GRSE Turnover Touches a New High: Records YoY growth of 33 % in the Annual Turnover for FY24

Kolkata. 31 March 2024.  Garden Reach Shipbuilders & Engineers Limited (GRSE), one of the leading warship builders in the country, continues to maintain an upward financial growth and has achieved an Annual Turnover to the tune of `3,400 crore (Provisional & Unaudited) for FY 2023-24, the highest ever in the history of the company. The robust financial performance has been achieved by the company through effective management of resources and improved internal efficiencies. The Company had also declared an interim dividend @ 79% of Paid-up Share Capital against 55% of previous year. In addition to being a leader in the shipbuilding sector in India, GRSE is a fully diversified company with products ranging from “Warships to Weapons”. 

FY 2023-24 has been a remarkable year for the company, both in terms of physical & financial performance. Commissioning of GRSE built ship, MV ‘Ma Lisha’ for the Cooperative Republic of Guyana, was a milestone achievement. Further, GRSE has also delivered the 1^st Survey Vessel (Large), INS Sandhayak, the largest Survey Vessel of our nation, on 04 Dec 2023, and the ‘Next Generation Electric Ferry’ to the Govt. of West Bengal on 22 Mar 2024. The year gone by can also be called an ‘year of launches’, the most significant being the launch of the 3^rd P17A Advanced Frigate, Yard 3024, by the Hon’ble President of India on 17 Aug 2023. 

The company signed a MoU with the Border Roads Organisation (BRO) for the fabrication, supply, erection and launching of additional 30 Double-Lane Class 70 modular steel bridges in border areas. Additionally, the order bagged for indigenously developing and supplying ten 30 mm Naval Surface Gun for Indian Navy is another landmark achievement.  Besides, the successful launch of “GRSE Accelerated Innovation Nurturing Scheme (GAINS)” focusing on leveraging the strengths of the Start-up ecosystem to foster the spirit of innovation, launch of AUV “Neerakshi” and order received for an “Unmanned Surface Vessel”, accentuated the innovation journey of GRSE towards new technology adaption. 

An array of awards and accolades added impetus to GRSE’s commitment for excellence. The company bagged the prestigious WSO India Maritime OHS&E Awards 2022, Governance Now 9^th PSU Awards, “Company of the Year” award and four awards at 13^th ICC-PSE Excellence Awards 2023, SKOCH Award for Innovation and ‘PRSI National Awards 23’.