posed by disruptions in the global supply chain, construction of the three Project 17A Frigates progressed as per schedule during FY23. The first of the Survey Vessels (Large) is undergoing trials and three of the ASW Shallow Water Crafts were launched during the year and are under various stages of completion.

In keeping with GRSE's Atmanirbharta pledge, the company has diversified into the manufacture of weaponry as well. GRSE has signed a contract with the Indian Navy for the supply of ten 30mm Naval Surface Guns with Electro-Optical Fire Control Systems for a price of Rs 248.51 crore. GRSE is in the business of Portable Steel Bridges, manufacturing of Deck Machinery items and engine assembly, overhaul and testing. GRSE has also signed a Memorandum of Understanding (MoU) with the Border Roads Organisation (BRO) for the supply of 30 double-lane modular Bridges recently. This is in addition to the order for 30 such bridges already placed by BRO with GRSE.

The Chairman and Managing Director also highlighted how the company has signed MoUs with global OEMs for the manufacture of marine engines and water jets. He also spoke on the efforts by GRSE to nurture Start-Ups and enable them to develop new Artificial Intelligence (AI)- enabled technology for greater efficiency. The launch of GAINS 2023 (GRSE Accelerated Innovation Nurturing Scheme) this year has been an initiative to boost Indian Startups.

PRESS RELEASE

107th Annual General Meeting of GRSE

Kolkata, 22 Sep 2023: The 107th Annual General Meeting (AGM) of Garden Reach Shipbuilders and Engineers (GRSE) Ltd was held on Friday, 22 Sep 23. The meeting was attended by Cmde PR Hari, IN (Retd), Chairman and Managing Director, GRSE, Shri R K Dash, Director (Finance), Cdr Shantanu Bose, IN (Retd), Director (Shipbuilding), DIG Subrato Ghosh, ICG(Retd.), Director (Personnel) and Shri Sandeep Mahapatra, Company Secretary, along with the Independent and Government nominee Directors and shareholders of the company.

FY23 has been the most successful year in the Company’s history in terms of key performance parameters.

• Revenue from Operations increased by 46% from Rs 1,754 crore in FY22 to Rs 2,561 crore in FY23.
• Total Income grew from Rs 1,916 crore of FY22 to Rs 2,763 crore in FY23. This increase of Rs 847 crore over the previous year was a growth of 44%.
• The EBITDA stands at Rs. 351 crore in FY23, as against Rs. 294 crore in FY22, with an increase of 19%.
• The Profit After Tax (PAT) increased by 20% from Rs 190 crore in FY22 to Rs 228 crore in FY23.
• Earnings per share (EPS) grew by 20% from Rs 16.55 in FY22 to Rs 19.91 in FY23.

The shareholders of the Company at 107th Annual General Meeting held on 22 Sep 2023 approved a Final Dividend of Rs. 0.70/- per equity share of face value of Rs. 10/- each for the financial year 2022-23. This is in addition to the Interim Dividend of Rs. 5.50/- per equity share of face value of Rs. 10/- each, which was paid in Feb 2023. The total dividend declared for the financial year 2022-23 is Rs. 6.20/- per equity share of face value of Rs. 10/- each.

"During the year, even as the world was grappling with the ripple of economic volatility due to the Russia-Ukraine conflict, our company delivered a robust performance. The Company's strength and resilience have helped it steer through the challenges to surpass market expectations and achieve unprecedented milestones," Cmde Hari informed the gathering during the AGM.

GRSE began the year with an order book of Rs 24,103.60 crore and was working on seven projects. Apart from three Project 17A Frigates, four Survey Vessels (Large), and eight ASW Shallow Water Craft for the Indian Navy, the shipyard was also building a Fast Patrol Vessel (FPV) for the Indian Coast Guard, In addition to this, GRSE was working on an electric zero-emission ferry for the Government of West Bengal and two export orders. The export orders included an ocean-going passenger-cum-cargo ferry for the Cooperative Republic of Guyana and six patrol boats for Bangladesh. The orders for Survey Vessel Large (SVL), ASW Shallow Water Craft, & the ferry for the Cooperative Republic of Guyana were won on competitive bidding.

