GRSE declares interim dividend after robust financial result in FY25

Kolkata, March 31: Garden Reach Shipbuilders and Engineers (GRSE) Ltd has declared an interim dividend at the rate of 89.5 per cent of paid-up share capital for FY25, as compared to 79 per cent in FY24. The shipbuilder, a PSU under the Ministry of Defence, has also coasted to a record annual turnover of Rs 4,750 crore (provisional and unaudited) in FY25, the highest in the company's 64-year history.

"FY25 has been a remarkable year for the GRSE. It saw the company getting elevated to the Schedule 'A' Miniratna status, in recognition of its operational excellence and strong financial performance. The year also witnessed the commissioning of INS Nirdeshak, the second in the series of four Survey Vessels (Large), being built by the shipyard for the Indian Navy. This was the 110th warship to be delivered by the GRSE to Indian maritime security forces. No other shipyard has achieved this feat. The INS Nirdeshak and its predecessor, INS Sandhayak, are the largest survey ships built in India and operated by the Navy," a senior GRSE official said.

In addition to this, the GRSE delivered the Next Generation Electric Ferry 'Dheu' to the West Bengal government and an Unmanned Surface Vessel (USV) 'Jaldoot' to the Naval Science & Technological Laboratory (NSTL) of the DRDO. Dheu is the largest ferry of its kind to be built in India.

"The GRSE further strengthened its position in specialised vessel construction by securing key projects, including a Rs 490 crore contract with the Naval Physical and Oceanographic Laboratory (NPOL) for an Acoustic Research Ship (ARS), an Rs 840 crore contract with NCPOR for an Ocean Research Vessel, and a contract with the West Bengal government for construction of 13 hybrid ferries. Expanding its global footprint, the company also secured an international order for eight multi-purpose cargo vessels from a German company, valued at approximately US$ 108 million," the official said.

The GRSE also completed the Contractor Sea Trial (CST) for INS Himgiri, the first of three Advanced Guided Missile Frigates it is building for the Navy under Project 17 Alpha. These 6,670-ton warships are the largest frigates ever built in India. The Indian Navy has also never operated frigates of this size.

According to the official, the GRSE signed several strategic MoUs in FY25. These include agreements with the Indian Army for a 130-feet Single Lane Modular Bridges in Arunachal Pradesh, Nagaland's PWD for Modular Steel Bridges, and the NHIDCL for the supply of Double Lane Modular Bridges.