The 104th Annual General Meeting (AGM) of Garden Reach Shipbuilders & Engineers Limited (GRSE) was held on Friday 11 Sep 2020 through VC/OAVM. The Meeting was attended by Rear Admiral VK Saxena, IN (Retd), Chairman & Managing Director and other Directors, along with shareholders.
The performance of GRSE continued to be strong during the year 2019-20:
The Board of Directors of the Company has recommended a final dividend of 1.40/- per equity share of the face value of 10/- each for the financial year 2019-20. This is in addition to the interim dividend of 5.74/- per equity share of the face value of 10/- each which was paid on 30 Mar 2020. The total Dividend declared for the Financial Year 2019-20 is 7.14/- per equity share of the face value of 10/- each. The order book position of the Company as on 31 Mar 2020 stood at 26,544 Cr with shipbuilding projects related Order Book Value of 26,281 Cr. During the Reported Period, the company delivered 04 Warships, 02 for Indian Navy and 02 for Indian Coast Guard. This makes total warship delivered numbers as104 till the end of 31st March 2020.
Strengthening India’s Defence preparedness has been GRSE’s core objective, focused on its core verticals of Shipbuilding, Engineering & Engine Production. The Company delivered the 105th warship, FPV, ICGS Kanaklata Barua, to the Indian Coast Guard on 09 Jun 2020, being the only shipyard in the country to have delivered 105 warships. With continuous focus on modernization of infrastructure, GRSE has taken a strategic step to augment existing shipbuilding capacity. A state of the art underwater CNC Plasma Cutting Machine & a new Hull Block Fabrication Facility was inaugurated by Hon’ble Raksha Mantri, Shri Rajnath Singh at the RBD Unit of GRSE during AtmaNirbhar Bharat Week on 10 Aug 2020. GRSE’s diversification into Engineering has aided the land forces of the country and friendly foreign countries with the range of pre-fabricated steel bridges installed at high altitudes and for disaster relief. On 13 Aug 2020, Shri Rajnath Singh, Hon’ble Raksha Mantri, launched a “First of its Kind” Assault Bridge as part of the AtmaNirbhar Bharat Week Event.
Rear Admiral V K Saxena, IN (Retd.), Chairman & Managing Director, in his address highlighted GRSE’s healthy Order Book and expressed his confidence in Team GRSE to emerge strong amidst the uncertainties created by the global pandemic. CMD GRSE appreciated the hard work and dedication of all the employees in taking the Company on its path of success & thanked the Investors for their faith, commitment & confidence in the Shipyard. The unstinted support from the Ministry of Defence, Indian Navy, Indian Coast Guard, Central and State Government Authorities has helped GRSE achieve its goals, he said. New initiatives including implementation of Industry 4.0 robotics, AI, machine learning, with sparked innovations in automation,GRSE is poised for workload consolidation across Design, Production & Supply Chain Management in the future to strive ahead on a growth path.