In 2022-23, GRSE delivered the FPV to the Indian Coast Guard and the ferry to Guyana ahead of schedule. As on March 31, 2023, GRSE’s order book stood at Rs 25,111.29 crore. This increase was due to a new order for four Next-Generation Offshore Patrol Vessels (NGOPVs) for the Indian Navy, won on competitive bidding again. This order is worth Rs 3,550 crore and reflects the confidence that the Ministry of Defence and the Indian Navy has on the capabilities of GRSE.

Despite challenges posed by disruptions in the global supply chain, construction of the three Project 17A Frigates progressed as per schedule during FY23. The first of the Survey Vessels (Large) is undergoing trials and three of the ASW Shallow Water Crafts were launched during the year and are under various stages of completion.

In keeping with GRSE's Atmanirbharta pledge, the company has diversified into the manufacture of weaponry as well. GRSE has signed a contract with the Indian Navy for the supply of ten 30mm Naval Surface Guns with Electro-Optical Fire Control Systems for a price of Rs 248.51 crore. GRSE is in the business of Portable Steel Bridges, manufacturing of Deck Machinery items and engine assembly, overhaul and testing. GRSE has also signed a Memorandum of Understanding (MoU) with the Border Roads Organisation (BRO) for the supply of 30 double-lane modular Bridges recently. This is in addition to the order for 30 such bridges already placed by BRO with GRSE.

The Chairman and Managing Director also highlighted how the company has signed MoUs with global OEMs for the manufacture of marine engines and water jets. He also spoke on the efforts by GRSE to nurture Start-Ups and enable them to develop new Artificial Intelligence (AI)- enabled technology for greater efficiency. The launch of GAINS 2023 (GRSE Accelerated Innovation Nurturing Scheme) this year has been an initiative to boost Indian Startups.

PRESS RELEASE

Globalizing 'Make in India' in Defence: GRSE shines at DSEI Exhibition, London

Kolkata, 19 Sep 2023: The Ministry of Defence, Government of India, showcased the technological prowess and advanced capabilities of five of its several Public Sector Undertakings at the India Pavilion of Defence and Security Equipment International (DSEI) Exhibition in London, which was held from September 12 to September 15. The Defence Public Sector Undertakings participating at the event were Garden Reach Shipbuilders and Engineers (GRSE) Ltd, Munitions India Ltd (MIL), Advanced Weapons & Equipment India Ltd (AW&EIL), Yantra India Ltd (YIL) and Bharat Dynamics Ltd (BDL).

The India Pavilion was inaugurated by Shri Vikram Doraiswami, India's High Commissioner to the UK on September 12. The DSEI Exhibition is an important global event that connects armed forces across the world with equipment manufacturers. It is a great opportunity for companies to attract customers beyond its country's shores, while building partnerships with others.

Acknowledging close ties between UK and India, Mr James Cartlidge, the UK's Minister of State for Defence Procurement and Mr. D Johnson, the UK's Minister of State for Investment, visited the India Pavilion at DSEI London. Cdr Shantanu Bose, IN(Retd.), Director(Shipbuilding), GRSE, along with other senior officials interacted with the visiting dignitaries and Senior Management of global OEMs. It was during the exhibition that two Memorandums of Understanding (MoUs) were signed by GRSE. One of these was with Lloyd's Register for development of a hydrogen fuel cell ferry. GRSE is already working on a zero-emission passenger ferry that will be a prototype of more such green vessels to ply the River Hooghly. Lloyd's Register is a 260-year-old company that works towards finding sustainable solutions to maritime transportation. The second MoU is for a potential collaboration in the production, sale and service of marine engines for the Indian Navy and Indian Coast Guard.

GRSE is one of India’s premier defence shipyards based in Kolkata that has set a record in the country by building and delivering 108 warships. Two of these warships were exported while the remaining were delivered to the Indian Navy and Indian Coast Guard. Presently, GRSE is in the process of building 19 warships for the Indian Navy, including three Advanced Guided Missile Frigates. GRSE is also a pioneer in the development of modular steel bridges and has verticals which builds deck machinery and marine diesel engines.

The 'India Pavilion' at DSEI also had several private players colocated and the participants highlight India’s efforts towards Atmanirbharta or self-reliance in the field of defence production. All the companies involved are keen on exports to friendly foreign nations as India marches towards its goal of 'Make for the World'.

