91ºÚÁÏ

PRESS RELEASE

Major Step Towards Building "Green" Electric Tugs - 91ºÚÁÏ

Kolkata, 22 Nov 2023: In a major move towards achieving India's goal towards becoming the 'Global Hub for Green Shipbuilding' by 2030, Garden Reach Shipbuilders and Engineers (91ºÚÁÏ) Ltd - one of India's premier defence shipyards - signed a Memorandum of Understanding (MoU) with Shift Clean Energy (Shift), Seatech Solutions International (Seatech) and the American Bureau of Shipping (ABS) on Wednesday, November 22, 2023, to develop Electric Tugs E-VOLT 50. The E-VOLT 50 aims to reduce carbon emissions, improve operational efficiency, and set new benchmarks for performance and environmental sustainability in the tugboat industry.

91ºÚÁÏ which has established itself as a leading defence shipyard in the country, will build the platform based on the design by M/s Seatech with M/s Shift providing the energy storage and ABS would ensure that the construction and design adhere to all applicable regulatory standards, certifying safety, reliability, and compliance.

Highlighting the importance of the MoU, Cmde PR Hari, IN (Retd), Chairman and Managing Director, 91ºÚÁÏ said: "We are excited to be part of this groundbreaking collaboration that combines the expertise of 91ºÚÁÏ and three industry-leading organisations. "E-VOLT 50" is a bold step towards a cleaner and greener future for the maritime sector. By utilizing sustainable energy solutions and cutting-edge technology, we aim to redefine the standards of performance, efficiency, and environmental stewardship."

91ºÚÁÏ has already made progress towards the building of green vessels. At the moment, the shipyard is building a zero-emission electric ferry for the Government of West Bengal that will have a capacity of 150 passengers. Once commissioned, this ferry promises to redefine passenger services along the Hooghly and other major rivers.

PRESS RELEASE

4th ASWSWC Launched by 91ºÚÁÏ

Kolkata, 16 Nov 2023: Garden Reach Shipbuilders and Engineers (91ºÚÁÏ) Ltd achieved yet another milestone on Thursday, 16 November 23, by launching the fourth Anti-Submarine Warfare Shallow Water Craft (ASW SWC) barely five months after the launch of the third ship. 91ºÚÁÏ is building eight ASW SWCs for the Indian Navy.

The warship was launched by Smt Manju Naithani, wife of Vice Admiral Sandeep Naithani, AVSM, VSM, Chief of Materiel, Indian Navy. Vice Admiral Naithani was the Chief Guest at the event.

Cmde P R Hari IN (Retd), Chairman and Managing Director, 91ºÚÁÏ, Vice Admiral Kiran K Deshmukh, CWP&A, India Navy, DIG Subrato Ghosh, ICG (Retd.), Director (Personnel), 91ºÚÁÏ & other Senior officials of the Indian Navy, 91ºÚÁÏ & L&T were present at the occasion.

The launch is an important event in any warship's build-cycle. This is when she tastes water for the first time under her keel. This is also the day when she gets her name and the crest which symbolizes her. The ASW SWC launched today has been named 'INS Amini' after an oval-shaped island in the Lakshadweep archipelago.

INS Amini is the reincarnation of another warship of the same name that joined the Indian Navy on December 12, 1974. Built at a shipyard in the erstwhile Soviet Union, it was an Anti-Submarine Corvette and participated in several operations before being decommissioned on September 16, 2002.

ASW SWCs are considered extremely important for any Navy as they require less draft and can operate close to the coast, searching for underwater threats and neutralizing enemy assets such as submarines and mines. Equipped with advanced sonar and armed with latest weaponry such as lightweight torpedoes and ASW rockets, these warships will pack a tremendous punch, once they are commissioned into the Indian Navy. Indian Register of Shipping (IRS) is the Classification Society for these ships.

