Thursday 26 May 2022
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Kolkata defence PSU pays record dividend to Centre

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Kolkata: A cheque worth Rs 53.22 crore towards dividend for the financial year 2015-16 was handed over to Defence Minister Manohar Parrikar by Chairman & Managing Director, Garden Reach Shipbuilders & Engineers (GRSE) Ltd., Kolkata Rear Admiral (Retd) AK Verma on the 23rd consecutive year, here today.

The Union Minister for Defence, Shri Manohar Parrikar receiving a dividend cheque of Rs.53,22,05,350 from the CMD, Garden Reach Shipbuilders & Engineers Ltd (GRSE), Kolkata, Rear Admiral (Retd.) A.K. Verma, in New Delhi on November 16, 2016. The Secretary (Defence Production), Shri Ashok Kumar Gupta is also seen.
Minister for Defence Manohar Parrikar receiving the dividend cheque from CMD, GRSE, Kolkata, Rear Admiral (Retd.) A.K. Verma, in New Delhi on 16 November

GRSE, Kolkata, a Mini Ratna Defence PSU, has been a profit-making PSU, regularly paying dividends to the government exchequer since 1993-94. During the 2015-16 fiscal, GRSE registered an all- high turnover of Rs 1,707 crore as against Rs 1,612 crore in the previous year.

The turnover of the company, which was Rs 574 crore in 2007-08, has almost trebled to Rs 1,707 crore in 2015-16. GRSE has also earned its highest ever PBT of Rs 247 crore as against Rs 76 crore in the previous year and net profit of Rs 161 crore as compared to Rs 43 crore in the previous year. The net worth of GRSE has increased to Rs 1,064 crore from Rs 968 crore in the previous year.

GRSE’s journey towards nation-building and self-reliance continues with the delivery of the first 2 anti-submarine warfare corvettes INS Kamorta and INS Kadmatt to the Indian Navy with 90% content. GRSE has also built the first ever export warship CGS Barracuda for the Republic of Mauritius.

GRSE has so far delivered 98 warships to the armed forces. With 2 more ships almost ready for delivery, the shipyard is poised to become the first in the country to build 100 warships.

Based on overall performance, GRSE has been adjudged the Best Performing Defence Shipyard 4 years in a row.

Secretary (Defence Production) Ashok Kumar Gupta and other senior GRSE officials were present on the occasion.

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