PRESS RELEASE

GRSE and CRY Join Hands to Transform Lives: Inauguration of Child Development Program in Kolkata

Kolkata, 11 Sep 2023: On 30 Aug 2023, the collaborative project between Garden Reach Shipbuilders & Engineers Ltd. and Child Rights and You (CRY) was inaugurated in Kidderpore, Kolkata. This initiative aims to support the holistic development of 300 children from 265 households in Watgunj and Munshiganj (KMC Ward 75). The Memorandum of Understanding (MoU) for this partnership was initially signed on 31 May 2023. The inauguration event was graced by the presence of DIG Subrato Ghosh, ICG (Retd.), Director (Personnel) of GRSE, along with Smt. Lipi Das, GM (HR & A), GRSE, and other distinguished guests.

The key initiatives under this collaboration include increasing school enrolment and minimizing school dropouts, regularity in school attendance, supplementing nutrition, educational coaching, conducting self-defence & life skill sessions and also improving health, hygiene, safety and psycho-social well-being of the children as a part of CSR initiative of the Company.

PRESS RELEASE

GRSE JOINS HAND WITH DEMPO, GOA TO BUILD COMMERCIAL VESSELS ON THE WEST COAST

Kolkata, 25 Aug 2023: Garden Reach Shipbuilders and Engineers (GRSE) Ltd, the Kolkata-based premier warship builder and the DEMPO Group, the leading business house of Goa, have signed a Memorandum of Understanding (MoU) to launch a collaboration model to build commercial vessels in three premier shipyards of DEMPO at Goa and Bhavnagar. This is GRSE’s maiden attempt to diversify in a big way in commercial shipbuilding to capture a large market share in construction of commercial vessels, both domestic as well as international.

Among the many firsts, GRSE took the maiden initiative in the country to make the Public Private collaboration model a success story in warship building. Aligning this concept with the emerging commercial shipbuilding market, GRSE is now partnering with M/s V S Dempo Holdings Private Ltd to share their shipbuilding resources with GRSE to build commercial vessels on the west coast.

According to a research, India’s shipbuilding market is estimated to be USD 7.1 Bn in 2023 and is expected to reach USD 8.76 Bn in 2028. The global shipbuilding market on the other hand is estimated to grow from USD 170 Bn to 230 Bn by 2028 at a CAGR of 5.45%. A report also stated that India’s contribution to commercial shipbuilding globally is less than 1 percent today which is far lower than 3.5 % achieved during 2007-It also stated that even with the subsidy the private shipyards are not competitive and state-owned shipyards are content to available defence orders. GRSE took the onus of breaking this glass ceiling and actively engaged itself to use its technology and resources to compete with countries like China, Vietnam and Turkey – the low-cost shipbuilders to win contracts from European, Middle Eastern and African markets.

Commodore P R Hari, Chairman & Managing Director, GRSE brought out that in spite of challenges there is a positive outlook in the global commercial shipbuilding sector. The rise of Chinese competition in recent years and stricter environmental regulations are making it difficult for the Indian shipbuilders to meet the global demand. However, he assured that the shipbuilding and repair industry is undergoing rapid technological change which is creating new opportunities for companies that can keep up with the latest trends. To avail the business opportunity of growing demand in commercial vessel sector, GRSE has identified a suitable partner for progressing with commercial shipbuilding. He explained that most of the export clients are from Europe and Middle East. The shipyards of the DEMPO group give a positional advantage to these clients for shifting the delivered vessels from India in comparison to China, Vietnam and Turkey.

Shri Srinivas Dempo, Chairman, DEMPO Group of companies emphasised that shipbuilding is a strategically important industry due to its role in energy security, national defence, and development of the heavy engineering industry. Shipbuilding, due to its huge dependence on the infrastructure and services sectors of the economy, has the potential to strengthen the mission of an ‘Aatmanirbhar Bharat’. Among manufacturing activities, shipbuilding has one of the highest employment multipliers of 6.48 and is capable of generating mass employment in the manufacturing facilities established by shipyards in remote, coastal and rural areas. CMD Dempo expressed confidence that the collaboration between GRSE and Dempo will generate a very productive ecosystem, deriving strengths from each other’s expertise and leveraging capacities towards bagging more domestic and foreign shipbuilding orders. He also articulated about tremendous business potential in green shipbuilding which can be tapped by this collaboration and contribute towards achieving a sustainable and safer environment.