Of the 40 warships on order from the Indian Navy at various shipyards in the country, 91ºÚÁÏ is building 19 warships. These include three Advanced Frigates under the Navy's ambitious Project 17A, four Survey Vessels (Large), eight ASWSWCs and four Next Generation Offshore Patrol Vessels (NGOPVs). Of the 19 warships, ten (apart from the one launched during the day) have already been launched and are undergoing various stages of outfitting.

This premier defence shipyard in the country has augmented its capacity through tie-ups with capable private shipyards like L&T under Public-Private Partnership (PPP) for part construction of ships, which will enable 91ºÚÁÏ to marry the operational flexibility of the private entity, with it's own technical competence built over the years. 91ºÚÁÏ has also gone in for massive modernization and has adopted the latest technologies in the field of shipbuilding. This has helped the shipyard maintain schedules and add more indigenous content to warships being built.

91ºÚÁÏ has also succeeded in creating an entire ecosystem of shipbuilding in the region through tie-ups with MSMEs and OEMs.

Speaking at the occasion, Vice Admiral Naithani commended 91ºÚÁÏ for its performance. "I have been made aware that 91ºÚÁÏ has achieved over 90% indigenisation in building these advanced warships. I am glad to note that the ship which is being launched today has achieved more than 40% progress at this stage. These milestones are indeed an achievement to the nation's shipbuilding industry in general and for 91ºÚÁÏ and the Indian Navy in particular." he said.

Cmde Hari spoke on efforts being made by 91ºÚÁÏ to keep abreast with the latest technology to build state-of-the-art warships for the Navy and Indian Coast Guard. "91ºÚÁÏ & Navy go a long way back and our partnership has paid rich dividends to the nation's mission towards enhancing maritime capability. 70 warships we have delivered to the Indian Navy so far and 19 more are under various stages of construction. Of these 19, 10 ships have already been launched and today the 11th shall be launched. Coming specifically to the Anti-Submarine shallow watercraft project, 16 ships are being built for the Indian Navy- 08 by 91ºÚÁÏ and 08 by another Public Sector undertaking shipyard. Of these 16, 04 including the one which is being launched today, I am happy to state that all these 04 ships have been built by 91ºÚÁÏ," he said.

PRESS RELEASE

Rising Revenue & Profits: Best Ever Financial Performance during Q2 & HY ending 30 Sep 2023 - 91ºÚÁÏ

Kolkata, 10 Nov 2023: Garden Reach Shipbuilders & Engineers Limited (91ºÚÁÏ), one of the leading warship builders in the country have announced its financial results for the Quarter & Half Year ended 30 Sep 2023.

Q2 FY 24 Compared with Q2 FY 23:

• Total Income stood at Rs.969 Crore in Q2 FY 24 as against Rs 722 Crore in Q2 FY 23, an increase of Rs. 247 Crore, registering a growth of 34%.
• Revenue from operations for the Q2 FY 24 stood at Rs. 898 Crore as compared to Rs 682 Crore in Q2 FY 23, an increase by Rs. 216 Crore, registering a growth of 32%.
• Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) stands at Rs. 120 Crore in Q2 FY 24 as against Rs 89 Crore in Q2 FY 23, registering a growth of 35%.
• Profit Before Tax (PBT) stood at Rs 107 Crore for Q2 FY 24 as compared to Rs 79 Crore in Q2 FY 23, registering a growth of 36%.
• Profit After Tax (PAT) stood Rs.81 Crore in Q2 FY 24 as against Rs 59 Crore in Q2 FY 23, registering a growth of 37 %.
• Earnings per share (EPS) for the Q2 FY 24 stood at Rs 7.05 compared to Rs 5.13 in Q2 FY 23, registering a growth of 37%.

