Goa Shipyard (GSL) achieved a historic milestone in its financial performance for the fiscal year 2023-24, according to the company’s 58th Annual General Meeting (AGM) held on September 25, 2024. Chaired by the company’s Chairman and Managing Director (CMD) Brajesh Kumar Upadhyay, the virtual meeting underscored GSL’s significant achievements and set the stage for future growth, with a focus on new projects and global ventures.
Financial Growth Surges beyond Expectations
During the AGM, Upadhyay highlighted the company’s exceptional growth, including a 100% increase in gross revenue, crossing the Rs 2,000 crore mark for the first time. Revenue from operations reached an all-time high of Rs 1,753 crore, reflecting a 102% rise from the previous year. Profit Before Tax (PBT) stood at Rs 365 crore, up by 78%, while Profit After Tax (PAT) surged to Rs 271 crore, compared to Rs 155 crore in the last fiscal year.
The company’s robust performance is further demonstrated by a remarkable jump in Earnings Per Share (EPS), which climbed from Rs 13.28 to Rs 23.31. Additionally, shareholders were awarded a total dividend of Rs 7.00 per share for FY 2023-24, significantly higher than the Rs 5.40 per share offered in the prior year.
Expanding Projects: Naval and Coast Guard Contracts
GSL’s growth is not limited to financial performance. The shipyard is currently executing a record 22 projects, a company first. These include two advanced frigates and seven Next Generation Offshore Patrol Vessels (NGOPVs) for the Indian Navy, two Pollution Control Vessels (PCVs), and eight Fast Patrol Vessels (FPVs) for the Indian Coast Guard. Additionally, GSL is constructing a Floating Dry Dock for the Sri Lankan Navy.
The launch of significant vessels such as the frigate INS Triput in July 2024 and the PCV ICGS Samudra Pratap in August 2024 mark key milestones in these ongoing projects. This expanded portfolio reflects GSL’s increasing capabilities and its focus on supporting national security through indigenous shipbuilding efforts.
Global Ambitions: Securing International Contracts
On the global front, GSL has successfully secured an international order to build a Next Generation Trailing Suction Hopper Dredger for Luxembourg-based Jan De Nul Group. This order highlights the company’s expanding reach in international markets, aided by proactive participation in global exhibitions and collaborations with foreign governments and corporations.
Strengthening Indigenous Capabilities and Social Responsibility
In line with the government’s ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives, GSL has been adopting advanced technologies such as Artificial Intelligence in defense platforms. The shipyard’s diversification efforts are also visible in its delivery of specialized boats to the Indian Army and a damage control simulator to the Indian Navy ahead of schedule.
Apart from its financial and project successes, GSL maintained a focus on social responsibility, spending Rs 3.81 crore on Corporate Social Responsibility (CSR) activities, exceeding statutory requirements. The company has also continued to foster positive industrial relations and implement employee engagement programs.
Looking ahead, CMD Upadhyay underlined GSL’s commitment to innovation, indigenization, and expanding its global presence to ensure sustained growth and success.
From: financialexpress
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