PRESS RELEASE

"Mother of All Warship Launches"- Hon'ble President of India launches advanced Frigate INS Vindhyagiri at GRSE

Kolkata, 17 Aug 2023: It was an iconic moment for Garden Reach Shipbuilders and Engineers (GRSE) Ltd on Wednesday when the Hon’ble President of India Smt. Droupadi Murmu launched INS Vindhyagiri, the last in the series of three P17 Alpha being built for the Navy by the Kolkata-based shipyard. This is for the first time that a ship being built by an Indian shipbuilder is being launched by the President of India, who is also the Supreme Commander of the Indian Armed Forces.

Among the others present at the occasion were the Hon'ble Governor of West Bengal, Dr C.V. Ananda Bose, IAS(Retd.), Hon'ble Chief Minister of West Bengal, Mamata Banerjee, Hon'ble Raksha Rajya Mantri, Shri Ajay Bhatt, Chief of Naval Staff, Admiral P Hari Kumar, PVSM, AVSM, VSM, ADC, Former Captain of Indian Cricket Team Shri Sourav Ganguly, Cabinet Minister of Urban Development and Municipal Affairs, Government of West Bengal, Shri Firhad Hakim, Minister of State for Forests & Self Help Employment Group (Independent Charge), Government of West Bengal, Smt. Birbaha Hansda, a host of Senior Officers from the Armed Forces and dignitaries from the Centre and State Administration.

The launch of a ship symbolizes its birth. This is the day when a ship is named and feels water for the first time under her keel. The ceremony was conducted in true Indian Maritime Tradition with the breaking of the coconut on the ship's bow.

The three Nilgiri Class frigates were ordered for approximately Rs 19,200 crore, the largest ever contract being executed by GRSE. The first and second ship of the series INS Himgiri and INS Dunagiri respectively are presently undergoing outfitting at GRSE. To improve quality and shorten build times, P17A Advanced Frigates are being constructed using an Integrated Construction Methodology and improved pre-outfitting. The second ship of this series, INS Dunagiri, was launched on July 15, 2022. Launching of two warships of this size and complexity in just over a year speaks volumes about GRSE's capabilities as a premier defence shipbuilder.

These ships have a length of 149 metres and a displacement of over 6670 Tons. Their cutting-edge CODOG Propulsion systems allow for speeds of over 28 knots. These frigates are a follow-up of the Shivalik Class (Project P-17) that are already in service with the Navy. The ships under Project 17 Alpha will be far more advanced than any frigate ever operated by the Indian Navy. They are equipped with powerful weapon & sensor packages capable of neutralising threats in all three dimensions - Air, Surface & Sub-surface.

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.

The Indian Navy had six 'Nilgiri' Class frigates which were in service between 1972 and 2012. The INS Vindhyagiri, last of that Class was commissioned on July 8, 1981 and decommissioned on June 14, 2012. It was reborn today as the INS Vindhyagiri, a P17A frigate. Vindhyagiri is the name of one of two hills in Shravanabelagola in Karnataka. It is of great historical and religious significance due to the 18-metre-high statue of Lord Gometeshwara on its summit. It is considered one of the world's tallest free-standing monolithic statues and can be seen from up to 30 km away.

President Smt Droupadi Murmu in her address said "This launch marks a move forward in enhancing India's maritime capability. Vindhyagiri is also a step towards achieving the goal of Atmanirbhar Bharat in shipbuilding. The Hon'ble President acknowledged the skill and tireless efforts of team GRSE to achieve the milestone of delivering more than 100 warships. She highlighted the strategic location of Kolkata making it vital for our naval preparedness in safeguarding our maritime interests and maintaining regional stability. She emphasised the importance of the oceans for India's well-being and growth towards becoming the third largest economy in the world.