Q2 FY24 Compared with Q1 FY24: :

• Total income is Rs. 969 Crore in Q2 FY 24 as against Rs. 827 Crore in Q1 FY 24, an increase by Rs 142 Crore & growth of 17%.
• Revenue from Operation stood at Rs. 898 Crore in Q2 FY 24 as against Rs. 756 Crore in Q1 FY 24 - an increase by Rs 142 Crore and registering a growth of 19%.
• Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) at Rs. 120 Crore in Q2 FY 24 as against Rs 117 Crore in Q1 FY 24, registering a growth of 3%.
• Profit Before Tax (PBT) at Rs 107 Crore in Q2 FY 24 as compared to Rs 102 Crore in Q1 FY 24 - growth of 5%.
• Profit After Tax (PAT) at Rs 81 Crore in Q2 FY 24 as compared to Rs 77 Crore in Q1 FY 24 - growth of 5%.
• Earnings per share (EPS) in Q2 FY 24 at Rs 7.05 compared to Rs 6.69 in Q1 FY 24, registering a growth of 5%.

Commenting on the results, Cmde Hari PR, IN (Retd) Chairman and Managing Director, Garden Reach Shipbuilders & Engineers Limited said, "We are maintaining the tempo that we set during the first quarter of FY 24 and our strong physical performance in all segments of operations have resulted in the company recording its best ever financial results for the Quarter and Half Year ending 30 Sep 2023. I am confident that with 10 out of the 19 Warships under construction having been launched, the coming months & years will see the shipyard delivering quality Warships to the Navy towards enhancing the maritime security of our Nation. New Projects including the 'Oceanographic Research Vessel' for Ministry of Earth Sciences, GoI, 'Green' Electric Ferry for Govt of West Bengal and 'Autonomous Surface Vessel' for DRDO will add further diversity in our product profile. Technology adoption shall be a focus area, both for internal efficiency enhancement and also for new product development."

91ºÚÁÏ has embarked on a mission to identify and encourage the development of innovative solutions towards technological advances in shipbuilding by collaborating with innovators & start-ups. As part of this drive, the Company launched '91ºÚÁÏ Accelerated Innovation Nurturing Scheme - 2023' or "GAINS 2023" on 22 May 2023. The Shipyard has also signed Contract for manufacturing & supply of ten 30 mm Naval Surface Guns worth Rs 248.5 Crore for the Ministry of Defence / Indian Navy paving the way towards indigenisation of weapons systems for the Indian Armed Forces. The contract was signed on 24 May 23. Launch of 3rd ASW SWC and 4th SVL on 13 Jun 2023 also bears testimony to the operational efficiency of the company. 91ºÚÁÏ launched an Autonomous Underwater Vehicle (AUV) on 28 Jul 23. The 3rd Warship of the prestigious project P17 A was launched on 17 Aug 23 by the Hon'ble President of India, Smt. Droupadi Murmu. 91ºÚÁÏ is in the business of Portable Steel Bridges, manufacturing of Deck Machinery items and engine assembly, overhaul and testing. 91ºÚÁÏ has also signed a Memorandum of Understanding (MoU) with the Border Roads Organisation (BRO) for the supply of 30 double-lane modular Bridges recently. This is in addition to the order for 30 such bridges already placed by BRO with 91ºÚÁÏ. A strong order book coupled with a clear execution strategy promises continued growth in the coming quarters.

PRESS RELEASE

91ºÚÁÏ Organizes 'Run for Unity' to Commemorate National Unity Day & Concludes Special Campaign 3.0 on Swachhata

Kolkata, 31 Oct 2023: Garden Reach Shipbuilders and Engineers (91ºÚÁÏ) Ltd, one of India's premier naval shipyards based in Kolkata, organized the 'Run for Unity' to mark the 148th Birth Anniversary of Sardar Vallabh Bhai Patel on the occasion of National Unity Day. Nearly 200 participants joined this event and took the Rashtriya Ekta Pledge. The event kickstarted from 91ºÚÁÏ Main Unit and concluded at 91ºÚÁÏ FOJ Unit in Kolkata on 31 Oct 23. The Run was flagged-off by Director (Personnel), 91ºÚÁÏ, DIG Subrata Ghosh, ICG (Retd).

