Garden Reach Shipbuilders & Engineers Limited (GRSE), a prominent warship builder in the nation, continues its upward trajectory in financial growth, achieving an Annual Turnover of ₹3,400 crore (Provisional & Unaudited) for FY 2023-24, marking the highest in the company’s history. This robust financial performance is a result of effective resource management and enhanced internal efficiencies. Furthermore, the company declared an interim dividend at 79% of Paid-up Share Capital, a notable increase from the previous year’s 55%. Beyond its leadership in shipbuilding, GRSE stands as a fully diversified entity with a product portfolio spanning from “Warships to Weapons”.

The fiscal year 2023-24 proved to be a remarkable period for the company, witnessing notable achievements in both physical and financial performance. A significant milestone was the commissioning of the GRSE-built ship, MV ‘Ma Lisha’, for the Cooperative Republic of Guyana. Additionally, GRSE successfully delivered the first Survey Vessel (Large), INS Sandhayak, on December 4, 2023, which stands as the largest survey vessel in our nation. Moreover, the company handed over the ‘Next Generation Electric Ferry’ to the Government of West Bengal on March 22, 2024. The past year can also be characterized as a year of significant launches, highlighted by the launch of the 3rd P17A Advanced Frigate, Yard 3024, by the Honorable President of India on August 17, 2023.

The company entered into a Memorandum of Understanding (MoU) with the Border Roads Organisation (BRO) for the fabrication, supply, erection, and launching of an additional 30 Double-Lane Class 70 modular steel bridges in border areas. Furthermore, securing an order for the indigenous development and supply of ten 30 mm Naval Surface Guns for the Indian Navy marks another significant milestone. Additionally, the successful launch of the “GRSE Accelerated Innovation Nurturing Scheme (GAINS)” aimed at harnessing the potential of the startup ecosystem to foster innovation, along with the introduction of AUV “Neerakshi” and receiving an order for an “Unmanned Surface Vessel,” highlights GRSE’s commitment to technological advancement and innovation.

A plethora of awards and accolades further underscored GRSE’s dedication to excellence. The company received prestigious recognitions such as the WSO India Maritime OHS&E Awards 2022, Governance Now 9th PSU Awards, “Company of the Year” award, and four awards at the 13th ICC-PSE Excellence Awards 2023. Additionally, GRSE was honored with the SKOCH Award for Innovation and the ‘PRSI National Awards 23’, further affirming its commitment to outstanding performance and innovation.


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