Speaking on the occasion, Admiral Hari Kumar stated that the Indian Navy has embarked on a mission of 'Atmanirbharta' and the navy shall be investing thousands of crores in the shipbuilding sector which will be enhancing the capacity and capability of Indian shipyards and those employed in the ancillary industry. He said "Vindhyagiri will be a versatile and powerful tool that supports the larger national vision as well as ensure safe secure and prosperous global commons for all. So, while the Giris will contribute to the nation's role of ensuring 'Rashtra ki Suraksha' these ships also will be flag bearers of how the navy also fulfills 'Rashtra ki Akaansha'." The CNS reiterated Indian Navy's unequivocal commitment to be a fully Atmanirbhar navy by 2047 to support the national vision of transforming into a developed nation in this Kartavyakal. He added "Supporting us in the endeavor is Garden Reach Shipyard and Engineers Limited a close and valued partner of the Indian Navy for decades. The shipyard grew significantly over the years and has a good track record in building complex warships. This was underscored by the launch of Himgiri on December 20, Dunagiri in July 2022 and within a short period of 12 months, today's launch of Vindyagiri. I would like to congratulate the CMD staff and particularly all workers of GRSE the direct general warship designer bureau and the warship production supreme team for their commendable effort in achieving this crucial milestone. I am sure the yard will strive forward, ensure timely commissioning of the ship, and continue to support the navy in delivering reliable high quality and combat worthy ships".

Addressing the august audience, Cmde PR Hari said "For us every launch is special. Launch symbolises the birth of a ship but this launch is unique. This beautiful warship in front of you is singularly lucky to have the honour of being named and launched at the hands of none other than the Honourable President of India ,the Supreme Commander of Indian Armed Forces. Therefore I would like to term this launch as a mother of all warship launches." He emphasised GRSE's growth starting from 1960 as a DPSU when the shipyard delivered India’s first indigenously built warship INS Ajay in 1961 and has now grown into a mature modern and future ready shipyard that can build small 2.15 metre unmanned vessels to the most advanced and complex weapon intensive warships. CMD GRSE acknowledged the role of all stakeholders in building the ship and said "For making this launch a reality, a launch with over 37% physical progress of construction, over 60% in terms of displacement as compared to the light ship displacement, I must place on record our appreciation to all our stakeholders, the Indian Navy ,the warship design bureau, The Warship Overseas Team Kolkata, the Professional Directorates of Naval Headquarters, our industry Partners, the OEM and last but not the least team GRSE , all the stakeholders from GRSE officers supervisors ,the operatives ,support staffs and the contracted workforce."

GRSE has already delivered 108 warships, including two for export to Mauritius and Seychelles. Presently, it is building 26 ships across 6 projects, of which 19 are warships being built for the Indian Navy and 16 of these 19 warships have been won on competitive bidding. All of them have a high percentage of indigenous content that is in keeping with the Government's strides towards self-reliance or Atmanirbharata. Taking giant strides towards Aatmanirbharta, GRSE is seeking to diversify its business and earlier signed an MoU with M/s Rolls Royce for the co-production of high-speed Marine Diesel Engines. The Shipyard has also recently signed a contract worth Rs 250 Crs (Approx.) for the manufacture and supply of 30 MM Naval Surface Guns to the Indian Navy. The Portable steel bridges production and ship repairs are the two other verticals on an aggressive growth path.

PRESS RELEASE

GRSE Celebrates Independence: Reinforces its Commitment to Atmanirbharta in Shipbuilding

Kolkata, 16 Aug 2023: Garden Reach Shipbuilders and Engineers (GRSE) Ltd celebrated Independence Day with utmost patriotic fervour and enthusiasm on 15 August 2023. The commemorative event witnessed the hoisting of the National Flag by Cmde P R Hari IN (Retd), Chairman and Managing Director, GRSE, at the GRSE Main Unit in the presence of Shri RK Dash, Director (Finance), GRSE, DIG Subrato Ghosh, ICG(Retd.), Director (Personnel), and other senior officials and employees of GRSE.

On the historic occasion, GRSE's tableau at the Independence Day parade on the city's Red Road showcased its state-of-the-art shipbuilding technology and the varied range of maritime platforms that have been delivered to Indian Navy, Indian Coast Guard and friendly foreign countries.

The day also marked the culmination of GRSE's two-year-long India@75 "Azadi Ka Amrit Mahotsav" celebration conducted over 11 weeks featured over 75 impactful initiatives encompassing areas such as "GRSE's success story of Indigenisation", "Vendor & MSMEs Development", "Smart Shipyard", "Energy Management & Electrical Safety", "Supply Chain Management", "Quality Assurance in Shipbuilding", "Intellectual Property Rights", Gender Equality, Environmental Sustainability, Education and many more. These initiatives included health checkup camps for underprivileged people at various locations in Kolkata and its surrounding areas. GRSE also organized public exhibitions in Kolkata & Ranchi, conducted a 100 Tree Plantation Drive across all units, and showcased India's shipbuilding prowess at the AKAM Exhibition in Gandhinagar.