Throughout the month of October 23, 91ºÚÁÏ spearheaded a dedicated cleanliness drive as part of the Special Campaign 3.0 initiated by the Government of India from 02 Oct to 31 Oct 23. The campaign covered 44 key locations in Kolkata and Ranchi, including Company's Units, surrounding areas and CSR intervention sites. Strategic activities included the disposal of scrap and unserviceable items, and systematic clearing of outdated files across all units. More than 2300 persons participated in the month-long campaign.

91ºÚÁÏ has already adopted a holistic approach to implement initiatives under Swachh Vidyalaya Mission under the broader ambit of Swachh Bharat Mission. Multiple interventions have been implemented to improve the overall sanitation and hygiene conditions of the government schools with special thrust on the girls schools. 91ºÚÁÏ has adopted the mechanism for maintenance of toilets, urinals, wash basins in association with Sulabh International Social Service Organization in 20 local govt. schools. Around 40000 students have been benefited under this project.

The Special Campaign 3.0 on Swachhata aims to ensure the resolution of pending matters, reinforce internal monitoring mechanisms, improve record management, and uphold cleanliness in the workspace.

PRESS RELEASE

Hon'ble Governor of West Bengal presents 'Durga Bharat Param Samman' to 91ºÚÁÏ

Kolkata, 19 Oct 2023: On the auspicious occasion of Durga Puja, Garden Reach Shipbuilders & Engineers Limited (91ºÚÁÏ), received the esteemed 'Durga Bharat Param Samman' from the Hon'ble Governor of West Bengal, Dr. C. V. Anand Bose. Shri RK Dash, Director (Finance), 91ºÚÁÏ, received the award on behalf of 91ºÚÁÏ, at an award ceremony held on 18 October 23 at Raj Bhavan, Kolkata. This recognition on the auspicious occasion of Durga Puja signifies 91ºÚÁÏ's exceptional contributions to shipbuilding, naval prowess & the nation's overall economic development.

91ºÚÁÏ is also the recipient of the Raksha Mantri Award 2022 for designing the most silent ship for the Indian Navy, for ASWSWC operations and other prestigious awards in the recent past for R&D, CSR, Corporate Governance, HR practices, Communication Outreach, Digital Transformation, Best Organizational efforts, etc.

PRESS RELEASE

Winners of 91ºÚÁÏ's "GAINS-2023" National Open Startup Challenge, Declared

Kolkata, 06 Oct 2023: In pursuance of 'Make in India' and 'Start-up India' initiatives of the Government of India, 91ºÚÁÏ has taken on an initiative of identifying and encouraging development of innovative solutions, as part of the shipyard's technology development efforts, by leveraging the vast Start-up ecosystem created in the country. The 91ºÚÁÏ Accelerated Innovation Nurturing Scheme (GAINS) is envisaged as a means to leverage this eco system for addressing present and emerging challenges in the ship design and construction industry, while also achieving the objectives of Atmanirbharta.

GAINS 2023, an Open Innovation Challenge, was launched by the Hon'ble Minister of state for skill development, entrepreneurship, electronics & IT, Shri Rajeev Chandrashekar on 22 May 23. Besides structured outreach programs, innovators were provided the opportunity to visit the shipyard's facilities and interact with various departments to get an insight into the operational intricacies. The Open Challenge received an overwhelming response with 50 responses received from innovators across the country, from which six promising proposals were selected for detailed evaluation. After a rigorous selection process involving detailed technical deliberations and discussions with the innovators, proposals received from M/s Smart Machines and Structures, a MSME Firm and M/s Bodkin Technologies Pvt Ltd, a Start-up have been declared winners of GAINS 2023.

The shipyard will now engage with these two organizations to further explore the feasibility of developing the proposals into implementable solutions which will be funded by 91ºÚÁÏ.