Goa Shipyard Ltd (GSL) has achieved its highest-ever revenue from operations, reaching Rs 1,753 crore in FY24, according to a top company official. Speaking at the 58th annual general meeting of GSL, Chairman and Managing Director Brajesh Kumar Upadhyay stated that the company has experienced remarkable growth and has significantly outperformed its past achievements across all financial parameters. He also mentioned that the company achieved a 100 per cent growth in gross revenue, surpassing the Rs 2,000 crore mark for the first time during the fiscal year.
Established in 1957, GSL is a Defence Public Sector Undertaking (DPSU) that offers its customers a broad spectrum of services. These include designing and building various vessels, repairing and modernizing vessels, and technology transfer.
The company’s CMD announced that the company achieved a record revenue from operations of Rs 1,753 crore, representing a 102 per cent year-on-year growth. The profit before tax was 78% higher at Rs 365 crore, and the profit after tax stood at Rs 271 crore compared to Rs 155 crore last year. The order book stood at Rs 18,562 crore as of 31 March 2024, providing stable revenue visibility for the coming years. The earnings per share increased by 76 per cent from Rs 13.28 to Rs 23.31 in FY24.
At the AGM, a final dividend of Rs 2 per share for FY24 was declared, in addition to the interim dividend of Rs 5 per share declared during the year. The total dividend amounts to an outflow of Rs 81.48 crore, compared to Rs 62.86 crore last year.
GSL currently carries out multiple contracts for 22 platforms, the highest number in the company’s history. These contracts include two Advanced Frigates and seven Next-Generation Offshore Patrol Vessels (NGOPVs) for the Indian Navy, two Patrol Craft Vessels (PCVs) and eight Fast Patrol Vessels (FPVs) for the Indian Coast Guard, and one Floating Dry Dock for the Sri Lanka Navy.
In fiscal year 2023-24, several significant milestones were achieved. These included the launch of INS Triput, the first of two frigates, and the first PCV, ICGS Samudra Pratap. Additionally, the company expanded its international presence by securing a global order to construct a Next Generation Trailing Suction Hopper Dredger for the Luxembourg-based Jan De Nul Group.
In addition, the GES vertical significantly contributed to the company’s turnover. Deliveries included a Damage Control Simulator for the Indian Navy, specialized boats for the Indian Army, and an LPG Cylinder Carrier to the Union Territory of Lakshadweep.
CMD Upadhyay reaffirmed GSL’s dedication to various government initiatives, such as ‘Make in India’ and ‘Atmanirbhar Bharat’, and its integration of Artificial Intelligence in defence platforms. The company is focused on advancing indigenization and technological innovation and establishing itself as a major player in both domestic and international defense markets.
Team BharatShakti
