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, with three 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.
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.
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.
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.
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.”
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.
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.