Garden Reach Shipbuilders and Engineers (GRSE) was founded in 1884. Since then GRSE has built 784 platforms which include 103 warships for the Indian Navy, Indian Coast Guard and Government of Mauritius. Rear AdmiralVK Saxena (Retd) took over as the CMD in March 2017.
GRSE is the first shipyard in our country to deliver a warship to a foreign nation. Today, the shipyard has undergone Modernisation with an aim to build quality ships in a reduced timeframe with Modular Construction Technology. Captain DK Sharma(Retd) of BharatShakti.in interviewed the CMD GRSE to ascertain details of the shipyard’s current priorities and future plans.
Captain DK Sharma: (DKS): You are one of the biggest shipbuilders we have in this country; take us on a brief walk across GRSE’s milestones during your tenure.
R AdmV K Saxena Retd, CMD GRSE: I took over as the Chairman and Managing Director of GRSE with effect from 1 March 2017. In the last three years, my team successfully launched GRSE’s IPO and the shares of the Company were listed on both BSE and NSE on 10 October 2018. GRSE became the first and only Indian shipyard to make and deliver 100 Warships since 1960 when we delivered IN LCU L-56 (Landing Craft Utility-LCU MK IV class ships) in March 2019.
We have since then delivered three more Warships. GRSE has increased the company revenues from Rs. 927 crore in FY 2016-2017 to Rs. 1378 crore in the FY 2018-2019 registering a growth of 48.65 per cent and considerable increase of 309 per cent in Profit After Tax during the last three years. For the half-year ending September 30, 2019, the company has notched up revenues of Rs. 606 crore in the first six months of this year.
GRSE has recently received orders for construction of four hydrographic Survey Vessels (large) and eight Anti-Submarine Warfare Shallow Water Crafts for Indian Navy.
The order book position of the company as on 30 September 2019 is around Rs. 27,400 crore. There are a total of 19 warships under construction. GRSE plans to deliver seven ships against three projects in this financial year.
GRSE has at this point of time six projects that are underway viz., five projects of the Indian Navy and one of the Indian Coast Guard.