In its journey to promote awareness about 'Atmanirbhar Bharat' under the India@75 celebrations, GRSE organized "KWIZDOM", an interschool quiz competition on Glorious India. 53000 students from across 112 schools from Kolkata & Howrah participated in this Quiz that aimed to ignite the young minds to celebrate the advent of a new India in the Amrit Kal reaffirming the "Panch Pran" including the honour & pride in our roots, goal of developing India, elimination of colonial mindset, developing of unity and a sense of duty amongst citizens and above all ensure that young Indians grow up as proud Indians confident of the legacy, culture and heritage of our motherland.

During his address, Cmde PR Hari IN(Retd.), Chairman & Managing Director, GRSE said, "As we celebrate the 77th Independence Day of our Nation, we have transited from 'Azadi Ka Amrit Mahotsav' to 'Azadi ka AmritKal', and the theme "Nation First and Always First" resonates powerfully. Our unwavering commitment to Atmanirbharta within the Make-in-India initiative is evident through GRSE's delivery of 108 warships, showcasing our dedication to the nation's progress. With an order book of approximately 24,500 crores and 19 warships currently under construction, our shipyard is bustling with activity. Moving forward, we must exceed our own efficiency standards to fulfill the workload and aspirations of GRSE. In the journey ahead, setting ambitious targets, enhancing decision-making, and fostering seamless inter-departmental coordination will be vital for maintaining our competitive edge and furthering our contributions to nation-building."

PRESS RELEASE

Revenue & Profits Soaring High: Q1 Results-GRSE

Kolkata, 11 Aug 2023: Garden Reach Shipbuilders & Engineers Limited (GRSE), one of the leading warship builders in the country have announced its financial results for the first quarter ended 30 Jun, 2023.

Q1 FY 24 Compared with Q1 FY 23:

• Total Income stood at Rs.827 Crore in Q1 FY 24 as against Rs 621 Crore in Q1 FY 23, an increase of Rs. 206 Crore, registering a growth of 33%.
• Revenue from operations for the Q1 FY 24 stood at Rs. 756 Crore as compared to Rs 580 Crore in Q1 FY 23, an increase by Rs. 176 Crore, registering a growth of 30%.
• Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) stands Rs. 117 Crore in Q1 FY 24 as against Rs 74 Crore in Q1 FY 23, registering a growth of 58% & EBITDA margin at 14%.
• Profit Before Tax (PBT) stood at Rs 102 Crore for Q1 FY 24 as compared to Rs 64 Crore in Q1 FY 23, registering a growth of 59%.
• Profit After Tax (PAT) stood Rs.77 Crore in Q1 FY 24 as against Rs 50 Crore in Q1 FY 23, registering a growth of 54%.
• Earnings per share (EPS) for the Q1 FY 24 stood at Rs 6.69 compared to Rs 4.38 in Q1 FY 23.

Q1 FY24 Compared with Q4 FY23 :

• Total income is Rs. 827 Crore in Q1 FY 24 as against Rs. 671 Crore in Q4 FY 23, an increase by Rs 156 Crore & growth of 23%.
• Revenue from Operation stood at Rs. 756 Crore in Q1 FY 24 as against Rs. 601 Crore in Q4 FY 23 - an increase by Rs 155 Crore and registering a growth of 26%.
• Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) at Rs. 117 Crore in Q1 FY 24 as against Rs 90 Crore in Q4 FY 23, registering a growth of 30%.
• Profit Before Tax (PBT) at Rs 102 Crore in Q1 FY 24 as compared to Rs 76 Crore in Q4 FY 23 - growth of 34%.
• Profit After Tax (PAT) at Rs 77 Crore in Q1 FY 24 as compared to Rs 55 Crore in Q4 FY 23 - growth of 40%.
• Earnings per share (EPS) in Q1 FY 24 at Rs 6.69 compared to Rs 4.83 in Q4 FY 23.

Commenting on the results, Cmde Hari PR, IN (Retd) Chairman and Managing Director, Garden Reach Shipbuilders & Engineers Limited said, "FY 24 has started on a very vibrant note for GRSE with the shipyard recording the best ever quarterly results in the history of the company. As the shipyard gears up for the launch of the 3rd Frigate of P17A on 17 Aug 23, in the year ahead GRSE shall continue to play a major role in encouraging industrial growth. The shipyard is designing and building some of the most modern warships in the world today which is an indication enough that GRSE has adopted the best and latest technology. It is also of great importance that the warships being built here have high indigenous content. This is in keeping with India's aspirations to attain self-reliance or Atmanirbharta in the field of defence production".

