New Delhi, Sept 10
The 105th Annual General Meeting (AGM) of Garden Reach Shipbuilders & Engineers Limited (GRSE) was held on Friday 10 Sep 21 through VC/OAVM. The Meeting was attended by Rear Admiral VK Saxena, IN (Retd), Chairman & Managing Director, GRSE, Cmde Sanjeev Nayyar, IN(Retd.), Director(Shipbuilding), Cmde PR Hari, IN(Retd.), Director(Personnel), Shri R K Dash, Director(Finance) and Shri Sandeep Mahapatra, Company Secretary along with shareholders of the Company.
The performance of GRSE, continued to be strong during the year 2020 - 21:
● Revenue from operation per day is Rs.4.02 Crs (for the available No. of days) in FY 21 as against Rs. 3.92 Crs per day of FY 20
● Revenues from operations for the full year ended March 31st, 2021 stood at Rs.1141 crore
● The Company’s EBITDA margin stood at 18% as against 15% of previous year.
● Profit Before Tax (PBT) stood at Rs. 207 crore for FY21, PBT margin of the Company has increased to 16% as against 13% of FY 20.
● Profit After Tax (PAT) stood at Rs.153 crore for FY21.The PAT margin of the Company is increased to 12% as against 10% of FY 20.
● Earnings per share (EPS) for the year ended FY21 stood at Rs. 13.40
The Board of Directors of the Company recommended a final dividend of Rs. 1.15/- per equity share of face value of Rs.10/- each for the financial year 2020-21. This is in addition to the interim dividend of Rs.3.85/- per equity share of face value of Rs. 10/- each which was paid on 24 Feb 2021. The total Dividend declared for the Financial Year 2020-21 is Rs. 5/- per equity share of face value of Rs.10/- each. During the Reported Period, the company delivered 02 Warships, 01 for the Indian Navy and 01 for Seychelles Coast Guard. This makes total warship delivered as 107 till end of 31st March 2021.
With its emphasis on export and realigning marketing strategies to match with the dynamic global environment, GRSE has pioneered its core objective of defence preparedness and continued its thrust on exports under the vision “Security And Growth for All in the Region (SAGAR)” adopted by Government of India and achieved the distinction of inducting 90% indigenous contents onboard warships for Indian Navy such as Anti-Submarine Warfare Corvettes, Landing Craft Utilities under Make in India initiative. Despite the challenges posed by the 1st & 2nd wave of covid-19, GRSE launched the 1st Ship of the Prestigious P17A Advanced Frigate “Himgiri” way ahead of its schedule and delivered one warship to Indian Coast Guard just two days after the first phase of lockdown restrictions were over.
The Shipyard is currently executing six shipbuilding projects including three Advanced Frigates under Project 17A, four Survey Vessels (Large) & eight Anti-Submarine Warfare Shallow Water Crafts for the Indian Navy and one Fast Patrol Vessel for the Indian Coast Guard, apart from the export ships for Republic of Guyana and Government of Bangladesh.
Modernization of infrastructure has enhanced the capacity across Shipyard’s three ship building locations with the construction of 20 ships concurrently. Commissioning of the 250 Ton Goliath Crane was another milestone achieved and a first of its kind. Apart from shipbuilding & ship repair, GRSE has diversified into Engineering Business with a product profile of Pre-fabricated Steel Bridges, various Deck Machinery Items such as Anchor Capstans, Boat Davits, Pumps etc & Assembly/ Testing/ Overhauling of MTU Diesel Engines.
Addressing the shareholders, Rear Admiral V K Saxena, IN (Retd.), Chairman & Managing Director, stated that GRSE has a strong order book which stands approximately at Rs. 25,707 crores as on 31 Mar 21 having 17 warships across 6 projects under execution currently. GRSE has been consistent in paying dividend to the Shareholders and has done so every year for the last 27 years. He expressed his confidence in Team GRSE to emerge strong amidst the uncertainties created by the global pandemic and appreciated the hard work and dedication of all the employees in taking the Company on its path of success & thanked the investors for their faith, commitment & confidence in the Shipyard. 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.
To maintain its competitive edge in digitization, the company is shifting to smart manufacturing (Industry 4.0), through thrust on innovations in automation, robotics and the industrial internet of things. It is also introducing Artificial Intelligence, Machine Learning, Interoperability and secured connectivity enabling real time monitoring. This control and optimization of processes, resources and systems is expected to help in workload consolidation across Design, Production & Supply Chain Management, significantly in the current & future projects of the company.