Despite Covid-19 challenges, Garden Reach Shipbuilders & Engineers Ltd (GRSE), a defence public sector undertaking, has recorded the highest-ever turnover of Rs 1,750 crore for the 2021-22 fiscal year, registering a 53 per cent growth over the previous year, a company statement said on Saturday.
It has also declared an interim dividend of Rs 4.95 per equity share of Rs 10 for the last fiscal as against Rs 3.85 in 2020-21, reflecting an increase of 28.57 per cent.
The shipyard is presently undertaking the construction of 23 ships, including three P17A stealth frigates, four survey vessels and six patrol boats, for the Indian Navy, India Coast Guard, Republic of Guyana and Bangladesh.
GRSE, which had delivered one fast patrol vessel to Seychelles, is working on bringing new products for the commercial sector such as hovercrafts and electric ferries.
As a strategic move towards exploring new business opportunities in ship repair in the defence and commercial segment, GRSE signed a concession agreement with Syama Prasad Mookerjee Port, Kolkata, to develop and operate three dry docks.
This is a "major step" toward revenue generation, skill development, infrastructure upgradation and creation of employment opportunities in the eastern region of the country, the statement said.
GRSE also signed strategic MoUs with global shipyards and academia to enhance its shipbuilding prowess.
The bailey bridge division of the company has developed new improved versions of portable bridge designs through its research and development, it said.
For the first time, an MoU was signed between the Kolkata-based company and Border Roads Organisation for the fabrication, supply, erection and launching of 27 double-lane galvanised modular bridges for difficult terrains across north-eastern states, it added.