GRSE built Ocean Going Vessel (OGV), 'MV Ma Lisha' was commissioned at Cooperative Republic of Guyana on 23 Apr 2023. Launch of 3rd ASW SWC and 4th SVL on 13 Jun 2023 also bear testimony to the operational efficiency of the company. The Shipyard has also signed Contract for manufacturing & supply of ten 30 mm Naval Surface Guns worth Rs 248.5 Crore for the Ministry of Defence / Indian Navy paving the way towards indigenisation of weapons systems for the Indian Armed Forces. GRSE has embarked on a mission to identify and encourage the development of innovative solutions towards technological advances in shipbuilding by collaborating with innovators & start-ups. As part of this drive, the Company launched 'GRSE Accelerated Innovation Nurturing Scheme - 2023' or "GAINS 2023" on 22 May 2023. A strong order book coupled with a clear execution strategy promises continued growth in the coming quarters.

PRESS RELEASE

"KWIZDOM" creates a buzz among 53,000 young 'Quizards' in Kolkata and Howrah

Kolkata, 06 Aug 2023: It was a day of intense quizzing at the Dhono Dhanyo Auditorium in Kolkata as Garden Reach Shipbuilders and Engineers Ltd (GRSE's) and Taaza TV concluded "KWIZDOM" on 06 August 23. As part of Azadi Ka Amrit Mahotsav celebrations, this was a quiz contest like no other. Questions were based on Glorious India, Aatmanirbhar Bharat, India's maritime history, and shipbuilding. 53,000 students from across 112 schools from Kolkata and Howrah participated in this quiz on India.

In the finals, six schools showcased their brilliance; Calcutta Boy's School, M.C. Kejriwal Vidyapeeth, South Point School, La Martiniere for Boys, Shaw Public School, and Delhi Public School, Ruby Park. Securing the coveted 2nd Runner-up position was South Point School, while M.C. Kejriwal Vidyapeeth took the first Runner-up spot. And, emerging as the triumphant winner of "Kwizdom" was Calcutta Boy's School.

The awards ceremony was graced by Cmde PR Hari IN(Retd), Chairman and Managing Director, GRSE. Shri R K Dash, Director (Finance), DIG Subrato Ghosh, Director (Personnel), GRSE, Shri Bishambhar Newar, Chairman Taaza TV, Smt. Priya Hari, Principals and other Dignitaries. Senior Officials of GRSE were also present on the occasion.

The vision of GRSE to associate with "KWIZDOM" was to ignite the young minds to celebrate the onset of a new India in the Amrit Kal reaffirming the "Panch Pran" including the honour & pride in our roots, goal of developing India, elimination of colonial mindset, developing of unity and a sense of duty amongst citizens and above all ensure that young Indians grow up as proud Indians confident of the legacy, culture and heritage of our motherland. Students of classes VIII to X participated and were awarded e-certificates that can be downloaded online from the GRSE website.

This was a unique event. Students were quizzed at their respective schools and six of the best were selected from each institution. The schools were then given the choice to select a 3-member team from among these 6 toppers. These teams participated in the inter-school contest. The quarter-finals were organized at National Library Auditorium, Kolkata on 05 August 23, followed by the Semi-Finals and Final held at the Dhono Dhanyo Auditorium, Kolkata on 06 August 23.

Apart from the cash prizes awarded to the finalists, GRSE has decided to invite the Top 100 qualifiers to the Mega Show of GRSE- The launch of an Advanced Guided Missile Frigate later in August 2023. This shall be a rare privilege.

In his address, the CMD, GRSE, Cmde PR Hari IN(Retd.), highlighted that the brilliance of the future rests on the shoulders of today's youth. He also mentioned that the quiz competition was an ideal platform for bringing 53,000 students together, exercising their strength and improving their knowledge base on India which will definitely hold them in good stead for the future.

