GRSEL in the good waters

Garden Reach Shipbuliders & Engineers has been stuck to the position of the being the top gainer on the BSE since the opening bell today; though it opened almost status quo at Rs.824.20, it soon jumped to an intraday high at Rs.903.70, up 10%, with volumes going up over 2.5 times. Its 52-week high is at Rs.973.95.

The stock is currently being accumulated by fund and brokerage houses as the company seems to be well on its path of growth. At least that’s what the company indicated on 31st March.

Putting out a performance report for FY24, the company said that the past fiscal had been remarkable, both in terms of physical as well as financial performance. The company said that it achieved an annual turnover to the tune of Rs.3,400 crore (Provisional & Unaudited) for FY 2023-24, the highest ever in the history of the company. The robust financial performance was achieved through effective management of resources and improved internal efficiencies.

The company had also declared an interim dividend 79% of Paid-up Share Capital against 55% of previous year. In addition to being a leader in the shipbuilding sector in India, GRSE is a fully diversified company with products ranging from “Warships to Weapons”.

In FY24, the company commissioned MV ‘Ma Lisha’ for the Cooperative Republic of Guyana, delivered the 1st Survey Vessel (Large), INS Sandhayak, the largest Survey Vessel of our nation and the ‘Next Generation Electric Ferry’ to the Govt. of West Bengal.

The company signed a MoU with the Border Roads Organisation (BRO) for the fabrication, supply, erection and launching of additional 30 Double-Lane Class 70 modular steel bridges in border areas. Additionally, the order bagged for indigenously developing and supplying ten 30 mm Naval Surface Gun for Indian Navy is another landmark achievement.