GRSE declares interim dividend of `90.73 cr for FY24
Garden Reach Shipbuilders and Engineers Ltd. (GRSE), a Kolkata-based prominent shipyard and builder of commercial and naval vessels under the Ministry of Defence, has announced an interim dividend of Rs 90.73 crore for the fiscal year 2023-24 on Friday, reinforcing its position as a stalwart in the Indian defence manufacturing sector.
In a ceremony held in the national capital, the Interim Dividend Cheque, amounting to Rs. 67.59 crore, which includes the government’s share, was formally presented to Union Defence Minister Rajnath Singh by Retired Commodore PR Hari, the Chairman and Managing Director of GRSE Ltd. Defence Secretary Giridhar Aramane graced the occasion, emphasizing the significance of GRSE’s contribution to India’s maritime capabilities.
GRSE’s declared interim dividend stands impressively at Rs. 7.92 per equity share of Rs.10 for FY 23-24, marking a substantial increase from Rs. 5.50 in the preceding fiscal year.
This consistent dividend payout over the past three decades reflects the company’s unwavering financial stability and commitment to shareholder value creation.
The shipbuilding giant boasts a robust order book position of Rs 22,792.89 crore as of December 31, last year, a key indicator of its success in the industry. Furthermore, GRSE has significantly increased its order book to an impressive Rs 24,456 crore, underscoring the trust clients place in its shipbuilding and engineering capabilities. This financial strength positions GRSE as a reliable and strategic partner for the defence ministry.
GRSE’s impressive track record includes being a People Capability Maturity Model (PCMM) Level-2 Certified Company. Notably, it was the first shipyard in independent India to construct a warship for the Indian Navy - the Seaward Defence Boat (SDB) INS Ajay - in 1961.
The company’s global contributions include constructing the first-ever Indian Export Warship “CGS Barracuda” for the government of Mauritius, a Fast Patrol Vessel “SCG PS Zoroaster” for Seychelles, and an Ocean-Going Cargo and Passenger Ferry Vessel “MV Ma Lisha” for the Republic of Guyana.
The prestigious Miniratna Category I Company status, conferred upon GRSE in 2006, further solidifies its stature in the industry.
With over 790 platforms delivered, including an impressive 109 warships for the Indian Navy, Indian Coast Guard, and friendly foreign countries, GRSE holds the distinction of being the Indian shipyard with the highest number of warships built and
delivered.
GRSE’s commitment to timely execution is evident in its recent performance, successfully executing orders worth Rs 750 crore during the first quarter of the financial year.
The company’s stock has experienced a notable 12 per cent increase over the last three months, reflecting positive market sentiment towards its strong financials.
GRSE continues to make significant strides in the defence manufacturing landscape.