PRESS RELEASE

"DRDO Chairman lauds GRSE's initiatives on Autonomous Vessels in the Maritime Domain"

Kolkata, 28 Jul 2023: Kolkata-based Defence PSU Garden Reach Shipbuilders and Engineers (GRSE) Ltd, launched an Autonomous Underwater Vehicle (AUV) on Friday (July 28, 2023). In a pioneering move towards the development of AUVs, GRSE has collaborated with M/s Aerospace Engineering Private Ltd. (AEPL). The AUV was named "Neerakshi" (meaning "Eyes in the Water") and launched by Dr Samir V Kamat, Secretary, Defence Research & Development (DR&D) and Chairman, Defence Research and Development Organisation (DRDO). Cmde PR Hari IN (Retd.), Chairman and Managing Director, GRSE, and other Senior Officials of Indian Armed Forces, GRSE and AEPL were present on the occasion. The development of this AUV is also a major step towards indigenous capability development in keeping with the nation's Atmanirbharta policy.

The lightweight and man-portable AUV has been designed to operate in a totally autonomous manner and its modular design enables it to carry out a variety of roles depending on the payload. The 2.15m long AUV will have an endurance of nearly 4 hours, and is capable of operating up to a depth of 300m. These AUVs once in operation by our Armed Forces, could play an important role in mine countermeasure operations and also make excellent reusable targets during Anti-Submarine Warfare (ASW) practices by warships. They can also be deployed for passive acoustic monitoring during which they could remain in position for prolonged durations, monitoring the possible movement of sub-surface platforms.

Dr Samir V Kamat appreciated GRSE's efforts and highlighted the role being played by the industry and Startups in developing technology for defence purposes. "It's indeed very heartening to see a collaboration between a large shipyard and an MSME, which has resulted in this very innovative product being indigenously designed and developed in the country. Our honourable Prime Minister has set us a goal of not only becoming Atmanirbhar but also a leading exporter of Defence Systems and technologies. This can happen only if we have such partnerships. So, this is the first example I have seen where a large company has tied up with a MSME and I am sure this will be a forerunner to many such partnerships in the country." he said.

He also stated, "I am glad to see that GRSE is also not just stopping with doing this Autonomous Underwater Vehicle, they have plans to make an Autonomous Sea Surface Vehicle, a Sea-based Drone and also look at green propulsion for ships as well as other platforms. I am sure, that in the coming years, the Defence industry in the country will not only meet the aspirations of the nation but also become developers of cutting-edge systems, developers of innovative solutions for our services and also generate a lot of exports for the country."

"Our USP is product diversity" said Cmde PR Hari IN(Retd), Chairman and Managing Director, GRSE. "Our products range from warships to commercial ships to deck machinery to portable steel bridges, and marine diesel engines. In the recent past, we decided to take it to another level. We created a separate vertical for ship repairs and interestingly, for the manufacture of naval armaments, specifically, 30 MM naval Surface Gun. Thereafter, considering the present environment and realizing the importance of technology, we took a very conscious management decision to focus on a few areas that will hold us in good stead in future. So, we decided to focus on development of green energy platforms and autonomous platforms in all the three domains of operations - Sub-surface, Surface and Aerial. The launch of the Underwater Autonomous Platform we witnessed today is the successful culmination of one such initiative.", he added.

PRESS RELEASE

Shri Ramesh Kumar Dash, Director (Finance), GRSE, Honored with Best CFO Award at 7th CMA CFO Awards - 2022

Kolkata, 13 Jul 2023: Shri Ramesh Kumar Dash, Director (Finance) at Garden Reach Shipbuilders & Engineers Ltd. (GRSE), Kolkata, has been recognized with the prestigious Best CFO Award in the category of "Public-Manufacturing-Medium-Male" at the 7th CMA CFO Awards - 2022. The award, presented by The Institute of Cost Accountants of India, acknowledges Shri Dash's exceptional contributions to the financial management of GRSE..

The Best CFO Award is a testament to Shri Ramesh Kumar Dash's outstanding achievements in various areas of financial management. His implementation of innovative cost management practices has infused a culture of cost consciousness within the organization, ensuring sustainability, value creation, and preservation. Additionally, his expertise in treasury management has resulted in remarkable achievements in optimizing financial resources and operational efficiency.

The recognition bestowed upon Shri Ramesh Kumar Dash as the recipient of the Best CFO Award from The Institute of Cost Accountants of India marks a significant milestone for Garden Reach Shipbuilders & Engineers Ltd.