In its 56th Annual General Meeting (AGM) held on 29 Sep, 2022, Goa Shipyard Limited (GSL) reported satisfactory financial results for FY 2021-22. The meeting, held in virtual mode, was chaired by Shri Brajesh Kumar Upadhyay, Chairman & Managing Director (CMD) and attended by the Directors, Auditors and the Shareholders, wherein Audited Financial Statements for FY 2021-22 were adopted.
While addressing the members, CMD informed that the overall performance of the Yard was positive. Net worth of the Company has reached an all time high of Rs 1,148 Cr and Gross Revenue of Rs 865 Cr and Profit before Tax of Rs 135 Cr during FY 2021-22.
He further mentioned that a final dividend of Rs. 1.10 per equity share of Rs. 5.00 each for FY 2021-22 was declared at the AGM, which is in addition to the interim dividend of Rs. 3.25 declared during the year. Thus, the total dividend for FY 2021-22 is Rs 4.35 per equity share being 87% on Paid-up Share Capital.
CMD stated “By delivering last two vessels of five Offshore Patrol Vessel (CGOPV) project to the Indian Coast Guard within the stipulated delivery dates, GSL had once again proved its operational excellence and thus successfully culminated five CGOPV project amid multiple challenges. With these deliveries, the total count of platforms delivered reached to 227, a remarkable achievement for the Yard. The construction of two highly technologically advanced Frigates for the Indian Navy is currently under progress. The Yard is also executing the contract for construction of two Pollution Control Vessels and eight Fast Patrol Vessels for the Indian Coast Guard”.
Mr Upadhyay further highlighted the healthy order book position and multiple projects in hand provide clear visibility of growing revenue and profitability in coming years and ensure a bright future for the Yard. At present, GSL has a healthy order book position of Rs 14,815 Cr (approx) involving 13 major vessels and 19 auxiliary crafts/boats, at various stages of implementation. Further, GSL has emerged L1 Shipyard for seven Next Generation Offshore Patrol Vessels for Indian Navy and upon signing of its contract, the order book position shall be over Rs 20,000 Cr.
GSL has been proactively implementing various Govt. initiatives such as ‘Make in India’, ‘Atmanirbhar Bharat’, ‘Skill India’, adoption and deployment of Artificial Intelligence technology in various defence platforms, Mission Raksha Gyan Shakti etc. Significantly, R&D team at GSL is developing the detailed design of PCV entirely in-house, being first time by any Indian Shipyard and an important milestone towards self-reliance in niche area of technology development.