Press Releases 2022-23 - Quarter 2

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.