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GRSE-Kolkata pays record dividend to Union government for 23rd consecutive year

GRSE-Kolkata pays record dividend to Union government for 23rd consecutive year

India Blooms News Service | | 16 Nov 2016, 02:52 pm
Kolkata/New Delhi, Nov 16 (IBNS): Kolkata-based Garden Reach Shipbuilders & Engineers (GRSE) Ltd paid record dividend for 2015-16 to the Union government, announced the Ministry of Defence on Wednesday.

GRSE's Chairman & Managing Director, Rear Admiral (Retd) AK Verma, handed over a cheque for Rs 53.22 crore towards dividend for the financial year 2015-16 to Defence Minister Manohar Parrikar, in New Delhi, on Wednesday.

GRSE, Kolkata, a Mini Ratna Defence PSU has been a profit-making PSU and regularly paying dividend to the government exchequer continuously since 1993-94.

During 2015-16 fiscal, GRSE has registered an all-time high turnover of Rs 1707 crore as against Rs. 1612 crore in the previous year.

The turnover of the company, which was Rs. 574 crore in 2007-08, has almost trebled to Rs.1707 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.

Net worth of GRSE has increased to Rs. 1064 crore from Rs. 968 crore in the previous year.

GRSE has delivered the first two anti-submarine warfare corvettes INS ‘Kamorta’ and INS ‘Kadmatt’ to the Indian Navy with 90 percent indigenous content and built the first ever export warship CGS ‘Barracuda’ for the Republic of Mauritius.

GRSE has so far delivered 98 warships to the Armed Forces and with two more ships almost ready for delivery, the Shipyard is poised to become the first shipyard in the country to build 100 warships, the release said.

Based on overall performance, GRSE has been adjudged as the ‘Best Performing Defence Shipyard’ four years in a row.

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

Image: PIB